229-235 W 4th St · Covington, KY 41011

$799,000

24 bd · 20.0 ba · 3,300 sqft · MultiFamily · 6 Days on market

Excellent condition 2,619 sqft lot

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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 +20.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Condition / age +4.8/5.0
• 1% rule +4.5/10.0
• Livability +4.3/5.0
• Rent growth +2.9/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 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 MLS

Location, Location, Location! Corner of 4th & Johnson! Fabulous Opportunity! 8 Units! 2 Multi-families are Included in the Sale: 402, 404, 406 & 408 Johnson Street and 229, 231, 233, & 235 4th Street! Incredible Investment Opportunity for Potential Condos or Rental Property! Wonderful City Views! Enjoy the Walkabililty this Property Offers in a Sought After Location.

Key facts

• In-unit laundry
• Completely renovated
• 2,619 sq ft lot

Tags

• COMPLETELY RENOVATED
• FINISHED LOWER LEVELS
• IN-UNIT LAUNDRY
• STACKABLE WASHER DRYER
• PROFESSIONALLY DESIGNED

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $799k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $256/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 $757k (5.3% below list).
• Recommended offer: $757k (5.3% below list) — sets the bar for 1% rule.
• Cap rate 7.8% 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: John G Carlisle Elementary (math 2% / reading 27%, grade F, #620 of 676 statewide, top 93%, 304 students, 81% 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 82% FRL track the district average.
• Market conditions: Rents rising (+1.6%/yr); 214 active listings in the ZIP; 699 units permitted in Kenton County in 2024 (287 in 5+ unit buildings).
• At $7,570/mo this rent would consume 130% of the median local household income ($70k/yr) (locally 1488% 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 $6k of loan paydown is wiped out by about $24k 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 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 6y 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.

Risks & watch-outs

• 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 $757,000 (5.3% 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: 0.95% ✗
• Cap rate: 7.83%
• Cash-on-cash: 5.50%
• DSCR: 1.24
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.55% rent growth · sell at horizon

5-year hold

• IRR: -9.3%
• Equity multiple: 0.66×
• Total profit: $-75,278
• Equity at exit: $119,133

10-year hold

• IRR: -1.8%
• Equity multiple: 0.88×
• Total profit: $-25,789
• Equity at exit: $69,083

Cash invested: $223,720 (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 41011

• Rents YoY: 1.6%
• Active inventory: 214
• Price-to-rent: 35.2×

Monthly cashflow live

• Estimated rent: $7,570 high
• Mortgage (P&I): −$4,190
• Tax from tax record: −$432 /mo · $5,182/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,590
• Net cashflow: $1,026

Break-even live

Break-even rent $6,272

Max offer price $799,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,572
Total (4 units)			$7,570

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: $199,750
• Closing costs: $23,970
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-17
   status Pending
2. 2026-04-10
   listed $799,000 Active
3. 2025-10-09
   historical $1,275
4. 2025-10-03
   listed $1,275
5. 2024-09-29
   historical $1,050
6. 2024-09-14
   listed $1,050
7. 2021-07-23
   soldstatus $755,000 Closed 381-char remark

   Show marketing remark (381 chars)

   Location, Location, Location! Corner of 4th & Johnson! Fabulous Opportunity! 8 Units! 2 Multi-families are Included in the Sale: 402, 404, 406 & 408 Johnson Street and 229, 231, 233, & 235 4th Street! Incredible Investment Opportunity for Potential Condos or Rental Property! Wonderful City Views! Enjoy the Walkabililty this Property Offers in a Sought After Location.

8. 2021-06-02
   status Pending 381-char remark

   Show marketing remark (381 chars)

   Location, Location, Location! Corner of 4th & Johnson! Fabulous Opportunity! 8 Units! 2 Multi-families are Included in the Sale: 402, 404, 406 & 408 Johnson Street and 229, 231, 233, & 235 4th Street! Incredible Investment Opportunity for Potential Condos or Rental Property! Wonderful City Views! Enjoy the Walkabililty this Property Offers in a Sought After Location.

9. 2021-03-12
   historical

   Show marketing remark (381 chars)

   Location, Location, Location! Corner of 4th & Johnson! Fabulous Opportunity! 8 Units! 2 Multi-families are Included in the Sale: 402, 404, 406 & 408 Johnson Street and 229, 231, 233, & 235 4th Street! Incredible Investment Opportunity for Potential Condos or Rental Property! Wonderful City Views! Enjoy the Walkabililty this Property Offers in a Sought After Location.

10. 2021-03-12
    listed $799,800 Active 381-char remark

    Show marketing remark (381 chars)

    Location, Location, Location! Corner of 4th & Johnson! Fabulous Opportunity! 8 Units! 2 Multi-families are Included in the Sale: 402, 404, 406 & 408 Johnson Street and 229, 231, 233, & 235 4th Street! Incredible Investment Opportunity for Potential Condos or Rental Property! Wonderful City Views! Enjoy the Walkabililty this Property Offers in a Sought After Location.

11. 2020-11-01
    listed $799,800 Active

ⓘ 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: $5,182 · $432/mo
• Projected year-2 tax: $6,871 · $573/mo
• Expected delta: +$1,690/yr (+$141/mo · 32.6%)

ⓘ 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 ≥103°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: $90,840
• − Mortgage interest: −$44,756
• − Property taxes: −$5,182
• − Insurance: −$3,995
• − Repairs & maintenance: −$7,267
• − Management: −$7,267
• − Depreciation: −$23,244
• Taxable loss: −$871
• Est. tax savings @ 24.0%: +$209
• After-tax cash flow: $12,515/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 · 12 photos

Excellent 95/100 None rehab

This multi-family property is in excellent condition with modern updates throughout. The investment opportunity is significant, with a prime location and potential for both resale and rental value.

Value-add opportunities

• Both landscaping — enhances curb appeal and adds value
• Both exterior paint — refreshes the exterior and adds value

Renovation cost estimate screening

Value-add ROI direction

• Both landscaping — enhances curb appeal and adds value ↑
• Both exterior paint — refreshes the exterior and adds 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): 26,981
• Household income: $69,970
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 1488.0

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 (72%)
• Race & ethnicity: White 72% Hispanic / Latino 12% Black 10% Two or more races 7% Asian 1%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 2% Italian 1% Slovak 1%
• Foreign-born: 7% · Canada
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 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: ▼ -215.20%
• Current HPI: 237.0869
• Rent YoY: ▲ 1.55%
• 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

-0.1% since first listed

11 events — show timeline

• 2026-04-17 Pending — NKMLS
• 2026-04-10 Listed $799,000 NKMLS
• 2025-10-09 Rental Removed $1,275 APPFOLIO
• 2025-10-03 Listed for Rent $1,275 APPFOLIO
• 2024-09-29 Rental Removed $1,050 APPFOLIO
• 2024-09-14 Listed for Rent $1,050 APPFOLIO
• 2021-07-23 Sold (MLS) $755,000 NKMLS
• 2021-06-02 Pending — NKMLS
• 2021-03-12 Listing Removed — NKMLS
• 2021-03-12 Listed $799,800 NKMLS
• 2020-11-01 Listed $799,800 NKMLS

Property tax history

-0.0%/yr

Latest (2025): $5,182 · +0.7% YoY. Source: county tax records.