104 Lilac Dr · Berea, KY 40403

$235,000

4 bd · 3.0 ba · 1,482 sqft · MultiFamily public records · 62 Days on market

0.25 ac lot

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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 +13.6/30.0
• ARV discount +7.5/15.0
• DSCR +4.1/10.0
• Livability +3.8/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +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: 1 unit. estimate disagrees with records

Listing remarks MLS

This versatile two-level residence offers an exceptional opportunity as a single-family haven or an enticing rental investment. Upon entry, ascend to the upper level where comfort and functionality converge seamlessly. The top floor features two bedrooms & two full bathrooms, with a dedicated laundry room, while two spacious living areas provide ample space for relaxation and entertainment. You'll find a perfect space for a designated home office, complete with its own private deck, offering a serene retreat for work or contemplation. Step outside onto another expansive deck accessible from the open kitchen and great room. In the lower level, discover an additional living quarter comprising two bedrooms, a full bath & a well-appointed kitchen. A separate laundry room enhances functionality, catering to the needs of residents or potential tenants. The garage running the length of the house provides ample storage space & includes a separate workshop area, ideal for pursuing creative endeavors or tinkering on projects. This home has been owned by the same family for well over 50 years & is ready for it's new owners!

Key facts

• Minutes from dining
• 0.25 acre lot
• Garage

Tags

• QUIET ESTABLISHED NEIGHBORHOOD
• GENEROUSLY SIZED YARD
• MINUTES FROM LOCAL SHOPS
• MINUTES FROM DINING
• MINUTES FROM BEREA COLLEGE

Property features AI

Finance

• Other: Parcel number B006-0015-0028
• Financial info: No financial details provided
• HOA & community: No HOA information listed

Exterior

• Parking: Attached garage; Driveway; Off-street parking; Garage faces side
• Security: No specific security features listed
• Utilities: Public sewer; Electricity connected; Phone connected; Sewer connected; Water connected
• Home design: House; Two levels
• Construction: Brick veneer exterior; Composition roof; Slab foundation; Built area approximately 2,082 total square feet
• Exterior features: Few trees on the lot; Public water

Interior

• Kitchen: Dishwasher; Refrigerator; Range
• Bedrooms: Total bedrooms not specified
• Flooring: Carpet; Hardwood; Laminate; Tile
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Heat pump cooling
• Interior features: Finished basement with walk-out access (approximately 600 finished below grade); 5 total rooms; No fireplace
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $13 ($154/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 $193k (17.9% below list).
• Recommended offer: $193k (17.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% 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.
• Berea Independent (town): math 21% / reading 38% proficiency, ranked #117 of 165 in KY (top 71%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Berea Community Elementary School (math 17% / reading 27%, grade F, #525 of 676 statewide, top 82%, 503 students, 69% FRL); Berea Community Middle School (math 20% / reading 44%, grade F, #121 of 217 statewide, top 57%, 230 students, 62% FRL); Berea Community High School (math 32% / reading 42%, grade F, #58 of 254 statewide, top 27%, 353 students, 56% FRL).
• Market conditions: 206 active listings in the ZIP; 453 units permitted in Madison County in 2024 (64 in 5+ unit buildings).
• This rent runs 37% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 62 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $34k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $182k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $192,900 (17.9% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 18% 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. 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?
5. 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.
6. 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.
7. 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: 0.82% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.23%
• DSCR: 1.01
• GRM: 10.2

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: -16.0%
• Equity multiple: 0.43×
• Total profit: $-37,303
• Equity at exit: $35,039

10-year hold

• IRR: -7.6%
• Equity multiple: 0.52×
• Total profit: $-31,593
• Equity at exit: $20,319

Cash invested: $65,800 (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: 206
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $1,929 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$181 /mo · $2,169/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$405
• Net cashflow: $13

Break-even live

Break-even rent $1,913

Max offer price $235,000

Occupancy floor 94%

Sensitivity live

Price	-10% $146	-5% $79	+0% $13	+5% $-54	+10% $-120
Rent	-10% $-140	-5% $-63	+0% $13	+5% $89	+10% $165
Rate	-1.0pp $131	-0.5pp $73	base $13	+0.5pp $-48	+1.0pp $-110

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,928
Total (2 units)			$1,929

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-17
   days on market $235,000 Active 62 DOM
2. 2026-06-16
   days on market $235,000 Active 61 DOM
3. 2026-06-15
   days on market $235,000 Active 60 DOM
4. 2026-06-14
   days on market $235,000 Active 58 DOM
5. 2026-06-13
   days on market $235,000 Active 57 DOM
6. 2026-06-10
   days on market $235,000 Active 55 DOM
7. 2026-06-09
   days on market $235,000 Active 54 DOM
8. 2026-06-08
   days on market $235,000 Active 53 DOM
9. 2026-06-07
   days on market $235,000 Active 52 DOM
10. 2026-06-05
    pricedays on market $235,000 Active 49 DOM
11. 2026-06-03
    days on market $239,500 Active 48 DOM
12. 2026-06-02
    days on market $239,500 Active 47 DOM
13. 2026-06-01
    days on market $239,500 Active 46 DOM
14. 2026-05-31
    days on market $239,500 Active 45 DOM
15. 2026-05-30
    days on market $239,500 Active 44 DOM
16. 2026-05-19
    price $247,000
17. 2026-05-12
    price $255,000
18. 2026-05-04
    price $265,000
19. 2026-04-16
    listed $269,000 Active
20. 2024-07-11
    soldstatus $182,000 Closed 1147-char remark

    Show marketing remark (1147 chars)

    This versatile two-level residence offers an exceptional opportunity as a single-family haven or an enticing rental investment. Upon entry, ascend to the upper level where comfort and functionality converge seamlessly. The top floor features two bedrooms & two full bathrooms, with a dedicated laundry room, while two spacious living areas provide ample space for relaxation and entertainment. You'll find a perfect space for a designated home office, complete with its own private deck, offering a serene retreat for work or contemplation. Step outside onto another expansive deck accessible from the open kitchen and great room. In the lower level, discover an additional living quarter comprising two bedrooms, a full bath & a well-appointed kitchen. A separate laundry room enhances functionality, catering to the needs of residents or potential tenants. The garage running the length of the house provides ample storage space & includes a separate workshop area, ideal for pursuing creative endeavors or tinkering on projects. This home has been owned by the same family for well over 50 years & is ready for it's new owners!

21. 2024-07-11
    soldstatus $182,000

    Show marketing remark (1147 chars)

    This versatile two-level residence offers an exceptional opportunity as a single-family haven or an enticing rental investment. Upon entry, ascend to the upper level where comfort and functionality converge seamlessly. The top floor features two bedrooms & two full bathrooms, with a dedicated laundry room, while two spacious living areas provide ample space for relaxation and entertainment. You'll find a perfect space for a designated home office, complete with its own private deck, offering a serene retreat for work or contemplation. Step outside onto another expansive deck accessible from the open kitchen and great room. In the lower level, discover an additional living quarter comprising two bedrooms, a full bath & a well-appointed kitchen. A separate laundry room enhances functionality, catering to the needs of residents or potential tenants. The garage running the length of the house provides ample storage space & includes a separate workshop area, ideal for pursuing creative endeavors or tinkering on projects. This home has been owned by the same family for well over 50 years & is ready for it's new owners!

22. 2024-05-24
    soldstatus $45,000
23. 2024-05-02
    historical Contingent 1147-char remark

    Show marketing remark (1147 chars)

    This versatile two-level residence offers an exceptional opportunity as a single-family haven or an enticing rental investment. Upon entry, ascend to the upper level where comfort and functionality converge seamlessly. The top floor features two bedrooms & two full bathrooms, with a dedicated laundry room, while two spacious living areas provide ample space for relaxation and entertainment. You'll find a perfect space for a designated home office, complete with its own private deck, offering a serene retreat for work or contemplation. Step outside onto another expansive deck accessible from the open kitchen and great room. In the lower level, discover an additional living quarter comprising two bedrooms, a full bath & a well-appointed kitchen. A separate laundry room enhances functionality, catering to the needs of residents or potential tenants. The garage running the length of the house provides ample storage space & includes a separate workshop area, ideal for pursuing creative endeavors or tinkering on projects. This home has been owned by the same family for well over 50 years & is ready for it's new owners!

24. 2024-04-16
    price $209,900 1147-char remark

    Show marketing remark (1147 chars)

    This versatile two-level residence offers an exceptional opportunity as a single-family haven or an enticing rental investment. Upon entry, ascend to the upper level where comfort and functionality converge seamlessly. The top floor features two bedrooms & two full bathrooms, with a dedicated laundry room, while two spacious living areas provide ample space for relaxation and entertainment. You'll find a perfect space for a designated home office, complete with its own private deck, offering a serene retreat for work or contemplation. Step outside onto another expansive deck accessible from the open kitchen and great room. In the lower level, discover an additional living quarter comprising two bedrooms, a full bath & a well-appointed kitchen. A separate laundry room enhances functionality, catering to the needs of residents or potential tenants. The garage running the length of the house provides ample storage space & includes a separate workshop area, ideal for pursuing creative endeavors or tinkering on projects. This home has been owned by the same family for well over 50 years & is ready for it's new owners!

25. 2024-04-01
    listed $224,900 Active 1147-char remark

    Show marketing remark (1147 chars)

    This versatile two-level residence offers an exceptional opportunity as a single-family haven or an enticing rental investment. Upon entry, ascend to the upper level where comfort and functionality converge seamlessly. The top floor features two bedrooms & two full bathrooms, with a dedicated laundry room, while two spacious living areas provide ample space for relaxation and entertainment. You'll find a perfect space for a designated home office, complete with its own private deck, offering a serene retreat for work or contemplation. Step outside onto another expansive deck accessible from the open kitchen and great room. In the lower level, discover an additional living quarter comprising two bedrooms, a full bath & a well-appointed kitchen. A separate laundry room enhances functionality, catering to the needs of residents or potential tenants. The garage running the length of the house provides ample storage space & includes a separate workshop area, ideal for pursuing creative endeavors or tinkering on projects. This home has been owned by the same family for well over 50 years & is ready for it's new owners!

26. 2023-06-22
    status Pending
27. 2023-06-20
    historical
28. 2023-06-19
    listed $175,000 Active
29. 2018-11-12
    historical
30. 2006-04-11
    listed $119,900

ⓘ 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: $2,169 · $181/mo
• Projected year-2 tax: $2,169 · $181/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 4/10 Moderate
• 🌡 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: $23,148
• − Mortgage interest: −$13,164
• − Property taxes: −$2,169
• − Insurance: −$1,175
• − Repairs & maintenance: −$1,852
• − Management: −$1,852
• − Depreciation: −$6,836
• Taxable loss: −$3,900
• Est. tax savings @ 24.0%: +$936
• After-tax cash flow: $1,090/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: Berea Independent
• NCES district ID: 2100480
• Math proficiency: 21% ▼ -13.00%
• Reading proficiency: 38% ▼ -13.00%
• Median HH income: $37,237
• Composite: 24.5/100
• National rank: #7654
• State rank: #117 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

+106.0% since first listed

15 events — show timeline

• 2026-05-19 Price Changed $247,000 ImagineMLS
• 2026-05-12 Price Changed $255,000 ImagineMLS
• 2026-05-04 Price Changed $265,000 ImagineMLS
• 2026-04-16 Listed $269,000 ImagineMLS
• 2024-07-11 Sold (Public Records) $182,000 Public Records
• 2024-07-11 Sold (MLS) $182,000 ImagineMLS
• 2024-05-24 Sold (Public Records) $45,000 Public Records
• 2024-05-02 Contingent — ImagineMLS
• 2024-04-16 Price Changed $209,900 ImagineMLS
• 2024-04-01 Listed $224,900 ImagineMLS
• 2023-06-22 Pending — ImagineMLS
• 2023-06-20 Listing Removed — ImagineMLS
• 2023-06-19 Listed $175,000 ImagineMLS
• 2018-11-12 Listing Removed — ImagineMLS
• 2006-04-11 Listed $119,900 ImagineMLS

Property tax history

+7.0%/yr

Latest (2025): $2,169 · +36.5% YoY. Source: county tax records.