40 42 Richter St · Providence, RI 02908

$629,900

6 bd · 3.0 ba · 2,862 sqft · MultiFamily public records · 15 Days on market

Built 1930 3,049 sqft lot

---

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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

WELL MAINTAINED 3 FAMILY HOME, 2 BEDROOMS IN EACH UNIT. SEPARATE HEATING AND ELECTRIC. UPDATED WINDOWS. AMPLE OFF STREET PARKING.

Key facts

• Updated finishes
• Off street parking
• Multi family

Tags

• ORIGINAL HARDWOOD FLOORS
• UPDATED FINISHES
• OFF STREET PARKING
• LOW MAINTENANCE SETUP
• MULTI FAMILY

Property features AI

Finance

• Other: Above-grade finished area reported as 2,862
• Financial info: Operating expenses reported as $7,750
• HOA & community: Near highway access, hospital, schools, public transportation, restaurants and shopping

Exterior

• Parking: No garage; Space for 3 vehicles
• Security: Owned security system
• Utilities: Public water (connected); Public sewer (connected)
• Home design: 3-story building; Single building with three residential units
• Construction: Drywall and vinyl siding exterior
• Exterior features: Security system (owned); Lot approximately 3,049 sq ft

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Three 2-bedroom units
• Flooring: Hardwood
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas baseboard heating
• Interior features: Attic with permanent attic stairs; Tub/shower; Unfinished full basement with interior entry
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $630k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $507/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $630k).
• Recommended offer: $620k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.2% in Providence — 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 84/100 on livability (#2 in RI, #794 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, schools F.
• Providence (urban): math 8% / reading 16% proficiency, ranked #34 of 39 in RI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,233/mo this rent would consume 119% of the median local household income ($73k/yr) (locally 1561% 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 $4k of loan paydown is wiped out by about $19k 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 + 5.5% rent growth), your $176k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($620k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 30y 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 $260k; list at $630k implies a 142% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $620,451 (1.5% below list)

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 1930 — 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 F-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: 1.15% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.35%
• DSCR: 1.46
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $13,156
• Equity at exit: $93,920

10-year hold

• IRR: 13.7%
• Equity multiple: 2.22×
• Total profit: $215,401
• Equity at exit: $54,462

Cash invested: $176,372 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $7,233 high
• Mortgage (P&I): −$3,303
• Tax from tax record: −$627 /mo · $7,528/yr
• Insurance: −$262
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,519
• Net cashflow: $1,521

Break-even live

Break-even rent $5,308

Max offer price $629,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,233
Total (3 units)			$7,233

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: $157,475
• Closing costs: $18,897
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-13
   statusdays on market $629,900 Pending 15 DOM
2. 2026-06-09
   days on market $629,900 Active 14 DOM
3. 2026-06-08
   days on market $629,900 Active 13 DOM
4. 2026-06-07
   days on market $629,900 Active 12 DOM
5. 2026-06-05
   days on market $629,900 Active 9 DOM
6. 2026-06-03
   days on market $629,900 Active 8 DOM
7. 2026-06-02
   days on market $629,900 Active 7 DOM
8. 2026-06-01
   days on market $629,900 Active 6 DOM
9. 2026-05-31
   days on market $629,900 Active 5 DOM
10. 2026-05-26
    listed $629,900 Active
11. 2008-02-28
    historical
12. 2007-08-31
    listed $279,900
13. 2005-03-14
    soldstatus $259,900 129-char remark

    Show marketing remark (129 chars)

    WELL MAINTAINED 3 FAMILY HOME, 2 BEDROOMS IN EACH UNIT. SEPARATE HEATING AND ELECTRIC. UPDATED WINDOWS. AMPLE OFF STREET PARKING.

14. 2005-02-15
    historical 129-char remark

    Show marketing remark (129 chars)

    WELL MAINTAINED 3 FAMILY HOME, 2 BEDROOMS IN EACH UNIT. SEPARATE HEATING AND ELECTRIC. UPDATED WINDOWS. AMPLE OFF STREET PARKING.

15. 2005-01-03
    listed $269,900 129-char remark

    Show marketing remark (129 chars)

    WELL MAINTAINED 3 FAMILY HOME, 2 BEDROOMS IN EACH UNIT. SEPARATE HEATING AND ELECTRIC. UPDATED WINDOWS. AMPLE OFF STREET PARKING.

16. 2004-08-03
    historical
17. 2004-07-27
    listed $309,900
18. 2003-04-14
    soldstatus $185,000
19. 2003-03-05
    historical
20. 2003-02-18
    listed $185,000
21. 1997-02-06
    listed $52,000
22. 1996-11-02
    historical
23. 1996-08-08
    listed $49,900

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

Tax reassessment forecast RI · Partial reset (capped growth)

• Current annual tax: $7,528 · $627/mo
• Projected year-2 tax: $8,898 · $741/mo
• Expected delta: +$1,370/yr (+$114/mo · 18.2%)

ⓘ 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 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $86,796
• − Mortgage interest: −$35,284
• − Property taxes: −$7,528
• − Insurance: −$3,150
• − Repairs & maintenance: −$6,944
• − Management: −$6,944
• − Depreciation: −$18,324
• Taxable income: $8,623
• Est. tax owed @ 24.0%: −$2,069
• After-tax cash flow: $16,183/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: Providence
• NCES district ID: 4400900
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 16% ▼ -2.00%
• Median HH income: $38,197
• Composite: 10.12/100
• National rank: #9803
• State rank: #34 of 39 in RI

Livability — Providence

• Score: 84/100
• State rank: #2
• US rank: #794

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Providence, RI
• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 2%

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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+1162.3% since first listed

14 events — show timeline

• 2026-05-26 Listed $629,900 RIS
• 2008-02-28 Listing Removed — RIS
• 2007-08-31 Listed $279,900 RIS
• 2005-03-14 Sold (MLS) $259,900 RIS
• 2005-02-15 Listing Removed — RIS
• 2005-01-03 Listed $269,900 RIS
• 2004-08-03 Listing Removed — RIS
• 2004-07-27 Listed $309,900 RIS
• 2003-04-14 Sold (MLS) $185,000 RIS
• 2003-03-05 Listing Removed — RIS
• 2003-02-18 Listed $185,000 RIS
• 1997-02-06 Listed $52,000 RIS
• 1996-11-02 Listing Removed — RIS
• 1996-08-08 Listed $49,900 RIS

Property tax history

+3.0%/yr

Latest (2025): $7,528 · +23.2% YoY. Source: county tax records.