1118 W 33rd St · Covington, KY 41015

$115,000

1 bd · 1.0 ba · 744 sqft · SingleFamily public records · 6 Days on market

Built 1926 5,949 sqft lot Est $148k · 22% under

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Why this score? — see what drove the C+ 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 +24.8/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +5.1/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Latonia Avenue To Right On 33rd To 1118-clean As Can Be! 1 Or 2 Bedroom Home, Quiet Area, Well Maintained, Front & Rear Porch, Central Air 2 Yrs - Pending When Submitted, Asking $59,900

Key facts

• Glass block windows
• Large flat yard
• Back porch

Tags

• BACK PORCH
• LARGE FLAT YARD
• QUIET LOCATION
• WALK OUT BASEMENT
• GLASS BLOCK WINDOWS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 8.8% 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: Ninth District Elementary (math 2% / reading 17%, grade F, #648 of 676 statewide, top 98%, 341 students, 87% 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).
• Market conditions: 158 active listings in the ZIP; 4 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 $795 of loan paydown is wiped out by about $3k 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.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 26y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $58k; list at $115k implies a 98% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1926 — 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: 1.01% ✓
• Cap rate: 8.83%
• Cash-on-cash: 9.04%
• DSCR: 1.40
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $148,056
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2724 Latonia Ave	0.40mi	2/1.0 (+1)	792 (+6%)	7mo	$199,900	$252	60
2733 Dakota Ave	0.40mi	1/2.0	809 (+9%)	10mo	$150,000	$185	54
3207 Grace Ave	0.40mi	1/1.0	700 (-6%)	22mo	$139,000	$199	53
2714 Dakota Ave	0.45mi	1/1.0	640 (-14%)	6mo	$137,500	$215	50
2749 Alexandria Ave	0.41mi	2/1.0 (+1)	816 (+10%)	11mo	$75,000	$92	50
2943 Madison Ave	0.59mi	2/1.0 (+1)	772 (+4%)	19mo	$43,900	$57	46
2887 Madison Ave	0.74mi	2/1.0 (+1)	783 (+5%)	13mo	$178,900	$228	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-3,236
• Equity at exit: $17,147

10-year hold

• IRR: 7.0%
• Equity multiple: 1.52×
• Total profit: $16,850
• Equity at exit: $9,943

Cash invested: $32,200 (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 41015

• Active inventory: 158
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,158 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$21 /mo · $251/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$243
• Net cashflow: $243

Break-even live

Break-even rent $850

Max offer price $115,000

Occupancy floor 74%

Sensitivity live

Price	-10% $308	-5% $275	+0% $243	+5% $210	+10% $40
Rent	-10% $151	-5% $197	+0% $243	+5% $288	+10% $334
Rate	-1.0pp $301	-0.5pp $272	base $243	+0.5pp $213	+1.0pp $183

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1839 Pikeview Ct Covington, KY	1.0	1.0	625	$1,011	$1.62	15d	1	0.49mi
2220 Cityscape Dr Covington, KY	1.0–2.0	1.0–2.0	932	$1,640	$1.76	2d	9	0.90mi
920 Highland Ave Fort Wright, KY	1.0	1.0	525	$1,045	$1.99	15d	1	1.11mi
918 Highland Ave Fort Wright, KY	1.0	1.0	525	$995	$1.90	22d	1	1.12mi

Listing history 5 events

1. 2026-04-09
   status Pending
2. 2026-04-03
   listed $115,000 Active
3. 2000-12-06
   soldstatus $58,000
4. 2000-11-30
   soldstatus $58,000 189-char remark

   Show marketing remark (189 chars)

   Latonia Avenue To Right On 33rd To 1118-clean As Can Be! 1 Or 2 Bedroom Home, Quiet Area, Well Maintained, Front & Rear Porch, Central Air 2 Yrs - Pending When Submitted, Asking $59,900

5. 2000-10-25
   listed $59,900 189-char remark

   Show marketing remark (189 chars)

   Latonia Avenue To Right On 33rd To 1118-clean As Can Be! 1 Or 2 Bedroom Home, Quiet Area, Well Maintained, Front & Rear Porch, Central Air 2 Yrs - Pending When Submitted, Asking $59,900

ⓘ 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: $251 · $21/mo
• Projected year-2 tax: $989 · $82/mo
• Expected delta: +$738/yr (+$62/mo · 294.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°F today · 19 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: $13,892
• − Mortgage interest: −$6,442
• − Property taxes: −$251
• − Insurance: −$575
• − Repairs & maintenance: −$1,111
• − Management: −$1,111
• − Depreciation: −$3,345
• Taxable income: $1,057
• Est. tax owed @ 24.0%: −$254
• After-tax cash flow: $2,659/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
• City population: 34,373
• Population (ZIP): 20,396

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 (90%)
• Race & ethnicity: White 90% Two or more races 6% Black 3% Hispanic / Latino 2%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Arabic 1% French/Haitian/Cajun 1%

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: ▼ -110.37%
• Current HPI: 203.7263
• Rent YoY: —
• Metro: —
• 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

+92.0% since first listed

5 events — show timeline

• 2026-04-09 Pending — NKMLS
• 2026-04-03 Listed $115,000 NKMLS
• 2000-12-06 Sold (Public Records) $58,000 Public Records
• 2000-11-30 Sold (MLS) $58,000 NKMLS
• 2000-10-25 Listed $59,900 NKMLS

Property tax history

-13.0%/yr

Latest (2025): $251 · -71.6% YoY. Source: county tax records.