604 W 33rd St · Covington, KY 41015

$99,500

1 bd · 1.0 ba · 851 sqft · SingleFamily public records · 14 Days on market

Built 1900 1,742 sqft lot Est $194k · 49% 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 +19.4/30.0
• ARV discount +15.0/15.0
• 1% rule +6.2/10.0
• DSCR +6.1/10.0
• Livability +4.3/5.0
• 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 beautifully rehabbed home is now on the market! Featuring modern updates and located just minutes away from top restaurants and shopping destinations, this is a must-see. Swipe through to check out the stunning interior and exterior. Don't miss out on this gem! Attention buyers: Grant money is available for down-payment or closing costs assistances through the ''Covington Yes You Can'' program! Call your lender for more information!

Key facts

• 1,742 sq ft lot
• Built 1900
• Listed 14 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $100k.

Deal economics

• At list price, monthly cash flow is $45 ($538/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Cap rate 7.6% 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: Glenn O Swing Elementary (math 29% / reading 50%, grade F, #208 of 676 statewide, top 34%, 407 students, 78% 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 81% FRL track the district average.
• Market conditions: 161 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $688 of loan paydown is wiped out by about $3k 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

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $90k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.5% of price; flood insurance adds $66/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $99,500

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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: 1.12% ✓
• Cap rate: 7.63%
• Cash-on-cash: 4.79%
• DSCR: 1.21
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $194,028
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
909 W 33rd St	0.20mi	1/1.0	880 (+3%)	8mo	$125,000	$142	79
711 W 32nd St	0.10mi	2/2.0 (+1)	891 (+5%)	3mo	$205,000	$230	76
906 W 33rd St	0.18mi	2/1.0 (+1)	870 (+2%)	9mo	$215,000	$247	75
2761 Alexandria Ave	0.25mi	2/1.0 (+1)	887 (+4%)	6mo	$144,330	$163	71
2737 Alexandria Ave	0.30mi	2/1.5 (+1)	861 (+1%)	8mo	$196,000	$228	71
2925 Madison Ave	0.41mi	2/1.0 (+1)	885 (+4%)	7mo	$110,000	$124	64
2716 Indiana Ave	0.40mi	2/1.0 (+1)	875 (+3%)	10mo	$195,000	$223	64
2757 Alexandria Ave	0.25mi	2/1.5 (+1)	930 (+9%)	3mo	$81,000	$87	63
2724 Latonia Ave	0.34mi	2/1.0 (+1)	792 (-7%)	7mo	$199,900	$252	62
117 E 41st St	0.66mi	2/1.0 (+1)	884 (+4%)	4mo	$224,000	$253	54
14 W 30th St	0.57mi	1/1.0	729 (-14%)	10mo	$155,000	$213	41
3808 Huntington Ave	0.74mi	2/1.0 (+1)	735 (-14%)	1mo	$201,000	$273	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: -13.1%
• Equity multiple: 0.53×
• Total profit: $-13,161
• Equity at exit: $14,836

10-year hold

• IRR: -4.0%
• Equity multiple: 0.74×
• Total profit: $-7,344
• Equity at exit: $8,603

Cash invested: $27,860 (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: 7.4×

Monthly cashflow live

• Estimated rent: $1,116 high
• Mortgage (P&I): −$522
• Tax from tax record: −$207 /mo · $2,489/yr
• Insurance: −$41
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$234
• Net cashflow: $45

Break-even live

Break-even rent $1,060

Max offer price $99,500

Occupancy floor 91%

Sensitivity live

Price	-10% $101	-5% $73	+0% $45	+5% $17	+10% $-12
Rent	-10% $-43	-5% $1	+0% $45	+5% $89	+10% $133
Rate	-1.0pp $95	-0.5pp $70	base $45	+0.5pp $19	+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: $24,875
• Closing costs: $2,985
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
119 W 33rd St Unit 1 Latonia, KY	1.0	1.0	900	$1,075	$1.19	25d	1	0.37mi
1839 Pikeview Ct Covington, KY	1.0	1.0	625	$1,011	$1.62	16d	1	0.71mi
2220 Cityscape Dr Covington, KY	1.0–2.0	1.0–2.0	932	$1,640	$1.76	3d	9	0.90mi
920 Highland Ave Fort Wright, KY	1.0	1.0	525	$1,045	$1.99	16d	1	1.05mi
918 Highland Ave Fort Wright, KY	1.0	1.0	525	$995	$1.90	23d	1	1.05mi
1215 Elberta Cir Park Hills, KY	2.0	1.0	825	$1,050	$1.27	5d	1	1.35mi
512 Wallace Ave Unit 512/08 Covington, KY	1.0	1.0	550	$899	$1.63	19d	1	1.43mi
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	9d	1	1.43mi
512 Wallace Ave Unit 512/09 Covington, KY	1.0	1.0	550	$899	$1.63	9d	1	1.43mi
512 Wallace Ave Unit 512/16 Covington, KY	1.0	1.0	550	$939	$1.71	9d	1	1.43mi

Listing history 19 events

1. 2024-11-12
   soldstatus $186,300
2. 2024-11-07
   soldstatus $186,300 Sold 442-char remark

   Show marketing remark (442 chars)

   This beautifully rehabbed home is now on the market! Featuring modern updates and located just minutes away from top restaurants and shopping destinations, this is a must-see. Swipe through to check out the stunning interior and exterior. Don't miss out on this gem! Attention buyers: Grant money is available for down-payment or closing costs assistances through the ''Covington Yes You Can'' program! Call your lender for more information!

3. 2024-09-20
   status Pending 442-char remark

   Show marketing remark (442 chars)

   This beautifully rehabbed home is now on the market! Featuring modern updates and located just minutes away from top restaurants and shopping destinations, this is a must-see. Swipe through to check out the stunning interior and exterior. Don't miss out on this gem! Attention buyers: Grant money is available for down-payment or closing costs assistances through the ''Covington Yes You Can'' program! Call your lender for more information!

4. 2024-09-16
   price $183,500 442-char remark

   Show marketing remark (442 chars)

   This beautifully rehabbed home is now on the market! Featuring modern updates and located just minutes away from top restaurants and shopping destinations, this is a must-see. Swipe through to check out the stunning interior and exterior. Don't miss out on this gem! Attention buyers: Grant money is available for down-payment or closing costs assistances through the ''Covington Yes You Can'' program! Call your lender for more information!

5. 2024-09-06
   price $184,500 442-char remark

   Show marketing remark (442 chars)

   This beautifully rehabbed home is now on the market! Featuring modern updates and located just minutes away from top restaurants and shopping destinations, this is a must-see. Swipe through to check out the stunning interior and exterior. Don't miss out on this gem! Attention buyers: Grant money is available for down-payment or closing costs assistances through the ''Covington Yes You Can'' program! Call your lender for more information!

6. 2024-08-28
   price $187,000 442-char remark

   Show marketing remark (442 chars)

   This beautifully rehabbed home is now on the market! Featuring modern updates and located just minutes away from top restaurants and shopping destinations, this is a must-see. Swipe through to check out the stunning interior and exterior. Don't miss out on this gem! Attention buyers: Grant money is available for down-payment or closing costs assistances through the ''Covington Yes You Can'' program! Call your lender for more information!

7. 2024-07-29
   listed $189,500 Active 442-char remark

   Show marketing remark (442 chars)

   This beautifully rehabbed home is now on the market! Featuring modern updates and located just minutes away from top restaurants and shopping destinations, this is a must-see. Swipe through to check out the stunning interior and exterior. Don't miss out on this gem! Attention buyers: Grant money is available for down-payment or closing costs assistances through the ''Covington Yes You Can'' program! Call your lender for more information!

8. 2024-06-11
   status Pending
9. 2024-04-08
   soldstatus $79,500
10. 2024-03-08
    historical Active Under Contract
11. 2024-02-23
    listed $99,500 Active
12. 2006-08-30
    soldstatus $49,900
13. 2004-03-23
    soldstatus $48,000
14. 2004-03-18
    soldstatus $48,000 79-char remark

    Show marketing remark (79 chars)

    Charming brick home in good condition.Washer, Dryer, Stove, Refridgerator stay.

15. 2003-09-02
    listed $49,900 79-char remark

    Show marketing remark (79 chars)

    Charming brick home in good condition.Washer, Dryer, Stove, Refridgerator stay.

16. 2000-12-07
    soldstatus $44,500
17. 2000-12-05
    soldstatus $44,500
18. 2000-07-17
    listed $49,900
19. 1991-09-06
    soldstatus $35,900

ⓘ 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: $2,489 · $207/mo
• Projected year-2 tax: $2,489 · $207/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥102°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: $13,396
• − Mortgage interest: −$5,574
• − Property taxes: −$2,489
• − Insurance: −$1,295
• − Repairs & maintenance: −$1,072
• − Management: −$1,072
• − Depreciation: −$2,895
• Taxable loss: −$999
• Est. tax savings @ 24.0%: +$240
• After-tax cash flow: $777/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

+418.9% since first listed

19 events — show timeline

• 2024-11-12 Sold (Public Records) $186,300 Public Records
• 2024-11-07 Sold (MLS) $186,300 NKMLS
• 2024-09-20 Pending — NKMLS
• 2024-09-16 Price Changed $183,500 NKMLS
• 2024-09-06 Price Changed $184,500 NKMLS
• 2024-08-28 Price Changed $187,000 NKMLS
• 2024-07-29 Listed $189,500 NKMLS
• 2024-06-11 Pending — RASKMLS
• 2024-04-08 Sold (Public Records) $79,500 Public Records
• 2024-03-08 Contingent — RASKMLS
• 2024-02-23 Listed $99,500 RASKMLS
• 2006-08-30 Sold (Public Records) $49,900 Public Records
• 2004-03-23 Sold (Public Records) $48,000 Public Records
• 2004-03-18 Sold (MLS) $48,000 NKMLS
• 2003-09-02 Listed $49,900 NKMLS
• 2000-12-07 Sold (Public Records) $44,500 Public Records
• 2000-12-05 Sold (MLS) $44,500 NKMLS
• 2000-07-17 Listed $49,900 NKMLS
• 1991-09-06 Sold (Public Records) $35,900 Public Records

Property tax history

+8.6%/yr

Latest (2025): $2,489 · +57.0% YoY. Source: county tax records.