224 Ridgeway Ave · Southgate, KY 41071

$474,000

6 bd · 4.0 ba · 3,552 sqft · MultiFamily public records · 100 Days on market

Built 1953 5,401 sqft lot

---

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 +22.1/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Schools +4.1/10.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Owner Financing Possible. Most furnaces and appliances have been updated in the last couple years. 3 of 4 units painted. Building has one vacant unit,

Key facts

• 5,401 sq ft lot
• 3 garage spots
• Built 1953

Property features AI

Exterior

• Parking: Garage; Garage faces side; Off-street parking; 3-car garage
• Utilities: Public water; Public sewer; Cable available
• Home design: Quadruplex (multi-family); Two levels; Built in 1953
• Construction: Brick construction; Membrane roof; Block and poured concrete foundation
• Exterior features: Front porch; Has a view; Lot approximately 0.12 acres (68 x 83)

Interior

• Kitchen: Gas range; Gas oven; Refrigerator
• Bathrooms: 4 full bathrooms
• Heating & cooling: Forced air heating; Individual heating controls; Window-unit cooling
• Interior features: Eat-in kitchen; Full basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $474k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive. Per door: $381/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 $448k (5.4% below list).
• Recommended offer: $431k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.2% vs local median 4.1% in Southgate — 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 85/100 on livability (#45 in KY, #513 nationally) — a professional / high-income tenant draw. Strengths: crime A+, commute A+, cost of living A+; Watch: amenities F.
• Southgate Independent (suburban): math 35% / reading 55% proficiency, ranked #119 of 173 in KY (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Southgate Public School (math 12% / reading 32%, grade F, #525 of 676 statewide, top 82%, 207 students, 87% FRL) — zoned schools average 87% FRL vs 60% district-wide (27 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 45% district-wide (-23 pts) — the specific schools serving this property underperform the Southgate Independent average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.6%/yr); 239 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 247 units permitted in Campbell County in 2024 (77 in 5+ unit buildings).
• At $4,483/mo this rent would consume 90% of the median local household income ($60k/yr) (locally 1136% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($431k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y 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 $214k; list at $474k implies a 121% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $431,340 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% 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. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 8.22%
• Cash-on-cash: 6.88%
• DSCR: 1.31
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.64% rent growth · sell at horizon

5-year hold

• IRR: -4.2%
• Equity multiple: 0.84×
• Total profit: $-21,030
• Equity at exit: $70,675

10-year hold

• IRR: 7.1%
• Equity multiple: 1.57×
• Total profit: $75,074
• Equity at exit: $40,983

Cash invested: $132,720 (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 41071

• Rents YoY: 4.6%
• Active inventory: 239
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $4,483 high
• Mortgage (P&I): −$2,486
• Tax from tax record: −$97 /mo · $1,163/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$941
• Net cashflow: $761

Break-even live

Break-even rent $3,519

Max offer price $474,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,030	-5% $896	+0% $761	+5% $627	+10% $493
Rent	-10% $407	-5% $584	+0% $761	+5% $939	+10% $1,116
Rate	-1.0pp $1,000	-0.5pp $882	base $761	+0.5pp $639	+1.0pp $514

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,484
Total (2 units)			$4,483

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: $118,500
• Closing costs: $14,220
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
835 York St #1 Newport, KY	5.0	2.0	2700	$2,395	$0.89	45d	1	1.43mi

Listing history 29 events

1. 2026-06-21
   days on market $474,000 Active 100 DOM
2. 2026-06-18
   days on market $474,000 Active 97 DOM
3. 2026-06-17
   days on market $474,000 Active 96 DOM
4. 2026-06-16
   days on market $474,000 Active 95 DOM
5. 2026-06-15
   days on market $474,000 Active 94 DOM
6. 2026-06-13
   days on market $474,000 Active 92 DOM
7. 2026-06-13
   pricedays on market $474,000 Active 91 DOM
8. 2026-06-09
   days on market $495,000 Active 88 DOM
9. 2026-06-08
   days on market $495,000 Active 87 DOM
10. 2026-06-07
    days on market $495,000 Active 86 DOM
11. 2026-06-03
    days on market $495,000 Active 82 DOM
12. 2026-06-02
    days on market $495,000 Active 81 DOM
13. 2026-06-01
    days on market $495,000 Active 80 DOM
14. 2026-05-31
    days on market $495,000 Active 79 DOM
15. 2026-05-25
    status Active
16. 2026-05-05
    status Pending
17. 2026-02-20
    listed $495,000 Active
18. 2018-12-31
    historical
19. 2018-01-01
    listed $339,000
20. 2016-11-30
    historical
21. 2016-07-11
    listed $299,900
22. 2011-08-15
    historical
23. 2011-02-15
    listed $235,000
24. 2007-09-26
    historical
25. 2007-03-26
    listed $239,900
26. 2007-03-26
    historical
27. 2006-09-26
    listed $239,900
28. 2005-06-10
    soldstatus $214,000
29. 2004-10-26
    listed $227,000

ⓘ 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: $1,163 · $97/mo
• Projected year-2 tax: $4,076 · $340/mo
• Expected delta: +$2,913/yr (+$243/mo · 250.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $53,796
• − Mortgage interest: −$26,551
• − Property taxes: −$1,163
• − Insurance: −$2,370
• − Repairs & maintenance: −$4,304
• − Management: −$4,304
• − Depreciation: −$13,789
• Taxable income: $1,315
• Est. tax owed @ 24.0%: −$316
• After-tax cash flow: $8,822/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: Southgate Independent
• NCES district ID: 2105460
• Math proficiency: 35% ▼ -5.00%
• Reading proficiency: 55% ▲ 5.00%
• Median HH income: $49,230
• Composite: 40.75/100
• National rank: #7579
• State rank: #119 of 173 in KY

Livability — Southgate

• Score: 85/100
• State rank: #45
• US rank: #513

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Southgate, KY
• County: Campbell County · 84,793 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 19,680
• Household income: $59,976
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 1136.0

Population outlook (Campbell County) Hauer SSP2

• Today (2025): 95,668 people
• By 2030: 96,886 · +1.3%
• By 2040: 97,734 · +2.2%
• By 2050: 96,413 · +0.8%
• By 2075: 90,211 · -5.7%
• By 2100: 79,434 · -17.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 7% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Slovak 3% Lithuanian 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 3% Other Indo-European 1%

Political lean MEDSL · Campbell

• 2024 margin: R (+19.7) · D 39.2% · R 58.9% · Other 1.9%
• 2008→2024 swing: +1.2pp toward D · 2008: -20.9pp · 2024: -19.7pp
• All cycles: 2024: R+19.7 2020: R+18.6 2016: R+24.5 2012: R+22.8 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -193.38%
• Current HPI: 244.9069
• Rent YoY: ▲ 4.64%
• 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

+118.1% since first listed

15 events — show timeline

• 2026-05-25 Relisted — NKMLS
• 2026-05-05 Pending — NKMLS
• 2026-02-20 Listed $495,000 NKMLS
• 2018-12-31 Listing Removed — NKMLS
• 2018-01-01 Listed $339,000 NKMLS
• 2016-11-30 Listing Removed — NKMLS
• 2016-07-11 Listed $299,900 NKMLS
• 2011-08-15 Listing Removed — NKMLS
• 2011-02-15 Listed $235,000 NKMLS
• 2007-09-26 Listing Removed — NKMLS
• 2007-03-26 Listing Removed — NKMLS
• 2007-03-26 Listed $239,900 NKMLS
• 2006-09-26 Listed $239,900 NKMLS
• 2005-06-10 Sold (MLS) $214,000 NKMLS
• 2004-10-26 Listed $227,000 NKMLS

Property tax history

+0.5%/yr

Latest (2025): $1,163 · -3.2% YoY. Source: county tax records.