2408 Warren St · Covington, KY 41014

$175,000

2 bd · 1.0 ba · 1,061 sqft · SingleFamily public records · 23 Days on market

Built 1904 2,500 sqft lot Est $188k · 7% under

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Why this score? — see what drove the D+ 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 +15.1/30.0
• ARV discount +10.6/15.0
• DSCR +4.6/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• 1% rule +3.7/10.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Totally remolded home with two bedrooms and one bath. Everything in the home is new from lights to flooring.

Key facts

• 2,500 sq ft lot
• Parking
• Built 1904

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One level
• Construction: Built in 1904; Wood siding; Block foundation; Shingle roof
• Exterior features: Double-hung windows; Lot approximately 25 x 100 (0.06 acres)

Interior

• Kitchen: Gas cooktop; Refrigerator
• Bedrooms: Primary bedroom (15 x 16); Second bedroom (15 x 14)
• Bathrooms: 1 full bathroom (primary bath 6 x 6)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Inoperable fireplace; Full basement
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $58 ($693/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 $152k (12.9% below list).
• Recommended offer: $152k (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 5.3% in Covington — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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); 60 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• It's been on market 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $138k; 27% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $152,344 (12.9% below list)

Questions for the listing agent

1. Built in 1904 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.87% ✗
• Cap rate: 6.69%
• Cash-on-cash: 1.41%
• DSCR: 1.06
• GRM: 9.6

CMA / ARV

• ARV (on-the-fly): $187,797
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2427 Herman St	0.05mi	2/1.0	1,072 (+1%)	1mo	$190,000	$177	95
2011 Howell St	0.25mi	3/1.5 (+1)	1,104 (+4%)	2mo	$189,000	$171	73
2 W 28th St	0.48mi	2/1.0	1,088 (+2%)	1mo	$210,000	$193	73
417 W 16th St	0.72mi	2/1.0	1,104 (+4%)	1mo	$52,500	$48	59
331 W 17th St	0.61mi	2/1.0	1,131 (+7%)	2mo	$97,000	$86	59
1821 Jefferson Ave	0.48mi	3/2.0 (+1)	1,116 (+5%)	2mo	$242,000	$217	58
3105 Frazier St	0.66mi	3/2.0 (+1)	1,040 (-2%)	2mo	$235,000	$226	56
21 W 31st St	0.66mi	2/1.5	1,144 (+8%)	1mo	$90,000	$79	53
30 W 28th St	0.48mi	3/2.0 (+1)	1,157 (+9%)	1mo	$200,000	$173	52
2121 Glenway Ave	0.72mi	3/1.5 (+1)	1,149 (+8%)	2mo	$250,000	$218	44
1733 Jefferson Ave	0.57mi	3/1.5 (+1)	1,203 (+13%)	1mo	$242,000	$201	44
2709 Rosina Ave	0.61mi	2/2.0	1,220 (+15%)	2mo	$115,000	$94	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 · 5.13% rent growth · sell at horizon

5-year hold

• IRR: -11.8%
• Equity multiple: 0.56×
• Total profit: $-21,363
• Equity at exit: $26,093

10-year hold

• IRR: 0.1%
• Equity multiple: 1.01×
• Total profit: $357
• Equity at exit: $15,131

Cash invested: $49,000 (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: 60
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $1,523 high
• Mortgage (P&I): −$918
• Tax from tax record: −$155 /mo · $1,862/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $58

Break-even live

Break-even rent $1,450

Max offer price $175,000

Occupancy floor 91%

Sensitivity live

Price	-10% $157	-5% $107	+0% $58	+5% $8	+10% $-41
Rent	-10% $-63	-5% $-2	+0% $58	+5% $118	+10% $178
Rate	-1.0pp $146	-0.5pp $102	base $58	+0.5pp $12	+1.0pp $-34

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2307 Center St Covington, KY	3.0	1.5	1216	$1,950	$1.60	8d	1	0.10mi
512 Wallace Ave Unit 512/18 Covington, KY	2.0	2.0	900	$1,299	$1.44	8d	1	0.68mi
119 W 33rd St Unit 1 Latonia, KY	1.0	1.0	900	$1,075	$1.19	24d	1	0.77mi
1914 Eastern Ave Apt 1 Covington, KY	2.0	1.0	750	$1,200	$1.60	24d	1	0.78mi
1914 Eastern Ave Apt 3 Covington, KY	1.0	1.0	900	$995	$1.11	15d	1	0.78mi
2220 Cityscape Dr Covington, KY	1.0–2.0	1.0–2.0	932	$1,985	$2.13	2d	9	0.88mi
1222 E Henry Clay Ave Fort Wright, KY	3.0	1.5	1200	$1,548	$1.29	24d	1	0.92mi
1215 Elberta Cir Park Hills, KY	2.0	1.0	825	$1,050	$1.27	4d	1	1.02mi
1205 Lee St Unit 2 Covington, KY	1.0	1.0	800	$1,500	$1.88	24d	1	1.12mi
1431 Dixie Hwy Park Hills, KY	1.0–2.0	1.0–2.0	920	$2,553	$2.77	2d	10	1.16mi
344 E 13th St Unit 1 Covington, KY	2.0	1.0	1000	$1,275	$1.27	24d	1	1.22mi
1025 Scott St Unit 2 Covington, KY	2.0	2.0	1100	$1,800	$1.64	4d	1	1.32mi
120 Vista Point Dr Wilder, KY	1.0–2.0	1.0–2.0	854	$1,184	$1.39	3d	2	1.34mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$1,895	$1.33	2d	14	1.34mi
3918 Glenn Ave Unit 1 Covington, KY	2.0	1.0	1350	$1,449	$1.07	21d	1	1.38mi
1002 Parkvale Ct Unit 1002 3 Park Hills, KY	1.0	1.0	750	$925	$1.23	8d	1	1.38mi
1002 Parkvale Ct Unit 1004 1 Park Hills, KY	2.0	1.0	850	$995	$1.17	44d	1	1.38mi
1000 Parkvale Ct Park Hills, KY	2.0	1.0	850	$1,495	$1.76	44d	1	1.39mi

Listing history 19 events

1. 2026-05-06
   listed $175,000 Active
2. 2023-06-02
   soldstatus $138,000 Sold 108-char remark

   Show marketing remark (108 chars)

   Totally remolded home with two bedrooms and one bath. Everything in the home is new from lights to flooring.

3. 2023-06-01
   soldstatus $138,000
4. 2023-05-03
   status Pending 108-char remark

   Show marketing remark (108 chars)

   Totally remolded home with two bedrooms and one bath. Everything in the home is new from lights to flooring.

5. 2023-05-03
   listed $118,000 Active 108-char remark

   Show marketing remark (108 chars)

   Totally remolded home with two bedrooms and one bath. Everything in the home is new from lights to flooring.

6. 2017-09-01
   historical
7. 2017-07-24
   listed $29,900
8. 2011-04-08
   soldstatus $50,000
9. 2009-06-20
   historical
10. 2008-12-20
    listed $56,000
11. 2008-08-19
    historical
12. 2008-01-20
    listed $59,900
13. 2008-01-19
    historical
14. 2007-07-19
    listed $59,900
15. 2007-07-19
    historical
16. 2007-01-19
    listed $62,500
17. 1990-09-05
    soldstatus $31,000
18. 1990-02-28
    soldstatus $7,000
19. 1986-08-06
    soldstatus $28,000

ⓘ 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: $1,862 · $155/mo
• Projected year-2 tax: $1,862 · $155/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 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: $18,281
• − Mortgage interest: −$9,803
• − Property taxes: −$1,862
• − Insurance: −$875
• − Repairs & maintenance: −$1,463
• − Management: −$1,463
• − Depreciation: −$5,091
• Taxable loss: −$2,274
• Est. tax savings @ 24.0%: +$546
• After-tax cash flow: $1,238/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): 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

+525.0% since first listed

19 events — show timeline

• 2026-05-06 Listed $175,000 NKMLS
• 2023-06-02 Sold (MLS) $138,000 NKMLS
• 2023-06-01 Sold (Public Records) $138,000 Public Records
• 2023-05-03 Pending — NKMLS
• 2023-05-03 Listed $118,000 NKMLS
• 2017-09-01 Listing Removed — NKMLS
• 2017-07-24 Listed $29,900 NKMLS
• 2011-04-08 Sold (Public Records) $50,000 Public Records
• 2009-06-20 Listing Removed — NKMLS
• 2008-12-20 Listed $56,000 NKMLS
• 2008-08-19 Listing Removed — NKMLS
• 2008-01-20 Listed $59,900 NKMLS
• 2008-01-19 Listing Removed — NKMLS
• 2007-07-19 Listing Removed — NKMLS
• 2007-07-19 Listed $59,900 NKMLS
• 2007-01-19 Listed $62,500 NKMLS
• 1990-09-05 Sold (Public Records) $31,000 Public Records
• 1990-02-28 Sold (Public Records) $7,000 Public Records
• 1986-08-06 Sold (Public Records) $28,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $1,862 · +0.7% YoY. Source: county tax records.