14 Locust St · Erlanger, KY 41018

$207,500

3 bd · 4.0 ba · 1,148 sqft · MultiFamily public records · 56 Days on market

2,848 sqft lot $181/sqft · 25% below area Est $275k · 25% under

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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 +28.4/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 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 MLS

Introducing an exceptional investment opportunity in the desirable Erlanger, Kentucky neighborhood. This well-maintained duplex offers immediate income potential with two units generating a combined monthly rent of $1,840. Whether you're a seasoned investor looking to expand your portfolio or a homeowner interested in offsetting your mortgage with rental income, this property delivers both stability and upside. Conveniently located near shopping, dining, and major highways, this property appeals to tenants seeking comfort and accessibility. Don't miss your chance to own a turnkey income-producing asset in a strong rental market. Prime Location: Situated at 14 Locust St., this duplex enjoys a highly sought-after address in the heart of Erlanger. Conveniently located near I75/71 and I-275, shopping centers, dining establishments, and entertainment options, it ensures a convenient and vibrant lifestyle for residents. The property comprises of two separate units, each offering its own private entrance. Each unit features a well-designed layout with a private deck/porch. Unit 1 is a 2/1 renting for $1050, unit 2 is a 1/1 renting at $790. Don't miss the opportunity to own this cash flowing property today! Offstreet parking and central air! Owner pays water, gas and sanitation. Disclaimer: The annual return is subject to change and should be independently verified by potential buyers. Buyer/buyer's agent to verify all information

Key facts

• Private deck
• Private entrance
• Prime location

Tags

• WELL MAINTAINED DUPLEX
• IMMEDIATE INCOME POTENTIAL
• TURNKEY INCOME PRODUCING ASSET
• PRIME LOCATION
• PRIVATE ENTRANCE
• PRIVATE DECK

🏷️ Possibly a rental listed for sale. The $207,500 price doesn't fit this home's estimated sale value (~$274,952) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $208k.

Deal economics

• At list price, monthly cash flow is $670 ($8k/yr) — positive. Per door: $335/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $208k).
• Recommended offer: $201k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 3.8% in Erlanger — 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 72/100 on livability (#126 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Erlanger-Elsmere Independent (suburban): math 21% / reading 32% proficiency, ranked #128 of 165 in KY (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+4.2%/yr); 122 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• At $2,615/mo this rent would consume 46% of the median local household income ($69k/yr) (locally 678% 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 $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.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $58k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($201k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $208k implies a 493% gain — meaningful room to come down on a strong offer.

Recommended offer $201,275 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.26% ✓
• Cap rate: 10.17%
• Cash-on-cash: 13.84%
• DSCR: 1.62
• GRM: 6.6

CMA / ARV

• ARV (median comp): $274,952
• List price: $207,500
• Delta: -24.53%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.22% rent growth · sell at horizon

5-year hold

• IRR: 5.4%
• Equity multiple: 1.21×
• Total profit: $12,312
• Equity at exit: $30,939

10-year hold

• IRR: 15.9%
• Equity multiple: 2.37×
• Total profit: $79,398
• Equity at exit: $17,941

Cash invested: $58,100 (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 41018

• Rents YoY: 4.2%
• Active inventory: 122
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,615 medium
• Mortgage (P&I): −$1,088
• Tax from tax record: −$221 /mo · $2,655/yr
• Insurance: −$86
• HOA: −$0
• Vacancy / Maint / Mgmt: −$549
• Net cashflow: $670

Break-even live

Break-even rent $1,767

Max offer price $207,500

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,614
Total (2 units)			$2,615

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: $51,875
• Closing costs: $6,225
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3422 Cintonya Dr Erlanger, KY	1.0–2.0	1.0	625	$1,359	$2.17	1d	8	0.72mi
868 Virginiabradford Ct Elsmere, KY	3.0	2.5	974	$3,500	$3.59	1d	1	0.75mi
535 Greenfield Ln Erlanger, KY	2.0	1.0	756	$1,300	$1.72	1d	5	0.77mi
3235 N Talbot Ave Unit 3235-2 Erlanger, KY	3.0	1.5	1032	$1,675	$1.62	16d	1	0.82mi
3231 N Talbot Ave Unit 3231-5 Erlanger, KY	2.0	1.5	883	$1,475	$1.67	23d	1	0.83mi
3904 Lori Dr Erlanger, KY	1.0–2.0	1.0–1.5	722	$1,335	$1.85	1d	12	0.84mi
3223 N Talbot Ave Unit 3223-7 Erlanger, KY	2.0	1.5	883	$1,475	$1.67	21d	1	0.85mi
580 Erlanger Rd Unit 580-5 Erlanger, KY	2.0	1.5	883	$1,475	$1.67	43d	1	0.86mi
3219 N Talbot Ave Unit 3219-4 Erlanger, KY	2.0	1.5	883	$1,475	$1.67	43d	1	0.86mi
3234 N Talbot Ave Unit 3234-5 Erlanger, KY	2.0	1.5	883	$1,475	$1.67	14d	1	0.87mi
159 Green River Dr Erlanger, KY	2.0	2.0	1278	$1,595	$1.25	1d	1	0.93mi
7222 Isaac Ln Florence, KY	3.0	2.0	1400	$1,795	$1.28	16d	1	1.31mi
3610 Concord Dr Erlanger, KY	3.0	1.5	1064	$1,700	$1.60	43d	1	1.32mi
9 Eagle Dr Elsmere, KY	3.0	2.0	960	$1,328	$1.38	23d	1	1.35mi
109 Dove Dr Elsmere, KY	3.0	2.0	960	$1,328	$1.38	1d	1	1.41mi
129 Dove Dr Elsmere, KY	2.0	1.0	784	$1,070	$1.36	19d	1	1.44mi
104 Dove Dr Elsmere, KY	3.0	2.0	924	$1,295	$1.40	14d	1	1.47mi
64 Eagle Dr Elsmere, KY	3.0	2.0	960	$1,328	$1.38	7d	1	1.49mi

Listing history 32 events

1. 2026-06-18
   days on market $207,500 Active 56 DOM
2. 2026-06-17
   days on market $207,500 Active 55 DOM
3. 2026-06-16
   days on market $207,500 Active 54 DOM
4. 2026-06-15
   pricedays on market $207,500 Active 53 DOM
5. 2026-06-13
   days on market $212,999 Active 51 DOM
6. 2026-06-13
   days on market $212,999 Active 50 DOM
7. 2026-06-09
   days on market $212,999 Active 47 DOM
8. 2026-06-08
   days on market $212,999 Active 46 DOM
9. 2026-06-07
   days on market $212,999 Active 45 DOM
10. 2026-06-05
    days on market $212,999 Active 42 DOM
11. 2026-06-03
    days on market $212,999 Active 41 DOM
12. 2026-06-02
    days on market $212,999 Active 40 DOM
13. 2026-06-01
    days on market $212,999 Active 39 DOM
14. 2026-05-31
    days on market $212,999 Active 38 DOM
15. 2026-05-06
    status Pending 1467-char remark

    Show marketing remark (1467 chars)

    Introducing an exceptional investment opportunity in the desirable Erlanger, Kentucky neighborhood. This well-maintained duplex offers immediate income potential with two units generating a combined monthly rent of $1,840. Whether you're a seasoned investor looking to expand your portfolio or a homeowner interested in offsetting your mortgage with rental income, this property delivers both stability and upside. Conveniently located near shopping, dining, and major highways, this property appeals to tenants seeking comfort and accessibility. Don't miss your chance to own a turnkey income-producing asset in a strong rental market. Prime Location: Situated at 14 Locust St., this duplex enjoys a highly sought-after address in the heart of Erlanger. Conveniently located near I75/71 and I-275, shopping centers, dining establishments, and entertainment options, it ensures a convenient and vibrant lifestyle for residents. The property comprises of two separate units, each offering its own private entrance. Each unit features a well-designed layout with a private deck/porch. Unit 1 is a 2/1 renting for $1050, unit 2 is a 1/1 renting at $790. Don't miss the opportunity to own this cash flowing property today! Offstreet parking and central air! Owner pays water, gas and sanitation. Disclaimer: The annual return is subject to change and should be independently verified by potential buyers. Buyer/buyer's agent to verify all information

16. 2026-04-29
    price $212,999 1467-char remark

    Show marketing remark (1467 chars)

    Introducing an exceptional investment opportunity in the desirable Erlanger, Kentucky neighborhood. This well-maintained duplex offers immediate income potential with two units generating a combined monthly rent of $1,840. Whether you're a seasoned investor looking to expand your portfolio or a homeowner interested in offsetting your mortgage with rental income, this property delivers both stability and upside. Conveniently located near shopping, dining, and major highways, this property appeals to tenants seeking comfort and accessibility. Don't miss your chance to own a turnkey income-producing asset in a strong rental market. Prime Location: Situated at 14 Locust St., this duplex enjoys a highly sought-after address in the heart of Erlanger. Conveniently located near I75/71 and I-275, shopping centers, dining establishments, and entertainment options, it ensures a convenient and vibrant lifestyle for residents. The property comprises of two separate units, each offering its own private entrance. Each unit features a well-designed layout with a private deck/porch. Unit 1 is a 2/1 renting for $1050, unit 2 is a 1/1 renting at $790. Don't miss the opportunity to own this cash flowing property today! Offstreet parking and central air! Owner pays water, gas and sanitation. Disclaimer: The annual return is subject to change and should be independently verified by potential buyers. Buyer/buyer's agent to verify all information

17. 2026-04-21
    price $222,999 1467-char remark

    Show marketing remark (1467 chars)

    Introducing an exceptional investment opportunity in the desirable Erlanger, Kentucky neighborhood. This well-maintained duplex offers immediate income potential with two units generating a combined monthly rent of $1,840. Whether you're a seasoned investor looking to expand your portfolio or a homeowner interested in offsetting your mortgage with rental income, this property delivers both stability and upside. Conveniently located near shopping, dining, and major highways, this property appeals to tenants seeking comfort and accessibility. Don't miss your chance to own a turnkey income-producing asset in a strong rental market. Prime Location: Situated at 14 Locust St., this duplex enjoys a highly sought-after address in the heart of Erlanger. Conveniently located near I75/71 and I-275, shopping centers, dining establishments, and entertainment options, it ensures a convenient and vibrant lifestyle for residents. The property comprises of two separate units, each offering its own private entrance. Each unit features a well-designed layout with a private deck/porch. Unit 1 is a 2/1 renting for $1050, unit 2 is a 1/1 renting at $790. Don't miss the opportunity to own this cash flowing property today! Offstreet parking and central air! Owner pays water, gas and sanitation. Disclaimer: The annual return is subject to change and should be independently verified by potential buyers. Buyer/buyer's agent to verify all information

18. 2026-04-01
    listed $232,500 Active 1467-char remark

    Show marketing remark (1467 chars)

    Introducing an exceptional investment opportunity in the desirable Erlanger, Kentucky neighborhood. This well-maintained duplex offers immediate income potential with two units generating a combined monthly rent of $1,840. Whether you're a seasoned investor looking to expand your portfolio or a homeowner interested in offsetting your mortgage with rental income, this property delivers both stability and upside. Conveniently located near shopping, dining, and major highways, this property appeals to tenants seeking comfort and accessibility. Don't miss your chance to own a turnkey income-producing asset in a strong rental market. Prime Location: Situated at 14 Locust St., this duplex enjoys a highly sought-after address in the heart of Erlanger. Conveniently located near I75/71 and I-275, shopping centers, dining establishments, and entertainment options, it ensures a convenient and vibrant lifestyle for residents. The property comprises of two separate units, each offering its own private entrance. Each unit features a well-designed layout with a private deck/porch. Unit 1 is a 2/1 renting for $1050, unit 2 is a 1/1 renting at $790. Don't miss the opportunity to own this cash flowing property today! Offstreet parking and central air! Owner pays water, gas and sanitation. Disclaimer: The annual return is subject to change and should be independently verified by potential buyers. Buyer/buyer's agent to verify all information

19. 2023-07-29
    status Pending
20. 2023-07-29
    historical
21. 2023-07-19
    status Active
22. 2023-07-10
    status Pending
23. 2023-07-06
    listed $179,000 Active
24. 2016-06-04
    historical
25. 2016-06-04
    historical
26. 2015-12-17
    listed $85,000
27. 2015-12-17
    listed $85,000
28. 2015-12-16
    historical
29. 2015-09-30
    historical
30. 2015-08-28
    listed $89,900
31. 2015-08-28
    listed $89,900
32. 1991-11-13
    soldstatus $35,000

ⓘ 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: $2,655 · $221/mo
• Projected year-2 tax: $2,655 · $221/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 1/10 Low FEMA zone X (unshaded) · 0% 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 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,380
• − Mortgage interest: −$11,623
• − Property taxes: −$2,655
• − Insurance: −$1,038
• − Repairs & maintenance: −$2,510
• − Management: −$2,510
• − Depreciation: −$6,036
• Taxable income: $5,007
• Est. tax owed @ 24.0%: −$1,202
• After-tax cash flow: $6,838/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: Erlanger-Elsmere Independent
• NCES district ID: 2101740
• Math proficiency: 21% ▼ -10.00%
• Reading proficiency: 32% ▼ -11.00%
• Median HH income: $47,377
• Composite: 23.01/100
• National rank: #7975
• State rank: #128 of 165 in KY

Livability — Erlanger

• Score: 72/100
• State rank: #126
• US rank: #5933

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Erlanger, KY
• County: Kenton County · 142,881 people
• City population: 28,940
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 28,940
• Household income: $68,605
• Rent vs Own: 31.9% rent · 68.1% own
• Severe rent burden: 678.0

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 (83%)
• Race & ethnicity: White 83% Two or more races 7% Hispanic / Latino 5% Black 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Slovak 3% Italian 2% Lithuanian 1%
• Foreign-born: 4% · Canada, Vietnam
• Languages at home: 94% English-only · Spanish 4%

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: ▼ -211.57%
• Current HPI: 215.9599
• Rent YoY: ▲ 4.22%
• 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

+508.6% since first listed

18 events — show timeline

• 2026-05-06 Pending — NKMLS
• 2026-04-29 Price Changed $212,999 NKMLS
• 2026-04-21 Price Changed $222,999 NKMLS
• 2026-04-01 Listed $232,500 NKMLS
• 2023-07-29 Pending — NKMLS
• 2023-07-29 Listing Removed — NKMLS
• 2023-07-19 Relisted — NKMLS
• 2023-07-10 Pending — NKMLS
• 2023-07-06 Listed $179,000 NKMLS
• 2016-06-04 Listing Removed — NKMLS
• 2016-06-04 Listing Removed — Metro Search MLS
• 2015-12-17 Listed $85,000 NKMLS
• 2015-12-17 Listed $85,000 Metro Search MLS
• 2015-12-16 Listing Removed — NKMLS
• 2015-09-30 Listing Removed — Metro Search MLS
• 2015-08-28 Listed $89,900 NKMLS
• 2015-08-28 Listed $89,900 Metro Search MLS
• 1991-11-13 Sold (Public Records) $35,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $2,655 · -1.2% YoY. Source: county tax records.