48 56 Providence St · Woonsocket, RI 02895

$975,000

77 bd · 49.0 ba · 6,708 sqft · MultiFamily · 11 Days on market

Built 1900 0.66 ac lot $145/sqft · 47% above area Est $663k · 47% over ↓ 11% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 7 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

7-UNIT PROPERTY PLUS 11 GARAGE BAYS. 48-56 Providence Street 7-unit residential apartment building plus 0 Parker Street 11-bay commercial garage structure, Woonsocket, RI (Plat 10M Lot 377/19). Five two-bedroom apartments and two one-bedroom apartments. Combined lot: 0.66 acres (28,749 SF), R4 zoning. Well maintained and professionally managed. Package deal. P and L and rent roll are available upon request. The total package includes MLS 1410462, 1410369, 1410370, 1410402, 1410403, 1410408, and 1410432.

Key facts

• 0.66 acre lot
• 11 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 7 × 11-bed/7.0-bath units multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $7k ($80k/yr) — positive. Per door: $951/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($16k rent vs $975k).
• Cap rate 14.5% vs local median 3.3% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Woonsocket (suburban): math 5% / reading 14% proficiency, ranked #37 of 39 in RI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.2%/yr); 165 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $16,210/mo this rent would consume 319% of the median local household income ($61k/yr) (locally 2658% 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 $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $273k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $975,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.66% ✓
• Cap rate: 14.49%
• Cash-on-cash: 29.27%
• DSCR: 2.30
• GRM: 5.0

CMA / ARV

• ARV (median comp): $662,776
• List price: $975,000
• Delta: 47.11%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 29.0%
• Equity multiple: 2.29×
• Total profit: $351,664
• Equity at exit: $145,376

10-year hold

• IRR: 39.1%
• Equity multiple: 5.55×
• Total profit: $1,241,750
• Equity at exit: $84,300

Cash invested: $273,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 31 Tenant-Leaning
• State Rhode Island: 31 Tenant-Leaning · D+8
• County: — inherits STATE
• City: — inherits STATE

30-day notice; strong tenant protections.

Methodology + full state rankings →

ZIP-level market 02895

• Rents YoY: 9.2%
• Active inventory: 165
• Price-to-rent: 35.1×

Monthly cashflow live

• Estimated rent: $16,210 medium
• Mortgage (P&I): −$5,113
• Tax from tax record: −$628 /mo · $7,533/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,404
• Net cashflow: $6,659

Break-even live

Break-even rent $7,781

Max offer price $975,000

Occupancy floor 54%

Sensitivity live

Price	-10% $7,211	-5% $6,935	+0% $6,659	+5% $6,383	+10% $6,107
Rent	-10% $5,378	-5% $6,019	+0% $6,659	+5% $7,299	+10% $7,939
Rate	-1.0pp $7,150	-0.5pp $6,907	base $6,659	+0.5pp $6,406	+1.0pp $6,149

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

Units	Beds	Baths	Est. rent
▸ 7× units	11	7	$16,212
Total (7 units)			$16,210

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-02
   status Pending 508-char remark

   Show marketing remark (508 chars)

   7-UNIT PROPERTY PLUS 11 GARAGE BAYS. 48-56 Providence Street 7-unit residential apartment building plus 0 Parker Street 11-bay commercial garage structure, Woonsocket, RI (Plat 10M Lot 377/19). Five two-bedroom apartments and two one-bedroom apartments. Combined lot: 0.66 acres (28,749 SF), R4 zoning. Well maintained and professionally managed. Package deal. P and L and rent roll are available upon request. The total package includes MLS 1410462, 1410369, 1410370, 1410402, 1410403, 1410408, and 1410432.

2. 2026-04-21
   listed $975,000 Active 508-char remark

   Show marketing remark (508 chars)

   7-UNIT PROPERTY PLUS 11 GARAGE BAYS. 48-56 Providence Street 7-unit residential apartment building plus 0 Parker Street 11-bay commercial garage structure, Woonsocket, RI (Plat 10M Lot 377/19). Five two-bedroom apartments and two one-bedroom apartments. Combined lot: 0.66 acres (28,749 SF), R4 zoning. Well maintained and professionally managed. Package deal. P and L and rent roll are available upon request. The total package includes MLS 1410462, 1410369, 1410370, 1410402, 1410403, 1410408, and 1410432.

3. 2017-09-14
   soldstatus $1,100,000

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

Tax reassessment forecast RI · Partial reset (capped growth)

• Current annual tax: $7,533 · $628/mo
• Projected year-2 tax: $11,713 · $976/mo
• Expected delta: +$4,180/yr (+$348/mo · 55.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $194,520
• − Mortgage interest: −$54,615
• − Property taxes: −$7,533
• − Insurance: −$4,875
• − Repairs & maintenance: −$15,562
• − Management: −$15,562
• − Depreciation: −$28,364
• Taxable income: $68,010
• Est. tax owed @ 24.0%: −$16,322
• After-tax cash flow: $63,584/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: Woonsocket
• NCES district ID: 4401200
• Math proficiency: 5% ▼ -7.00%
• Reading proficiency: 14% ▼ -2.00%
• Median HH income: $37,757
• Composite: 8.01/100
• National rank: #9923
• State rank: #37 of 39 in RI

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woonsocket, RI
• County: Providence County · 548,917 people
• City population: 43,521
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 43,521
• Household income: $61,059
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2658.0

Population outlook (Providence County) Hauer SSP2

• Today (2025): 653,469 people
• By 2030: 660,819 · +1.1%
• By 2040: 672,747 · +3.0%
• By 2050: 683,741 · +4.6%
• By 2075: 720,435 · +10.2%
• By 2100: 741,582 · +13.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 18% Asian 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 15% Dominican 4%
• Common ancestry: Lithuanian 13% Romanian 3% Russian 3%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 17% Other Asian/Pacific 4% Other Indo-European 4%

Political lean MEDSL · Providence

• 2024 margin: D (+14.4) · D 56.1% · R 41.7% · Other 2.2%
• 2008→2024 swing: -20.0pp toward R · 2008: 34.4pp · 2024: 14.4pp
• All cycles: 2024: D+14.4 2020: D+22.9 2016: D+21.2 2012: D+34.9 2008: D+34.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -431.80%
• Current HPI: 357.8858
• Rent YoY: ▲ 9.15%
• Metro: Providence-Warwick, RI-MA
• State GDP YoY: ▲ 2.25%
• F500 in state: 10

Industry mix (Fortune 500 HQ in RI)

Industry	F500 HQs	Revenue
▸Healthcare	1	$373B
▸Food Distribution	1	$31B
▸Aerospace / Defense	1	$14B
▸Financial Services	1	$8B
▸Consumer Goods	1	$4B

Price history

-11.4% since first listed

3 events — show timeline

• 2026-05-02 Pending — RIS
• 2026-04-21 Listed $975,000 RIS
• 2017-09-14 Sold (Public Records) $1,100,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $7,533 · +4.8% YoY. Source: county tax records.