12 Hemlock Ave · Cranston, RI 02910

$289,000

4 bd · 1.0 ba · 1,188 sqft · SingleFamily public records · 28 Days on market

Built 1954 4,860 sqft lot $243/sqft · 17% below area Est $440k · 34% under

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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 +22.6/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.8/10.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this 3-bedroom, 1-bath home located in a friendly Cranston neighborhood, just 5 minutes from Garden City Center. This property offers a functional layout with comfortable living spaces and strong potential for customization or value-add improvements. Conveniently situated near shopping, dining, and major roadways. Great investment opportunity or ideal for an owner-occupant ready to love and care for the home. Property to be sold as-is.

Key facts

• Near dining
• Near shopping
• Functional layout

Tags

• CRANSTON NEIGHBORHOOD
• FUNCTIONAL LAYOUT
• COMFORTABLE LIVING SPACES
• NEAR SHOPPING
• NEAR DINING
• NEAR MAJOR ROADWAYS

Property features AI

Finance

• HOA & community: Community offers golf, pool, public transportation access, nearby shopping and restaurants, sidewalks, highway access, and proximity to schools

Exterior

• Parking: No garage; Space for 3 vehicles
• Utilities: Public water (connected); Public sewer; 100 amp electric
• Home design: Two-story property; Fixer condition; Zoned A6
• Construction: Plaster, shingle siding, and wood siding exterior; Concrete perimeter foundation; Built area above grade approximately 1,500
• Exterior features: Paved driveway; Fenced yard

Interior

• Kitchen: Eat-in kitchen; Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator
• Bedrooms: Three bedrooms — two on the second floor, one on the first floor
• Flooring: Hardwood
• Bathrooms: One full bathroom
• Heating & cooling: Oil heating with baseboard units; Window cooling units
• Interior features: Attic; Tub with shower; Full, unfinished basement with interior entry; One fireplace
• Laundry & utility: Washer; Dryer; Oil water heater

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $289k.

Deal economics

• At list price, monthly cash flow is $492 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $289k).
• Recommended offer: $285k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 3.3% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 76 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• This rent runs 41% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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 28 days — a 2% lower offer ($285k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 31y 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.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $284,665 (1.5% below list)

Questions for the listing agent

1. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.08% ✓
• Cap rate: 8.33%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• GRM: 7.8

CMA / ARV

• ARV (median comp): $440,150
• List price: $289,000
• Delta: -34.34%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
64 Holburn Ave	0.15mi	4/1.5	1,226 (+3%)	3mo	$420,000	$343	83
75 Dale Ave	0.16mi	4/1.0	1,248 (+5%)	5mo	$382,000	$306	80
21 Hemlock Ave	0.03mi	3/2.0 (-1)	1,260 (+6%)	9mo	$375,000	$298	72
167 Forest Ave	0.15mi	3/1.0 (-1)	1,092 (-8%)	3mo	$393,000	$360	72
73 Allen Ave	0.29mi	4/1.0	1,080 (-9%)	9mo	$336,000	$311	63
15 Spruce Ave	0.34mi	3/1.0 (-1)	1,100 (-7%)	6mo	$375,000	$341	62
26 Blackamore Ave	0.60mi	3/1.0 (-1)	1,226 (+3%)	1mo	$430,000	$351	61
244 Summer St	0.38mi	3/1.5 (-1)	1,152 (-3%)	12mo	$421,000	$365	60
32 Glengrove Ave	0.60mi	3/1.0 (-1)	1,188 (0%)	12mo	$442,000	$372	57
136 Davis Ave	0.46mi	3/1.0 (-1)	1,092 (-8%)	10mo	$397,000	$364	52
113 Fordson Ave	0.41mi	4/2.0	1,344 (+13%)	6mo	$385,000	$286	50
252 Greenwood St	0.64mi	3/1.5 (-1)	1,320 (+11%)	0mo	$425,000	$322	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -5.1%
• Equity multiple: 0.81×
• Total profit: $-15,493
• Equity at exit: $43,091

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $26,933
• Equity at exit: $24,987

Cash invested: $80,920 (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 02910

• Active inventory: 76
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $3,107 medium
• Mortgage (P&I): −$1,516
• Tax from tax record: −$327 /mo · $3,922/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$652
• Net cashflow: $492

Break-even live

Break-even rent $2,485

Max offer price $289,000

Occupancy floor 79%

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: $72,250
• Closing costs: $8,670
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Fordson Ave Cranston, RI	4.0	2.0	1200	$3,150	$2.62	14d	1	0.27mi
120 Pontiac Ave Unit 1 Cranston, RI	3.0	1.0	1320	$2,500	$1.89	44d	1	1.35mi

Listing history 14 events

1. 2026-06-10
   status $289,000 Pending 28 DOM
2. 2026-06-09
   days on market $289,000 Active Under Contract 28 DOM
3. 2026-06-08
   days on market $289,000 Active Under Contract 27 DOM
4. 2026-06-07
   days on market $289,000 Active Under Contract 26 DOM
5. 2026-06-05
   days on market $289,000 Active Under Contract 23 DOM
6. 2026-06-03
   days on market $289,000 Active Under Contract 22 DOM
7. 2026-06-02
   days on market $289,000 Active Under Contract 21 DOM
8. 2026-06-01
   days on market $289,000 Active Under Contract 20 DOM
9. 2026-05-31
   days on market $289,000 Active Under Contract 19 DOM
10. 2026-05-18
    historical Active Under Contract 450-char remark
11. 2026-05-12
    listed $289,000 Active 450-char remark
12. 2001-08-12
    historical
13. 2001-05-14
    listed $129,900
14. 1995-06-03
    listed $104,900

ⓘ 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: $3,922 · $327/mo
• Projected year-2 tax: $4,316 · $360/mo
• Expected delta: +$394/yr (+$33/mo · 10.1%)

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

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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $37,282
• − Mortgage interest: −$16,188
• − Property taxes: −$3,922
• − Insurance: −$1,445
• − Repairs & maintenance: −$2,983
• − Management: −$2,983
• − Depreciation: −$8,407
• Taxable income: $1,354
• Est. tax owed @ 24.0%: −$325
• After-tax cash flow: $5,574/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: Cranston
• NCES district ID: 4400240
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $60,070
• Composite: 23.36/100
• National rank: #7910
• State rank: #23 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cranston, RI
• County: Providence County · 548,917 people
• City population: 72,803
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,499
• Household income: $90,698
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 480.0

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 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 13% Asian 8% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 9%
• Common ancestry: Russian 5% Lithuanian 4% Romanian 2%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 72% English-only · Spanish 15% Other Indo-European 3% Chinese 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: ▼ -511.50%
• Current HPI: 358.6283
• Rent YoY: —
• 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

+175.5% since first listed

6 events — show timeline

• 2026-06-09 Pending — RIS
• 2026-05-18 Contingent — RIS
• 2026-05-12 Listed $289,000 RIS
• 2001-08-12 Listing Removed — RIS
• 2001-05-14 Listed $129,900 RIS
• 1995-06-03 Listed $104,900 RIS

Property tax history

+1.2%/yr

Latest (2025): $3,922 · +3.7% YoY. Source: county tax records.