112 Hugo St · Providence, RI 02904

$429,000

6 bd · 2.0 ba · 1,716 sqft · MultiFamily public records · 30 Days on market

Built 1900 5,933 sqft lot Est $427k · 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 +20.3/30.0
• ARV discount +7.3/15.0
• DSCR +6.4/10.0
• 1% rule +5.1/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

FANNIE MAE OWNED-TWO FAMILY- THREE BEDS- SALE AS IS CONDITION. NEED TOTAL REHAB.

Key facts

• 5,933 sq ft lot
• 3 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $429k.

Deal economics

• At list price, monthly cash flow is $547 ($7k/yr) — positive. Per door: $274/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $429k).
• Recommended offer: $423k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 4.2% in Providence — 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 84/100 on livability (#2 in RI, #794 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, schools F.
• Providence (urban): math 8% / reading 16% proficiency, ranked #34 of 39 in RI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.9%/yr); 151 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,335/mo this rent would consume 78% of the median local household income ($67k/yr) (locally 1176% 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 $3k of loan paydown is wiped out by about $13k 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.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $120k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 20y 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 $37k; list at $429k implies a 1059% 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: 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 $422,565 (1.5% below list)

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 1900 — 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. 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?
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 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: 1.01% ✓
• Cap rate: 7.82%
• Cash-on-cash: 5.47%
• DSCR: 1.24
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $427,284
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1166 Douglas Ave	0.70mi	5/3.0 (-1)	1,924 (+12%)	3mo	$480,000	$249	36

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 · 6.88% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.86×
• Total profit: $-17,077
• Equity at exit: $63,965

10-year hold

• IRR: 9.9%
• Equity multiple: 1.90×
• Total profit: $108,208
• Equity at exit: $37,092

Cash invested: $120,120 (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 02904

• Rents YoY: 6.9%
• Active inventory: 151
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $4,335 high
• Mortgage (P&I): −$2,250
• Tax from tax record: −$449 /mo · $5,389/yr
• Insurance: −$179
• HOA: −$0
• Vacancy / Maint / Mgmt: −$910
• Net cashflow: $547

Break-even live

Break-even rent $3,642

Max offer price $429,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,334
Total (2 units)			$4,335

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: $107,250
• Closing costs: $12,870
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-03-13
   status Pending
2. 2026-02-11
   listed $429,000 Active
3. 2016-11-08
   price $294,900
4. 2013-12-19
   price $42,900 80-char remark

   Show marketing remark (80 chars)

   FANNIE MAE OWNED-TWO FAMILY- THREE BEDS- SALE AS IS CONDITION. NEED TOTAL REHAB.

5. 2009-01-27
   soldstatus $37,000 80-char remark

   Show marketing remark (80 chars)

   FANNIE MAE OWNED-TWO FAMILY- THREE BEDS- SALE AS IS CONDITION. NEED TOTAL REHAB.

6. 2008-12-11
   historical 80-char remark

   Show marketing remark (80 chars)

   FANNIE MAE OWNED-TWO FAMILY- THREE BEDS- SALE AS IS CONDITION. NEED TOTAL REHAB.

7. 2008-07-18
   listed $59,900 80-char remark

   Show marketing remark (80 chars)

   FANNIE MAE OWNED-TWO FAMILY- THREE BEDS- SALE AS IS CONDITION. NEED TOTAL REHAB.

8. 2008-05-01
   historical
9. 2008-01-08
   listed $243,300
10. 2008-01-04
    historical
11. 2007-11-28
    listed $79,900
12. 2007-05-23
    soldstatus $285,000
13. 2007-02-21
    historical
14. 2006-10-23
    listed $299,000
15. 2006-10-19
    soldstatus $140,000
16. 2006-10-19
    soldstatus $140,000
17. 2006-09-28
    historical
18. 2006-09-26
    historical
19. 2006-09-14
    listed $134,900
20. 2006-09-11
    listed $134,900

ⓘ 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: $5,389 · $449/mo
• Projected year-2 tax: $6,191 · $516/mo
• Expected delta: +$802/yr (+$67/mo · 14.9%)

ⓘ 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 5/10 Major 7 d/yr ≥97°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: $52,020
• − Mortgage interest: −$24,031
• − Property taxes: −$5,389
• − Insurance: −$2,145
• − Repairs & maintenance: −$4,162
• − Management: −$4,162
• − Depreciation: −$12,480
• Taxable loss: −$348
• Est. tax savings @ 24.0%: +$83
• After-tax cash flow: $6,649/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: Providence
• NCES district ID: 4400900
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 16% ▼ -2.00%
• Median HH income: $38,197
• Composite: 10.12/100
• National rank: #9803
• State rank: #34 of 39 in RI

Livability — Providence

• Score: 84/100
• State rank: #2
• US rank: #794

Category grades

Amenities A+ Commute A+ 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: Providence, RI
• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 32,531
• Household income: $67,003
• Rent vs Own: 48.3% rent · 51.7% own
• Severe rent burden: 1176.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 51% Hispanic / Latino 27% Two or more races 16% Black 8% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 7%
• Common ancestry: Lithuanian 7% Russian 6% Romanian 2%
• Foreign-born: 18% · Canada, Jamaica, China
• Languages at home: 64% English-only · Spanish 20% Other Indo-European 5% Other Asian/Pacific 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: ▼ -379.06%
• Current HPI: 363.1386
• Rent YoY: ▲ 6.88%
• 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

+218.0% since first listed

20 events — show timeline

• 2026-03-13 Pending — RIS
• 2026-02-11 Listed $429,000 RIS
• 2016-11-08 Price Changed $294,900 RIS
• 2013-12-19 Price Changed $42,900 RIS
• 2009-01-27 Sold (MLS) $37,000 RIS
• 2008-12-11 Listing Removed — RIS
• 2008-07-18 Listed $59,900 RIS
• 2008-05-01 Listing Removed — RIS
• 2008-01-08 Listed $243,300 RIS
• 2008-01-04 Listing Removed — RIS
• 2007-11-28 Listed $79,900 RIS
• 2007-05-23 Sold (Public Records) $285,000 Public Records
• 2007-02-21 Listing Removed — RIS
• 2006-10-23 Listed $299,000 RIS
• 2006-10-19 Sold (MLS) $140,000 RIS
• 2006-10-19 Sold (MLS) $140,000 MLS PIN
• 2006-09-28 Listing Removed — MLS PIN
• 2006-09-26 Listing Removed — RIS
• 2006-09-14 Listed $134,900 RIS
• 2006-09-11 Listed $134,900 MLS PIN

Property tax history

+1.6%/yr

Latest (2025): $5,389 · +16.8% YoY. Source: county tax records.