3528 Park Dr · Covington, KY 41015

$174,900

3 bd · 1.0 ba · 1,300 sqft · SingleFamily public records · 16 Days on market

Built 1920 0.29 ac lot Est $224k · 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 +15.9/30.0
• ARV discount +15.0/15.0
• DSCR +4.9/10.0
• Livability +4.3/5.0
• 1% rule +4.2/10.0
• 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

This home is a little gem! Sitting on a cul-de-sac street, it comes with a great country backyard. The home does need some TLC, but the bones are good. Very charming and private! This home is a short sale transaction so all offers will be submitted to PennyMac. Home is being sold As Is, Where Is.

Key facts

• Covered front porch
• Private deck
• Detached garage

Tags

• COVERED FRONT PORCH
• PRIVATE DECK
• DETACHED GARAGE
• QUICK ACCESS TO MAJOR ROADS

Property features AI

Exterior

• Parking: Driveway; On-street parking
• Utilities: Public water service; Public sewer service; Natural gas available
• Home design: Single family residence; Two levels
• Construction: Built in 1920; Stucco exterior; Block and stone foundation
• Exterior features: Lot approximately 0.29 acres; Public water; Public sewer; Natural gas available; Sewer available; Water available

Interior

• Kitchen: Electric range; Microwave; Refrigerator
• Bedrooms: Primary bedroom (approx. 11 x 11); Bedroom 2 (approx. 11 x 9); Bedroom 3 (approx. 11 x 8)
• Bathrooms: 1 full bathroom; 1 half bathroom; Primary bath (listed)
• Interior features: Wood-burning fireplace; Central air conditioning; Forced air heating

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $84 ($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 $161k (7.8% below list).
• Recommended offer: $161k (7.8% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 5.3% in Covington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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: Latonia Elementary School (math 12% / reading 32%, grade F, #525 of 676 statewide, top 82%, 285 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: 161 active listings in the ZIP; 9 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• It's been on market 16 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y 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 $130k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $161,235 (7.8% below list)

Questions for the listing agent

1. Built in 1920 — 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: 0.92% ✗
• Cap rate: 6.87%
• Cash-on-cash: 2.06%
• DSCR: 1.09
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $223,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3706 Glenn Ave	0.17mi	2/1.0 (-1)	1,326 (+2%)	2mo	$217,500	$164	82
3704 Huntington Ave	0.20mi	3/2.0	1,212 (-7%)	0mo	$220,000	$182	75
205 E 38th St	0.33mi	2/1.5 (-1)	1,347 (+4%)	3mo	$231,500	$172	69
8 W 30th St	0.54mi	3/1.0	1,348 (+4%)	3mo	$77,600	$58	66
9 Madison Ct	0.69mi	3/2.0	1,297 (-0%)	2mo	$230,000	$177	61
25 W 28th St	0.61mi	3/1.5	1,234 (-5%)	2mo	$266,000	$216	60
4415 Huntington Ave	0.73mi	3/1.0	1,400 (+8%)	3mo	$217,500	$155	51
21 W 31st St	0.52mi	2/1.5 (-1)	1,144 (-12%)	1mo	$90,000	$79	48
3920 Church St	0.50mi	2/1.0 (-1)	1,123 (-14%)	2mo	$232,000	$207	48
30 W 28th St	0.64mi	3/2.0	1,157 (-11%)	1mo	$200,000	$173	47
3098 Beech Ave	0.70mi	2/1.0 (-1)	1,142 (-12%)	3mo	$195,000	$171	40
4347 Vermont Ave	0.66mi	2/2.0 (-1)	1,108 (-15%)	0mo	$105,000	$95	36

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: -13.0%
• Equity multiple: 0.53×
• Total profit: $-22,962
• Equity at exit: $26,078

10-year hold

• IRR: -4.0%
• Equity multiple: 0.73×
• Total profit: $-13,033
• Equity at exit: $15,122

Cash invested: $48,972 (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 41015

• Active inventory: 161
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,612 high
• Mortgage (P&I): −$917
• Tax from tax record: −$199 /mo · $2,393/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$339
• Net cashflow: $84

Break-even live

Break-even rent $1,506

Max offer price $174,900

Occupancy floor 90%

Sensitivity live

Price	-10% $183	-5% $134	+0% $84	+5% $35	+10% $-15
Rent	-10% $-43	-5% $21	+0% $84	+5% $148	+10% $212
Rate	-1.0pp $172	-0.5pp $129	base $84	+0.5pp $39	+1.0pp $-7

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3918 Glenn Ave Unit 1 Covington, KY	2.0	1.0	1350	$1,449	$1.07	22d	1	0.36mi
120 Vista Point Dr Wilder, KY	1.0–2.0	1.0–2.0	854	$1,184	$1.39	4d	2	0.76mi
400 Lakeview Dr #5 Wilder, KY	2.0	2.0	1100	$1,495	$1.36	4d	1	0.77mi
24 Woodland Hills Dr #11 Southgate, KY	2.0	2.0	950	$1,445	$1.52	9d	1	1.06mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$2,365	$1.67	3d	14	1.13mi
2307 Center St Covington, KY	3.0	1.5	1216	$1,950	$1.60	9d	1	1.15mi
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	9d	1	1.15mi
2030 Mackoy St Covington, KY	3.0	1.5	1598	$1,779	$1.11	6d	1	1.24mi
1927 Scott St Apt 1 Covington, KY	3.0	2.0	1865	$2,100	$1.13	21d	1	1.35mi

Listing history 9 events

1. 2026-06-21
   days on market $174,900 Active 16 DOM
2. 2026-06-18
   days on market $174,900 Active 13 DOM
3. 2026-06-17
   days on market $174,900 Active 12 DOM
4. 2026-06-16
   days on market $174,900 Active 11 DOM
5. 2026-06-15
   days on market $174,900 Active 10 DOM
6. 2026-06-09
   days on market $174,900 Active 4 DOM
7. 2026-06-08
   days on market $174,900 Active 3 DOM
8. 2026-06-07
   remarks 669-char remark
9. 2026-06-07
   listed $174,900 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: $2,393 · $199/mo
• Projected year-2 tax: $2,393 · $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 2/10 Low FEMA zone X (unshaded) · 6% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,348
• − Mortgage interest: −$9,797
• − Property taxes: −$2,393
• − Insurance: −$874
• − Repairs & maintenance: −$1,548
• − Management: −$1,548
• − Depreciation: −$5,088
• Taxable loss: −$1,900
• Est. tax savings @ 24.0%: +$456
• After-tax cash flow: $1,467/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

+34.6% since first listed

11 events — show timeline

• 2026-06-05 Listed $174,900 NKMLS
• 2021-11-19 Sold (Public Records) $130,000 Public Records
• 2021-11-10 Sold (MLS) $130,000 NKMLS
• 2021-07-27 Pending — NKMLS
• 2021-07-26 Price Changed $130,000 NKMLS
• 2021-07-22 Price Changed $129,900 NKMLS
• 2021-07-20 Listed $139,900 NKMLS
• 2018-04-23 Sold (Public Records) $125,000 Public Records
• 2018-04-20 Sold (MLS) $125,000 NKMLS
• 2018-02-14 Sold (Public Records) $45,000 Public Records
• 2018-02-09 Listed $129,900 NKMLS

Property tax history

+10.1%/yr

Latest (2025): $2,393 · -9.1% YoY. Source: county tax records.