150 Bay View Dr #8

Jamestown, RI 02835

$775,000C

2 bd · 2.0 ba · 1,486 sqft · Built 1985 · Condo · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,325/mo
• Mortgage (P&I): −$4,064
• Tax + insurance: −$1,292
• HOA: −$790
• Vac / Maint / Mgmt: −$1,958
• Net cashflow: $1,221/mo
• Annual: $14,649/yr
• Cap rate: 8.18%
• Cash-on-cash: 6.75%
• DSCR: 1.30
• 1% rule: 1.20%
• Cash to close: $217,000

Investor read

• This is a 2-bed/2.0-bath condo listed at $775k. Condition is rated good.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $775k).
• It's been on market 31 days — a 3% lower offer ($752k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $752k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Jamestown (suburban): math 51% / reading 68% proficiency, ranked #2 of 39 in RI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 62 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 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.