1942 Eastern Ave · Covington, KY 41014

$200,000

3 bd · 1.5 ba · 1,418 sqft · SingleFamily public records · 3 Days on market

Built 1922 3,626 sqft lot Est $210k · at est.

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Why this score? — see what drove the D+ 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 +16.1/30.0
• ARV discount +9.6/15.0
• DSCR +5.0/10.0
• Livability +4.3/5.0
• 1% rule +3.8/10.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Experience a piece of Covington history with this adorable home in Austinburg, adjacent to the highly sought after Wallace Woods area. After being in the family since built in 1922, it is ready to find love with someone else. So much personality and old charm abound, with original hardwood floors throughout, high ceilings, original tile fireplace, and historic molding everywhere. Large windows throughout the house let in natural sunlight. Living room and kitchen both have stair access and are connected to the formal dining room, so navigating around the house is a breeze. Upstairs are three well-appointed bedrooms, a full bathroom and cute office room. Downstairs is a usable full unfinished

Key facts

• Fenced yard
• Historic molding
• Natural sunlight

Tags

• ORIGINAL HARDWOOD FLOORS
• ORIGINAL TILE FIREPLACE
• HISTORIC MOLDING
• NATURAL SUNLIGHT
• FENCED YARD
• OFF-STREET PARKING

Property features AI

Exterior

• Parking: Detached garage; Driveway; Garage plus 3 total parking spaces (1 garage space)
• Utilities: Public water; Public sewer
• Home design: Two-story single family house; Built in 1922; Existing structure
• Construction: Brick construction; Shingle roof; Block foundation
• Exterior features: Patio; Porch; Double-hung windows; Paved city street frontage

Interior

• Kitchen: Electric oven; Refrigerator
• Bedrooms: Primary bedroom (13 x 13); Bedroom 2 (10 x 13); Bedroom 3 (10 x 13)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans; High ceilings; Natural woodwork; Inoperable fireplace
• Laundry & utility: Washer; Dryer located in basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (12.1% below list).
• Recommended offer: $176k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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); 60 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• This rent runs 34% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $175,835 (12.1% below list)

Questions for the listing agent

1. Built in 1922 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 0.88% ✗
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $209,864
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1942 Eastern Ave	0.00mi	3/1.5	1,418 (0%)	0mo	$200,000	$141	100
1913 Glenway Ave	0.13mi	3/1.0	1,286 (-9%)	5mo	$194,000	$151	73
329 E 16th St	0.32mi	2/2.0 (-1)	1,454 (+2%)	2mo	$90,000	$62	72
202 W 18th St	0.64mi	3/1.5	1,436 (+1%)	4mo	$219,000	$153	65
2018 Pearl St	0.35mi	2/2.0 (-1)	1,312 (-8%)	4mo	$70,000	$53	61
316 W 21st St	0.65mi	2/1.0 (-1)	1,376 (-3%)	1mo	$205,000	$149	56
1225 Garrard St	0.73mi	3/2.5	1,400 (-1%)	6mo	$206,500	$148	55
218 Pleasant St	0.69mi	2/2.0 (-1)	1,476 (+4%)	1mo	$80,000	$54	54
9 Madison Ct	0.69mi	3/2.0	1,297 (-8%)	2mo	$230,000	$177	50
2307 Herman St	0.68mi	3/1.0	1,264 (-11%)	0mo	$145,000	$115	48
218 W 21st St	0.61mi	3/2.0	1,240 (-13%)	3mo	$246,500	$199	46
2009 Russell St	0.58mi	2/1.5 (-1)	1,602 (+13%)	3mo	$145,000	$91	43

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: -10.6%
• Equity multiple: 0.61×
• Total profit: $-22,041
• Equity at exit: $29,821

10-year hold

• IRR: 1.3%
• Equity multiple: 1.10×
• Total profit: $5,606
• Equity at exit: $17,292

Cash invested: $56,000 (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 41014

• Rents YoY: 5.1%
• Active inventory: 60
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,758 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$154 /mo · $1,849/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$369
• Net cashflow: $103

Break-even live

Break-even rent $1,628

Max offer price $200,000

Occupancy floor 89%

Sensitivity live

Price	-10% $216	-5% $159	+0% $103	+5% $46	+10% $-10
Rent	-10% $-36	-5% $33	+0% $103	+5% $172	+10% $242
Rate	-1.0pp $204	-0.5pp $154	base $103	+0.5pp $51	+1.0pp $-2

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	9d	1	0.16mi
2030 Mackoy St Covington, KY	3.0	1.5	1598	$1,779	$1.11	6d	1	0.23mi
1927 Scott St Apt 1 Covington, KY	3.0	2.0	1865	$2,100	$1.13	21d	1	0.36mi
344 E 13th St Unit 1 Covington, KY	2.0	1.0	1000	$1,275	$1.27	25d	1	0.70mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$2,365	$1.67	3d	14	0.84mi
2307 Center St Covington, KY	3.0	1.5	1216	$1,950	$1.60	9d	1	0.85mi
1025 Scott St Unit 2 Covington, KY	2.0	2.0	1100	$1,800	$1.64	5d	1	0.99mi
120 Vista Point Dr Wilder, KY	1.0–2.0	1.0–2.0	854	$1,184	$1.39	4d	2	1.09mi
1205 Lee St Unit 3 Covington, KY	3.0	2.5	1850	$3,000	$1.62	25d	1	1.10mi
809 Isabella St Newport, KY	2.0	2.0	1519	$2,200	$1.45	45d	1	1.26mi
128 W 9th St Newport, KY	2.0	1.0	1012	$1,650	$1.63	4d	1	1.27mi
24 Woodland Hills Dr #11 Southgate, KY	2.0	2.0	950	$1,445	$1.52	9d	1	1.29mi
203 W 8th St Newport, KY	2.0	1.5	1456	$2,300	$1.58	23d	1	1.33mi
911 Putnam St #2 Newport, KY	2.0	1.0	1000	$1,600	$1.60	23d	1	1.34mi
508 Greenup St Unit 508-02 Covington, KY	2.0	1.0	1220	$1,800	$1.48	4d	1	1.34mi
400 Lakeview Dr #5 Wilder, KY	2.0	2.0	1100	$1,495	$1.36	4d	1	1.35mi
3949 Vision CIR Southgate, KY	1.0–2.0	1.0–2.0	1132	$2,515	$2.22	3d	10	1.39mi
1044 Washington Ave #2 Newport, KY	2.0	2.0	1250	$1,800	$1.44	45d	1	1.48mi

Listing history 2 events

1. 2026-05-04
   status Pending
2. 2026-05-01
   listed $200,000 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: $1,849 · $154/mo
• Projected year-2 tax: $1,849 · $154/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ 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 3/10 Moderate
• 🌡 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: $21,100
• − Mortgage interest: −$11,203
• − Property taxes: −$1,849
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,688
• − Management: −$1,688
• − Depreciation: −$5,818
• Taxable loss: −$2,146
• Est. tax savings @ 24.0%: +$515
• After-tax cash flow: $1,749/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

2 events — show timeline

• 2026-05-04 Pending — NKMLS
• 2026-05-01 Listed $200,000 NKMLS

Property tax history

+7.6%/yr

Latest (2025): $1,849 · +49.3% YoY. Source: county tax records.