205 19th st St W · Covington, KY 41014

$249,000

None bd · None ba · 1,392 sqft · MultiFamily · 7 Days on market

Excellent condition 3,200 sqft lot Est $290k · 14% 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 +16.3/30.0
• ARV discount +13.8/15.0
• DSCR +5.0/10.0
• Condition / age +4.8/5.0
• 1% rule +4.4/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• 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: 2 units. confirmed

Listing remarks

Completely renovated and fully rented duplex. This was a complete rehab that was done with granite, luxury LVP, and quality finishes. Upgraded electrical. Brand new mini splits. All plumbing is brand new inside. Several New Windows. Unit 1 is a one bed one bath approximately 652 sq ft unit rented for 975 a month. Unit 2 is a one bed one bath with an additional large room downstairs that has the kitchen. It is approximately 918 sq ft and is rented for 1,275 a month. Both tenants have roughly 10 months remaining on their leases. Owner pays water. Building to be sold with 201-203 w 19th st.

Key facts

• Fully rented duplex
• Complete rehab
• Completely renovated

Tags

• COMPLETELY RENOVATED
• FULLY RENTED DUPLEX
• COMPLETE REHAB
• GRANITE
• LUXURY LVP
• QUALITY FINISHES

Property features AI

Finance

• Financial info: Total of 2 units

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Sewer available; Water available
• Home design: Duplex (multi-family); Two levels; Existing structure
• Construction: Brick construction; Stone foundation
• Exterior features: Wood fencing; Vinyl window frames; Shingle roof; Has a view; Lot approximately 32 x 100

Interior

• Kitchen: Electric oven; Dishwasher; Microwave; Refrigerator
• Heating & cooling: Ductless cooling
• Interior features: Electric oven; Dishwasher; Microwave; Refrigerator

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $249k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $135 ($2k/yr) — positive. Per door: $67/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $235k (5.7% below list).
• Recommended offer: $235k (5.7% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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: Rents rising fast (+5.1%/yr); 59 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• At $2,349/mo this rent would consume 46% of the median local household income ($61k/yr) (locally 511% 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 $2k of loan paydown is wiped out by about $7k 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 7 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $234,900 (5.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 0.94% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.32%
• DSCR: 1.10
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $289,536
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
417 W 19th St	0.17mi	3/2.0	1,202 (-14%)	7mo	$189,000	$157	64
1823 Russell St	0.07mi	3/2.0	1,240 (-11%)	19mo	$269,000	$217	63
1616 Jefferson Ave	0.39mi	5/2.0	1,500 (+8%)	14mo	$185,000	$123	57
201 E 26th St	0.68mi	2/2.0	1,598 (+15%)	8mo	$333,000	$208	37

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 · 5.13% rent growth · sell at horizon

5-year hold

• IRR: -10.2%
• Equity multiple: 0.62×
• Total profit: $-26,579
• Equity at exit: $37,127

10-year hold

• IRR: 1.9%
• Equity multiple: 1.14×
• Total profit: $10,101
• Equity at exit: $21,529

Cash invested: $69,720 (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 41014

• Rents YoY: 5.1%
• Active inventory: 59
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $2,349 high
• Mortgage (P&I): −$1,306
• Tax est. 1.5%: −$311 /mo · $3,735/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $135

Break-even live

Break-even rent $2,178

Max offer price $249,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,348
Total (2 units)			$2,349

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1927 Scott St Apt 1 Covington, KY	3.0	2.0	1865	$2,100	$1.13	20d	1	0.29mi
2307 Center St Covington, KY	3.0	1.5	1216	$1,950	$1.60	7d	1	0.42mi
2030 Mackoy St Covington, KY	3.0	1.5	1598	$1,779	$1.11	4d	1	0.45mi
1914 Eastern Ave Apt 3 Covington, KY	1.0	1.0	900	$995	$1.11	14d	1	0.63mi
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	7d	1	0.66mi
1205 Lee St Unit 3 Covington, KY	3.0	2.5	1850	$3,000	$1.62	23d	1	0.71mi
344 E 13th St Unit 1 Covington, KY	2.0	1.0	1000	$1,275	$1.27	23d	1	0.87mi
1025 Scott St Unit 2 Covington, KY	2.0	2.0	1100	$1,800	$1.64	3d	1	0.91mi
1431 Dixie Hwy Park Hills, KY	1.0–2.0	1.0–2.0	920	$2,553	$2.77	1d	10	0.94mi
1222 E Henry Clay Ave Fort Wright, KY	3.0	1.5	1200	$1,548	$1.29	23d	1	1.05mi
2220 Cityscape Dr Covington, KY	1.0–2.0	1.0–2.0	932	$1,985	$2.13	1d	9	1.05mi
119 W 33rd St Unit 1 Latonia, KY	1.0	1.0	900	$1,075	$1.19	23d	1	1.19mi
634 Greenup St Covington, KY	1.0	1.5	1050	$1,595	$1.52	7d	1	1.20mi
521 Garrard St Apt 3 Covington, KY	1.0	1.0	875	$1,996	$2.28	14d	1	1.30mi
515 Main St Covington, KY	1.0–2.0	1.0–2.0	934	$2,215	$2.37	1d	8	1.32mi
508 Greenup St Unit 508-02 Covington, KY	2.0	1.0	1220	$1,800	$1.48	2d	1	1.33mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$1,895	$1.33	1d	14	1.43mi
103 E 3rd St Covington, KY	2.0	2.5	1291	$3,250	$2.52	1d	1	1.47mi

Listing history 5 events

1. 2026-06-18
   days on market $249,000 Active 7 DOM
2. 2026-06-17
   days on market $249,000 Active 6 DOM
3. 2026-06-16
   days on market $249,000 Active 5 DOM
4. 2026-06-15
   remarks 594-char remark
5. 2026-06-15
   listed $249,000 Active 4 DOM

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

Taxation est. · year 1

• Rental income: $28,188
• − Mortgage interest: −$13,948
• − Property taxes: −$3,735
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,255
• − Management: −$2,255
• − Depreciation: −$7,244
• Taxable loss: −$2,494
• Est. tax savings @ 24.0%: +$598
• After-tax cash flow: $2,218/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.

Condition & rehab AI · 10 photos

Excellent 95/100 None rehab

This completely renovated and fully rented duplex is in excellent condition with no visible repairs needed. The property is move-in ready and offers high ROI for both resale and rental.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and rental value
• Both Painting exterior — Maintains curb appeal and rental value
• Both Landscaping around the front door — Enhances curb appeal and rental value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and rental value ↑
• Both Painting exterior — Maintains curb appeal and rental value ↑
• Both Landscaping around the front door — Enhances curb appeal and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 7,392
• Household income: $61,382
• Rent vs Own: 48.0% rent · 52.0% own
• Severe rent burden: 511.0

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 (71%)
• Race & ethnicity: White 71% Two or more races 11% Hispanic / Latino 10% Black 8% Asian 2%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Romanian 2% Lithuanian 1% Italian 1%
• Foreign-born: 6% · Canada, China
• Languages at home: 91% English-only · Spanish 8%

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: ▼ -172.77%
• Current HPI: 233.8216
• Rent YoY: ▲ 5.13%
• 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

1 event — show timeline

• 2026-06-11 Listed $249,000 NKMLS