35 Central St · Cumberland Hill, RI 02838

$649,900

9 bd · 3.0 ba · 5,518 sqft · MultiFamily · 17 Days on market

Built 1900 3,485 sqft lot Est $695k · 7% under

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Why this score? — see what drove the B 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 +25.0/30.0
• ARV discount +10.4/15.0
• Appreciation +8.4/10.0
• DSCR +8.1/10.0
• 1% rule +6.5/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks

Fully remodeled 3-family property offering a rare turnkey investment opportunity in desirable Lincoln. This building was taken down to the studs in 2023 and completely renovated with all new electrical, plumbing, and modern finishes throughout. Each unit is well-appointed and the property is fully rented, providing immediate, stable income. All three units offer spacious 3-bedroom layouts. The first-floor unit is an oversized apartment featuring a classic double parlor layout, while the second and third floors are configured as side-by-side townhouse-style units, maximizing functionality and tenant appeal. This offering is part of a unique portfolio consisting of three separate 3-family pro

Key facts

• Common parking area
• Remodeled property
• Fully rented

Tags

• REMODELED PROPERTY
• TURNKEY INVESTMENT OPPORTUNITY
• FULLY RENTED
• COMMON PARKING AREA

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $470/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Recommended offer: $640k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 74/100 on livability (#11 in RI, #4,666 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Lincoln (suburban): math 38% / reading 48% proficiency, ranked #13 of 39 in RI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Northern Lincoln Elem. (math 27% / reading 42%, grade F, #56 of 167 statewide, top 39%, 503 students, 45% FRL); Lincoln Middle School (math 40% / reading 47%, grade D, #7 of 57 statewide, top 11%, 778 students, 29% FRL); Lincoln Senior High School (math 45% / reading 60%, grade C-, #9 of 58 statewide, top 14%, 976 students, 27% FRL).
• Market conditions: 21 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $49k of equity ($4k loan paydown + $44k appreciation (6.8% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $182k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$78k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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 $207k; list at $650k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 66% 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 $640,151 (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 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. 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 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: 8.89%
• Cash-on-cash: 9.29%
• DSCR: 1.41
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $695,268
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
68 Division St	0.14mi	8/3.0 (-1)	4,853 (-12%)	9mo	$610,000	$126	61

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

6.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 2.70×
• Total profit: $309,552
• Equity at exit: $442,646

10-year hold

• IRR: 22.9%
• Equity multiple: 5.58×
• Total profit: $833,651
• Equity at exit: $833,929

Cash invested: $181,972 (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 02838

• Home prices YoY: 1.7%
• Active inventory: 21
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $7,469 medium
• Mortgage (P&I): −$3,408
• Tax est. 1.5%: −$812 /mo · $9,748/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,568
• Net cashflow: $1,409

Break-even live

Break-even rent $5,685

Max offer price $649,900

Occupancy floor 76%

Sensitivity live

Price	-10% $1,858	-5% $1,634	+0% $1,409	+5% $1,185	+10% $960
Rent	-10% $819	-5% $1,114	+0% $1,409	+5% $1,704	+10% $1,999
Rate	-1.0pp $1,736	-0.5pp $1,574	base $1,409	+0.5pp $1,241	+1.0pp $1,069

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$7,470
Total (3 units)			$7,469

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-04-13
   status Pending
2. 2026-03-27
   listed $649,900 Active
3. 2021-11-03
   status Pending
4. 2021-11-02
   historical
5. 2021-08-24
   price $324,900
6. 2021-07-21
   price $325,000
7. 2021-06-18
   listed $329,900 Active
8. 2021-06-12
   historical
9. 2021-05-04
   price $350,000
10. 2021-03-29
    listed $375,000 Active
11. 2020-07-01
    soldstatus $207,000 Closed
12. 2020-06-14
    historical Active Under Contract
13. 2020-06-10
    listed $249,900 Active
14. 2020-06-01
    historical
15. 2020-03-01
    listed $259,935 Active
16. 2020-01-03
    status Pending
17. 2020-01-02
    historical
18. 2019-12-30
    status Active
19. 2019-12-19
    status Pending
20. 2019-12-06
    listed $259,935 Active
21. 2007-07-31
    historical
22. 2007-01-08
    listed $315,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% 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: $89,628
• − Mortgage interest: −$36,405
• − Property taxes: −$9,748
• − Insurance: −$3,250
• − Repairs & maintenance: −$7,170
• − Management: −$7,170
• − Depreciation: −$18,906
• Taxable income: $6,979
• Est. tax owed @ 24.0%: −$1,675
• After-tax cash flow: $15,235/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: Lincoln
• NCES district ID: 4400570
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $69,500
• Composite: 38.81/100
• National rank: #4115
• State rank: #13 of 39 in RI

Livability — Cumberland Hill

• Score: 74/100
• State rank: #11
• US rank: #4666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,007

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: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Asian 2%
• Common ancestry: Lithuanian 22% Russian 17% Scotch-Irish 4%
• Foreign-born: 5% · South Korea, Canada, Jamaica
• Languages at home: 82% English-only · French/Haitian/Cajun 12% Russian/Polish/Slavic 3% Spanish 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: ▲ 6.82%
• Current HPI: 411.3952
• Rent YoY: —
• Metro: —
• 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

+106.3% since first listed

22 events — show timeline

• 2026-04-13 Pending — RIS
• 2026-03-27 Listed $649,900 RIS
• 2021-11-03 Pending — RIS
• 2021-11-02 Listing Removed — RIS
• 2021-08-24 Price Changed $324,900 RIS
• 2021-07-21 Price Changed $325,000 RIS
• 2021-06-18 Listed $329,900 RIS
• 2021-06-12 Listing Removed — RIS
• 2021-05-04 Price Changed $350,000 RIS
• 2021-03-29 Listed $375,000 RIS
• 2020-07-01 Sold (MLS) $207,000 RIS
• 2020-06-14 Contingent — RIS
• 2020-06-10 Listed $249,900 RIS
• 2020-06-01 Listing Removed — RIS
• 2020-03-01 Listed $259,935 RIS
• 2020-01-03 Pending — RIS
• 2020-01-02 Listing Removed — RIS
• 2019-12-30 Relisted — RIS
• 2019-12-19 Pending — RIS
• 2019-12-06 Listed $259,935 RIS
• 2007-07-31 Listing Removed — RIS
• 2007-01-08 Listed $315,000 RIS