128 130 Summer St · Central Falls, RI 02863

$749,000

12 bd · 4.0 ba · 4,448 sqft · MultiFamily · 12 Days on market

Built 1900 Fair condition 5,150 sqft lot Est $729k · at est.

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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 +20.8/30.0
• Appreciation +7.3/10.0
• DSCR +6.6/10.0
• ARV discount +6.3/15.0
• 1% rule +5.5/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +0.4/10.0

Multi-family units

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

Listing remarks MLS

REMARKABLE 4 FAMILY HOUSE WITH 3 BEDS EACH FLOOR, VINYL SIDING , REPLACEMENT WINDOWS, ALL FIRE CODED, PARKING SPACES FOR 7 OR 8 CARS, ROOF ONLY 9-10 YRS YOUNG.

Key facts

• Separate utilities
• New hardwood floors
• Parking for ten cars

Tags

• VINYL SIDING
• REPLACEMENT WINDOWS
• NEW HARDWOOD FLOORS
• SEPARATE UTILITIES
• PARKING FOR TEN CARS

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $749k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $258/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $749k).
• Cap rate 7.9% vs local median 5.2% in Central Falls — 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 66/100 on livability (#21 in RI) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing B; Watch: schools F, amenities F, commute F.
• Central Falls (suburban): math 2% / reading 8% proficiency, ranked #38 of 39 in RI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 33 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,859/mo this rent would consume 191% of the median local household income ($49k/yr) (locally 1380% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $39k of equity ($5k loan paydown + $34k appreciation (4.6% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 24y 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.
• Current owner paid $215k; list at $749k implies a 248% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk; major wind risk, 70% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $749,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.05% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.91%
• DSCR: 1.26
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $729,472
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
128 130 Summer St	0.00mi	12/4.0	4,448 (0%)	1mo	$750,000	$169	100
145 147 Hedley Ave	0.25mi	12/4.5	4,740 (+7%)	15mo	$626,000	$132	63
678 High St	0.57mi	11/5.0 (-1)	4,116 (-8%)	20mo	$675,000	$164	35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.9%
• Equity multiple: 2.05×
• Total profit: $220,449
• Equity at exit: $405,236

10-year hold

• IRR: 17.4%
• Equity multiple: 3.95×
• Total profit: $618,906
• Equity at exit: $683,990

Cash invested: $209,720 (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 02863

• Home prices YoY: 1.2%
• Active inventory: 33
• Price-to-rent: 31.8×

Monthly cashflow live

• Estimated rent: $7,859 high
• Mortgage (P&I): −$3,928
• Tax est. 1.5%: −$936 /mo · $11,235/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,650
• Net cashflow: $1,032

Break-even live

Break-even rent $6,552

Max offer price $749,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$7,860
Total (4 units)			$7,859

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: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-13
   status Pending
2. 2026-04-01
   listed $749,000 Active
3. 2002-07-31
   soldstatus $215,000 159-char remark

   Show marketing remark (159 chars)

   REMARKABLE 4 FAMILY HOUSE WITH 3 BEDS EACH FLOOR, VINYL SIDING , REPLACEMENT WINDOWS, ALL FIRE CODED, PARKING SPACES FOR 7 OR 8 CARS, ROOF ONLY 9-10 YRS YOUNG.

4. 2002-06-04
   historical 159-char remark

   Show marketing remark (159 chars)

   REMARKABLE 4 FAMILY HOUSE WITH 3 BEDS EACH FLOOR, VINYL SIDING , REPLACEMENT WINDOWS, ALL FIRE CODED, PARKING SPACES FOR 7 OR 8 CARS, ROOF ONLY 9-10 YRS YOUNG.

5. 2002-05-29
   listed $225,000 159-char remark

   Show marketing remark (159 chars)

   REMARKABLE 4 FAMILY HOUSE WITH 3 BEDS EACH FLOOR, VINYL SIDING , REPLACEMENT WINDOWS, ALL FIRE CODED, PARKING SPACES FOR 7 OR 8 CARS, ROOF ONLY 9-10 YRS YOUNG.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 53% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $94,308
• − Mortgage interest: −$41,956
• − Property taxes: −$11,235
• − Insurance: −$3,745
• − Repairs & maintenance: −$7,545
• − Management: −$7,545
• − Depreciation: −$21,789
• Taxable income: $494
• Est. tax owed @ 24.0%: −$119
• After-tax cash flow: $12,271/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.

Condition & rehab AI · 14 photos

Fair 45/100 Moderate rehab

The property is a four-family home in fair condition with moderate repairs and maintenance needed. Painting the exterior siding and interior walls, replacing the HVAC filters, and updating the kitchen and bathroom fixtures would significantly increase its resale and rental value.

Repairs flagged

• Minor Kitchen cabinets — The cabinets show signs of wear and tear, but are still functional.
• Minor Bathroom fixtures — The fixtures show signs of wear and tear, but are still functional.
• Minor Exterior paint — The paint on the exterior siding shows signs of wear and tear, but is still functional.
• Minor Interior paint — The paint on the interior walls shows signs of wear and tear, but is still functional.
• Minor Windows — The windows show signs of wear and tear, but are still functional.
• Minor HVAC filters — The HVAC filters need to be replaced to ensure proper functioning.

Value-add opportunities

• Resale Painting the exterior siding — Painting the exterior siding can improve the curb appeal and increase the home's resale value.
• Resale Painting the interior walls — Painting the interior walls can improve the home's appearance and increase the resale value.
• Rental Replacing the HVAC filters — Replacing the HVAC filters can improve the home's air quality and increase its rental value.
• Resale Replacing the kitchen cabinets — Replacing the kitchen cabinets can improve the home's appearance and increase the resale value.
• Resale Replacing the bathroom fixtures — Replacing the bathroom fixtures can improve the home's appearance and increase the resale value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · The cabinets show signs of wear and tear, but are still functional.	Minor	$500–3,000
Bathroom fixtures · The fixtures show signs of wear and tear, but are still functional.	Minor	$500–3,000
Exterior paint · The paint on the exterior siding shows signs of wear and tear, but is still functional.	Minor	$500–3,000
Interior paint · The paint on the interior walls shows signs of wear and tear, but is still functional.	Minor	$500–3,000
Windows · The windows show signs of wear and tear, but are still functional.	Minor	$500–3,000
HVAC filters · The HVAC filters need to be replaced to ensure proper functioning.	Minor	$500–3,000
Total estimated repair cost · 6 items		$3,000–18,000

Value-add ROI direction

• Resale Painting the exterior siding — Painting the exterior siding can improve the curb appeal and increase the home's resale value. ↑
• Resale Painting the interior walls — Painting the interior walls can improve the home's appearance and increase the resale value. ↑
• Rental Replacing the HVAC filters — Replacing the HVAC filters can improve the home's air quality and increase its rental value. ↑
• Resale Replacing the kitchen cabinets — Replacing the kitchen cabinets can improve the home's appearance and increase the resale value. ↑
• Resale Replacing the bathroom fixtures — Replacing the bathroom fixtures can improve the home's appearance and increase the resale value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Central Falls
• NCES district ID: 4400120
• Math proficiency: 2% ▼ -6.00%
• Reading proficiency: 8% ▼ -5.00%
• Median HH income: $30,478
• Composite: 3.59/100
• National rank: #10071
• State rank: #38 of 39 in RI

Livability — Central Falls

• Score: 66/100
• State rank: #21
• US rank: #11321

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Central Falls, RI
• County: Providence County · 548,917 people
• City population: 22,701
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 22,701
• Household income: $49,285
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 1380.0

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: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 29% White 16% Black 8%
• Hispanic origin (detail): Mexican 6% Puerto Rican 15% Dominican 7%
• Common ancestry: Lithuanian 4% Russian 4% Romanian 1%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 29% English-only · Spanish 62% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▲ 4.58%
• Current HPI: 373.2598
• 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

+232.9% since first listed

5 events — show timeline

• 2026-04-13 Pending — RIS
• 2026-04-01 Listed $749,000 RIS
• 2002-07-31 Sold (MLS) $215,000 RIS
• 2002-06-04 Listing Removed — RIS
• 2002-05-29 Listed $225,000 RIS