501 Johnson St · Covington, KY 41011

$649,900

9 bd · 4.0 ba · 3,186 sqft · MultiFamily public records · 50 Days on market

Built 1860 2,250 sqft lot

---

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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Exceptional renovated triplex in the heart of Covington, KY--just steps from Cincinnati and Main Strasse Village. Zoned mixed use, this offering includes the adjacent vacant lot, creating a rare opportunity for expansion, additional parking, or future development (buyer to verify). Off street parking for six-eight cars! Located one block from the highly anticipated Covington Central Riverfront redevelopment, the property is positioned near future restaurants, retail, housing, and office space, offering strong long-term appreciation potential. Originally built in 1860, this historic property seamlessly blends timeless character with modern updates throughout. The building features three well

Key facts

• Renovated triplex
• Off street parking
• Historic property

Tags

• RENOVATED TRIPLEX
• OFF STREET PARKING
• WALKABLE LOCATION
• HISTORIC PROPERTY
• MODERN UPDATES
• THREE WELL-APPOINTED UNITS

Property features AI

Finance

• Financial info: Three total units (multi-family)

Exterior

• Parking: Six parking spaces; Off-street and on-street parking; no garage
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Triplex; Three or more levels; Built in 1860; Stone foundation
• Construction: Brick construction
• Exterior features: Vinyl-clad windows; Membrane roof; 25 x 90 lot dimensions

Interior

• Kitchen: Electric oven; Electric cooktop; Dishwasher; Microwave; Refrigerator
• Bathrooms: Three full bathrooms; One half bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Inoperable fireplace; Full basement; Stainless steel appliances
• Laundry & utility: Stacked washer and dryer

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.5-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $497/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Recommended offer: $630k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% 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: John G Carlisle Elementary (math 2% / reading 27%, grade F, #620 of 676 statewide, top 93%, 304 students, 81% 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 82% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 217 active listings in the ZIP; 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• At $7,098/mo this rent would consume 122% of the median local household income ($70k/yr) (locally 1488% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k 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 50 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y 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 $81k; list at $650k implies a 706% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — 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 $630,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.09% ✓
• Cap rate: 9.04%
• Cash-on-cash: 9.82%
• DSCR: 1.44
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: -3.1%
• Equity multiple: 0.89×
• Total profit: $-20,756
• Equity at exit: $96,902

10-year hold

• IRR: 5.0%
• Equity multiple: 1.35×
• Total profit: $62,925
• Equity at exit: $56,191

Cash invested: $181,972 (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 41011

• Rents YoY: 1.6%
• Active inventory: 217
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $7,098 high
• Mortgage (P&I): −$3,408
• Tax from tax record: −$439 /mo · $5,264/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,491
• Net cashflow: $1,490

Break-even live

Break-even rent $5,212

Max offer price $649,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,858	-5% $1,674	+0% $1,490	+5% $1,306	+10% $1,122
Rent	-10% $929	-5% $1,209	+0% $1,490	+5% $1,770	+10% $2,051
Rate	-1.0pp $1,817	-0.5pp $1,655	base $1,490	+0.5pp $1,321	+1.0pp $1,150

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	3	3.5	$7,098
Total (3 units)			$7,098

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 31 events

1. 2026-06-21
   days on market $649,900 Active 50 DOM
2. 2026-06-18
   days on market $649,900 Active 47 DOM
3. 2026-06-17
   days on market $649,900 Active 46 DOM
4. 2026-06-16
   days on market $649,900 Active 45 DOM
5. 2026-06-15
   days on market $649,900 Active 44 DOM
6. 2026-06-09
   days on market $649,900 Active 38 DOM
7. 2026-06-08
   days on market $649,900 Active 37 DOM
8. 2026-06-07
   days on market $649,900 Active 36 DOM
9. 2026-06-03
   days on market $649,900 Active 32 DOM
10. 2026-06-02
    days on market $649,900 Active 31 DOM
11. 2026-06-01
    days on market $649,900 Active 30 DOM
12. 2026-05-31
    days on market $649,900 Active 29 DOM
13. 2026-04-29
    listed $649,900 Active
14. 2026-04-27
    historical
15. 2026-02-27
    price $675,000
16. 2026-01-27
    listed $690,000 Active
17. 2016-10-04
    soldstatus $80,600
18. 2016-08-29
    soldstatus $85,000
19. 2016-08-05
    listed $125,000
20. 2016-04-01
    soldstatus $66,262
21. 2014-06-13
    soldstatus $55,100
22. 2014-04-24
    listed $49,900
23. 2014-01-11
    historical
24. 2013-02-25
    listed $69,900
25. 2012-05-11
    historical
26. 2011-05-26
    listed $89,900
27. 2003-10-02
    soldstatus $103,000
28. 2003-09-23
    soldstatus $103,000
29. 2003-03-17
    listed $107,900
30. 1995-08-31
    soldstatus $37,000
31. 1985-12-02
    soldstatus $29,000

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

Tax reassessment forecast KY · Resets to sale price

• Current annual tax: $5,264 · $439/mo
• Projected year-2 tax: $5,589 · $466/mo
• Expected delta: +$325/yr (+$27/mo · 6.2%)

ⓘ 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: $85,176
• − Mortgage interest: −$36,405
• − Property taxes: −$5,264
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,814
• − Management: −$6,814
• − Depreciation: −$18,906
• Taxable income: $7,724
• Est. tax owed @ 24.0%: −$1,854
• After-tax cash flow: $16,024/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): 26,981
• Household income: $69,970
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 1488.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 12% Black 10% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 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: ▼ -215.20%
• Current HPI: 237.0869
• Rent YoY: ▲ 1.55%
• 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

+2141.0% since first listed

19 events — show timeline

• 2026-04-29 Listed $649,900 NKMLS
• 2026-04-27 Listing Removed — NKMLS
• 2026-02-27 Price Changed $675,000 NKMLS
• 2026-01-27 Listed $690,000 NKMLS
• 2016-10-04 Sold (Public Records) $80,600 Public Records
• 2016-08-29 Sold (MLS) $85,000 NKMLS
• 2016-08-05 Listed $125,000 NKMLS
• 2016-04-01 Sold (Public Records) $66,262 Public Records
• 2014-06-13 Sold (MLS) $55,100 NKMLS
• 2014-04-24 Listed $49,900 NKMLS
• 2014-01-11 Listing Removed — NKMLS
• 2013-02-25 Listed $69,900 NKMLS
• 2012-05-11 Listing Removed — NKMLS
• 2011-05-26 Listed $89,900 NKMLS
• 2003-10-02 Sold (Public Records) $103,000 Public Records
• 2003-09-23 Sold (MLS) $103,000 NKMLS
• 2003-03-17 Listed $107,900 NKMLS
• 1995-08-31 Sold (Public Records) $37,000 Public Records
• 1985-12-02 Sold (Public Records) $29,000 Public Records

Property tax history

+10.9%/yr

Latest (2025): $5,264 · +0.8% YoY. Source: county tax records.