836 Forest Park Ave · Middletown, RI 02842

$34,900

1 bd · 1.0 ba · 432 sqft · Manufactured public records · 252 Days on market

Built 1979 8.38 ac lot $975/mo HOA · 43% of rent ↓ 13% since listing

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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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.9/5.0
• Schools +2.9/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for a fixer upper and affordable housing option? This mobile home in need of some repair could be the perfect opportunity for you. With some TLC and updates, this property has great potential for a cozy home to call your own. This friendly park even allows your dog or cat. Sold "As Is". Priced Accordingly.

Key facts

• 8.38 acre lot
• Parking
• Built 1979

Property features AI

Finance

• Financial info: Has land lease
• HOA & community: Monthly association fee of $975; Community features include highway access, proximity to schools, public transportation, recreation area, restaurants, and shopping

Exterior

• Parking: No garage; One parking space
• Utilities: 200+ amp electric service with circuit breakers and separate meters; Public sewer; Public water (connected, multiple meters)
• Home design: Single-story home
• Construction: Aluminum siding; Pillar/post/pier foundation; Property listed as fixer
• Exterior features: Outbuilding

Interior

• Kitchen: Eat-in kitchen; Oven; Range; Refrigerator
• Bedrooms: One bedroom on the first floor
• Flooring: Carpet; Laminate
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Electric heating; Forced air; Heat pump
• Interior features: Tub/shower
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $35k.

Deal economics

• At list price, monthly cash flow is $567 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $35k).
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Middletown (suburban): math 24% / reading 38% proficiency, ranked #20 of 39 in RI (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.6%/yr); 67 active listings in the ZIP; solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $241 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $5k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 43% of rent.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $30,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1979 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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 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: 6.56% ✓
• Cap rate: 25.79%
• Cash-on-cash: 69.62%
• DSCR: 4.10
• GRM: 1.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.59% rent growth · sell at horizon

5-year hold

• IRR: 76.1%
• Equity multiple: 4.81×
• Total profit: $37,223
• Equity at exit: $5,204

10-year hold

• IRR: 81.4%
• Equity multiple: 12.06×
• Total profit: $108,035
• Equity at exit: $3,018

Cash invested: $9,772 (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 02842

• Home prices YoY: -30.6%
• Rents YoY: 5.6%
• Active inventory: 67
• Price-to-rent: 1.3×

Monthly cashflow live

• Estimated rent: $2,290 medium
• Mortgage (P&I): −$183
• Tax from tax record: −$69 /mo · $832/yr
• Insurance: −$15
• HOA: −$975
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $567

Break-even live

Break-even rent $1,572

Max offer price $34,900

Occupancy floor 70%

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: $8,725
• Closing costs: $1,047
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $975 · $11,700/yr

Listing history 12 events

1. 2026-06-09
   days on market $34,900 Active 252 DOM
2. 2026-06-08
   days on market $34,900 Active 251 DOM
3. 2026-06-07
   days on market $34,900 Active 250 DOM
4. 2026-06-03
   days on market $34,900 Active 246 DOM
5. 2026-06-02
   days on market $34,900 Active 245 DOM
6. 2026-06-01
   days on market $34,900 Active 244 DOM
7. 2026-05-31
   days on market $34,900 Active 243 DOM
8. 2026-05-01
   price $34,900
9. 2026-02-26
   status Active
10. 2026-02-26
    status Pending
11. 2025-11-12
    price $39,900
12. 2025-09-30
    listed $40,000 Active

ⓘ 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: $832 · $69/mo
• Projected year-2 tax: $832 · $69/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌡 Heat 5/10 Major
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,476
• − Mortgage interest: −$1,955
• − Property taxes: −$832
• − Insurance: −$174
• − Repairs & maintenance: −$2,198
• − Management: −$2,198
• − HOA: −$11,700
• − Depreciation: −$1,015
• Taxable income: $7,403
• Est. tax owed @ 24.0%: −$1,777
• After-tax cash flow: $5,026/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: Middletown
• NCES district ID: 4400630
• Math proficiency: 24% ▼ -9.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $66,845
• Composite: 28.59/100
• National rank: #6717
• State rank: #20 of 39 in RI

Livability — Middletown

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Newport East, RI
• County: Newport County · 73,957 people
• City population: 16,832
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 16,832
• Household income: $101,948
• Rent vs Own: 42.1% rent · 57.9% own
• Severe rent burden: 739.0

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Russian 11% Slovak 4% Romanian 3%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Indo-European 5% Spanish 4% Tagalog/Filipino 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -164.89%
• Current HPI: 374.2301
• Rent YoY: ▲ 5.59%
• 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

-12.8% since first listed

5 events — show timeline

• 2026-05-01 Price Changed $34,900 RIS
• 2026-02-26 Relisted — RIS
• 2026-02-26 Pending — RIS
• 2025-11-12 Price Changed $39,900 RIS
• 2025-09-30 Listed $40,000 RIS

Property tax history

+50.9%/yr

Latest (2025): $832 · +4.7% YoY. Source: county tax records.