Real Estate Investing in Covington, Tennessee (38019)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 38019 (Covington, TN)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Covington, TN (38019)?
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Market Analysis: 38019 Covington
ZIP 38019 in Covington, TN carries a impressive set of headwinds. Home values near $211K and rents of $1,100/mo sit inside a market where underwriting has to be tight.
Turning to rents, the numbers look inviting — $211K purchase price, 0.0% nominal cap — the work to hit that pro forma in 38019 is substantial and deserves full respect.
On balance, 38019 offers a low basis, the region around Covington has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 38019 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategically, 38019 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Covington:
Property Strategy for 38019
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $134,860 | $1,060 | 5.7% | +7.2% | $67,430 |
| 3BR | $214,367 | $1,390 | 4.7% | +8.5% | $71,456 |
| 4BR | $282,447 | $1,620 | 4.1% | +8.4% | $70,612 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 38019 Compare?
| Metric | 38019 | Covington | Memphis, TN-MS-AR | Tennessee |
|---|---|---|---|---|
| Home Value | $210,581 | $210,581 | N/A | $327,001 |
| 5-Year CAGR | 5.9% | 5.9% | N/A | 7.7% |
| Avg Rent | $1,100 | $1,100 | N/A | - |
| Cap Rate | 4.1% | 4.1% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 38019 (Covington, TN). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $210,581 |
| Monthly Rent | $1,100 |
| Price-to-Rent | 16.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.3% |
| Cap Rate | 4.1% |
| 5-Year IRR | 10.0% |
📈 Home Appreciation
| 1-Year | +5.7% ▲ |
| 3-Year CAGR | +4.2% ▲ |
| 5-Year CAGR | +5.9% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.1%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 38019
Population: 15,747
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 38019
Schools in This ZIP Code
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
Frequently Asked Questions
Do rentals sit vacant long in Covington, TN?
Covington, TN vacancy trends elevated. Investors running standard buy-and-hold plays see reasonable downtime between tenants.
Where do rents currently stand in Covington, TN?
Rent in Covington, TN is around $1,100/mo. The resulting rent-to-value relationship with $211K pricing is reasonable for most investor models.
What is the median home value in Covington, TN?
Covington, TN home values average about $211K. That price point suits investors targeting rentals with $1,100/mo in monthly income.
How landlord-friendly is Covington, TN?
TN law landlord-friendly for landlords, and Covington inherits those rules. Investors should still review local ordinances for rental licensing.
What strategy should investors use in Covington, TN?
Most investors in Covington, TN run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
You know 38019 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 38019 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 38019 ranks in Memphis, TN-MS-AR
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