821 Ridgewood Dr Unit 1-2 · Berea, KY 40403

$299,999

6 bd · 5.0 ba · 2,880 sqft · MultiFamily · 45 Days on market

Built 2006 Good condition 10,454 sqft lot ↓ 6% since listing

---

Why this score? — see what drove the D 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 +14.2/30.0
• ARV discount +7.5/15.0
• DSCR +4.3/10.0
• 1% rule +4.0/10.0
• Livability +3.8/5.0
• Condition / age +3.8/5.0
• Schools +3.3/10.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Located just off of I-75, One of the few three bedroom investment properties in Beaumont Subdivision. Property improvements done over the past few years. New metal roof in 2023, new carpeting and flooring 2023 in one unit and 2026 other unit. Great location and units have always been easy to rent.

Key facts

• Metal roof
• New carpeting
• New flooring

Tags

• METAL ROOF
• NEW CARPETING
• NEW FLOORING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.5-bath units multifamily listed at $300k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $51 ($613/yr) — positive. Per door: $26/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $269k (10.4% below list).
• Recommended offer: $269k (10.4% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 3.1% 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.
• Zoned schools: Shannon Johnson Elementary School (math 44% / reading 55%, grade D, #100 of 676 statewide, top 16%, 466 students, 50% FRL); Foley Middle School (math 23% / reading 51%, grade F, #80 of 217 statewide, top 41%, 445 students, 59% FRL); Madison Southern High School (math 32% / reading 42%, grade F, #58 of 254 statewide, top 27%, 1,210 students, 50% FRL).
• Market conditions: 206 active listings in the ZIP; 453 units permitted in Madison County in 2024 (64 in 5+ unit buildings).
• At $2,689/mo this rent would consume 52% of the median local household income ($62k/yr) (locally 685% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

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

Recommended offer $268,900 (10.4% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 6.50%
• Cash-on-cash: 0.73%
• DSCR: 1.03
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -15.1%
• Equity multiple: 0.46×
• Total profit: $-45,319
• Equity at exit: $44,731

10-year hold

• IRR: -6.5%
• Equity multiple: 0.58×
• Total profit: $-35,108
• Equity at exit: $25,938

Cash invested: $84,000 (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: 206
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $2,689 high
• Mortgage (P&I): −$1,573
• Tax est. 1.5%: −$375 /mo · $4,500/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $51

Break-even live

Break-even rent $2,624

Max offer price $299,999

Occupancy floor 93%

Sensitivity live

Price	-10% $258	-5% $155	+0% $51	+5% $-53	+10% $-156
Rent	-10% $-161	-5% $-55	+0% $51	+5% $157	+10% $264
Rate	-1.0pp $202	-0.5pp $127	base $51	+0.5pp $-27	+1.0pp $-106

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	2.5	$2,688
Total (2 units)			$2,689

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $299,999 Active 45 DOM
2. 2026-06-18
   days on market $299,999 Active 42 DOM
3. 2026-06-17
   days on market $299,999 Active 41 DOM
4. 2026-06-16
   days on market $299,999 Active 40 DOM
5. 2026-06-15
   days on market $299,999 Active 39 DOM
6. 2026-06-14
   days on market $299,999 Active 37 DOM
7. 2026-06-10
   days on market $299,999 Active 34 DOM
8. 2026-06-09
   days on market $299,999 Active 33 DOM
9. 2026-06-08
   days on market $299,999 Active 32 DOM
10. 2026-06-07
    days on market $299,999 Active 31 DOM
11. 2026-06-05
    days on market $299,999 Active 28 DOM
12. 2026-06-03
    days on market $299,999 Active 27 DOM
13. 2026-06-02
    days on market $299,999 Active 26 DOM
14. 2026-06-01
    days on market $299,999 Active 25 DOM
15. 2026-05-31
    days on market $299,999 Active 24 DOM
16. 2026-05-31
    statusdays on market $299,999 Active 23 DOM
17. 2026-04-22
    status Pending
18. 2026-04-11
    price $299,999
19. 2026-03-30
    listed $315,000 Active
20. 2025-12-02
    historical
21. 2025-10-06
    price $309,900
22. 2025-08-27
    listed $319,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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: $32,268
• − Mortgage interest: −$16,805
• − Property taxes: −$4,500
• − Insurance: −$1,500
• − Repairs & maintenance: −$2,581
• − Management: −$2,581
• − Depreciation: −$8,727
• Taxable loss: −$4,427
• Est. tax savings @ 24.0%: +$1,062
• After-tax cash flow: $1,675/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.

Condition & rehab AI · 13 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with recent updates, including a new metal roof and flooring. It is ready for immediate rental or resale with minor maintenance items.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Clean gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Clean gutters — Improves drainage and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• Census place: Berea, KY
• 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

-6.2% since first listed

6 events — show timeline

• 2026-04-22 Pending — ImagineMLS
• 2026-04-11 Price Changed $299,999 ImagineMLS
• 2026-03-30 Listed $315,000 ImagineMLS
• 2025-12-02 Listing Removed — ImagineMLS
• 2025-10-06 Price Changed $309,900 ImagineMLS
• 2025-08-27 Listed $319,900 ImagineMLS