118 E 24th St E · Covington, KY 41014

$97,500

2 bd · 1.0 ba · 657 sqft · SingleFamily public records · 18 Days on market

Built 1914 3,500 sqft lot Est $131k · 25% under

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Why this score? — see what drove the B 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 +27.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +6.6/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

As is w/all faults. Case#201-336301. Any LBP stblztn must be added to rpr cst for 203k loan. Clse for prop can be dlyd by 30-45 dys frm expir dt of cntrct. Fthr inspc may be req for poss struc issues. Vltns to be addrssd by buyr after clse.

Key facts

• Hardwood floors
• 3,500 sq ft lot
• Parking

Tags

• HARDWOOD FLOORS
• TALL CEILINGS IN BASEMENT

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Single-family house; One level; Built in 1914
• Construction: Brick construction; Shingle roof; Poured concrete foundation
• Exterior features: Deck; Porch; Aluminum/metal fencing; Wood-framed windows; Has a view; City street frontage

Interior

• Kitchen: Kitchen (11 x 9)
• Bedrooms: Primary bedroom (15 x 10)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Ceiling fans; Natural woodwork; Laundry located in basement
• Laundry & utility: Basement laundry

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $98k.

Deal economics

• At list price, monthly cash flow is $282 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $98k).
• Recommended offer: $96k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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: Sixth District Elementary School (math 8% / reading 17%, grade F, #630 of 676 statewide, top 95%, 446 students, 84% 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 83% FRL track the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 59 active listings in the ZIP; 12 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 $674 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($96k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y ago; this cycle's ask has dropped $12k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; list at $98k implies a 220% 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 $96,037 (1.5% below list)

Questions for the listing agent

1. Built in 1914 — 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. 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.
4. 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.
5. 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: 1.16% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.39%
• DSCR: 1.55
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $130,743
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
32 W 30th St	0.70mi	2/1.0	660 (+0%)	11mo	$128,000	$194	58
212 W 22nd St	0.33mi	2/1.0	616 (-6%)	20mo	$170,000	$276	58
1822 Pearl St	0.42mi	1/1.0 (-1)	690 (+5%)	17mo	$82,000	$119	53
2317 Herman St	0.34mi	1/1.0 (-1)	735 (+12%)	10mo	$107,000	$146	51
408 E 16th St	0.67mi	1/1.0 (-1)	700 (+6%)	6mo	$127,500	$182	48
2416 Herman St	0.30mi	1/1.0 (-1)	742 (+13%)	15mo	$80,000	$108	47
1629 Russell St	0.65mi	1/1.0 (-1)	736 (+12%)	2mo	$164,000	$223	43
1823 Euclid Ave	0.63mi	1/1.0 (-1)	728 (+11%)	7mo	$145,000	$199	42
415 W 21st St	0.47mi	1/1.0 (-1)	722 (+10%)	20mo	$135,000	$187	40
1711 Banklick St	0.64mi	1/1.0 (-1)	698 (+6%)	18mo	$145,000	$208	39
14 W 30th St	0.66mi	1/1.0 (-1)	729 (+11%)	10mo	$155,000	$213	37
12 W 30th St	0.66mi	1/1.0 (-1)	704 (+7%)	18mo	$160,000	$227	37

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: 4.3%
• Equity multiple: 1.17×
• Total profit: $4,614
• Equity at exit: $14,538

10-year hold

• IRR: 15.5%
• Equity multiple: 2.38×
• Total profit: $37,669
• Equity at exit: $8,430

Cash invested: $27,300 (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: 7.2×

Monthly cashflow live

• Estimated rent: $1,131 high
• Mortgage (P&I): −$511
• Tax from tax record: −$60 /mo · $719/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$238
• Net cashflow: $282

Break-even live

Break-even rent $775

Max offer price $97,500

Occupancy floor 70%

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: $24,375
• Closing costs: $2,925
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
512 Wallace Ave Unit 512/08 Covington, KY	1.0	1.0	550	$899	$1.63	17d	1	0.28mi
512 Wallace Ave Unit 512/09 Covington, KY	1.0	1.0	550	$899	$1.63	7d	1	0.29mi
512 Wallace Ave Unit 512/16 Covington, KY	1.0	1.0	550	$939	$1.71	7d	1	0.29mi
1914 Eastern Ave Apt 1 Covington, KY	2.0	1.0	750	$1,200	$1.60	23d	1	0.44mi
120 Vista Point Dr Wilder, KY	1.0–2.0	1.0–2.0	854	$1,184	$1.39	2d	2	1.04mi
328 Bush St Unit 2 Covington, KY	1.0	1.0	400	$1,500	$3.75	17d	1	1.14mi
918 Highland Ave Fort Wright, KY	1.0	1.0	525	$995	$1.90	21d	1	1.16mi
920 Highland Ave Fort Wright, KY	1.0	1.0	525	$1,045	$1.99	14d	1	1.16mi
1205 Lee St Unit 1 Covington, KY	1.0	1.0	675	$1,350	$2.00	23d	1	1.17mi
2220 Cityscape Dr Covington, KY	1.0–2.0	1.0–2.0	932	$1,985	$2.13	1d	9	1.28mi
305 W Pike St Unit 305-103 Covington, KY	1.0	1.0	500	$875	$1.75	16d	1	1.38mi
1431 Dixie Hwy Park Hills, KY	1.0–2.0	1.0–2.0	920	$2,553	$2.77	1d	10	1.43mi

Listing history 16 events

1. 2026-06-18
   days on market $97,500 Active 18 DOM
2. 2026-06-17
   days on market $97,500 Active 17 DOM
3. 2026-06-16
   days on market $97,500 Active 16 DOM
4. 2026-06-16
   pricestatus $97,500 Active 15 DOM
5. 2026-06-07
   status $109,900 Pending 15 DOM
6. 2026-06-03
   days on market $109,900 Active 15 DOM
7. 2026-06-02
   days on market $109,900 Active 14 DOM
8. 2026-06-01
   days on market $109,900 Active 13 DOM
9. 2026-05-31
   days on market $109,900 Active 12 DOM
10. 2026-05-19
    listed $109,900 Active
11. 2026-01-24
    historical
12. 2026-01-03
    price $124,000
13. 2025-12-06
    listed $129,000 Active
14. 2010-06-04
    soldstatus $30,500 240-char remark

    Show marketing remark (240 chars)

    As is w/all faults. Case#201-336301. Any LBP stblztn must be added to rpr cst for 203k loan. Clse for prop can be dlyd by 30-45 dys frm expir dt of cntrct. Fthr inspc may be req for poss struc issues. Vltns to be addrssd by buyr after clse.

15. 2009-07-23
    listed $23,200 240-char remark

    Show marketing remark (240 chars)

    As is w/all faults. Case#201-336301. Any LBP stblztn must be added to rpr cst for 203k loan. Clse for prop can be dlyd by 30-45 dys frm expir dt of cntrct. Fthr inspc may be req for poss struc issues. Vltns to be addrssd by buyr after clse.

16. 2004-07-23
    soldstatus $65,000

ⓘ 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: $719 · $60/mo
• Projected year-2 tax: $838 · $70/mo
• Expected delta: +$119/yr (+$10/mo · 16.6%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% 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: $13,577
• − Mortgage interest: −$5,462
• − Property taxes: −$719
• − Insurance: −$488
• − Repairs & maintenance: −$1,086
• − Management: −$1,086
• − Depreciation: −$2,836
• Taxable income: $1,900
• Est. tax owed @ 24.0%: −$456
• After-tax cash flow: $2,927/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

+69.1% since first listed

7 events — show timeline

• 2026-05-19 Listed $109,900 NKMLS
• 2026-01-24 Listing Removed — NKMLS
• 2026-01-03 Price Changed $124,000 NKMLS
• 2025-12-06 Listed $129,000 NKMLS
• 2010-06-04 Sold (MLS) $30,500 NKMLS
• 2009-07-23 Listed $23,200 NKMLS
• 2004-07-23 Sold (Public Records) $65,000 Public Records

Property tax history

+4.3%/yr

Latest (2025): $719 · +0.7% YoY. Source: county tax records.