Hey Chris,
I'm new to the NKY area, I'm in Parks Hills. I'd say I'm newer to real estate investing than you but similar goals and background. Having been in Park Hills for a couple weeks, I'm still trying to get a lay of the land on where and what to invest in, in the area. I've been on some runs through Covington and Newport so I have a little familiarity with those areas. It's a lot different from where I was in Charlotte, NC.
I'm in the middle of reading Frank Gallinelli's book What Every Real Estate Investor Needs to Know About Cash flow. There are some good calculations on the time value of money in there. I'm sure you can find the same on BP. Take my opinion with a grain of salt since I'm new, but from what I've seen of Newport & Covington, I'd make sure the property cash flows and will continue to because I don't see a lot of potential for an upswing in valuation coming from these areas themselves.
Curious on if you are moving forward with either of these deals?
Thanks for posting, this is a good real life deal in my area I can practice running numbers on.