216 E 46th St · Covington, KY 41015

$162,900

2 bd · 1.0 ba · 937 sqft · SingleFamily public records · 82 Days on market

Built 1922 4,040 sqft lot Est $171k · at est.

---

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 +17.1/30.0
• ARV discount +9.7/15.0
• DSCR +5.3/10.0
• Livability +4.3/5.0
• 1% rule +3.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Nicely done 2 bedroom 1 bath home with driveway and Garage New paint large Kitchen front porch dead end street. Homes in this price range do not last long!

Key facts

• Front porch
• Large kitchen
• Dead end street

Tags

• LARGE KITCHEN
• FRONT PORCH
• DEAD END STREET

Property features AI

Exterior

• Parking: Detached garage; Driveway
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single-family house; One level; Built in 1922
• Construction: Vinyl siding; Shingle roof; Block foundation
• Exterior features: Covered porch; Private yard; Cleared, level lot (approx. 40 x 100)

Interior

• Kitchen: Electric range; Refrigerator
• Bedrooms: Primary bedroom (13 x 11)
• Bathrooms: 1 full bathroom (7 x 5)
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Open floorplan; Eat-in kitchen; Full basement
• Laundry & utility: Electric dryer hookup in basement / lower level

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $163k.

Deal economics

• At list price, monthly cash flow is $112 ($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 $144k (11.8% below list).
• Recommended offer: $144k (11.8% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: Latonia Elementary School (math 12% / reading 32%, grade F, #525 of 676 statewide, top 82%, 285 students, 87% 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).
• Market conditions: 161 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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 82 days — a 6% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $88k; list at $163k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $143,729 (11.8% below list)

Questions for the listing agent

1. It's been on market 82 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 0.88% ✗
• Cap rate: 7.12%
• Cash-on-cash: 2.95%
• DSCR: 1.13
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $171,471
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4507 Clifton Ave	0.08mi	2/1.5	1,056 (+13%)	2mo	$171,000	$162	71
136 E 43rd St	0.39mi	2/1.0	880 (-6%)	3mo	$159,000	$181	70
117 E 42nd St	0.44mi	2/1.0	1,012 (+8%)	1mo	$215,000	$212	65
504 Earle Ave	0.65mi	2/1.5	928 (-1%)	1mo	$194,999	$210	65
117 E 41st St	0.50mi	2/1.0	884 (-6%)	4mo	$224,000	$253	64
617 Cleveland Ave	0.56mi	3/1.0 (+1)	900 (-4%)	6mo	$170,000	$189	57
3814 Glenn Ave	0.65mi	2/1.0	992 (+6%)	8mo	$165,000	$166	54
127 E 42nd St	0.43mi	3/1.0 (+1)	1,062 (+13%)	0mo	$127,100	$120	53
4213 Huntington Ave	0.40mi	2/1.0	1,056 (+13%)	13mo	$170,000	$161	49
125 E 43rd St	0.38mi	2/1.5	1,060 (+13%)	12mo	$160,000	$151	48
514 Mason Rd	0.73mi	3/1.0 (+1)	1,000 (+7%)	9mo	$183,000	$183	42
4336 Michigan Ave	0.38mi	3/1.5 (+1)	1,070 (+14%)	12mo	$254,900	$238	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: -11.7%
• Equity multiple: 0.58×
• Total profit: $-19,288
• Equity at exit: $24,289

10-year hold

• IRR: -2.5%
• Equity multiple: 0.83×
• Total profit: $-7,757
• Equity at exit: $14,085

Cash invested: $45,612 (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: 9.4×

Monthly cashflow live

• Estimated rent: $1,437 high
• Mortgage (P&I): −$854
• Tax from tax record: −$101 /mo · $1,213/yr
• Insurance: −$68
• HOA: −$0
• Vacancy / Maint / Mgmt: −$302
• Net cashflow: $112

Break-even live

Break-even rent $1,295

Max offer price $162,900

Occupancy floor 87%

Sensitivity live

Price	-10% $204	-5% $158	+0% $112	+5% $66	+10% $20
Rent	-10% $-1	-5% $55	+0% $112	+5% $169	+10% $226
Rate	-1.0pp $194	-0.5pp $154	base $112	+0.5pp $70	+1.0pp $27

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: $40,725
• Closing costs: $4,887
• Reserves months: —
• Total cash needed: —

Rent comps 7 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	1.08mi
400 Lakeview Dr #5 Wilder, KY	2.0	2.0	1100	$1,495	$1.36	4d	1	1.39mi
5061 Sandman Dr Unit TMA-107 Taylor Mill, KY	2.0	2.0	1112	$1,610	$1.45	45d	1	1.48mi
5061 Old Taylor Mill Rd Unit TMA-064 Taylor Mill, KY	2.0	2.0	1112	$1,625	$1.46	23d	1	1.48mi
5061 Old Taylor Mill Rd Unit TMA-193 Taylor Mill, KY	2.0	2.0	1112	$1,555	$1.40	25d	1	1.48mi
5061 Old Taylor Mill Rd Unit TMA-013 Taylor Mill, KY	2.0	2.0	1112	$1,400	$1.26	21d	1	1.48mi
5061 Old Taylor Mill Rd Unit TMA-235 Taylor Mill, KY	2.0	2.0	1112	$1,500	$1.35	25d	1	1.48mi

Listing history 8 events

1. 2026-05-22
   status Pending
2. 2026-04-28
   price $162,900
3. 2026-04-18
   status Active
4. 2026-04-09
   status Pending
5. 2026-03-22
   status Active
6. 2026-03-12
   status Pending
7. 2026-01-23
   listed $169,900 Active
8. 2023-09-06
   soldstatus $88,000

ⓘ 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: $1,213 · $101/mo
• Projected year-2 tax: $1,401 · $117/mo
• Expected delta: +$188/yr (+$16/mo · 15.5%)

ⓘ 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 · 19 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: $17,247
• − Mortgage interest: −$9,125
• − Property taxes: −$1,213
• − Insurance: −$814
• − Repairs & maintenance: −$1,380
• − Management: −$1,380
• − Depreciation: −$4,739
• Taxable loss: −$1,403
• Est. tax savings @ 24.0%: +$337
• After-tax cash flow: $1,684/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

+85.1% since first listed

8 events — show timeline

• 2026-05-22 Pending — NKMLS
• 2026-04-28 Price Changed $162,900 NKMLS
• 2026-04-18 Relisted — NKMLS
• 2026-04-09 Pending — NKMLS
• 2026-03-22 Relisted — NKMLS
• 2026-03-12 Pending — NKMLS
• 2026-01-23 Listed $169,900 NKMLS
• 2023-09-06 Sold (Public Records) $88,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $1,213 · +0.7% YoY. Source: county tax records.