505 Washington St · Coventry, RI 02816

$900,000

10 bd · 6.0 ba · 3,686 sqft · MultiFamily public records · 90 Days on market

Built 1850 7,841 sqft lot Est $634k · 42% 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 +28.0/30.0
• DSCR +9.9/10.0
• 1% rule +6.9/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Excellent investment opportunity in Coventry, Rhode Island featuring a well-maintained 6-unit residential property with a desirable unit mix of two 1-bedroom units and four 2-bedroom units. The layouts are functional and appealing, offering flexibility to accommodate a variety of tenants. This property presents strong income potential in a sought-after and convenient location. Off-street parking adds valuable convenience for residents. Ideally situated with easy access to shopping, dining, and everyday amenities along the Washington Street corridor. Quick access to Route 117 and Interstate 95 allows for an easy commute to Warwick, Cranston, and Providence. Close to Centre of New England

Key facts

• Off-street parking
• 7,841 sq ft lot
• 10 parking spots

Tags

• OFF-STREET PARKING
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO AMENITIES
• QUICK ACCESS TO ROUTE 117
• QUICK ACCESS TO INTERSTATE 95

Property features AI

Finance

• Financial info: Income shown for units (actual rents listed per unit type)

Exterior

• Parking: No garage; Space for about 10 vehicles (total parking)
• Utilities: Sewer connected; Water connected; Electric service with circuit breakers
• Home design: One building containing 4 residential units; Above-grade finished area approximately 5,222
• Construction: Vinyl siding
• Exterior features: Property sits on a 0.18-acre lot

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: Four units with 2 bedrooms (three units); One unit with 4 bedrooms
• Flooring: Laminate
• Bathrooms: Six full bathrooms total across the property
• Heating & cooling: Electric baseboard heating
• Interior features: Full unfinished basement with interior entry; Laminate flooring
• Laundry & utility: Electric water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 2×1bd/1.0ba + 4×2bd/1.0ba units multifamily listed at $900k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $467/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $900k).
• Recommended offer: $846k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Coventry (suburban): math 25% / reading 41% proficiency, ranked #19 of 39 in RI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 176 active listings in the ZIP; solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• At $10,724/mo this rent would consume 127% of the median local household income ($101k/yr) (locally 667% 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 $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $252k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($846k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts 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 $600k; list at $900k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1850 — 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 $846,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 1850 — 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. 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: 1.19% ✓
• Cap rate: 10.03%
• Cash-on-cash: 13.36%
• DSCR: 1.59
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $633,992
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
26 28-30 Pawtuxet Ter	0.60mi	10/4.0	3,614 (-2%)	18mo	$621,000	$172	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.13×
• Total profit: $32,626
• Equity at exit: $134,193

10-year hold

• IRR: 12.9%
• Equity multiple: 2.02×
• Total profit: $257,718
• Equity at exit: $77,816

Cash invested: $252,000 (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 02816

• Active inventory: 176
• Price-to-rent: 43.8×

Monthly cashflow live

• Estimated rent: $10,724 medium
• Mortgage (P&I): −$4,720
• Tax from tax record: −$572 /mo · $6,869/yr
• Insurance: −$375
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,252
• Net cashflow: $2,805

Break-even live

Break-even rent $7,174

Max offer price $900,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,428
▸ 4× units	2	1	$7,296
Total (6 units)			$10,724

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: $225,000
• Closing costs: $27,000
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-18
   days on market $900,000 Active 90 DOM
2. 2026-06-17
   days on market $900,000 Active 89 DOM
3. 2026-06-16
   days on market $900,000 Active 88 DOM
4. 2026-06-15
   days on market $900,000 Active 87 DOM
5. 2026-06-13
   days on market $900,000 Active 85 DOM
6. 2026-06-13
   days on market $900,000 Active 84 DOM
7. 2026-06-09
   days on market $900,000 Active 81 DOM
8. 2026-06-08
   days on market $900,000 Active 80 DOM
9. 2026-06-07
   days on market $900,000 Active 79 DOM
10. 2026-06-03
    days on market $900,000 Active 75 DOM
11. 2026-06-02
    days on market $900,000 Active 74 DOM
12. 2026-06-01
    days on market $900,000 Active 73 DOM
13. 2026-05-31
    days on market $900,000 Active 72 DOM
14. 2026-03-20
    listed $900,000 Active
15. 2026-03-15
    listed $1,350
16. 2026-02-22
    historical $1,150
17. 2026-02-13
    price $1,150
18. 2026-01-31
    price $1,200
19. 2025-12-11
    price $1,250
20. 2025-10-15
    listed $1,400
21. 2025-05-09
    historical $1,350
22. 2025-05-09
    listed $1,350
23. 2024-10-31
    soldstatus $600,000
24. 2024-09-25
    soldstatus $600,000
25. 2020-01-28
    soldstatus $960,000
26. 2016-12-22
    soldstatus $350,000

ⓘ 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: $6,869 · $572/mo
• Projected year-2 tax: $10,770 · $897/mo
• Expected delta: +$3,900/yr (+$325/mo · 56.8%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°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 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $128,688
• − Mortgage interest: −$50,414
• − Property taxes: −$6,869
• − Insurance: −$4,500
• − Repairs & maintenance: −$10,295
• − Management: −$10,295
• − Depreciation: −$26,182
• Taxable income: $20,133
• Est. tax owed @ 24.0%: −$4,832
• After-tax cash flow: $28,826/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: Coventry
• NCES district ID: 4400210
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $66,277
• Composite: 30.18/100
• National rank: #6317
• State rank: #19 of 39 in RI

Livability — Coventry

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Kent County · 90,904 people
• City population: 33,298
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 33,298
• Household income: $101,431
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 667.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 13% Russian 8% Romanian 4%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -362.74%
• Current HPI: 336.2662
• 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

+157.1% since first listed

13 events — show timeline

• 2026-03-20 Listed $900,000 RIS
• 2026-03-15 Listed for Rent $1,350 RENTALBEAST
• 2026-02-22 Rental Removed $1,150 RENTALBEAST
• 2026-02-13 Price Changed $1,150 RENTALBEAST
• 2026-01-31 Price Changed $1,200 RENTALBEAST
• 2025-12-11 Price Changed $1,250 RENTALBEAST
• 2025-10-15 Listed for Rent $1,400 RENTALBEAST
• 2025-05-09 Rental Removed $1,350 LEASESTAR
• 2025-05-09 Listed for Rent $1,350 LEASESTAR
• 2024-10-31 Sold (Public Records) $600,000 Public Records
• 2024-09-25 Sold (Public Records) $600,000 Public Records
• 2020-01-28 Sold (Public Records) $960,000 Public Records
• 2016-12-22 Sold (Public Records) $350,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $6,869 · +1.6% YoY. Source: county tax records.