731 N Pearl St · Covington, OH 45318

$125,000

3 bd · 1.0 ba · 1,053 sqft · SingleFamily public records · 147 Days on market

Built 1971 6,970 sqft lot $119/sqft · 25% below area Est $166k · 25% 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 +15.0/30.0
• ARV discount +15.0/15.0
• Schools +5.3/10.0
• DSCR +4.6/10.0
• Livability +3.6/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Say hello to this incredible opportunity! This 3 bed 1 bath in Covington offers possibilities for numerous buyers looking to add value. With a little bit of elbow grease, this house could be an incredible first house, down sizer, or even an investment! Virtually staged to provide a vision into how this house can look with your touch! Come take a look today! House sold "as-is. "

Key facts

• 6,970 sq ft lot
• Garage
• Built 1971

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $39 ($462/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 $103k (17.6% below list).
• Recommended offer: $103k (17.6% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 71/100 on livability (#419 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Covington Exempted Village (town): math 60% / reading 65% proficiency, ranked #252 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 326 units permitted in Miami County in 2024 (0 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.

Negotiation context

• It's been on market 147 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,000 (17.6% below list)

Questions for the listing agent

1. It's been on market 147 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — 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. 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?
6. 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.
7. 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.
8. 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: 0.82% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.32%
• DSCR: 1.06
• GRM: 10.1

CMA / ARV

• ARV (median comp): $165,754
• List price: $125,000
• Delta: -24.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
315 N High St	0.24mi	2/1.0 (-1)	1,043 (-1%)	5mo	$167,500	$161	78
120 N Grant St	0.56mi	3/1.0	984 (-7%)	1mo	$177,600	$180	62
115 N Wenrick St	0.60mi	3/1.0	1,116 (+6%)	4mo	$220,000	$197	59
309 Ullery Dr	0.52mi	3/1.5	1,152 (+9%)	1mo	$185,000	$161	57
302 Sharon St	0.62mi	2/1.0 (-1)	1,040 (-1%)	10mo	$165,000	$159	55
417 N Pearl St	0.22mi	3/2.0	1,206 (+14%)	10mo	$204,000	$169	53
300 N Ludlow St	0.51mi	4/1.0 (+1)	1,107 (+5%)	14mo	$186,000	$168	51
133 W Broadway St	0.47mi	2/1.5 (-1)	1,176 (+12%)	5mo	$125,000	$106	48
129 W Broadway St	0.46mi	2/1.0 (-1)	900 (-14%)	24mo	$155,500	$173	30

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: -14.2%
• Equity multiple: 0.49×
• Total profit: $-17,842
• Equity at exit: $18,638

10-year hold

• IRR: -5.5%
• Equity multiple: 0.64×
• Total profit: $-12,536
• Equity at exit: $10,808

Cash invested: $35,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45318

• Home prices YoY: -21.1%
• Active inventory: 29
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,030 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$68 /mo · $811/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$216
• Net cashflow: $39

Break-even live

Break-even rent $981

Max offer price $125,000

Occupancy floor 91%

Sensitivity live

Price	-10% $109	-5% $74	+0% $39	+5% $3	+10% $-32
Rent	-10% $-43	-5% $-2	+0% $39	+5% $79	+10% $120
Rate	-1.0pp $101	-0.5pp $70	base $39	+0.5pp $6	+1.0pp $-27

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 Regency Ct Unit a Covington, OH	2.0	1.5	896	$1,030	$1.15	11d	1	1.23mi

Listing history 35 events

1. 2026-06-18
   days on market $125,000 Active 147 DOM
2. 2026-06-17
   days on market $125,000 Active 146 DOM
3. 2026-06-16
   days on market $125,000 Active 145 DOM
4. 2026-06-15
   days on market $125,000 Active 144 DOM
5. 2026-06-14
   days on market $125,000 Active 142 DOM
6. 2026-06-10
   days on market $125,000 Active 139 DOM
7. 2026-06-09
   days on market $125,000 Active 138 DOM
8. 2026-06-08
   days on market $125,000 Active 137 DOM
9. 2026-06-07
   days on market $125,000 Active 136 DOM
10. 2026-06-03
    days on market $125,000 Active 132 DOM
11. 2026-06-02
    days on market $125,000 Active 131 DOM
12. 2026-06-01
    days on market $125,000 Active 130 DOM
13. 2026-05-31
    days on market $125,000 Active 129 DOM
14. 2026-05-04
    price $125,000 390-char remark

    Show marketing remark (390 chars)

    Say hello to this incredible opportunity! This 3 bed 1 bath in Covington offers possibilities for numerous buyers looking to add value. With a little bit of elbow grease, this house could be an incredible first house, down sizer, or even an investment! Virtually staged to provide a vision into how this house can look with your touch! Come take a look today! House sold "as-is. "

15. 2026-04-01
    price $130,000 390-char remark

    Show marketing remark (390 chars)

    Say hello to this incredible opportunity! This 3 bed 1 bath in Covington offers possibilities for numerous buyers looking to add value. With a little bit of elbow grease, this house could be an incredible first house, down sizer, or even an investment! Virtually staged to provide a vision into how this house can look with your touch! Come take a look today! House sold "as-is. "

16. 2026-01-14
    listed $145,000 Active 390-char remark

    Show marketing remark (390 chars)

    Say hello to this incredible opportunity! This 3 bed 1 bath in Covington offers possibilities for numerous buyers looking to add value. With a little bit of elbow grease, this house could be an incredible first house, down sizer, or even an investment! Virtually staged to provide a vision into how this house can look with your touch! Come take a look today! House sold "as-is. "

17. 2023-07-10
    soldstatus $129,900 Sold 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

18. 2023-07-10
    soldstatus $129,900 Closed 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

19. 2023-07-10
    soldstatus $129,900 Closed

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

20. 2023-06-28
    soldstatus $129,900
21. 2023-05-14
    status Pending 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

22. 2023-05-14
    status Pending

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

23. 2023-05-03
    price $129,900 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

24. 2023-05-03
    price $129,900

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

25. 2023-04-24
    status Active 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

26. 2023-04-24
    status Active

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

27. 2023-04-10
    historical Contingency - Finance and Inspections

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

28. 2023-04-10
    status Pending 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

29. 2023-04-03
    price $139,900 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

30. 2023-04-03
    price $139,900

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

31. 2023-03-24
    price $144,900 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

32. 2023-03-24
    price $144,900

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

33. 2023-03-20
    listed $147,900 Active 263-char remark

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

34. 2023-03-20
    listed $147,900 Active

    Show marketing remark (263 chars)

    Three bedroom low maintenance brick ranch with updates as of January 2023 to include, new furnace, water heater, bathroom, kitchen including appliances. Also new flooring through out home. Exterior updates include new gutters, fresh paint on front door and porch.

35. 1987-04-22
    soldstatus $19,000

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $811 · $68/mo
• Projected year-2 tax: $1,381 · $115/mo
• Expected delta: +$569/yr (+$47/mo · 70.2%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,360
• − Mortgage interest: −$7,002
• − Property taxes: −$811
• − Insurance: −$625
• − Repairs & maintenance: −$989
• − Management: −$989
• − Depreciation: −$3,636
• Taxable loss: −$1,692
• Est. tax savings @ 24.0%: +$406
• After-tax cash flow: $868/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 Exempted Village
• NCES district ID: 3904533
• Math proficiency: 60% ▼ -15.00%
• Reading proficiency: 65% ▼ -8.00%
• Median HH income: $50,382
• Composite: 53.17/100
• National rank: #1509
• State rank: #252 of 656 in OH

Livability — Covington

• Score: 71/100
• State rank: #419
• US rank: #6872

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Covington, OH
• County: Miami · 104,562 people
• City population: 5,338
• Metro: Dayton-Kettering-Beavercreek, OH
• Population (ZIP): 5,338
• Household income: $64,239
• Rent vs Own: 23.3% rent · 76.7% own
• Severe rent burden: 7.6

Population outlook (Miami County) Hauer SSP2

• Today (2025): 107,816 people
• By 2030: 108,896 · +1.0%
• By 2040: 109,581 · +1.6%
• By 2050: 108,110 · +0.3%
• By 2075: 101,523 · -5.8%
• By 2100: 85,787 · -20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98%
• Common ancestry: Lithuanian 3% Italian 1% Iranian 1%
• Foreign-born: 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.1%
• 2008→2024 swing: -16.6pp toward R · 2008: -28.5pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+44.3 2016: R+45.6 2012: R+35.6 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -69.15%
• Current HPI: 258.5156
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+557.9% since first listed

22 events — show timeline

• 2026-05-04 Price Changed $125,000 Dayton MLS
• 2026-04-01 Price Changed $130,000 Dayton MLS
• 2026-01-14 Listed $145,000 Dayton MLS
• 2023-07-10 Sold (MLS) $129,900 WRIST
• 2023-07-10 Sold (MLS) $129,900 Dayton MLS
• 2023-07-10 Sold (MLS) $129,900 Dayton MLS
• 2023-06-28 Sold (Public Records) $129,900 Public Records
• 2023-05-14 Pending — Dayton MLS
• 2023-05-14 Pending — WRIST
• 2023-05-03 Price Changed $129,900 Dayton MLS
• 2023-05-03 Price Changed $129,900 WRIST
• 2023-04-24 Relisted — Dayton MLS
• 2023-04-24 Relisted — WRIST
• 2023-04-10 Contingent — WRIST
• 2023-04-10 Pending — Dayton MLS
• 2023-04-03 Price Changed $139,900 Dayton MLS
• 2023-04-03 Price Changed $139,900 WRIST
• 2023-03-24 Price Changed $144,900 Dayton MLS
• 2023-03-24 Price Changed $144,900 WRIST
• 2023-03-20 Listed $147,900 WRIST
• 2023-03-20 Listed $147,900 Dayton MLS
• 1987-04-22 Sold (Public Records) $19,000 Public Records

Property tax history

+2.4%/yr

Latest (2025): $811 · -41.7% YoY. Source: county tax records.