245 Berry Ave

Bellevue, KY 41073

$275,000C+

3 bd · 2.0 ba · 1,944 sqft · Built 1880 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,877/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$300
• HOA: −$0
• Vac / Maint / Mgmt: −$604
• Net cashflow: $531/mo
• Annual: $6,366/yr
• Cap rate: 8.61%
• Cash-on-cash: 8.27%
• DSCR: 1.37
• 1% rule: 1.05%
• Cash to close: $77,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $531 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 92/100 on livability (#8 in KY, #24 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+.
• Bellevue Independent (suburban): math 17% / reading 33% proficiency, ranked #136 of 165 in KY (top 82%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Grandview Elementary School (math 8% / reading 32%, grade F, #568 of 676 statewide, top 84%, 277 students, 65% FRL); Bellevue High School (math 22% / reading 32%, grade F, #158 of 254 statewide, top 68%, 362 students, 61% FRL).
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 49 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals leasing fast (median 1d on market — plan ~1-2 weeks tenant-placement turnaround); 247 units permitted in Campbell County in 2024 (77 in 5+ unit buildings).
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.6% vs local median 4.5% in Bellevue — 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.
• At $2,877/mo this rent would consume 49% of the median local household income ($71k/yr) (locally 173% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.