48 Waterman Lake Dr · Harmony, RI 02814

$229,900

3 bd · 1.0 ba · 991 sqft · SingleFamily public records · 4 Days on market

Built 1945 0.31 ac lot Est $302k · 24% under $6/mo HOA

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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 +23.9/30.0
• ARV discount +15.0/15.0
• Appreciation +10.0/10.0
• DSCR +7.7/10.0
• 1% rule +6.3/10.0
• Schools +5.1/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Bring your vision to the established Waterman Lake Shores neighborhood. This 3-bedroom, 1-bath Cape is set on a level 0.31-acre lot surrounded by mature trees, with neighborhood lake access and a beautiful babbling brook behind the property that flows toward Waterman Lake. Built in 1945, the home offers approximately 960 square feet of finished living space, including a finished attic, along with a wood-burning fireplace, open front porch, oversized rear deck, first-floor laundry, and detached garage. Additional features include oil-fired hot-water heat, with the oil burner serviced in November 2025, an electric water heater installed in 2015, a private well, and vinyl siding. Conveniently

Key facts

• Waterman lake access
• Finished attic
• Babbling brook

Tags

• WATERMAN LAKE ACCESS
• MATURE TREES
• BABBLING BROOK
• FINISHED ATTIC
• WOOD-BURNING FIREPLACE
• OPEN FRONT PORCH

Property features AI

Finance

• HOA & community: Annual association fee of $75; Community amenities include highway access, nearby schools, pool, recreation area, and restaurant

Exterior

• Parking: Detached garage; Total 2 parking spaces (1 covered); 1 garage space
• Utilities: Well water; 200+ amp electrical service; Circuit breakers
• Home design: Single-story property (1 story); Above-grade finished area of 960; Concrete perimeter foundation
• Construction: Drywall interior; Wood siding and aluminum siding
• Exterior features: Wooded lot; Outbuilding; Beach access and water access with river frontage; walk to water; Has view

Interior

• Kitchen: Kitchen on first level (approx. 10.4 x 7.9); Refrigerator; Range hood
• Bedrooms: Bedroom 1 on first level (approx. 7.1 x 9.9); Bedroom 2 on first level (approx. 11.0 x 8.7); Bedroom 3 on second level (approx. 23.2 x 14.9)
• Flooring: Hardwood; Laminate; Vinyl
• Bathrooms: 1 full bathroom (approx. 10.1 x 4.1)
• Heating & cooling: Oil baseboard heating; Window cooling units; 200+ amp electrical service with circuit breakers
• Interior features: Attic with permanent attic stairs; Interior steps; Tub/shower; Stone fireplace (1)
• Laundry & utility: Washer; Dryer; Electric water heater; Laundry room on first level (approx. 6.6 x 3.4)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $230k.

Deal economics

• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).

Location & tenants

• Location reads 63/100 on livability (#26 in RI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: cost of living D+, schools D-, amenities F.
• Glocester (rural): math 46% / reading 66% proficiency, ranked #4 of 39 in RI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 40 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 $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $110k; list at $230k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; major wind risk, 64% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $229,900

Questions for the listing agent

1. Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.13% ✓
• Cap rate: 8.63%
• Cash-on-cash: 8.34%
• DSCR: 1.37
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $302,255
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
11 Daventry St	0.12mi	2/1.5 (-1)	896 (-10%)	11mo	$265,000	$296	62
244 Putnam Pike	0.35mi	2/1.0 (-1)	1,064 (+7%)	14mo	$325,000	$305	55
242 Putnam Pike	0.33mi	2/1.0 (-1)	864 (-13%)	8mo	$309,300	$358	52

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

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.5%
• Equity multiple: 3.32×
• Total profit: $149,556
• Equity at exit: $207,112

10-year hold

• IRR: 25.6%
• Equity multiple: 7.55×
• Total profit: $421,514
• Equity at exit: $446,645

Cash invested: $64,372 (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 02814

• Home prices YoY: 3.0%
• Active inventory: 40
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,593 medium
• Mortgage (P&I): −$1,206
• Tax from tax record: −$294 /mo · $3,525/yr
• Insurance: −$96
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$6
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $381

Break-even live

Break-even rent $2,111

Max offer price $229,900

Occupancy floor 80%

Sensitivity live

Price	-10% $511	-5% $446	+0% $381	+5% $316	+10% $251
Rent	-10% $176	-5% $278	+0% $381	+5% $483	+10% $586
Rate	-1.0pp $497	-0.5pp $439	base $381	+0.5pp $321	+1.0pp $261

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $6 · $72/yr
• Likely covers: waterelectric

Listing history 3 events

1. 2026-06-21
   days on market $229,900 Active 4 DOM
2. 2026-06-17
   remarks 699-char remark
3. 2026-06-17
   listed $229,900 Active 1 DOM

ⓘ 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: $3,525 · $294/mo
• Projected year-2 tax: $3,636 · $303/mo
• Expected delta: +$111/yr (+$9/mo · 3.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,116
• − Mortgage interest: −$12,878
• − Property taxes: −$3,525
• − Insurance: −$1,947
• − Repairs & maintenance: −$2,489
• − Management: −$2,489
• − HOA: −$72
• − Depreciation: −$6,688
• Taxable income: $1,028
• Est. tax owed @ 24.0%: −$247
• After-tax cash flow: $4,324/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: Glocester
• NCES district ID: 4400450
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 66% ▲ 2.00%
• Median HH income: $81,483
• Composite: 50.69/100
• National rank: #1822
• State rank: #4 of 39 in RI

Livability — Harmony

• Score: 63/100
• State rank: #26
• US rank: #15838

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harmony, RI
• City population: 63
• Population (ZIP): 7,421

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 13% Romanian 5% Russian 5%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 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: ▲ 11.23%
• Current HPI: 383.6236
• 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

+109.0% since first listed

2 events — show timeline

• 2026-06-17 Listed $229,900 RIS
• 2002-07-01 Sold (Public Records) $110,000 Public Records

Property tax history

+2.6%/yr

Latest (2025): $3,525 · +2.9% YoY. Source: county tax records.