1802 Holman St · Covington, KY 41014

$295,000

4 bd · 2.0 ba · 2,094 sqft · MultiFamily public records · 56 Days on market

Built 1914 2,614 sqft lot Est $247k · 19% over

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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 +25.7/30.0
• DSCR +8.5/10.0
• 1% rule +5.5/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• ARV discount +0.0/15.0
• 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

Needs work. Short Sale. Seller lendr approval required. both units are vacant. central air on 2nd floor only. currently inop.

Key facts

• Corner lot duplex
• Remodeled kitchen
• Separate systems

Tags

• CORNER LOT DUPLEX
• SEPARATE SYSTEMS
• NEW ROOF
• NEW WINDOWS
• REMODELED KITCHEN
• WASHER AND DRYER FOR EACH UNIT

Property features AI

Exterior

• Parking: On-street parking
• Security: Smoke detectors
• Utilities: Public water; Public sewer; Cable available; Natural gas available
• Home design: Duplex; Two levels; Multi-family property; Existing structure
• Construction: Brick construction; Shingle roof; Built in 1914; Poured concrete and stone foundation
• Exterior features: Porch; Balcony; Corner lot; Has a view

Interior

• Kitchen: Electric range; Dishwasher; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Fireplace; Full basement
• Laundry & utility: Washer; Dryer; Laundry in unit; Laundry in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $704 ($8k/yr) — positive. Per door: $352/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $295k).
• Recommended offer: $286k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 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); 59 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 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 $2k of loan paydown is wiped out by about $9k 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 + 5.1% rent growth), your $83k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($286k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y ago; this cycle's ask has dropped $34k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $295k implies a 1035% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — 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 $286,150 (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. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.05% ✓
• Cap rate: 9.16%
• Cash-on-cash: 10.22%
• DSCR: 1.45
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $247,092
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
524 Highland Pike	0.25mi	4/2.0	2,220 (+6%)	6mo	$221,500	$100	73
2207 Scott St	0.45mi	4/3.0	2,220 (+6%)	1mo	$326,000	$147	65
1921 Pearl St	0.31mi	3/3.0 (-1)	2,124 (+1%)	16mo	$250,000	$118	61
1704 Madison Ave	0.29mi	4/3.0	2,180 (+4%)	22mo	$200,000	$92	57
2203 Howell St	0.35mi	4/3.0	2,235 (+7%)	23mo	$260,000	$116	49
1619 Garrard St	0.51mi	5/2.0 (+1)	2,316 (+11%)	10mo	$237,000	$102	46
1124 Holman St	0.66mi	4/4.0	2,120 (+1%)	18mo	$545,000	$257	44
509 Wallace Ave	0.73mi	3/2.5 (-1)	2,206 (+5%)	16mo	$300,000	$136	36
121 Trevor St	0.69mi	3/2.0 (-1)	1,831 (-13%)	13mo	$170,000	$93	31
202 Levassor Ave	0.74mi	5/3.0 (+1)	1,806 (-14%)	13mo	$258,000	$143	23

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: 1.1%
• Equity multiple: 1.04×
• Total profit: $3,696
• Equity at exit: $43,985

10-year hold

• IRR: 12.6%
• Equity multiple: 2.08×
• Total profit: $89,569
• Equity at exit: $25,506

Cash invested: $82,600 (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: 59
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $3,108 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$82 /mo · $979/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $704

Break-even live

Break-even rent $2,217

Max offer price $295,000

Occupancy floor 72%

Sensitivity live

Price	-10% $871	-5% $787	+0% $704	+5% $620	+10% $537
Rent	-10% $458	-5% $581	+0% $704	+5% $827	+10% $949
Rate	-1.0pp $852	-0.5pp $779	base $704	+0.5pp $627	+1.0pp $550

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,108
Total (2 units)			$3,108

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1927 Scott St Apt 1 Covington, KY	3.0	2.0	1865	$2,100	$1.13	20d	1	0.35mi
2030 Mackoy St Covington, KY	3.0	1.5	1598	$1,779	$1.11	5d	1	0.51mi
1205 Lee St Unit 3 Covington, KY	3.0	2.5	1850	$3,000	$1.62	24d	1	0.63mi
1170 Grays Peak Covington, KY	3.0	3.5	2808	$3,950	$1.41	2d	1	0.86mi
140 W 13th St Newport, KY	3.0	3.5	2505	$4,200	$1.68	12d	1	1.45mi
1700 Aspen Pines Dr Wilder, KY	1.0–3.0	1.0–2.5	1420	$2,365	$1.67	2d	14	1.50mi

Listing history 27 events

1. 2026-06-18
   days on market $295,000 Active 56 DOM
2. 2026-06-17
   days on market $295,000 Active 55 DOM
3. 2026-06-16
   days on market $295,000 Active 54 DOM
4. 2026-06-15
   days on market $295,000 Active 53 DOM
5. 2026-06-09
   days on market $295,000 Active 47 DOM
6. 2026-06-08
   days on market $295,000 Active 46 DOM
7. 2026-06-07
   days on market $295,000 Active 45 DOM
8. 2026-06-03
   days on market $295,000 Active 41 DOM
9. 2026-06-02
   days on market $295,000 Active 40 DOM
10. 2026-06-01
    days on market $295,000 Active 39 DOM
11. 2026-05-31
    days on market $295,000 Active 38 DOM
12. 2026-05-21
    price $295,000
13. 2026-04-23
    listed $329,000 Active
14. 2011-01-05
    soldstatus $26,000
15. 2010-12-28
    soldstatus $26,000 125-char remark

    Show marketing remark (125 chars)

    Needs work. Short Sale. Seller lendr approval required. both units are vacant. central air on 2nd floor only. currently inop.

16. 2010-04-20
    listed $44,000 125-char remark

    Show marketing remark (125 chars)

    Needs work. Short Sale. Seller lendr approval required. both units are vacant. central air on 2nd floor only. currently inop.

17. 2004-06-30
    soldstatus $102,000
18. 2004-06-25
    soldstatus $102,000 120-char remark

    Show marketing remark (120 chars)

    great investment property. close to shopping, bus stops at door. Has new roof and has been renovated Inside is very nice

19. 2004-02-23
    listed $102,500 120-char remark

    Show marketing remark (120 chars)

    great investment property. close to shopping, bus stops at door. Has new roof and has been renovated Inside is very nice

20. 2003-08-25
    historical
21. 2003-06-03
    listed $102,500
22. 2000-05-24
    soldstatus $85,500
23. 2000-04-28
    soldstatus $85,500
24. 2000-01-19
    listed $89,900
25. 1997-01-28
    soldstatus $68,500
26. 1997-01-24
    soldstatus $68,500
27. 1996-11-22
    listed $69,900

ⓘ 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: $979 · $82/mo
• Projected year-2 tax: $2,537 · $211/mo
• Expected delta: +$1,558/yr (+$130/mo · 159.1%)

ⓘ 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: $37,296
• − Mortgage interest: −$16,525
• − Property taxes: −$979
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,984
• − Management: −$2,984
• − Depreciation: −$8,582
• Taxable income: $3,768
• Est. tax owed @ 24.0%: −$904
• After-tax cash flow: $7,541/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

+322.0% since first listed

16 events — show timeline

• 2026-05-21 Price Changed $295,000 NKMLS
• 2026-04-23 Listed $329,000 NKMLS
• 2011-01-05 Sold (Public Records) $26,000 Public Records
• 2010-12-28 Sold (MLS) $26,000 NKMLS
• 2010-04-20 Listed $44,000 NKMLS
• 2004-06-30 Sold (Public Records) $102,000 Public Records
• 2004-06-25 Sold (MLS) $102,000 NKMLS
• 2004-02-23 Listed $102,500 NKMLS
• 2003-08-25 Listing Removed — NKMLS
• 2003-06-03 Listed $102,500 NKMLS
• 2000-05-24 Sold (Public Records) $85,500 Public Records
• 2000-04-28 Sold (MLS) $85,500 NKMLS
• 2000-01-19 Listed $89,900 NKMLS
• 1997-01-28 Sold (Public Records) $68,500 Public Records
• 1997-01-24 Sold (MLS) $68,500 NKMLS
• 1996-11-22 Listed $69,900 NKMLS

Property tax history

+2.2%/yr

Latest (2025): $979 · +0.7% YoY. Source: county tax records.