68 Beach St · Westerly, RI 02891

$615,900

3 bd · 3.0 ba · 2,147 sqft · MultiFamily public records · 3 Days on market

Built 1919 9,147 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Awesome 3 Unit Multifamily located in a wonderful area with plenty of off street parking and a 2 car detached garage. Separate utilities, fire coded with laundry in building. Property is turn key and close to the local shops and beaches. Solid investment or owner occupied home.

Key facts

• Separate utilities
• Strong opportunity
• 2 car garage

Tags

• 2 CAR GARAGE
• SEPARATE UTILITIES
• WALKING DISTANCE TO DOWNTOWN
• IMMEDIATE RENTAL INCOME
• STRONG OPPORTUNITY

Property features AI

Finance

• Financial info: Operating expenses reported: $8,000
• HOA & community: Community amenities nearby: golf, marina, pool, public transportation, recreation area, restaurant, shopping, tennis courts, highway access, near hospital, near schools

Exterior

• Parking: Detached garage; Two covered garage spaces; Total of 9 parking spaces
• Utilities: Public water (connected); Sewer connected; Separate electric meters
• Home design: Multi-family property with 3 total units across 2 buildings; Three stories total; Above-grade finished area reported
• Construction: Shingle siding; Vinyl siding
• Exterior features: Deck; Porch; Lot approximately 0.21 acres with 68 ft frontage

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: Three units: one 1-bedroom unit, two 2-bedroom units
• Flooring: Hardwood; Laminate
• Bathrooms: Three full bathrooms (total for building)
• Heating & cooling: Gas heating; Window air conditioning units
• Interior features: Tub/shower; Full unfinished walk-out basement
• Laundry & utility: Separate electric meters

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $616k.

Deal economics

• At list price, monthly cash flow is $3k ($40k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $616k).
• Cap rate 12.8% vs local median 2.9% in Westerly — 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 74/100 on livability (#10 in RI, #4,529 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living D+, amenities F, commute F.
• Westerly (suburban): math 19% / reading 39% proficiency, ranked #21 of 39 in RI (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: State Street School (math 27% / reading 47%, grade F, #52 of 167 statewide, top 33%, 255 students, 34% FRL); Westerly Middle School (math 13% / reading 34%, grade F, #29 of 57 statewide, top 52%, 697 students, 39% FRL); Westerly High School (math 27% / reading 57%, grade F, #21 of 58 statewide, top 35%, 699 students, 31% FRL).
• Market conditions: Rents rising fast (+11.7%/yr); 114 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 311 units permitted in Washington County in 2024 (45 in 5+ unit buildings).
• At $9,024/mo this rent would consume 112% of the median local household income ($97k/yr) (locally 577% 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Washington 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 + 8.0% rent growth), your $172k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 11y ago; this cycle's ask is 112% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $265k; list at $616k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $615,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1919 — 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. 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.
6. 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.
7. 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: 1.47% ✓
• Cap rate: 12.82%
• Cash-on-cash: 23.30%
• DSCR: 2.04
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 21.5%
• Equity multiple: 1.93×
• Total profit: $160,998
• Equity at exit: $91,833

10-year hold

• IRR: 32.6%
• Equity multiple: 4.66×
• Total profit: $631,231
• Equity at exit: $53,252

Cash invested: $172,452 (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 02891

• Home prices YoY: -28.2%
• Rents YoY: 11.7%
• Active inventory: 114
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $9,024 medium
• Mortgage (P&I): −$3,230
• Tax from tax record: −$294 /mo · $3,528/yr
• Insurance: −$257
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,895
• Net cashflow: $3,348

Break-even live

Break-even rent $4,785

Max offer price $615,900

Occupancy floor 58%

Sensitivity live

Price	-10% $3,697	-5% $3,523	+0% $3,348	+5% $3,174	+10% $3,000
Rent	-10% $2,636	-5% $2,992	+0% $3,348	+5% $3,705	+10% $4,061
Rate	-1.0pp $3,659	-0.5pp $3,505	base $3,348	+0.5pp $3,189	+1.0pp $3,027

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$9,024
Total (3 units)			$9,024

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: $153,975
• Closing costs: $18,477
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 Trumbull St Stonington, CT	3.0	2.5	1466	$6,000	$4.09	45d	1	0.79mi
49 Fellows St Pawcatuck, CT	3.0	2.0	1649	$5,000	$3.03	5d	1	0.81mi
67 Granite St Westerly, RI	4.0	1.5	1763	$3,650	$2.07	4d	1	0.87mi

Listing history 3 events

1. 2026-06-21
   days on market $615,900 Coming Soon 3 DOM
2. 2026-06-18
   remarks 476-char remark
3. 2026-06-18
   listed $615,900 Coming Soon 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: $3,528 · $294/mo
• Projected year-2 tax: $6,784 · $565/mo
• Expected delta: +$3,256/yr (+$271/mo · 92.3%)

ⓘ 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 6/10 Major 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $108,288
• − Mortgage interest: −$34,500
• − Property taxes: −$3,528
• − Insurance: −$3,080
• − Repairs & maintenance: −$8,663
• − Management: −$8,663
• − Depreciation: −$17,917
• Taxable income: $31,937
• Est. tax owed @ 24.0%: −$7,665
• After-tax cash flow: $32,517/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: Westerly
• NCES district ID: 4401170
• Math proficiency: 19% ▼ -19.00%
• Reading proficiency: 39% ▼ -13.00%
• Median HH income: $60,021
• Composite: 26.25/100
• National rank: #7257
• State rank: #21 of 39 in RI

Livability — Westerly

• Score: 74/100
• State rank: #10
• US rank: #4529

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westerly, RI
• County: Washington County · 79,886 people
• City population: 21,587
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 21,587
• Household income: $97,110
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 577.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 123,856 people
• By 2030: 121,962 · -1.5%
• By 2040: 115,902 · -6.4%
• By 2050: 107,078 · -13.5%
• By 2075: 92,575 · -25.3%
• By 2100: 77,407 · -37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 5% Romanian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Chinese 2% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: D (+15.0) · D 56.4% · R 41.4% · Other 2.3%
• 2008→2024 swing: -24.3pp toward R · 2008: 39.3pp · 2024: 15.0pp
• All cycles: 2024: D+15.0 2020: D+19.4 2016: D+10.0 2012: D+16.8 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.15%
• Current HPI: 369.8844
• Rent YoY: ▲ 11.73%
• 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

+89.5% since first listed

19 events — show timeline

• 2026-06-18 Coming Soon $615,900 RIS
• 2018-05-23 Sold (Public Records) $265,000 Public Records
• 2018-05-22 Sold (MLS) $265,000 RIS
• 2018-04-13 Contingent — RIS
• 2018-03-29 Price Changed $274,900 RIS
• 2018-03-15 Listed $289,900 RIS
• 2016-12-14 Listing Removed — RIS
• 2016-09-01 Relisted — RIS
• 2016-09-01 Listing Removed — RIS
• 2016-06-16 Listed $299,000 RIS
• 2016-06-01 Listing Removed — RIS
• 2016-05-21 Price Changed $299,000 RIS
• 2016-04-20 Listed $315,000 RIS
• 2016-04-01 Listing Removed — RIS
• 2016-04-01 Listing Removed — RIS
• 2015-12-11 Price Changed $315,000 RIS
• 2015-12-11 Price Changed $315,000 RIS
• 2015-04-11 Listed $325,000 RIS
• 2015-04-06 Listed $325,000 RIS

Property tax history

+2.1%/yr

Latest (2025): $3,528 · +8.5% YoY. Source: county tax records.