21 Nichols Ln · Westerly, RI 02891

$289,000

1 bd · 1.0 ba · 1,148 sqft · SingleFamily public records · 39 Days on market

Built 1955 0.61 ac lot $252/sqft · 36% below area Est $452k · 36% under

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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 +8.3/30.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0
• 1% rule +1.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for investors, builders, or buyers seeking to create their dream home. This 3 bedroom, 1 bathroom (with potential for a second bath) ranch home is being sold as is. This home has a new roof, gutters, and has already been fully taken down to the framing, providing a blank slate for your vision! Currently serviced by a private well, but there is a plan already arranged with the water department to connect to city water. Ideally located in a desirable neighborhood just minutes from downtown Westerly and approximately 15 minutes away from the beach. This transaction must be a cash deal or rehab loan.

Key facts

• Private well
• New roof
• 0.61 acre lot

Tags

• NEW ROOF
• PRIVATE WELL
• DESIRABLE NEIGHBORHOOD
• MINUTES FROM DOWNTOWN
• 15 MINUTES FROM BEACH

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $289k.

Deal economics

• At list price, monthly cash flow is $-264 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $242k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (33.0% below list).
• Recommended offer: $194k (33.0% below list) — sets the bar for 1% rule.
• Cap rate 5.2% vs local median 1.8% 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.
• Market conditions: Rents rising fast (+11.7%/yr); 114 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d 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).

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.
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 39 days — a 3% lower offer ($280k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts; this cycle's ask has dropped $21k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $225k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,768 (33.0% 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 39 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. Built in 1955 — 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. 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: 0.67% ✗
• Cap rate: 5.20%
• Cash-on-cash: -3.92%
• DSCR: 0.83
• GRM: 12.4

CMA / ARV

• ARV (median comp): $451,953
• List price: $289,000
• Delta: -36.06%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -18.1%
• Equity multiple: 0.34×
• Total profit: $-53,502
• Equity at exit: $43,091

10-year hold

• IRR: -3.4%
• Equity multiple: 0.73×
• Total profit: $-22,021
• 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 02891

• Home prices YoY: -28.2%
• Rents YoY: 11.7%
• Active inventory: 114
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $1,938 high
• Mortgage (P&I): −$1,516
• Tax from tax record: −$159 /mo · $1,906/yr
• Insurance: −$120
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $-264

Break-even live

Break-even rent $2,272

Max offer price $242,358

Occupancy floor —

Sensitivity live

Price	-10% $-100	-5% $-182	+0% $-264	+5% $-346	+10% $-428
Rent	-10% $-417	-5% $-341	+0% $-264	+5% $-187	+10% $-111
Rate	-1.0pp $-118	-0.5pp $-191	base $-264	+0.5pp $-339	+1.0pp $-415

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 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13 Brandywine Dr Unit 13 Westerly, RI	2.0	1.5	1105	$2,200	$1.99	3d	1	0.39mi
35 Oak St Unit 2 Westerly, RI	1.0	1.0	728	$1,600	$2.20	3d	1	1.12mi
35 Oak St Unit 1 Westerly, RI	1.0	1.0	728	$1,700	$2.34	3d	1	1.12mi
16 West St Unit 3 Westerly, RI	2.0	1.0	1307	$1,750	$1.34	3d	1	1.12mi
33 Railroad Ave #2 Westerly, RI	2.0	1.0	900	$2,400	$2.67	3d	1	1.31mi
33 Railroad Ave Unit 1 Westerly, RI	1.0	1.0	700	$2,200	$3.14	3d	1	1.31mi

Listing history 12 events

1. 2026-05-15
   status Pending 621-char remark

   Show marketing remark (621 chars)

   Great opportunity for investors, builders, or buyers seeking to create their dream home. This 3 bedroom, 1 bathroom (with potential for a second bath) ranch home is being sold as is. This home has a new roof, gutters, and has already been fully taken down to the framing, providing a blank slate for your vision! Currently serviced by a private well, but there is a plan already arranged with the water department to connect to city water. Ideally located in a desirable neighborhood just minutes from downtown Westerly and approximately 15 minutes away from the beach. This transaction must be a cash deal or rehab loan.

2. 2026-05-04
   price $289,000 621-char remark

   Show marketing remark (621 chars)

   Great opportunity for investors, builders, or buyers seeking to create their dream home. This 3 bedroom, 1 bathroom (with potential for a second bath) ranch home is being sold as is. This home has a new roof, gutters, and has already been fully taken down to the framing, providing a blank slate for your vision! Currently serviced by a private well, but there is a plan already arranged with the water department to connect to city water. Ideally located in a desirable neighborhood just minutes from downtown Westerly and approximately 15 minutes away from the beach. This transaction must be a cash deal or rehab loan.

3. 2026-04-04
   listed $309,900 Active 621-char remark

   Show marketing remark (621 chars)

   Great opportunity for investors, builders, or buyers seeking to create their dream home. This 3 bedroom, 1 bathroom (with potential for a second bath) ranch home is being sold as is. This home has a new roof, gutters, and has already been fully taken down to the framing, providing a blank slate for your vision! Currently serviced by a private well, but there is a plan already arranged with the water department to connect to city water. Ideally located in a desirable neighborhood just minutes from downtown Westerly and approximately 15 minutes away from the beach. This transaction must be a cash deal or rehab loan.

4. 2026-01-13
   historical
5. 2025-10-26
   listed $429,900 Active
6. 2025-10-26
   historical
7. 2025-10-08
   listed $475,000 Active
8. 2025-10-08
   historical
9. 2025-10-08
   historical
10. 2025-09-05
    listed $350,000 Active
11. 2025-09-05
    listed $199,000 Active
12. 2022-09-02
    soldstatus $225,000

ⓘ 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: $1,906 · $159/mo
• Projected year-2 tax: $3,308 · $276/mo
• Expected delta: +$1,402/yr (+$117/mo · 73.6%)

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

Taxation est. · year 1

• Rental income: $23,252
• − Mortgage interest: −$16,188
• − Property taxes: −$1,906
• − Insurance: −$1,445
• − Repairs & maintenance: −$1,860
• − Management: −$1,860
• − Depreciation: −$8,407
• Taxable loss: −$8,415
• Est. tax savings @ 24.0%: +$2,020
• After-tax cash flow: $-1,149/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

+28.4% since first listed

12 events — show timeline

• 2026-05-15 Pending — RIS
• 2026-05-04 Price Changed $289,000 RIS
• 2026-04-04 Listed $309,900 RIS
• 2026-01-13 Listing Removed — RIS
• 2025-10-26 Listing Removed — RIS
• 2025-10-26 Listed $429,900 RIS
• 2025-10-08 Listing Removed — RIS
• 2025-10-08 Listing Removed — RIS
• 2025-10-08 Listed $475,000 RIS
• 2025-09-05 Listed $199,000 RIS
• 2025-09-05 Listed $350,000 RIS
• 2022-09-02 Sold (Public Records) $225,000 Public Records

Property tax history

-1.2%/yr

Latest (2025): $1,906 · +12.6% YoY. Source: county tax records.