4256 Berrywood Dr #3 · Independence, KY 41051

$164,900

2 bd · 1.5 ba · 1,272 sqft · Other public records · 9 Days on market

Built 1978 1,353 sqft lot $130/sqft · 14% above area Est $144k · 14% over $289/mo HOA · 14% of rent

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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 +22.2/30.0
• 1% rule +7.3/10.0
• DSCR +7.1/10.0
• Schools +4.0/10.0
• Rent growth +3.8/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

GREAT condo in the most convenient location!!! Wonderful investment opportunity- Corner-unit 2 bedroom, 1.5 bath- Beautiful wooded view! Close to everything! One car- attached garage- entering directly into condo. Bathrooms feature updated vanities! There is a club house that can be rented out for parties, a new pool, new dog park and walking trails! Ready for new buyers with immediate occupancy!

Key facts

• $289 HOA
• Garage
• Community pool

Property features AI

Finance

• HOA & community: Monthly association fee; Association amenities include landscaping, dog park, playground, pool, clubhouse; Association fee covers association fees, grounds maintenance, and snow removal

Exterior

• Parking: Attached garage (1 car)
• Utilities: Public water; Public sewer; Cable available
• Home design: Townhouse; Two levels; Existing structure
• Construction: Built in 1978; Brick and vinyl siding; Shingle roof; Slab foundation
• Exterior features: Wooded lot

Interior

• Kitchen: Stainless steel appliances; Electric oven; Electric range; Convection oven; Dishwasher; Microwave; Refrigerator
• Bedrooms: Primary bedroom with two closets; Bedroom 2 with large closet
• Bathrooms: 1 full bathroom; 1 half bathroom; Primary bath
• Heating & cooling: Electric heating; Central air conditioning
• Interior features: Open floorplan; Ceiling fan(s)
• Laundry & utility: Laundry on main level

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath other listed at $165k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Cap rate 8.3% vs local median 3.7% in Independence — 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 72/100 on livability (#130 in KY) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Kenton County (suburban): math 42% / reading 48% proficiency, ranked #14 of 165 in KY (top 8%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Beechgrove Elementary School (math 41% / reading 42%, grade F, #197 of 676 statewide, top 29%, 660 students, 61% FRL); Woodland Middle School (math 38% / reading 50%, grade D, #40 of 217 statewide, top 19%, 616 students, 48% FRL); Simon Kenton High School (math 40% / reading 44%, grade F, #32 of 254 statewide, top 13%, 1,859 students, 37% FRL) — zoned schools average 49% FRL vs 33% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.4%/yr); 253 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 699 units permitted in Kenton County in 2024 (287 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.
• Kenton County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.4% rent growth), your $46k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago 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.
• Current owner paid $110k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $164,900

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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 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: 1.23% ✓
• Cap rate: 8.25%
• Cash-on-cash: 6.99%
• DSCR: 1.31
• GRM: 6.8

CMA / ARV

• ARV (median comp): $144,396
• List price: $164,900
• Delta: 14.20%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.37% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.90×
• Total profit: $-4,488
• Equity at exit: $24,587

10-year hold

• IRR: 10.0%
• Equity multiple: 1.87×
• Total profit: $40,081
• Equity at exit: $14,258

Cash invested: $46,172 (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 41051

• Home prices YoY: -32.6%
• Rents YoY: 5.4%
• Active inventory: 253
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,028 high
• Mortgage (P&I): −$865
• Tax from tax record: −$110 /mo · $1,324/yr
• Insurance: −$69
• HOA: −$289
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $269

Break-even live

Break-even rent $1,687

Max offer price $164,900

Occupancy floor 82%

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3924 Trappers Ct Florence, KY	3.0	1.5	1384	$2,380	$1.72	43d	1	0.35mi
9552 Apple Valley Dr Independence, KY	2.0	2.0	1100	$1,456	$1.32	1d	6	0.42mi
1047 Alpine Ct Independence, KY	3.0	2.0	1035	$2,400	$2.32	23d	1	0.55mi
3000 Stoneybrook Ln Elsmere, KY	1.0–2.0	1.0–2.0	989	$1,660	$1.68	4d	17	1.36mi
101 Pinehurst Dr Florence, KY	1.0–2.0	1.0	815	$1,399	$1.72	23d	6	1.40mi

HOA detail

• Monthly dues: $289 · $3,468/yr
• Likely covers: pool

Listing history 8 events

1. 2026-06-07
   remarks 699-char remark
2. 2026-05-15
   status Pending 697-char remark
3. 2026-05-14
   price $164,900 697-char remark
4. 2026-05-06
   listed $165,000 Active 697-char remark
5. 2024-12-04
   soldstatus $110,000
6. 2024-12-02
   soldstatus $110,000 Sold 402-char remark

   Show marketing remark (402 chars)

   GREAT condo in the most convenient location!!! Wonderful investment opportunity- Corner-unit 2 bedroom, 1.5 bath- Beautiful wooded view! Close to everything! One car- attached garage- entering directly into condo. Bathrooms feature updated vanities! There is a club house that can be rented out for parties, a new pool, new dog park and walking trails! Ready for new buyers with immediate occupancy!

7. 2024-11-15
   status Pending 402-char remark

   Show marketing remark (402 chars)

   GREAT condo in the most convenient location!!! Wonderful investment opportunity- Corner-unit 2 bedroom, 1.5 bath- Beautiful wooded view! Close to everything! One car- attached garage- entering directly into condo. Bathrooms feature updated vanities! There is a club house that can be rented out for parties, a new pool, new dog park and walking trails! Ready for new buyers with immediate occupancy!

8. 2024-11-08
   listed $99,900 Active 402-char remark

   Show marketing remark (402 chars)

   GREAT condo in the most convenient location!!! Wonderful investment opportunity- Corner-unit 2 bedroom, 1.5 bath- Beautiful wooded view! Close to everything! One car- attached garage- entering directly into condo. Bathrooms feature updated vanities! There is a club house that can be rented out for parties, a new pool, new dog park and walking trails! Ready for new buyers with immediate occupancy!

ⓘ 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: $1,324 · $110/mo
• Projected year-2 tax: $1,418 · $118/mo
• Expected delta: +$94/yr (+$8/mo · 7.1%)

ⓘ 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 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,331
• − Mortgage interest: −$9,237
• − Property taxes: −$1,324
• − Insurance: −$824
• − Repairs & maintenance: −$1,946
• − Management: −$1,946
• − HOA: −$3,468
• − Depreciation: −$4,797
• Taxable income: $788
• Est. tax owed @ 24.0%: −$189
• After-tax cash flow: $3,039/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: Kenton County
• NCES district ID: 2103090
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 48% ▼ -14.00%
• Median HH income: $66,183
• Composite: 40.17/100
• National rank: #3789
• State rank: #14 of 165 in KY

Livability — Independence

• Score: 72/100
• State rank: #130
• US rank: #6165

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Independence, KY
• County: Kenton County · 142,881 people
• City population: 33,054
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 33,054
• Household income: $104,201
• Rent vs Own: 12.5% rent · 87.5% own
• Severe rent burden: 243.0

Population outlook (Kenton County) Hauer SSP2

• Today (2025): 174,205 people
• By 2030: 177,897 · +2.1%
• By 2040: 182,671 · +4.9%
• By 2050: 183,543 · +5.4%
• By 2075: 178,977 · +2.7%
• By 2100: 159,920 · -8.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 2% Black 1% Asian 1%
• Common ancestry: Italian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 96% English-only · Spanish 1% Chinese 1% Other Asian/Pacific 1%

Political lean MEDSL · Kenton

• 2024 margin: Strong R (+21.7) · D 38.2% · R 59.9% · Other 1.9%
• 2008→2024 swing: -0.9pp no change · 2008: -20.9pp · 2024: -21.7pp
• All cycles: 2024: R+21.7 2020: R+19.3 2016: R+26.1 2012: R+24.3 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.60%
• Current HPI: 218.492
• Rent YoY: ▲ 5.37%
• Metro: Cincinnati, OH-KY-IN
• 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

+65.1% since first listed

7 events — show timeline

• 2026-05-15 Pending — NKMLS
• 2026-05-14 Price Changed $164,900 NKMLS
• 2026-05-06 Listed $165,000 NKMLS
• 2024-12-04 Sold (Public Records) $110,000 Public Records
• 2024-12-02 Sold (MLS) $110,000 NKMLS
• 2024-11-15 Pending — NKMLS
• 2024-11-08 Listed $99,900 NKMLS

Property tax history

+2.8%/yr

Latest (2025): $1,324 · +17.4% YoY. Source: county tax records.