116 Parnell · Providence, RI 02909

$349,900

4 bd · 2.0 ba · 1,120 sqft · MultiFamily · 38 Days on market

Built 1900 3,302 sqft lot $312/sqft · 40% below area Est $584k · 40% under ↓ 11% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +11.7/30.0
• Livability +4.2/5.0
• 1% rule +3.4/10.0
• DSCR +3.4/10.0
• Rent growth +3.4/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Charming 4-bedroom single-family home with great space inside and out. Enjoy plenty of parking and a large backyard, perfect for gatherings or relaxationg. Home needs a little tlc. Motivated seller

Key facts

• Large backyard
• Plenty of parking
• 3,302 sq ft lot

Tags

• LARGE BACKYARD
• PLENTY OF PARKING

Property features AI

Finance

• HOA & community: Not a senior community

Exterior

• Parking: Garage available with 5 covered spaces; Open parking available; Total of 5 parking spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; Approximately built (year from public records)
• Construction: Block foundation
• Exterior features: Paved driveway

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Total of 7 rooms

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $350k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $335k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (16.3% below list).
• Recommended offer: $293k (16.3% below list) — sets the bar for 1% rule.
• Cap rate 5.9% 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 (+3.7%/yr); 132 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $2,927/mo this rent would consume 54% of the median local household income ($65k/yr) (locally 2000% 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 $2k of loan paydown is wiped out by about $10k 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.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $292,732 (16.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
7. 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.
8. 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.
9. 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: 0.84% ✗
• Cap rate: 5.93%
• Cash-on-cash: -1.29%
• DSCR: 0.94
• GRM: 10.0

CMA / ARV

• ARV (median comp): $584,076
• List price: $349,900
• Delta: -40.09%
• Verdict: UNDERPRICED
• Comps: 3 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -17.7%
• Equity multiple: 0.37×
• Total profit: $-61,358
• Equity at exit: $52,171

10-year hold

• IRR: -8.5%
• Equity multiple: 0.45×
• Total profit: $-53,512
• Equity at exit: $30,253

Cash invested: $97,972 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,927 high
• Mortgage (P&I): −$1,835
• Tax est. 1.5%: −$437 /mo · $5,248/yr
• Insurance: −$146
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $-105

Break-even live

Break-even rent $3,061

Max offer price $334,634

Occupancy floor 99%

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: $87,475
• Closing costs: $10,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 Atwells Ave Unit 2 Providence, RI	4.0	2.0	1300	$2,950	$2.27	23d	1	0.27mi
90 Rowley St Providence, RI	3.0	1.5	1352	$3,500	$2.59	1d	1	0.76mi
25 Devereux St #316 Providence, RI	3.0	1.5	1400	$2,300	$1.64	1d	1	0.99mi
29 Dunford St Unit 2 Providence, RI	3.0	2.0	1116	$2,400	$2.15	23d	1	1.13mi
1189 Smith St Providence, RI	3.0	1.5	1112	$2,400	$2.16	23d	1	1.16mi
729 Academy Ave Providence, RI	3.0	1.0	1261	$2,395	$1.90	16d	1	1.19mi
38 Tyndall Ave Providence, RI	4.0	2.0	1500	$3,500	$2.33	19d	1	1.25mi
788 Academy Ave Unit 2 Providence, RI	3.0	1.0	1100	$2,500	$2.27	23d	1	1.30mi

Listing history 13 events

1. 2026-06-13
   statusdays on market $349,900 Active 38 DOM
2. 2026-06-09
   days on market $349,900 Price Changed 34 DOM
3. 2026-06-08
   pricestatusdays on market $349,900 Price Changed 33 DOM
4. 2026-06-07
   days on market $379,900 Active 32 DOM
5. 2026-06-05
   days on market $379,900 Active 29 DOM
6. 2026-06-03
   days on market $379,900 Active 28 DOM
7. 2026-06-02
   days on market $379,900 Active 27 DOM
8. 2026-06-01
   days on market $379,900 Active 26 DOM
9. 2026-05-31
   days on market $379,900 Active 25 DOM
10. 2026-05-06
    listed $379,900 New 197-char remark
11. 2016-11-08
    price $79,900
12. 1996-11-14
    historical
13. 1996-05-15
    listed $89,900

ⓘ 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 5/10 Major 7 d/yr ≥96°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: $35,128
• − Mortgage interest: −$19,600
• − Property taxes: −$5,248
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,810
• − Management: −$2,810
• − Depreciation: −$10,179
• Taxable loss: −$7,269
• Est. tax savings @ 24.0%: +$1,745
• After-tax cash flow: $479/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

-11.1% since first listed

3 events — show timeline

• 2016-11-08 Price Changed $79,900 RIS
• 1996-11-14 Listing Removed — RIS
• 1996-05-15 Listed $89,900 RIS