3 Quail St

Cumberland, RI 02864

$300,000D-

3 bd · 1.0 ba · 912 sqft · Built 1982 · SingleFamily · Active · 232 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,130/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$404
• HOA: −$0
• Vac / Maint / Mgmt: −$447
• Net cashflow: $-295/mo
• Annual: $-3,535/yr
• Cap rate: 5.11%
• Cash-on-cash: -4.21%
• DSCR: 0.81
• 1% rule: 0.71%
• Cash to close: $84,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $300k.
• At list price, monthly cash flow is $-295 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $248k (17.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $213k (29.0% below list).
• It's been on market 232 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $213k (29.0% below list) — sets the bar for 1% rule.
• 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.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Cumberland (suburban): math 40% / reading 52% proficiency, ranked #9 of 39 in RI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-1.5%/yr); 141 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $20k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $210k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• 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?
• It's been on market 232 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.