933 Highway Ave · Covington, KY 41011

$60,000

2 bd · 1.5 ba · 1,008 sqft · SingleFamily public records · 43 Days on market

Built 1927 2,240 sqft lot

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Listing remarks

Rare Ohio River view opportunity in West Covington. This 2-bedroom, 1.5-bath hillside home offers panoramic views of the Cincinnati skyline and river from multiple levels, including spacious upper and lower decks. Built-in one-car garage with driveway access. Located on a 28 x 80 lot in the Behringer subdivision. Home offers approximately 1,008 square feet per public record with a two-story layout, living area with deck access, eat-in kitchen, and second-floor bedrooms. Property requires significant renovation including foundation stabilization, moisture remediation, deck repairs, and full cosmetic updates throughout. Ideal investor, rehab, or rental opportunity in a high-demand riverfront

Key facts

• Panoramic views
• Two-story layout
• Ohio river view

Tags

• OHIO RIVER VIEW
• PANORAMIC VIEWS
• SPACIOUS UPPER AND LOWER DECKS
• BUILT-IN ONE-CAR GARAGE
• 28 X 80 LOT
• TWO-STORY LAYOUT

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 29.6% 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); 218 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 5d 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 ($70k/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 $415 of loan paydown is wiped out by about $2k 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 + 1.6% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $31k; list at $60k implies a 96% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,200 (3.0% below list)

Questions for the listing agent

1. It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 3.31% ✓
• Cap rate: 29.59%
• Cash-on-cash: 83.21%
• DSCR: 4.70
• GRM: 2.5

CMA / ARV

• ARV (on-the-fly): $212,688
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1037 John St	0.24mi	2/1.0	1,000 (-1%)	4mo	$65,550	$66	82
1106 Parkway Ave	0.12mi	2/1.5	1,040 (+3%)	14mo	$245,000	$236	78
1232 Clark St	0.29mi	2/2.0	946 (-6%)	5mo	$203,000	$215	70
1020 Winding Way	0.47mi	3/1.5 (+1)	1,015 (+1%)	7mo	$360,000	$355	66
1323 Highway Ave	0.47mi	2/1.0	992 (-2%)	15mo	$128,000	$129	61
630 Western Ave	0.51mi	2/1.5	1,024 (+2%)	16mo	$199,500	$195	61
8 Montrose St	0.59mi	2/1.0	1,044 (+4%)	14mo	$220,000	$211	52
29 Augusta Ave	0.50mi	2/1.0	1,104 (+10%)	8mo	$330,500	$299	52
343 Hazen St	0.70mi	2/1.0	1,000 (-1%)	15mo	$255,000	$255	51
139 Montclair Ave	0.66mi	3/2.0 (+1)	1,078 (+7%)	6mo	$193,000	$179	46
1319 Hazen St	0.48mi	2/1.0	874 (-13%)	12mo	$135,000	$154	44
738 Dalton St	0.71mi	3/2.0 (+1)	1,104 (+10%)	10mo	$200,000	$181	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 · 1.55% rent growth · sell at horizon

5-year hold

• IRR: 76.9%
• Equity multiple: 4.42×
• Total profit: $57,445
• Equity at exit: $8,946

10-year hold

• IRR: 80.1%
• Equity multiple: 8.68×
• Total profit: $128,982
• Equity at exit: $5,188

Cash invested: $16,800 (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: 218
• Price-to-rent: 2.5×

Monthly cashflow live

• Estimated rent: $1,987 high
• Mortgage (P&I): −$315
• Tax from tax record: −$65 /mo · $782/yr
• Insurance: −$25
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$417
• Net cashflow: $1,098

Break-even live

Break-even rent $597

Max offer price $60,000

Occupancy floor 40%

Sensitivity live

Price	-10% $1,132	-5% $1,115	+0% $1,098	+5% $1,081	+10% $1,064
Rent	-10% $941	-5% $1,020	+0% $1,098	+5% $1,177	+10% $1,255
Rate	-1.0pp $1,129	-0.5pp $1,114	base $1,098	+0.5pp $1,083	+1.0pp $1,067

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 Swain Ct Covington, KY	1.0–3.0	1.0–2.0	951	$1,895	$1.99	3d	3	0.20mi
1261 Parkway Ave Covington, KY	1.0–2.0	1.0	850	$1,375	$1.62	5d	3	0.37mi
515 Main St Covington, KY	1.0–2.0	1.0–2.0	934	$2,215	$2.37	3d	8	0.68mi
353 W 4th St Cincinnati, OH	2.0	2.0	1140	$3,400	$2.98	25d	1	0.82mi
218 W 5th St Covington, KY	1.0	1.0	800	$1,595	$1.99	16d	1	0.83mi
50 W Rivercenter Blvd Covington, KY	1.0–2.0	1.0–2.5	1273	$3,640	$2.86	3d	9	0.89mi
231 W 4th St Cincinnati, OH	1.0	1.0	914	$1,575	$1.72	25d	1	0.90mi
47 Ash St Ludlow, KY	1.0	1.0	850	$950	$1.12	13d	1	0.93mi
205 W 4th St Cincinnati, OH	2.0	1.0–2.0	648	$2,162	$3.33	3d	44	0.94mi
151 W 4th St Cincinnati, OH	2.0	1.0	726	$2,399	$3.30	3d	102	0.97mi
44 W Freedom Way Cincinnati, OH	2.0	1.0–2.0	943	$2,859	$3.03	3d	28	0.98mi
309 Vine St Cincinnati, OH	1.0–3.0	1.0–2.0	955	$2,467	$2.58	3d	15	1.06mi
103 E 3rd St Covington, KY	2.0	2.5	1291	$3,250	$2.52	3d	1	1.06mi
1 W 4th St Cincinnati, OH	3.0	1.0–3.5	1675	$6,550	$3.91	4d	96	1.09mi
239 Forest Ave Ludlow, KY	3.0	1.0	1146	$1,395	$1.22	18d	1	1.11mi
1000 Parkvale Ct Park Hills, KY	2.0	1.0	850	$1,495	$1.76	45d	1	1.12mi
1002 Parkvale Ct Unit 1004 1 Park Hills, KY	2.0	1.0	850	$995	$1.17	45d	1	1.13mi
1002 Parkvale Ct Unit 1002 3 Park Hills, KY	1.0	1.0	750	$925	$1.23	9d	1	1.13mi
135 Garfield Pl Cincinnati, OH	1.0	1.0	670	$1,413	$2.11	3d	6	1.14mi
121 E Freedom Way Cincinnati, OH	2.0	1.0–2.0	988	$2,999	$3.03	3d	27	1.14mi
336 Elm St Unit 2 Ludlow, KY	2.0	1.0	1050	$1,275	$1.21	3d	1	1.15mi
336 Elm St Unit 4 Ludlow, KY	2.0	1.0	1100	$1,350	$1.23	45d	1	1.15mi
151 Seventh St W Cincinnati, OH	2.0	1.0–2.0	1191	$2,129	$1.79	3d	4	1.15mi
211 W 9th St Unit 5 Cincinnati, OH	2.0	1.5	900	$1,300	$1.44	4d	1	1.17mi
1205 Lee St Unit 2 Covington, KY	1.0	1.0	800	$1,500	$1.88	25d	1	1.19mi
111 Garfield Pl Unit GAR-0105 Cincinnati, OH	1.0	1.0	750	$1,190	$1.59	5d	1	1.20mi
508 Greenup St Unit 508-02 Covington, KY	2.0	1.0	1220	$1,800	$1.48	3d	1	1.21mi
414 Walnut St Cincinnati, OH	1.0	1.0	752	$2,510	$3.34	3d	23	1.21mi
7 W 7th St Cincinnati, OH	1.0–2.0	1.0–2.0	976	$3,420	$3.50	4d	65	1.22mi
124 W 9th St Unit 1523602P Cincinnati, OH	1.0	1.0	807	$6,605	$8.18	4d	1	1.25mi
630 Vine St Cincinnati, OH	2.0	1.0–2.0	741	$2,239	$3.02	5d	18	1.25mi
19 Garfield Pl Cincinnati, OH	1.0–2.0	1.0–2.0	1680	$2,260	$1.34	3d	11	1.25mi
19 Garfield Pl Cincinnati, OH	1.0–2.0	1.0–2.0	1054	$2,300	$2.18	45d	20	1.25mi
634 Greenup St Covington, KY	1.0	1.5	1050	$1,595	$1.52	9d	1	1.26mi
521 Garrard St Apt 2 Covington, KY	1.0	1.0	725	$1,595	$2.20	18d	1	1.27mi
521 Garrard St Apt 1 Covington, KY	1.0	1.5	825	$1,895	$2.30	18d	1	1.27mi
521 Garrard St Apt 6 Covington, KY	1.0	1.0	775	$1,995	$2.57	17d	1	1.27mi
521 Garrard St Apt 4 Covington, KY	1.0	1.0	725	$1,695	$2.34	18d	1	1.27mi
521 Garrard St Apt 3 Covington, KY	1.0	1.0	875	$1,996	$2.28	16d	1	1.27mi
580 Walnut St Cincinnati, OH	2.0	1.0–2.5	1101	$4,822	$4.38	3d	19	1.30mi

Listing history 4 events

1. 2026-04-01
   status Pending
2. 2026-03-10
   price $60,000
3. 2026-02-17
   listed $54,500 Active
4. 1989-10-30
   soldstatus $30,650

ⓘ 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: $782 · $65/mo
• Projected year-2 tax: $782 · $65/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 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°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: $23,843
• − Mortgage interest: −$3,361
• − Property taxes: −$782
• − Insurance: −$1,098
• − Repairs & maintenance: −$1,907
• − Management: −$1,907
• − Depreciation: −$1,745
• Taxable income: $13,043
• Est. tax owed @ 24.0%: −$3,130
• After-tax cash flow: $10,051/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

+95.8% since first listed

4 events — show timeline

• 2026-04-01 Pending — NKMLS
• 2026-03-10 Price Changed $60,000 NKMLS
• 2026-02-17 Listed $54,500 NKMLS
• 1989-10-30 Sold (Public Records) $30,650 Public Records

Property tax history

+2.5%/yr

Latest (2025): $782 · -3.7% YoY. Source: county tax records.