654 Cranston St · Providence, RI 02907

$699,900

9 bd · 3.0 ba · 4,480 sqft · MultiFamily · 186 Days on market

Built 1920 Average condition 4,356 sqft lot $156/sqft · 6% above area Est $661k · 6% over

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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 +20.9/30.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Rent growth +5.0/5.0
• ARV discount +4.8/15.0
• Livability +4.2/5.0
• Condition / age +2.8/5.0
• 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

Don't miss this rare opportunity to own a West End three-family home that combines timeless character with flexible investment potential. Featuring a distinctive Mansard roof and classic architectural details, each sizeable unit offers three bedrooms and one bath, providing spacious layouts and strong rental appeal. Located in a C2 commercially zoned area with excellent street-front exposure, this property is ideal for mixed-use possibilities, possible small business ventures, or continued residential rental income. The first-floor unit is vacant and ready for immediate occupancy or conversion to business purposes, while the second and third-floor units are currently rented month-to-month, offering flexibility for owner-occupants or investors. All units have separate utilities. 3 Gas fired furnaces and 3 hot water tanks. Additional highlights include parking for up to five cars, a rare amenity in this sought-after neighborhood, and a prime West End location close to shops, restaurants, schools, and public transportation, and just a few minutes to the highway Rt10, which connects with downtown, Rt6, Rt95, Rt195 and Rt146! This property offers the perfect blend of income potential, visibility, and versatility a true West End classic with commercial opportunity! Come look and make an offer! Don't miss out on this amazing opportunity!

Key facts

• Separate utilities
• Mansard roof
• 4,356 sq ft lot

Tags

• MANSARD ROOF
• COMMERCIALLY ZONED AREA
• MIXED-USE POSSIBILITIES
• SEPARATE UTILITIES
• PARKING FOR UP TO FIVE CARS
• PRIME WEST END LOCATION

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $700k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $967 ($12k/yr) — positive. Per door: $322/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $700k).
• Recommended offer: $616k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% 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 (+15.3%/yr); 61 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,347/mo this rent would consume 168% of the median local household income ($52k/yr) (locally 2189% 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 $5k of loan paydown is wiped out by about $21k 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 $196k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 186 days — a 12% lower offer ($616k) 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 $118k; list at $700k implies a 493% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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 $615,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 186 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.05% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (median comp): $660,659
• List price: $699,900
• Delta: 5.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
948 Cranston St	0.60mi	9/3.0	4,591 (+2%)	11mo	$612,000	$133	59
41 Washington Ave	0.39mi	8/4.0 (-1)	5,025 (+12%)	0mo	$605,000	$120	52
30 Cory Ave	0.57mi	8/3.0 (-1)	4,908 (+10%)	2mo	$615,000	$125	51

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

Projected returns pro-forma

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

5-year hold

• IRR: -1.7%
• Equity multiple: 0.93×
• Total profit: $-12,869
• Equity at exit: $104,357

10-year hold

• IRR: 12.8%
• Equity multiple: 2.25×
• Total profit: $245,291
• Equity at exit: $60,515

Cash invested: $195,972 (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 02907

• Home prices YoY: -20.1%
• Rents YoY: 15.3%
• Active inventory: 61
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $7,347 high
• Mortgage (P&I): −$3,670
• Tax est. 1.5%: −$875 /mo · $10,498/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,543
• Net cashflow: $967

Break-even live

Break-even rent $6,123

Max offer price $699,900

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$7,347
Total (3 units)			$7,347

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: $174,975
• Closing costs: $20,997
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-01
   days on market $699,900 Active 186 DOM
2. 2026-05-31
   days on market $699,900 Active 185 DOM
3. 2026-04-04
   price $699,900 1352-char remark

   Show marketing remark (1352 chars)

   Don't miss this rare opportunity to own a West End three-family home that combines timeless character with flexible investment potential. Featuring a distinctive Mansard roof and classic architectural details, each sizeable unit offers three bedrooms and one bath, providing spacious layouts and strong rental appeal. Located in a C2 commercially zoned area with excellent street-front exposure, this property is ideal for mixed-use possibilities, possible small business ventures, or continued residential rental income. The first-floor unit is vacant and ready for immediate occupancy or conversion to business purposes, while the second and third-floor units are currently rented month-to-month, offering flexibility for owner-occupants or investors. All units have separate utilities. 3 Gas fired furnaces and 3 hot water tanks. Additional highlights include parking for up to five cars, a rare amenity in this sought-after neighborhood, and a prime West End location close to shops, restaurants, schools, and public transportation, and just a few minutes to the highway Rt10, which connects with downtown, Rt6, Rt95, Rt195 and Rt146! This property offers the perfect blend of income potential, visibility, and versatility a true West End classic with commercial opportunity! Come look and make an offer! Don't miss out on this amazing opportunity!

4. 2026-04-02
   status Active 1352-char remark

   Show marketing remark (1352 chars)

   Don't miss this rare opportunity to own a West End three-family home that combines timeless character with flexible investment potential. Featuring a distinctive Mansard roof and classic architectural details, each sizeable unit offers three bedrooms and one bath, providing spacious layouts and strong rental appeal. Located in a C2 commercially zoned area with excellent street-front exposure, this property is ideal for mixed-use possibilities, possible small business ventures, or continued residential rental income. The first-floor unit is vacant and ready for immediate occupancy or conversion to business purposes, while the second and third-floor units are currently rented month-to-month, offering flexibility for owner-occupants or investors. All units have separate utilities. 3 Gas fired furnaces and 3 hot water tanks. Additional highlights include parking for up to five cars, a rare amenity in this sought-after neighborhood, and a prime West End location close to shops, restaurants, schools, and public transportation, and just a few minutes to the highway Rt10, which connects with downtown, Rt6, Rt95, Rt195 and Rt146! This property offers the perfect blend of income potential, visibility, and versatility a true West End classic with commercial opportunity! Come look and make an offer! Don't miss out on this amazing opportunity!

5. 2026-03-31
   historical 1352-char remark

   Show marketing remark (1352 chars)

   Don't miss this rare opportunity to own a West End three-family home that combines timeless character with flexible investment potential. Featuring a distinctive Mansard roof and classic architectural details, each sizeable unit offers three bedrooms and one bath, providing spacious layouts and strong rental appeal. Located in a C2 commercially zoned area with excellent street-front exposure, this property is ideal for mixed-use possibilities, possible small business ventures, or continued residential rental income. The first-floor unit is vacant and ready for immediate occupancy or conversion to business purposes, while the second and third-floor units are currently rented month-to-month, offering flexibility for owner-occupants or investors. All units have separate utilities. 3 Gas fired furnaces and 3 hot water tanks. Additional highlights include parking for up to five cars, a rare amenity in this sought-after neighborhood, and a prime West End location close to shops, restaurants, schools, and public transportation, and just a few minutes to the highway Rt10, which connects with downtown, Rt6, Rt95, Rt195 and Rt146! This property offers the perfect blend of income potential, visibility, and versatility a true West End classic with commercial opportunity! Come look and make an offer! Don't miss out on this amazing opportunity!

6. 2026-01-12
   price $725,000 1352-char remark

   Show marketing remark (1352 chars)

   Don't miss this rare opportunity to own a West End three-family home that combines timeless character with flexible investment potential. Featuring a distinctive Mansard roof and classic architectural details, each sizeable unit offers three bedrooms and one bath, providing spacious layouts and strong rental appeal. Located in a C2 commercially zoned area with excellent street-front exposure, this property is ideal for mixed-use possibilities, possible small business ventures, or continued residential rental income. The first-floor unit is vacant and ready for immediate occupancy or conversion to business purposes, while the second and third-floor units are currently rented month-to-month, offering flexibility for owner-occupants or investors. All units have separate utilities. 3 Gas fired furnaces and 3 hot water tanks. Additional highlights include parking for up to five cars, a rare amenity in this sought-after neighborhood, and a prime West End location close to shops, restaurants, schools, and public transportation, and just a few minutes to the highway Rt10, which connects with downtown, Rt6, Rt95, Rt195 and Rt146! This property offers the perfect blend of income potential, visibility, and versatility a true West End classic with commercial opportunity! Come look and make an offer! Don't miss out on this amazing opportunity!

7. 2025-11-26
   listed $735,000 Active 1352-char remark

   Show marketing remark (1352 chars)

   Don't miss this rare opportunity to own a West End three-family home that combines timeless character with flexible investment potential. Featuring a distinctive Mansard roof and classic architectural details, each sizeable unit offers three bedrooms and one bath, providing spacious layouts and strong rental appeal. Located in a C2 commercially zoned area with excellent street-front exposure, this property is ideal for mixed-use possibilities, possible small business ventures, or continued residential rental income. The first-floor unit is vacant and ready for immediate occupancy or conversion to business purposes, while the second and third-floor units are currently rented month-to-month, offering flexibility for owner-occupants or investors. All units have separate utilities. 3 Gas fired furnaces and 3 hot water tanks. Additional highlights include parking for up to five cars, a rare amenity in this sought-after neighborhood, and a prime West End location close to shops, restaurants, schools, and public transportation, and just a few minutes to the highway Rt10, which connects with downtown, Rt6, Rt95, Rt195 and Rt146! This property offers the perfect blend of income potential, visibility, and versatility a true West End classic with commercial opportunity! Come look and make an offer! Don't miss out on this amazing opportunity!

8. 2025-11-25
   historical
9. 2025-11-05
   listed $785,000 Active
10. 2013-12-19
    price $135,450
11. 2013-12-19
    price $149,900
12. 2011-12-30
    soldstatus $118,000
13. 2011-11-07
    historical
14. 2011-09-21
    listed $129,450
15. 2011-08-26
    historical
16. 2011-05-17
    listed $144,900
17. 2010-07-27
    historical
18. 2010-03-01
    listed $169,900
19. 2009-08-31
    historical
20. 2009-08-19
    listed $189,900
21. 2007-09-13
    soldstatus $137,500
22. 2007-08-29
    historical
23. 2007-07-06
    listed $149,900

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% 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: $88,164
• − Mortgage interest: −$39,205
• − Property taxes: −$10,498
• − Insurance: −$3,500
• − Repairs & maintenance: −$7,053
• − Management: −$7,053
• − Depreciation: −$20,361
• Taxable income: $494
• Est. tax owed @ 24.0%: −$119
• After-tax cash flow: $11,489/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.

Condition & rehab AI · 12 photos

Average 55/100 Moderate rehab

This three-family home in the West End of Providence, RI, presents as needing moderate renovations to improve its condition and appeal. The property has potential for increased value through updates to the kitchen, bathrooms, and exterior.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Moderate bathroom fixtures — basic and in need of updating
• Moderate exterior siding — moderate wear and potential for water damage

Value-add opportunities

• Both update kitchen cabinets and fixtures — modernizing the kitchen will appeal to both buyers and renters
• Both repair and paint exterior siding — improving the exterior will enhance curb appeal and property value
• Both update bathroom fixtures — modernizing the bathrooms will appeal to both buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · basic and in need of updating	Moderate	$3,000–15,000
exterior siding · moderate wear and potential for water damage	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$9,000–45,000

Value-add ROI direction

• Both update kitchen cabinets and fixtures — modernizing the kitchen will appeal to both buyers and renters ↑
• Both repair and paint exterior siding — improving the exterior will enhance curb appeal and property value ↑
• Both update bathroom fixtures — modernizing the bathrooms will appeal to both buyers and renters ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 31,461
• Household income: $52,485
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2189.0

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: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 26% Black 10% White 10% Asian 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 7% Dominican 50%
• Common ancestry: Swiss 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 55% · Canada, Jamaica, Philippines
• Languages at home: 25% English-only · Spanish 67% Other Asian/Pacific 3% French/Haitian/Cajun 1%

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: ▼ -125.19%
• Current HPI: 498.142
• Rent YoY: ▲ 15.32%
• 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

+366.9% since first listed

21 events — show timeline

• 2026-04-04 Price Changed $699,900 RIS
• 2026-04-02 Relisted — RIS
• 2026-03-31 Listing Removed — RIS
• 2026-01-12 Price Changed $725,000 RIS
• 2025-11-26 Listed $735,000 RIS
• 2025-11-25 Listing Removed — RIS
• 2025-11-05 Listed $785,000 RIS
• 2013-12-19 Price Changed $135,450 RIS
• 2013-12-19 Price Changed $149,900 RIS
• 2011-12-30 Sold (MLS) $118,000 RIS
• 2011-11-07 Listing Removed — RIS
• 2011-09-21 Listed $129,450 RIS
• 2011-08-26 Listing Removed — RIS
• 2011-05-17 Listed $144,900 RIS
• 2010-07-27 Listing Removed — RIS
• 2010-03-01 Listed $169,900 RIS
• 2009-08-31 Listing Removed — RIS
• 2009-08-19 Listed $189,900 RIS
• 2007-09-13 Sold (MLS) $137,500 RIS
• 2007-08-29 Listing Removed — RIS
• 2007-07-06 Listed $149,900 RIS