535 Mt Vernon Rd · Berea, KY 40403

$54,900

3 bd · 1.0 ba · 1,419 sqft · SingleFamily public records · 148 Days on market

9,147 sqft lot $39/sqft · 78% below area ↓ 20% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Single-family home featuring 3 bedrooms and 1 bathroom. One bedroom is configured with a walk-in closet positioned between two separated areas, allowing access on both sides without passing through the closet. Conveniently located near Exit 76 off I-75 with close proximity to major shopping and services. Minimum Earnest Money Deposit of 1% of the Purchase Price or $1,000, whichever is greater.

Key facts

• Walk-in closet
• 9,147 sq ft lot
• Listed 148 days

Tags

• WALK-IN CLOSET

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $55k.

Deal economics

• At list price, monthly cash flow is $696 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $55k).
• Recommended offer: $48k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.5% vs local median 3.0% in Berea — 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 75/100 on livability (#104 in KY, #4,354 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Madison County (town): math 31% / reading 47% proficiency, ranked #35 of 165 in KY (top 21%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 205 active listings in the ZIP; 453 units permitted in Madison County in 2024 (64 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Madison County population projected at +28% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $15k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $25k (31%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: moderate flood risk; major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $48,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 2.48% ✓
• Cap rate: 21.50%
• Cash-on-cash: 54.32%
• DSCR: 3.42
• GRM: 3.4

CMA / ARV

• ARV (median comp): $252,931
• List price: $54,900
• Delta: -78.29%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
216 Pinecrest Ct	0.17mi	3/2.0	1,485 (+5%)	14mo	$255,300	$172	69

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 52.5%
• Equity multiple: 3.31×
• Total profit: $35,446
• Equity at exit: $8,186

10-year hold

• IRR: 57.8%
• Equity multiple: 6.73×
• Total profit: $88,021
• Equity at exit: $4,747

Cash invested: $15,372 (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 40403

• Home prices YoY: -15.7%
• Active inventory: 205
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,362 medium
• Mortgage (P&I): −$288
• Tax from tax record: −$69 /mo · $830/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$286
• Net cashflow: $696

Break-even live

Break-even rent $481

Max offer price $54,900

Occupancy floor 44%

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-14
   status $54,900 Pending 148 DOM
2. 2026-06-10
   days on market $54,900 Active 148 DOM
3. 2026-06-09
   days on market $54,900 Active 147 DOM
4. 2026-06-08
   days on market $54,900 Active 146 DOM
5. 2026-06-07
   days on market $54,900 Active 145 DOM
6. 2026-06-05
   days on market $54,900 Active 142 DOM
7. 2026-06-03
   days on market $54,900 Active 141 DOM
8. 2026-06-02
   days on market $54,900 Active 140 DOM
9. 2026-06-01
   days on market $54,900 Active 139 DOM
10. 2026-05-31
    days on market $54,900 Active 138 DOM
11. 2026-05-31
    days on market $54,900 Active 137 DOM
12. 2026-05-14
    price $54,900 397-char remark

    Show marketing remark (397 chars)

    Single-family home featuring 3 bedrooms and 1 bathroom. One bedroom is configured with a walk-in closet positioned between two separated areas, allowing access on both sides without passing through the closet. Conveniently located near Exit 76 off I-75 with close proximity to major shopping and services. Minimum Earnest Money Deposit of 1% of the Purchase Price or $1,000, whichever is greater.

13. 2026-04-14
    price $72,500 397-char remark

    Show marketing remark (397 chars)

    Single-family home featuring 3 bedrooms and 1 bathroom. One bedroom is configured with a walk-in closet positioned between two separated areas, allowing access on both sides without passing through the closet. Conveniently located near Exit 76 off I-75 with close proximity to major shopping and services. Minimum Earnest Money Deposit of 1% of the Purchase Price or $1,000, whichever is greater.

14. 2026-03-13
    price $76,000 397-char remark

    Show marketing remark (397 chars)

    Single-family home featuring 3 bedrooms and 1 bathroom. One bedroom is configured with a walk-in closet positioned between two separated areas, allowing access on both sides without passing through the closet. Conveniently located near Exit 76 off I-75 with close proximity to major shopping and services. Minimum Earnest Money Deposit of 1% of the Purchase Price or $1,000, whichever is greater.

15. 2026-01-12
    listed $79,900 Active 397-char remark

    Show marketing remark (397 chars)

    Single-family home featuring 3 bedrooms and 1 bathroom. One bedroom is configured with a walk-in closet positioned between two separated areas, allowing access on both sides without passing through the closet. Conveniently located near Exit 76 off I-75 with close proximity to major shopping and services. Minimum Earnest Money Deposit of 1% of the Purchase Price or $1,000, whichever is greater.

16. 2019-12-16
    soldstatus $73,000 Sold 280-char remark

    Show marketing remark (280 chars)

    Affordable home just minutes from Berea. This 3 bedroom 1 bath home has new paint and new carpet. One bedroom with large walk-in-closet and bonus area. Crown molding, utility and bath combined, front porch and back deck. Ideal for first time home buyers or rental income property.

17. 2019-10-16
    status Pending 280-char remark

    Show marketing remark (280 chars)

    Affordable home just minutes from Berea. This 3 bedroom 1 bath home has new paint and new carpet. One bedroom with large walk-in-closet and bonus area. Crown molding, utility and bath combined, front porch and back deck. Ideal for first time home buyers or rental income property.

18. 2019-10-10
    listed $69,000 Active 280-char remark

    Show marketing remark (280 chars)

    Affordable home just minutes from Berea. This 3 bedroom 1 bath home has new paint and new carpet. One bedroom with large walk-in-closet and bonus area. Crown molding, utility and bath combined, front porch and back deck. Ideal for first time home buyers or rental income property.

ⓘ 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: $830 · $69/mo
• Projected year-2 tax: $830 · $69/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 48% chance over 30 yrs
• 🔥 Wildfire 6/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥103°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 4% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,341
• − Mortgage interest: −$3,075
• − Property taxes: −$830
• − Insurance: −$274
• − Repairs & maintenance: −$1,307
• − Management: −$1,307
• − Depreciation: −$1,597
• Taxable income: $7,950
• Est. tax owed @ 24.0%: −$1,908
• After-tax cash flow: $6,443/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: Madison County
• NCES district ID: 2103720
• Math proficiency: 31% ▼ -16.00%
• Reading proficiency: 47% ▼ -14.00%
• Median HH income: $43,590
• Composite: 32.99/100
• National rank: #5580
• State rank: #35 of 165 in KY

Livability — Berea

• Score: 75/100
• State rank: #104
• US rank: #4354

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment D Housing A Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Madison County · 93,568 people
• City population: 27,607
• Metro: Richmond-Berea, KY
• Population (ZIP): 27,607
• Household income: $61,771
• Rent vs Own: 28.6% rent · 71.4% own
• Severe rent burden: 685.0

Population outlook (Madison County) Hauer SSP2

• Today (2025): 99,241 people
• By 2030: 104,927 · +5.7%
• By 2040: 116,079 · +17.0%
• By 2050: 127,293 · +28.3%
• By 2075: 155,644 · +56.8%
• By 2100: 176,488 · +77.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 4% Black 2%
• Common ancestry: Italian 2% Slovak 2% Serbian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+30.9) · D 33.6% · R 64.5% · Other 1.9%
• 2008→2024 swing: -8.4pp toward R · 2008: -22.4pp · 2024: -30.9pp
• All cycles: 2024: R+30.9 2020: R+26.8 2016: R+31.2 2012: R+28.9 2008: R+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -53.22%
• Current HPI: 286.6948
• Rent YoY: —
• Metro: Richmond-Berea, KY
• 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

-20.4% since first listed

7 events — show timeline

• 2026-05-14 Price Changed $54,900 ImagineMLS
• 2026-04-14 Price Changed $72,500 ImagineMLS
• 2026-03-13 Price Changed $76,000 ImagineMLS
• 2026-01-12 Listed $79,900 ImagineMLS
• 2019-12-16 Sold (MLS) $73,000 ImagineMLS
• 2019-10-16 Pending — ImagineMLS
• 2019-10-10 Listed $69,000 ImagineMLS

Property tax history

+6.8%/yr

Latest (2025): $830 · -1.6% YoY. Source: county tax records.