Considering Investing in Covington Kentucky
Hi everyone!
My husband and I have been looking for a house but recently discovered the concept of house hacking. We have been living in our duplex for almost 4 years and are considering purchasing it so we can continue renting out the unit downstairs. Our realtor is negotiating right now so we don't know if our landlord will agree on a price we want. To give some info, we live in the Mainstrasse area. The property is two units/easily converted back to Single Family Dwelling. We currently pay $1100 in rent and we assume the tennants below pay about $900. Following the 1% rule, he would have to sell for $200,000 and I don't believe he will, could be wrong. Our plan would be to live here for 1-2 years, have the mortgage almost covered by the tennants downstairs and then move to our home while renting out both units (we are open to the idea of investing in more properties in the future). As I research, there is so much to consider. Not just the 1% rule. It seems like Covington is on the rise but am still new/not confident at analyzing this
With all they being said, I am looking for insight from more experienced investors-specifically those in Northern, KY. What price range would we likely need to stay in for this to be a profitable investment? The landlord was not selling, we approached him.
Thank you all for taking the time to read this! 😊
Most Popular Reply
Hi Sierra,
My wife and I just purchased a home in Covington a few months back and are already eyeing another investment property in the area. I'd recommend checking out some of the streets parallel to Russell. The prices are not as high and look like easy flips.