609 Elm St · Ludlow, KY 41016

$199,900

3 bd · 1.0 ba · 1,500 sqft · SingleFamily public records · 10 Days on market

Built 1925 3,125 sqft lot $133/sqft · 24% below area Est $265k · 24% 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 +16.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• Livability +4.4/5.0
• 1% rule +3.6/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great opportunity for owner-occupants or investors to add value in a desirable river town setting * Property being SOLD AS IS * Charming 2-3 Bedroom Home with River Views in Prime Location! Located directly across from Lemker Field * This property offers scenic Ohio River views from the inviting front porch * Conveniently situated just one block from the local school and within walking distance to parks, businesses and churches, the location provides both charm and accessibility * The home features natural woodwork throughout and offers a flexible floor plan with the potential for a third bedroom * * While the home requires cosmetics & updates, many mechanical components have already

Key facts

• 3,125 sq ft lot
• Garage
• Built 1925

Property features AI

Exterior

• Parking: Detached garage; Driveway; On-street parking; 1 parking space; 1 garage space (garage faces rear)
• Security: Smoke detector(s)
• Utilities: Public water; Public sewer; Cable available; Natural gas available; Underground utilities; Water and sewer available
• Home design: Single family house; Two levels; Built in 1925
• Construction: Brick construction; Shingle roof; Poured concrete foundation
• Exterior features: Covered porch; Porch; Chain link and metal fencing; Cleared lot; Has view; Paved road frontage on a city street

Interior

• Kitchen: Gas range; Gas oven; Dishwasher; Refrigerator
• Bedrooms: Primary bedroom (15 x 10); Bedroom 2 (10 x 9); Possible 3rd bedroom (12 x 9)
• Bathrooms: 1 full bathroom; 2 half bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Eat-in kitchen; Ceiling fan(s); Natural woodwork; Inoperable fireplace; Stair lift
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $102 ($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 $172k (14.0% below list).
• Recommended offer: $172k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 6.9% vs local median 2.8% in Ludlow — 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 87/100 on livability (#36 in KY, #326 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+.
• Ludlow Independent (suburban): math 26% / reading 33% proficiency, ranked #105 of 165 in KY (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Mary A. Goetz Elementary School (math 26% / reading 32%, grade F, #424 of 676 statewide, top 63%, 464 students, 65% FRL); Ludlow High School (math 27% / reading 37%, grade F, #97 of 254 statewide, top 46%, 364 students, 64% FRL).
• Market conditions: 92 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 19d 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 $1k of loan paydown is wiped out by about $6k 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 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $50k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate 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 $171,843 (14.0% below list)

Questions for the listing agent

1. Built in 1925 — 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: 0.86% ✗
• Cap rate: 6.90%
• Cash-on-cash: 2.18%
• DSCR: 1.10
• GRM: 9.7

CMA / ARV

• ARV (median comp): $264,678
• List price: $199,900
• Delta: -24.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
609 Elm St	0.00mi	3/2.0	1,500 (0%)	0mo	$199,000	$133	96
545 Elm St	0.04mi	3/1.5	1,596 (+6%)	2mo	$332,000	$208	84
445 Victoria St	0.25mi	2/2.0 (-1)	1,475 (-2%)	4mo	$315,000	$214	74
252 Park St	0.31mi	2/1.0 (-1)	1,408 (-6%)	8mo	$118,000	$84	63
306 Stokesay St	0.29mi	3/2.0	1,638 (+9%)	8mo	$313,500	$191	60
216 Deverill St	0.22mi	2/1.0 (-1)	1,292 (-14%)	2mo	$207,000	$160	60
428 Station Dr Unit 34-102	0.25mi	2/2.0 (-1)	1,326 (-12%)	8mo	$246,451	$186	53
25 Kenner St	0.39mi	2/1.5 (-1)	1,296 (-14%)	1mo	$182,500	$141	51
432 Hawthorne Ave	0.73mi	3/2.0	1,592 (+6%)	4mo	$220,000	$138	48
389 Grand Ave	0.61mi	3/2.0	1,364 (-9%)	6mo	$230,000	$169	47
326 Purcell Ave	0.67mi	3/1.5	1,297 (-14%)	1mo	$55,000	$42	43
3114 Murdock Ave	0.71mi	2/1.0 (-1)	1,320 (-12%)	1mo	$179,900	$136	41

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: -12.9%
• Equity multiple: 0.54×
• Total profit: $-25,957
• Equity at exit: $29,806

10-year hold

• IRR: -3.9%
• Equity multiple: 0.74×
• Total profit: $-14,458
• Equity at exit: $17,284

Cash invested: $55,972 (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 41016

• Active inventory: 92
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,718 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$124 /mo · $1,489/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$361
• Net cashflow: $102

Break-even live

Break-even rent $1,590

Max offer price $199,900

Occupancy floor 89%

Sensitivity live

Price	-10% $215	-5% $158	+0% $102	+5% $45	+10% $-11
Rent	-10% $-34	-5% $34	+0% $102	+5% $170	+10% $238
Rate	-1.0pp $203	-0.5pp $153	base $102	+0.5pp $50	+1.0pp $-3

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
336 Elm St Unit 2 Ludlow, KY	2.0	1.0	1050	$1,275	$1.21	3d	1	0.36mi
336 Elm St Unit 4 Ludlow, KY	2.0	1.0	1100	$1,350	$1.23	45d	1	0.36mi
239 Forest Ave Ludlow, KY	3.0	1.0	1146	$1,395	$1.22	18d	1	0.48mi
2454 River Rd Unit 2 Cincinnati, OH	4.0	1.0	1400	$1,595	$1.14	25d	1	0.57mi
1261 Parkway Ave Covington, KY	1.0–2.0	1.0	850	$1,375	$1.62	5d	3	1.03mi
810 Matson Pl Cincinnati, OH	2.0	2.0	1196	$2,100	$1.76	3d	1	1.10mi
717 Elberon Ave Unit Elberon 717 Cincinnati, OH	2.0	1.0	1117	$995	$0.89	25d	1	1.19mi
22 Swain Ct Covington, KY	1.0–3.0	1.0–2.0	951	$2,295	$2.41	3d	3	1.24mi
927 Chateau Ave Cincinnati, OH	3.0	1.0	1354	$1,550	$1.14	22d	1	1.26mi
916 Fairbanks Ave Cincinnati, OH	4.0	1.0	1438	$1,695	$1.18	25d	1	1.43mi
1014 Considine Ave Cincinnati, OH	4.0	2.0	2200	$2,000	$0.91	3d	1	1.47mi

Listing history 7 events

1. 2026-05-12
   status Pending 742-char remark
2. 2026-05-10
   status Active 742-char remark
3. 2026-05-04
   status Pending 742-char remark
4. 2026-05-02
   price $199,900 742-char remark
5. 2026-04-29
   price $225,000 742-char remark
6. 2026-04-27
   listed $249,900 Active 742-char remark
7. 1985-02-21
   soldstatus $38,500

ⓘ 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: $1,489 · $124/mo
• Projected year-2 tax: $1,719 · $143/mo
• Expected delta: +$230/yr (+$19/mo · 15.4%)

ⓘ 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 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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,621
• − Mortgage interest: −$11,198
• − Property taxes: −$1,489
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,650
• − Management: −$1,650
• − Depreciation: −$5,815
• Taxable loss: −$2,180
• Est. tax savings @ 24.0%: +$523
• After-tax cash flow: $1,745/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: Ludlow Independent
• NCES district ID: 2103630
• Math proficiency: 26% ▼ -17.00%
• Reading proficiency: 33% ▼ -26.00%
• Median HH income: $44,821
• Composite: 25.27/100
• National rank: #7492
• State rank: #105 of 165 in KY

Livability — Ludlow

• Score: 87/100
• State rank: #36
• US rank: #326

Category grades

Amenities C+ Commute A+ Cost of living A+ Crime A+ Employment C+ Housing A+ Health & safety B User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ludlow, KY
• County: Kenton County · 142,881 people
• City population: 5,795
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 5,795
• Household income: $71,172
• Rent vs Own: 28.4% rent · 71.6% own
• Severe rent burden: 95.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 10% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Slovak 2% Romanian 1% Serbian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 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: ▼ -141.84%
• Current HPI: 215.1436
• Rent YoY: —
• 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

+416.9% since first listed

8 events — show timeline

• 2026-06-10 Sold (MLS) $199,000 NKMLS
• 2026-05-12 Pending — NKMLS
• 2026-05-10 Relisted — NKMLS
• 2026-05-04 Pending — NKMLS
• 2026-05-02 Price Changed $199,900 NKMLS
• 2026-04-29 Price Changed $225,000 NKMLS
• 2026-04-27 Listed $249,900 NKMLS
• 1985-02-21 Sold (Public Records) $38,500 Public Records

Property tax history

+5.9%/yr

Latest (2025): $1,489 · -1.9% YoY. Source: county tax records.