1204 Constitution Dr · Independence, KY 41051

$225,000

3 bd · 1.5 ba · 936 sqft · SingleFamily public records · 3 Days on market

Built 1994 0.27 ac lot Est $235k · at est.

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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 +23.2/30.0
• ARV discount +9.4/15.0
• DSCR +7.5/10.0
• 1% rule +5.3/10.0
• Schools +4.0/10.0
• Rent growth +3.8/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

This Home Will Be Ready To Show After 10-31-95! Call In And As Soon As The Renters Are Out We Will Call You!

Key facts

• Cathedral ceilings
• Wooded valley views
• Full basement

Tags

• BI-LEVEL
• CATHEDRAL CEILINGS
• EAT-IN KITCHEN
• FULL BASEMENT
• DECK OVERLOOKING BACKYARD
• WOODED VALLEY VIEWS

Property features AI

Exterior

• Parking: Driveway; Garage faces front; Garage door opener; On-street parking; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Single family residence; Bi-level
• Construction: Built in 1994; Brick and vinyl siding; Shingle roof; Poured concrete foundation
• Exterior features: Deck

Interior

• Kitchen: Electric oven; Electric range; Dishwasher; Disposal; Microwave; Refrigerator
• Bedrooms: Primary bedroom (12 x 12); Bedroom 2 (12 x 8); Bedroom 4 (12 x 12)
• Bathrooms: 1 full bathroom; 1 half bathroom; Primary bath
• Interior features: Eat-in kitchen; Ceiling fan(s)
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry room (lower level/in basement)

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $410 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Cap rate 8.5% vs local median 3.7% in Independence — 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 72/100 on livability (#130 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Kenton County (suburban): math 42% / reading 48% proficiency, ranked #14 of 165 in KY (top 8%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Beechgrove Elementary School (math 41% / reading 42%, grade F, #197 of 676 statewide, top 29%, 660 students, 61% FRL); Woodland Middle School (math 38% / reading 50%, grade D, #40 of 217 statewide, top 19%, 616 students, 48% FRL); Simon Kenton High School (math 40% / reading 44%, grade F, #32 of 254 statewide, top 13%, 1,859 students, 37% FRL) — zoned schools average 49% FRL vs 33% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 253 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 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 $2k of loan paydown is wiped out by about $7k 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 + 5.4% rent growth), your $63k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 31y 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 $96k; list at $225k implies a 135% gain — meaningful room to come down on a strong offer.

Recommended offer $225,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.03% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.80%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $234,936
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
9877 Flagstone Dr	0.28mi	3/1.5	1,020 (+9%)	3mo	$295,000	$289	69
9921 Cobblestone Blvd	0.29mi	3/2.0	996 (+6%)	21mo	$250,000	$251	56
3 Woodknoll Dr	0.48mi	3/1.0	848 (-9%)	13mo	$219,000	$258	49
4749 Buttonwood Dr	0.71mi	3/2.5	1,028 (+10%)	11mo	$230,000	$224	38
16 Woodtop Ct	0.57mi	4/1.5 (+1)	1,026 (+10%)	24mo	$232,500	$227	33
4766 Buttonwood Drive Dr	0.68mi	3/2.5	1,052 (+12%)	24mo	$230,000	$219	24

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 · 5.37% rent growth · sell at horizon

5-year hold

• IRR: -2.0%
• Equity multiple: 0.92×
• Total profit: $-4,787
• Equity at exit: $33,548

10-year hold

• IRR: 10.0%
• Equity multiple: 1.85×
• Total profit: $53,505
• Equity at exit: $19,454

Cash invested: $63,000 (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 41051

• Home prices YoY: -32.6%
• Rents YoY: 5.4%
• Active inventory: 253
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $2,310 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$142 /mo · $1,702/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$485
• Net cashflow: $410

Break-even live

Break-even rent $1,792

Max offer price $225,000

Occupancy floor 77%

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1047 Alpine Ct Independence, KY	3.0	2.0	1035	$2,400	$2.32	24d	1	0.94mi
9552 Apple Valley Dr Independence, KY	2.0	2.0	1100	$1,456	$1.32	2d	6	0.96mi

Listing history 3 events

1. 2026-06-08
   statusdays on market $225,000 Pending 3 DOM
2. 2026-06-07
   remarks 699-char remark
3. 2026-06-07
   listed $225,000 Active 2 DOM

ⓘ 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: $1,702 · $142/mo
• Projected year-2 tax: $1,935 · $161/mo
• Expected delta: +$233/yr (+$19/mo · 13.7%)

ⓘ 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 4/10 Moderate 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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,723
• − Mortgage interest: −$12,603
• − Property taxes: −$1,702
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,218
• − Management: −$2,218
• − Depreciation: −$6,545
• Taxable income: $1,311
• Est. tax owed @ 24.0%: −$315
• After-tax cash flow: $4,600/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: Kenton County
• NCES district ID: 2103090
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 48% ▼ -14.00%
• Median HH income: $66,183
• Composite: 40.17/100
• National rank: #3789
• State rank: #14 of 165 in KY

Livability — Independence

• Score: 72/100
• State rank: #130
• US rank: #6165

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, KY
• County: Kenton County · 142,881 people
• City population: 33,054
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 33,054
• Household income: $104,201
• Rent vs Own: 12.5% rent · 87.5% own
• Severe rent burden: 243.0

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 (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1% Asian 1%
• Common ancestry: Italian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 96% English-only · Spanish 1% Chinese 1% Other Asian/Pacific 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: ▼ -105.60%
• Current HPI: 218.492
• Rent YoY: ▲ 5.37%
• 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

+137.7% since first listed

5 events — show timeline

• 2026-06-05 Listed $225,000 NKMLS
• 2005-11-04 Listing Removed — NKMLS
• 2005-04-04 Listed $122,900 NKMLS
• 1996-06-19 Sold (MLS) $95,647 NKMLS
• 1995-10-10 Listed $94,657 NKMLS

Property tax history

+4.7%/yr

Latest (2025): $1,702 · +49.9% YoY. Source: county tax records.