223 E 18th St · Covington, KY 41014

$78,000

2 bd · 1.0 ba · 816 sqft · SingleFamily public records · 3 Days on market

Built 1889 2,205 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Opportunity awaits with this solid brick ranch offering easy no-step living and endless potential * Perfect for investors, flippers or buyers looking to customize a home to their taste * This estate sale property is ready for renovation and features a functional layout, spacious rooms and a desirable single-level design * Convenient location with great upside potential-bring your vision and make it shine!

Key facts

• No-step living
• Spacious rooms
• Functional layout

Tags

• SOLID BRICK RANCH
• NO-STEP LIVING
• FUNCTIONAL LAYOUT
• SPACIOUS ROOMS
• SINGLE-LEVEL DESIGN
• CONVENIENT LOCATION

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Water and sewer available
• Home design: Single-family house; One level; Built in 1889
• Construction: Brick construction; Stone foundation; Shingle roof
• Exterior features: Private yard; Porch; Vinyl and wood window frames; Paved road frontage on a city street

Interior

• Kitchen: Kitchen (12 x 13)
• Bedrooms: Primary bedroom (15 x 12); Second bedroom (12 x 15)
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Partial basement; Porch

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $78k.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• Cap rate 15.3% vs local median 5.3% in Covington — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 86/100 on livability (#40 in KY, #376 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D+.
• Covington Independent (suburban): math 10% / reading 27% proficiency, ranked #162 of 165 in KY (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sixth District Elementary School (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 446 students, 84% FRL); Holmes Middle School (math 8% / reading 26%, grade F, #211 of 217 statewide, top 97%, 656 students, 84% FRL); Holmes High School (math 12% / reading 17%, grade F, #227 of 254 statewide, top 89%, 878 students, 80% FRL) — zoned schools at 83% FRL track the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 59 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Kenton County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1889 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $78,000

Questions for the listing agent

1. Built in 1889 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
4. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
5. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 15.27%
• Cash-on-cash: 32.07%
• DSCR: 2.43
• GRM: 4.9

CMA / ARV

• ARV (on-the-fly): $156,672
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 E 18th St	0.08mi	2/1.0	900 (+10%)	1mo	$140,000	$156	79
1814 Eastern Ave	0.22mi	2/1.5	884 (+8%)	2mo	$125,000	$141	72
516 E 19th St E	0.24mi	2/1.5	869 (+6%)	5mo	$215,000	$247	71
1624 Woodburn Ave	0.56mi	2/1.0	840 (+3%)	0mo	$105,000	$125	69
311 E 13th St	0.51mi	2/1.0	825 (+1%)	7mo	$158,500	$192	68
1310 Russell St	0.63mi	2/1.0	765 (-6%)	0mo	$179,000	$234	60
1506 St Clair St	0.67mi	1/1.0 (-1)	816 (0%)	5mo	$117,000	$143	60
1629 Russell St	0.42mi	1/1.0 (-1)	736 (-10%)	2mo	$164,000	$223	58
408 E 16th St	0.25mi	1/1.0 (-1)	700 (-14%)	6mo	$127,500	$182	55
1502 Morton Ave	0.74mi	1/1.0 (-1)	753 (-8%)	2mo	$153,400	$204	46
416 W 22nd St	0.63mi	2/2.0	900 (+10%)	6mo	$175,000	$194	44
1319 Holman Ave	0.69mi	2/1.0	928 (+14%)	7mo	$168,000	$181	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 5.13% rent growth · sell at horizon

5-year hold

• IRR: 29.3%
• Equity multiple: 2.26×
• Total profit: $27,444
• Equity at exit: $11,630

10-year hold

• IRR: 37.8%
• Equity multiple: 4.86×
• Total profit: $84,253
• Equity at exit: $6,744

Cash invested: $21,840 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 83 Strongly Landlord-Friendly
• State Kentucky: 83 Strongly Landlord-Friendly · R+16
• County: — inherits STATE
• City: — inherits STATE

7-day pay-or-quit (URLTA cities); generally landlord-friendly.

Methodology + full state rankings →

ZIP-level market 41014

• Rents YoY: 5.1%
• Active inventory: 59
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $1,340 high
• Mortgage (P&I): −$409
• Tax from tax record: −$34 /mo · $402/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $584

Break-even live

Break-even rent $601

Max offer price $78,000

Occupancy floor 51%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $19,500
• Closing costs: $2,340
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1914 Eastern Ave Apt 1 Covington, KY	2.0	1.0	750	$1,200	$1.60	23d	1	0.21mi
1914 Eastern Ave Apt 3 Covington, KY	1.0	1.0	900	$995	$1.11	14d	1	0.21mi
512 Wallace Ave Unit 512/08 Covington, KY	1.0	1.0	550	$899	$1.63	17d	1	0.37mi
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	7d	1	0.37mi
512 Wallace Ave Unit 512/16 Covington, KY	1.0	1.0	550	$939	$1.71	7d	1	0.37mi
512 Wallace Ave Unit 512/09 Covington, KY	1.0	1.0	550	$899	$1.63	7d	1	0.37mi
344 E 13th St Unit 1 Covington, KY	2.0	1.0	1000	$1,275	$1.27	23d	1	0.53mi
1025 Scott St Unit 2 Covington, KY	2.0	2.0	1100	$1,800	$1.64	3d	1	0.76mi
1205 Lee St Unit 1 Covington, KY	1.0	1.0	675	$1,350	$2.00	23d	1	0.84mi
1205 Lee St Unit 2 Covington, KY	1.0	1.0	800	$1,500	$1.88	23d	1	0.84mi
634 Greenup St Covington, KY	1.0	1.5	1050	$1,595	$1.52	7d	1	1.02mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$1,895	$1.33	1d	14	1.09mi
521 Garrard St Apt 4 Covington, KY	1.0	1.0	725	$1,695	$2.34	17d	1	1.10mi
521 Garrard St Apt 6 Covington, KY	1.0	1.0	775	$1,995	$2.57	16d	1	1.10mi
521 Garrard St Apt 1 Covington, KY	1.0	1.5	825	$1,895	$2.30	17d	1	1.10mi
521 Garrard St Apt 2 Covington, KY	1.0	1.0	725	$1,595	$2.20	17d	1	1.10mi
521 Garrard St Apt 3 Covington, KY	1.0	1.0	875	$1,996	$2.28	14d	1	1.10mi
1114 Columbia St Unit 2 Newport, KY	1.0	1.0	925	$1,550	$1.68	43d	1	1.12mi
128 W 9th St Newport, KY	2.0	1.0	1012	$1,650	$1.63	2d	1	1.20mi
218 W 5th St Covington, KY	1.0	1.0	800	$1,595	$1.99	14d	1	1.27mi
911 Putnam St #2 Newport, KY	2.0	1.0	1000	$1,600	$1.60	21d	1	1.28mi
918 Highland Ave Fort Wright, KY	1.0	1.0	525	$995	$1.90	21d	1	1.33mi
303 Greenup St Covington, KY	1.0	1.0	678	$1,445	$2.13	23d	1	1.33mi
920 Highland Ave Fort Wright, KY	1.0	1.0	525	$1,045	$1.99	14d	1	1.33mi
1431 Dixie Hwy Park Hills, KY	1.0–2.0	1.0–2.0	920	$2,553	$2.77	1d	10	1.34mi
120 Vista Point Dr Wilder, KY	1.0–2.0	1.0–2.0	854	$1,184	$1.39	2d	2	1.34mi
515 Main St Covington, KY	1.0–2.0	1.0–2.0	934	$2,215	$2.37	1d	8	1.35mi
835 York St Unit 2 Newport, KY	1.0	1.0	1000	$1,295	$1.29	17d	1	1.36mi
210 W 5th St Newport, KY	1.0–2.0	1.0–2.0	845	$1,800	$2.13	3d	15	1.38mi
119 W 33rd St Unit 1 Latonia, KY	1.0	1.0	900	$1,075	$1.19	23d	1	1.39mi
1215 Elberta Cir Park Hills, KY	2.0	1.0	825	$1,050	$1.27	3d	1	1.47mi
1000 Parkvale Ct Park Hills, KY	2.0	1.0	850	$1,495	$1.76	43d	1	1.47mi
1002 Parkvale Ct Unit 1002 3 Park Hills, KY	1.0	1.0	750	$925	$1.23	7d	1	1.47mi
1002 Parkvale Ct Unit 1004 1 Park Hills, KY	2.0	1.0	850	$995	$1.17	43d	1	1.47mi
2335 Alexandria Pike Southgate, KY	2.0	1.0	557	$1,140	$2.04	2d	17	1.48mi
50 W Rivercenter Blvd Covington, KY	1.0–2.0	1.0–2.5	1273	$3,640	$2.86	1d	9	1.48mi

Listing history 1 events

1. 2026-05-23
   listed $78,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $402 · $34/mo
• Projected year-2 tax: $671 · $56/mo
• Expected delta: +$268/yr (+$22/mo · 66.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,081
• − Mortgage interest: −$4,369
• − Property taxes: −$402
• − Insurance: −$390
• − Repairs & maintenance: −$1,286
• − Management: −$1,286
• − Depreciation: −$2,269
• Taxable income: $6,077
• Est. tax owed @ 24.0%: −$1,459
• After-tax cash flow: $5,545/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Covington Independent
• NCES district ID: 2101350
• Math proficiency: 10% ▼ -20.00%
• Reading proficiency: 27% ▼ -14.00%
• Median HH income: $33,681
• Composite: 15.04/100
• National rank: #9353
• State rank: #162 of 165 in KY

Livability — Covington

• Score: 86/100
• State rank: #40
• US rank: #376

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime C+ Employment D+ Housing A+ Health & safety B+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Covington, KY
• County: Kenton County · 142,881 people
• City population: 34,373
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 7,392
• Household income: $61,382
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 511.0

Population outlook (Kenton County) Hauer SSP2

• Today (2025): 174,205 people
• By 2030: 177,897 · +2.1%
• By 2040: 182,671 · +4.9%
• By 2050: 183,543 · +5.4%
• By 2075: 178,977 · +2.7%
• By 2100: 159,920 · -8.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (71%)
• Race & ethnicity: White 71% Two or more races 11% Hispanic / Latino 10% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 8%

Political lean MEDSL · Kenton

• 2024 margin: Strong R (+21.7) · D 38.2% · R 59.9% · Other 1.9%
• 2008→2024 swing: -0.9pp no change · 2008: -20.9pp · 2024: -21.7pp
• All cycles: 2024: R+21.7 2020: R+19.3 2016: R+26.1 2012: R+24.3 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -172.77%
• Current HPI: 233.8216
• Rent YoY: ▲ 5.13%
• Metro: Cincinnati, OH-KY-IN
• State GDP YoY: ▲ 1.81%
• F500 in state: 4

Industry mix (Fortune 500 HQ in KY)

Industry	F500 HQs	Revenue
▸Healthcare	1	$118B
▸Food / Beverage	1	$7B

Price history

1 event — show timeline

• 2026-05-23 Listed $78,000 NKMLS

Property tax history

+1.1%/yr

Latest (2025): $402 · -7.6% YoY. Source: county tax records.