39 Locust St · Pawtucket, RI 02860

$315,000

4 bd · 2.0 ba · 1,188 sqft · SingleFamily public records · 3 Days on market

Built 1969 4,792 sqft lot Est $346k · 9% under

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Why this score? — see what drove the F 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 +11.5/15.0
• Cash flow +8.1/30.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• 1% rule +2.3/10.0
• DSCR +2.1/10.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Listing remarks

Vinyl siding, roof, and heating system all appear in great working order. In need of cosmetic updates throughout. Great opportunity

Key facts

• 4,792 sq ft lot
• 4 parking spots
• Built 1969

Property features AI

Exterior

• Parking: No garage; Space for 4 vehicles (total parking)
• Utilities: Sewer connected; Water connected; 200+ amp electrical service
• Home design: Single-story appearance (listed as 1 story); Above-grade finished living area reported
• Construction: Drywall and plaster interior walls; Vinyl siding exterior; Concrete perimeter foundation
• Exterior features: Lot approximately 0.11 acres

Interior

• Kitchen: Kitchen on the first level
• Bedrooms: Four bedrooms (all on the second level)
• Flooring: Carpet; Ceramic tile; Laminate
• Bathrooms: Two full bathrooms (one on the first level, one on the second level)
• Heating & cooling: Gas heating; Hot water heating
• Interior features: Unfinished basement; Carpet flooring; Ceramic tile flooring; Laminate flooring; Gas water heater
• Laundry & utility: Laundry room on the first level

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $315k.

Deal economics

• At list price, monthly cash flow is $-314 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $260k (17.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $229k (27.4% below list).
• Recommended offer: $229k (27.4% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 3.8% in Pawtucket — 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 71/100 on livability (#16 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: employment C-, schools D, amenities F.
• Pawtucket (suburban): math 7% / reading 19% proficiency, ranked #33 of 39 in RI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 123 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• This rent runs 45% of the median local income ($62k/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

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $228,778 (27.4% 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. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 0.73% ✗
• Cap rate: 5.10%
• Cash-on-cash: -4.27%
• DSCR: 0.81
• GRM: 11.5

CMA / ARV

• ARV (on-the-fly): $345,708
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20 Webster St	0.19mi	3/1.5 (-1)	1,279 (+8%)	16mo	$345,000	$270	58
22 Clark Ave	0.28mi	4/1.0	1,128 (-5%)	22mo	$350,000	$310	56
40 Dickens St	0.49mi	3/1.5 (-1)	1,177 (-1%)	17mo	$365,000	$310	54
30 Japonica St	0.27mi	3/1.0 (-1)	1,056 (-11%)	8mo	$295,000	$279	54
30 Columbine Ave	0.39mi	3/1.0 (-1)	1,210 (+2%)	21mo	$370,000	$306	52
22 Borden St	0.66mi	3/2.0 (-1)	1,200 (+1%)	18mo	$330,000	$275	47
27 Aiken St	0.56mi	3/2.0 (-1)	1,066 (-10%)	6mo	$310,000	$291	47
56 Arthur St	0.62mi	3/1.0 (-1)	1,260 (+6%)	8mo	$335,000	$266	46

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: -23.0%
• Equity multiple: 0.21×
• Total profit: $-69,953
• Equity at exit: $46,968

10-year hold

• IRR: -16.4%
• Equity multiple: 0.07×
• Total profit: $-82,158
• Equity at exit: $27,235

Cash invested: $88,200 (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 02860

• Rents YoY: 3.5%
• Active inventory: 123
• Price-to-rent: 11.5×

Monthly cashflow live

• Estimated rent: $2,288 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$338 /mo · $4,058/yr
• Insurance: −$131
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $-314

Break-even live

Break-even rent $2,685

Max offer price $259,537

Occupancy floor —

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
65 Cole St Unit 2 Pawtucket, RI	3.0	1.0	1000	$1,800	$1.80	4d	1	0.23mi
71 Daniels St Unit 3rd floor Pawtucket, RI	4.0	1.0	1200	$2,400	$2.00	43d	1	0.26mi
56 Greene St Unit 2 Pawtucket, RI	3.0	1.0	1200	$2,200	$1.83	43d	1	0.30mi
41 Benefit St Unit 2 Pawtucket, RI	3.0	1.0	1100	$2,100	$1.91	43d	1	0.35mi
41 Benefit St Pawtucket, RI	3.0	1.0	1100	$2,000	$1.82	15d	1	0.35mi
171 N Bend St Unit 1 Pawtucket, RI	3.0	2.0	1352	$2,450	$1.81	1d	1	0.49mi
413 Central Ave Pawtucket, RI	1.0–3.0	1.0–2.0	1285	$2,920	$2.27	1d	9	0.58mi
14 Courtland St Unit 3 Central Falls, RI	4.0	1.0	1240	$1,950	$1.57	10d	1	0.75mi
14 Courtland St Unit 2 Central Falls, RI	3.0	1.0	1240	$1,850	$1.49	10d	1	0.75mi
53 Chaplin St Pawtucket, RI	3.0	1.0	1100	$2,100	$1.91	43d	1	0.77mi
63 W Carpenter St Unit 2F Attleboro, MA	3.0	1.0	1000	$2,500	$2.50	1d	1	0.80mi
53 S Bend St Unit 3 Pawtucket, RI	3.0	1.0	922	$1,900	$2.06	23d	1	0.88mi
14 Carpenter St Unit 1 Cumberland, RI	4.0	1.0	1467	$2,850	$1.94	1d	1	0.89mi
137 Hunts Ave Pawtucket, RI	3.0	1.0	1134	$1,900	$1.68	23d	1	0.91mi
31 Potter St Unit 1 Pawtucket, RI	3.0	1.0	1100	$2,000	$1.82	43d	1	0.96mi
96 Shawmut Ave Unit 98 Central Falls, RI	4.0	1.5	1398	$2,700	$1.93	19d	1	1.11mi
53 Calder St Unit 2 Pawtucket, RI	3.0	1.0	1316	$2,250	$1.71	43d	1	1.14mi

Listing history 4 events

1. 2026-06-07
   statusdays on market $315,000 Pending 3 DOM
2. 2026-06-05
   days on market $315,000 Active 2 DOM
3. 2026-06-02
   remarks 131-char remark
4. 2026-06-02
   listed $315,000 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: $4,058 · $338/mo
• Projected year-2 tax: $4,596 · $383/mo
• Expected delta: +$538/yr (+$45/mo · 13.3%)

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

Taxation est. · year 1

• Rental income: $27,453
• − Mortgage interest: −$17,645
• − Property taxes: −$4,058
• − Insurance: −$1,575
• − Repairs & maintenance: −$2,196
• − Management: −$2,196
• − Depreciation: −$9,164
• Taxable loss: −$9,381
• Est. tax savings @ 24.0%: +$2,251
• After-tax cash flow: $-1,516/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: Pawtucket
• NCES district ID: 4400840
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $41,838
• Composite: 11.29/100
• National rank: #9718
• State rank: #33 of 39 in RI

Livability — Pawtucket

• Score: 71/100
• State rank: #16
• US rank: #7037

Category grades

Amenities F Commute F 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: Pawtucket, RI
• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 47,818
• Household income: $61,539
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 2528.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 29% Two or more races 22% Black 14% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 6%
• Common ancestry: Russian 9% Lithuanian 4% Romanian 2%
• Foreign-born: 28% · Canada, Jamaica
• Languages at home: 57% English-only · Spanish 22% Other Indo-European 9% French/Haitian/Cajun 9%

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: ▼ -215.00%
• Current HPI: 355.0152
• Rent YoY: ▲ 3.47%
• 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

1 event — show timeline

• 2026-06-02 Listed $315,000 RIS

Property tax history

+1.7%/yr

Latest (2025): $4,058 · +6.6% YoY. Source: county tax records.