403 Brown St · Berea, KY 40403

$160,000

4 bd · 2.5 ba · 1,112 sqft · SingleFamily public records · 117 Days on market

Built 1984 8,276 sqft lot $144/sqft · 20% above area Est $257k · 38% under

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Why this score? — see what drove the C- 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 +16.2/30.0
• ARV discount +15.0/15.0
• DSCR +5.0/10.0
• 1% rule +3.8/10.0
• 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

Split-foyer home located in the heart of Berea offering approximately 2,144 square feet with 4 bedrooms and 2 full bathrooms plus 1 half bathroom. Situated on a 0.19-acre lot. This property is eligible under the First Look Initiative. All Owner Occupant offers will be responded to after 7 days on the market and Investor offers will be responded to after 30 days. However, all offers can be submitted during the First Look period. For financed offers EMD to be 1% or $1000 whichever is greater and for cash offers EMD to be 5% or $5000 whichever is greater. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

Key facts

• 8,276 sq ft lot
• Garage
• Pool

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $86 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (12.2% below list).
• Recommended offer: $140k (12.2% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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; 1 comparable units currently listed for rent nearby; 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 $1k of loan paydown is wiped out by about $5k 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 117 days — a 9% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $140,426 (12.2% below list)

Questions for the listing agent

1. It's been on market 117 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: 0.88% ✗
• Cap rate: 6.94%
• Cash-on-cash: 2.30%
• DSCR: 1.10
• GRM: 9.5

CMA / ARV

• ARV (median comp): $256,571
• List price: $160,000
• Delta: -37.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
113 Locker Ct	0.21mi	3/1.0 (-1)	1,075 (-3%)	19mo	$189,900	$177	58
319 Peachtree Dr	0.30mi	3/2.0 (-1)	1,218 (+10%)	10mo	$222,200	$182	55
103 Baker St	0.27mi	3/2.0 (-1)	1,190 (+7%)	17mo	$219,900	$185	54
108 Madison St	0.48mi	3/1.0 (-1)	1,134 (+2%)	15mo	$189,800	$167	51
306 N Powell Ave	0.22mi	3/1.0 (-1)	1,198 (+8%)	19mo	$199,900	$167	50
803 Kenway St	0.23mi	3/1.0 (-1)	1,050 (-6%)	22mo	$188,000	$179	50
105 Otis St	0.31mi	3/1.0 (-1)	1,000 (-10%)	12mo	$183,500	$184	48
116 Johnson Rd	0.61mi	3/1.0 (-1)	1,168 (+5%)	6mo	$197,150	$169	47
123 Meadowlark Dr	0.45mi	3/1.0 (-1)	1,149 (+3%)	19mo	$145,000	$126	46
208 Rockcastle St	0.41mi	3/2.0 (-1)	1,258 (+13%)	7mo	$205,000	$163	46
356 Peachtree Dr	0.28mi	3/2.0 (-1)	1,248 (+12%)	19mo	$200,000	$160	44
405 Meadow Dr	0.66mi	3/2.0 (-1)	1,222 (+10%)	20mo	$215,000	$176	29

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: -12.7%
• Equity multiple: 0.54×
• Total profit: $-20,494
• Equity at exit: $23,857

10-year hold

• IRR: -3.7%
• Equity multiple: 0.76×
• Total profit: $-10,931
• Equity at exit: $13,834

Cash invested: $44,800 (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: 9.5×

Monthly cashflow live

• Estimated rent: $1,404 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$118 /mo · $1,414/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $86

Break-even live

Break-even rent $1,296

Max offer price $160,000

Occupancy floor 89%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
422 Meadowlark Dr Berea, KY	3.0	1.0	1134	$1,295	$1.14	23d	1	0.51mi

Listing history 24 events

1. 2026-06-18
   days on market $160,000 Active 117 DOM
2. 2026-06-17
   price $160,000 Active 116 DOM
3. 2026-06-17
   days on market $170,000 Active 116 DOM
4. 2026-06-16
   days on market $170,000 Active 115 DOM
5. 2026-06-15
   days on market $170,000 Active 114 DOM
6. 2026-06-14
   days on market $170,000 Active 112 DOM
7. 2026-06-10
   days on market $170,000 Active 109 DOM
8. 2026-06-09
   days on market $170,000 Active 108 DOM
9. 2026-06-08
   days on market $170,000 Active 107 DOM
10. 2026-06-07
    days on market $170,000 Active 106 DOM
11. 2026-06-05
    days on market $170,000 Active 103 DOM
12. 2026-06-03
    days on market $170,000 Active 102 DOM
13. 2026-06-02
    days on market $170,000 Active 101 DOM
14. 2026-06-01
    days on market $170,000 Active 100 DOM
15. 2026-05-31
    days on market $170,000 Active 99 DOM
16. 2026-05-31
    days on market $170,000 Active 98 DOM
17. 2026-05-04
    price $170,000 692-char remark

    Show marketing remark (692 chars)

    Split-foyer home located in the heart of Berea offering approximately 2,144 square feet with 4 bedrooms and 2 full bathrooms plus 1 half bathroom. Situated on a 0.19-acre lot. This property is eligible under the First Look Initiative. All Owner Occupant offers will be responded to after 7 days on the market and Investor offers will be responded to after 30 days. However, all offers can be submitted during the First Look period. For financed offers EMD to be 1% or $1000 whichever is greater and for cash offers EMD to be 5% or $5000 whichever is greater. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

18. 2026-03-24
    price $180,000 692-char remark

    Show marketing remark (692 chars)

    Split-foyer home located in the heart of Berea offering approximately 2,144 square feet with 4 bedrooms and 2 full bathrooms plus 1 half bathroom. Situated on a 0.19-acre lot. This property is eligible under the First Look Initiative. All Owner Occupant offers will be responded to after 7 days on the market and Investor offers will be responded to after 30 days. However, all offers can be submitted during the First Look period. For financed offers EMD to be 1% or $1000 whichever is greater and for cash offers EMD to be 5% or $5000 whichever is greater. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

19. 2026-02-21
    listed $190,000 Active 692-char remark

    Show marketing remark (692 chars)

    Split-foyer home located in the heart of Berea offering approximately 2,144 square feet with 4 bedrooms and 2 full bathrooms plus 1 half bathroom. Situated on a 0.19-acre lot. This property is eligible under the First Look Initiative. All Owner Occupant offers will be responded to after 7 days on the market and Investor offers will be responded to after 30 days. However, all offers can be submitted during the First Look period. For financed offers EMD to be 1% or $1000 whichever is greater and for cash offers EMD to be 5% or $5000 whichever is greater. All offers are subject to OFAC clearance. A viewing release must be signed and returned to our office before showing this property.

20. 2021-02-26
    soldstatus $145,000
21. 2021-02-12
    soldstatus $145,000 Sold 759-char remark

    Show marketing remark (759 chars)

    Lots of house for the money! This split foyer home in heart of Berea, Kentucky is ready to be loved by its new owners. On the main level there are 3 bedrooms (9'10'' x 10'2'' and 10' x 9'10'') including a spacious primary bedroom w/a walk in closet & private half bathroom (13'9'' x 11'5''). The kitchen is fully equipped w/a breakfast bar and open to the dining and living rooms. Lower level features a fun family room w/electric fireplace & built ins. The spacious laundry room has a folder table built in plus extra storage. The 4th bedroom is small but would be ideal for an office. A single car garage & additional half bathroom complete this lower level. Outside you'll find a completely privacy fenced FLAT back yard w/an above ground pool!

22. 2021-01-09
    status Pending 759-char remark

    Show marketing remark (759 chars)

    Lots of house for the money! This split foyer home in heart of Berea, Kentucky is ready to be loved by its new owners. On the main level there are 3 bedrooms (9'10'' x 10'2'' and 10' x 9'10'') including a spacious primary bedroom w/a walk in closet & private half bathroom (13'9'' x 11'5''). The kitchen is fully equipped w/a breakfast bar and open to the dining and living rooms. Lower level features a fun family room w/electric fireplace & built ins. The spacious laundry room has a folder table built in plus extra storage. The 4th bedroom is small but would be ideal for an office. A single car garage & additional half bathroom complete this lower level. Outside you'll find a completely privacy fenced FLAT back yard w/an above ground pool!

23. 2020-12-11
    historical Contingent 759-char remark

    Show marketing remark (759 chars)

    Lots of house for the money! This split foyer home in heart of Berea, Kentucky is ready to be loved by its new owners. On the main level there are 3 bedrooms (9'10'' x 10'2'' and 10' x 9'10'') including a spacious primary bedroom w/a walk in closet & private half bathroom (13'9'' x 11'5''). The kitchen is fully equipped w/a breakfast bar and open to the dining and living rooms. Lower level features a fun family room w/electric fireplace & built ins. The spacious laundry room has a folder table built in plus extra storage. The 4th bedroom is small but would be ideal for an office. A single car garage & additional half bathroom complete this lower level. Outside you'll find a completely privacy fenced FLAT back yard w/an above ground pool!

24. 2020-10-08
    listed $149,900 Active 759-char remark

    Show marketing remark (759 chars)

    Lots of house for the money! This split foyer home in heart of Berea, Kentucky is ready to be loved by its new owners. On the main level there are 3 bedrooms (9'10'' x 10'2'' and 10' x 9'10'') including a spacious primary bedroom w/a walk in closet & private half bathroom (13'9'' x 11'5''). The kitchen is fully equipped w/a breakfast bar and open to the dining and living rooms. Lower level features a fun family room w/electric fireplace & built ins. The spacious laundry room has a folder table built in plus extra storage. The 4th bedroom is small but would be ideal for an office. A single car garage & additional half bathroom complete this lower level. Outside you'll find a completely privacy fenced FLAT back yard w/an above ground pool!

ⓘ 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: $1,414 · $118/mo
• Projected year-2 tax: $1,414 · $118/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 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 · 21 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: $16,851
• − Mortgage interest: −$8,962
• − Property taxes: −$1,414
• − Insurance: −$800
• − Repairs & maintenance: −$1,348
• − Management: −$1,348
• − Depreciation: −$4,655
• Taxable loss: −$1,677
• Est. tax savings @ 24.0%: +$402
• After-tax cash flow: $1,432/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

• 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

+13.4% since first listed

8 events — show timeline

• 2026-05-04 Price Changed $170,000 ImagineMLS
• 2026-03-24 Price Changed $180,000 ImagineMLS
• 2026-02-21 Listed $190,000 ImagineMLS
• 2021-02-26 Sold (Public Records) $145,000 Public Records
• 2021-02-12 Sold (MLS) $145,000 ImagineMLS
• 2021-01-09 Pending — ImagineMLS
• 2020-12-11 Contingent — ImagineMLS
• 2020-10-08 Listed $149,900 ImagineMLS

Property tax history

+4.1%/yr

Latest (2025): $1,414 · -1.6% YoY. Source: county tax records.