1926 Pearl St · Covington, KY 41014

$124,900

2 bd · 1.0 ba · 1,128 sqft · SingleFamily public records · 63 Days on market

Built 1894 2,250 sqft lot Est $200k · 37% under

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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 +25.6/30.0
• ARV discount +15.0/15.0
• DSCR +8.5/10.0
• 1% rule +7.2/10.0
• 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 MLS

Priced to sell. Bank owned. SOLD AS IS.

Key facts

• 2,250 sq ft lot
• Parking
• Built 1894

Property features AI

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single-family house; One and one-half stories; Existing structure
• Construction: Built in 1894; Brick and vinyl siding; Stone foundation
• Exterior features: Shingle roof; 25 x 90 lot dimensions

Interior

• Kitchen: Dishwasher; Microwave; Refrigerator
• Bedrooms: Primary bedroom (15 x 15); Bedroom 2 (8 x 8)
• Bathrooms: Primary bath (full)
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Inoperable fireplace; Partial basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $295 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $117k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.1% 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; 31 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 28y ago; this cycle's ask has dropped $15k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1894 — 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 $117,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.22% ✓
• Cap rate: 9.13%
• Cash-on-cash: 10.12%
• DSCR: 1.45
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $199,656
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
331 W 17th St	0.47mi	2/1.0	1,131 (+0%)	2mo	$97,000	$86	76
2011 Howell St	0.39mi	3/1.5 (+1)	1,104 (-2%)	2mo	$189,000	$171	70
417 W 16th St	0.57mi	2/1.0	1,104 (-2%)	1mo	$52,500	$48	69
2427 Herman St	0.48mi	2/1.0	1,072 (-5%)	1mo	$190,000	$177	68
2121 Glenway Ave	0.48mi	3/1.5 (+1)	1,149 (+2%)	2mo	$250,000	$218	66
1821 Jefferson Ave	0.50mi	3/2.0 (+1)	1,116 (-1%)	2mo	$242,000	$217	64
409 E 13th St	0.72mi	2/1.0	1,083 (-4%)	1mo	$180,000	$166	59
1733 Jefferson Ave	0.54mi	3/1.5 (+1)	1,203 (+7%)	1mo	$242,000	$201	56
2307 Herman St	0.42mi	3/1.0 (+1)	1,264 (+12%)	0mo	$145,000	$115	55
1735 Woodburn Ave	0.41mi	3/1.5 (+1)	1,255 (+11%)	1mo	$259,900	$207	54
1220 Holman St	0.74mi	2/2.0	1,204 (+7%)	1mo	$253,000	$210	49
9 Madison Ct	0.67mi	3/2.0 (+1)	1,297 (+15%)	2mo	$230,000	$177	33

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: 1.4%
• Equity multiple: 1.05×
• Total profit: $1,914
• Equity at exit: $18,623

10-year hold

• IRR: 13.1%
• Equity multiple: 2.15×
• Total profit: $40,308
• Equity at exit: $10,799

Cash invested: $34,972 (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: 6.8×

Monthly cashflow live

• Estimated rent: $1,520 high
• Mortgage (P&I): −$655
• Tax from tax record: −$199 /mo · $2,390/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$319
• Net cashflow: $295

Break-even live

Break-even rent $1,147

Max offer price $124,900

Occupancy floor 76%

Sensitivity live

Price	-10% $366	-5% $330	+0% $295	+5% $259	+10% $224
Rent	-10% $175	-5% $235	+0% $295	+5% $355	+10% $415
Rate	-1.0pp $358	-0.5pp $327	base $295	+0.5pp $262	+1.0pp $230

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 31 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1914 Eastern Ave Apt 3 Covington, KY	1.0	1.0	900	$995	$1.11	15d	1	0.35mi
1914 Eastern Ave Apt 1 Covington, KY	2.0	1.0	750	$1,200	$1.60	24d	1	0.35mi
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	8d	1	0.41mi
2307 Center St Covington, KY	3.0	1.5	1216	$1,950	$1.60	8d	1	0.58mi
344 E 13th St Unit 1 Covington, KY	2.0	1.0	1000	$1,275	$1.27	24d	1	0.69mi
1205 Lee St Unit 2 Covington, KY	1.0	1.0	800	$1,500	$1.88	24d	1	0.80mi
1025 Scott St Unit 2 Covington, KY	2.0	2.0	1100	$1,800	$1.64	3d	1	0.85mi
634 Greenup St Covington, KY	1.0	1.5	1050	$1,595	$1.52	8d	1	1.13mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$1,895	$1.33	2d	14	1.19mi
1431 Dixie Hwy Park Hills, KY	1.0–2.0	1.0–2.0	920	$2,553	$2.77	2d	10	1.19mi
521 Garrard St Apt 4 Covington, KY	1.0	1.0	725	$1,695	$2.34	18d	1	1.22mi
521 Garrard St Apt 2 Covington, KY	1.0	1.0	725	$1,595	$2.20	18d	1	1.22mi
521 Garrard St Apt 1 Covington, KY	1.0	1.5	825	$1,895	$2.30	18d	1	1.22mi
521 Garrard St Apt 6 Covington, KY	1.0	1.0	775	$1,995	$2.57	17d	1	1.22mi
521 Garrard St Apt 3 Covington, KY	1.0	1.0	875	$1,996	$2.28	15d	1	1.22mi
119 W 33rd St Unit 1 Latonia, KY	1.0	1.0	900	$1,075	$1.19	24d	1	1.23mi
508 Greenup St Unit 508-02 Covington, KY	2.0	1.0	1220	$1,800	$1.48	2d	1	1.26mi
1215 Elberta Cir Park Hills, KY	2.0	1.0	825	$1,050	$1.27	4d	1	1.27mi
2220 Cityscape Dr Covington, KY	1.0–2.0	1.0–2.0	932	$1,985	$2.13	2d	9	1.31mi
1222 E Henry Clay Ave Fort Wright, KY	3.0	1.5	1200	$1,548	$1.29	24d	1	1.31mi
218 W 5th St Covington, KY	1.0	1.0	800	$1,595	$1.99	15d	1	1.32mi
1114 Columbia St Unit 2 Newport, KY	1.0	1.0	925	$1,550	$1.68	44d	1	1.33mi
1002 Parkvale Ct Unit 1004 1 Park Hills, KY	2.0	1.0	850	$995	$1.17	44d	1	1.35mi
1002 Parkvale Ct Unit 1002 3 Park Hills, KY	1.0	1.0	750	$925	$1.23	8d	1	1.35mi
1000 Parkvale Ct Park Hills, KY	2.0	1.0	850	$1,495	$1.76	44d	1	1.35mi
120 Vista Point Dr Wilder, KY	1.0–2.0	1.0–2.0	854	$1,184	$1.39	3d	2	1.37mi
515 Main St Covington, KY	1.0–2.0	1.0–2.0	934	$2,215	$2.37	2d	8	1.37mi
128 W 9th St Newport, KY	2.0	1.0	1012	$1,650	$1.63	2d	1	1.39mi
203 W 8th St Newport, KY	2.0	1.5	1456	$2,300	$1.58	22d	1	1.41mi
103 E 3rd St Covington, KY	2.0	2.5	1291	$3,250	$2.52	2d	1	1.42mi
911 Putnam St #2 Newport, KY	2.0	1.0	1000	$1,600	$1.60	22d	1	1.48mi

Listing history 28 events

1. 2026-06-18
   days on market $124,900 Active 63 DOM
2. 2026-06-17
   days on market $124,900 Active 62 DOM
3. 2026-06-16
   days on market $124,900 Active 61 DOM
4. 2026-06-15
   days on market $124,900 Active 60 DOM
5. 2026-06-09
   days on market $124,900 Active 54 DOM
6. 2026-06-08
   days on market $124,900 Active 53 DOM
7. 2026-06-07
   days on market $124,900 Active 52 DOM
8. 2026-06-03
   days on market $124,900 Active 48 DOM
9. 2026-06-02
   days on market $124,900 Active 47 DOM
10. 2026-06-01
    days on market $124,900 Active 46 DOM
11. 2026-05-31
    days on market $124,900 Active 45 DOM
12. 2026-05-15
    price $134,900
13. 2026-04-16
    listed $139,900 Active
14. 2024-09-05
    soldstatus $240,000
15. 2012-02-17
    soldstatus $17,000
16. 2012-02-15
    soldstatus $12,000 39-char remark

    Show marketing remark (39 chars)

    Priced to sell. Bank owned. SOLD AS IS.

17. 2012-01-20
    listed $17,500 39-char remark

    Show marketing remark (39 chars)

    Priced to sell. Bank owned. SOLD AS IS.

18. 2008-05-23
    soldstatus $45,000
19. 2005-09-30
    soldstatus $45,000 239-char remark

    Show marketing remark (239 chars)

    Motivated Seller - Owner Says Bring Offer! HUD approved $695/mo. New carpet in LR. Vinyl floor cov in Kit/Bath. Replcmnt windows. Neutral throughout. W/D hook up in kit. 52' long concrete drive. Brick paver patio. Fenced rear yard. Dec FP.

20. 2005-07-01
    listed $52,000 239-char remark

    Show marketing remark (239 chars)

    Motivated Seller - Owner Says Bring Offer! HUD approved $695/mo. New carpet in LR. Vinyl floor cov in Kit/Bath. Replcmnt windows. Neutral throughout. W/D hook up in kit. 52' long concrete drive. Brick paver patio. Fenced rear yard. Dec FP.

21. 2002-12-16
    soldstatus $26,650
22. 2002-05-10
    listed $26,950
23. 1999-04-16
    soldstatus $44,900
24. 1999-04-12
    soldstatus $44,900
25. 1998-10-22
    listed $44,900
26. 1996-06-14
    soldstatus $18,000
27. 1992-01-29
    soldstatus $18,000
28. 1988-10-03
    soldstatus $22,500

ⓘ 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: $2,390 · $199/mo
• Projected year-2 tax: $2,390 · $199/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 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: $18,244
• − Mortgage interest: −$6,996
• − Property taxes: −$2,390
• − Insurance: −$624
• − Repairs & maintenance: −$1,459
• − Management: −$1,459
• − Depreciation: −$3,633
• Taxable income: $1,680
• Est. tax owed @ 24.0%: −$403
• After-tax cash flow: $3,135/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

+499.6% since first listed

17 events — show timeline

• 2026-05-15 Price Changed $134,900 NKMLS
• 2026-04-16 Listed $139,900 NKMLS
• 2024-09-05 Sold (Public Records) $240,000 Public Records
• 2012-02-17 Sold (Public Records) $17,000 Public Records
• 2012-02-15 Sold (MLS) $12,000 NKMLS
• 2012-01-20 Listed $17,500 NKMLS
• 2008-05-23 Sold (Public Records) $45,000 Public Records
• 2005-09-30 Sold (MLS) $45,000 NKMLS
• 2005-07-01 Listed $52,000 NKMLS
• 2002-12-16 Sold (MLS) $26,650 NKMLS
• 2002-05-10 Listed $26,950 NKMLS
• 1999-04-16 Sold (Public Records) $44,900 Public Records
• 1999-04-12 Sold (MLS) $44,900 NKMLS
• 1998-10-22 Listed $44,900 NKMLS
• 1996-06-14 Sold (Public Records) $18,000 Public Records
• 1992-01-29 Sold (Public Records) $18,000 Public Records
• 1988-10-03 Sold (Public Records) $22,500 Public Records

Property tax history

+22.9%/yr

Latest (2025): $2,390 · +228.7% YoY. Source: county tax records.