51 State Ave · Tiverton, RI 02878

$525,000

7 bd · 3.0 ba · 3,362 sqft · MultiFamily public records · 18 Days on market

Built 1900 10,019 sqft lot Est $723k · 27% under

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Why this score? — see what drove the B 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 +28.6/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.3/10.0
• Schools +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Nice multi-unit with 3 bedrooms and one bath on each floor. Features hw floors, big corner lot, paved driveway and a 10-year-old roof 1 layer. Must see whether you are living there rent free or as an investment opportunity.

Key facts

• Paved driveway
• 10-year-old roof
• Corner lot

Tags

• CORNER LOT
• PAVED DRIVEWAY
• 10-YEAR-OLD ROOF

Property features AI

Finance

• Other: Three total residential units; One building
• Financial info: Operating expenses: $9,600

Exterior

• Parking: Detached garage; Total of 7 parking spaces, 1 covered space; One garage space
• Utilities: Sewer connected; Water connected; 200+ amp electric service
• Home design: Three-story building; Multi-family property with one building
• Construction: Vinyl siding construction; Built-up area above grade: 3,361
• Exterior features: Vinyl siding; Full unfinished basement with interior entry

Interior

• Kitchen: No appliance details listed for kitchen
• Bedrooms: Three 3-bedroom units
• Flooring: Hardwood
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Oil-fired baseboard heating
• Interior features: Hardwood flooring; Tub with shower
• Laundry & utility: Oil water heater

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• Recommended offer: $517k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 3.5% in Tiverton — 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 61/100 on livability (#28 in RI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: schools C-, cost of living D+, amenities F.
• Tiverton (rural): math 35% / reading 49% proficiency, ranked #14 of 39 in RI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 91 active listings in the ZIP; solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• At $6,438/mo this rent would consume 73% of the median local household income ($106k/yr) (locally 201% 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 $4k of loan paydown is wiped out by about $16k 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 + 3.0% rent growth), your $147k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $325k; list at $525k implies a 62% 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: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $517,125 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.23% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.18%
• DSCR: 1.63
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $722,830
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
118 Last St	0.43mi	8/3.0 (+1)	3,417 (+2%)	11mo	$735,000	$215	63
469 Mount Hope Ave	0.50mi	8/3.0 (+1)	3,288 (-2%)	16mo	$825,000	$251	55
2229 S Main St	0.74mi	7/3.0	2,877 (-14%)	2mo	$610,000	$212	40

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.17×
• Total profit: $25,506
• Equity at exit: $78,279

10-year hold

• IRR: 14.0%
• Equity multiple: 2.12×
• Total profit: $164,392
• Equity at exit: $45,392

Cash invested: $147,000 (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 02878

• Home prices YoY: -23.3%
• Active inventory: 91
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $6,438 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$377 /mo · $4,521/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,352
• Net cashflow: $1,737

Break-even live

Break-even rent $4,239

Max offer price $525,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,438
Total (3 units)			$6,438

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-13
   statusdays on market $525,000 Pending 18 DOM
2. 2026-06-09
   days on market $525,000 Active Under Contract 16 DOM
3. 2026-06-08
   days on market $525,000 Active Under Contract 15 DOM
4. 2026-06-07
   days on market $525,000 Active Under Contract 14 DOM
5. 2026-06-05
   days on market $525,000 Active Under Contract 11 DOM
6. 2026-06-03
   days on market $525,000 Active Under Contract 10 DOM
7. 2026-06-02
   days on market $525,000 Active Under Contract 9 DOM
8. 2026-06-02
   status $525,000 Active Under Contract 8 DOM
9. 2026-06-01
   days on market $525,000 Active 8 DOM
10. 2026-05-31
    days on market $525,000 Active 7 DOM
11. 2026-05-12
    listed $599,900 Active 223-char remark
12. 2021-07-20
    soldstatus $325,000

ⓘ 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: $4,521 · $377/mo
• Projected year-2 tax: $6,539 · $545/mo
• Expected delta: +$2,018/yr (+$168/mo · 44.6%)

ⓘ 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 ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $77,256
• − Mortgage interest: −$29,408
• − Property taxes: −$4,521
• − Insurance: −$2,625
• − Repairs & maintenance: −$6,180
• − Management: −$6,180
• − Depreciation: −$15,273
• Taxable income: $13,068
• Est. tax owed @ 24.0%: −$3,136
• After-tax cash flow: $17,712/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: Tiverton
• NCES district ID: 4401050
• Math proficiency: 35% ▼ -6.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $67,472
• Composite: 37.77/100
• National rank: #4347
• State rank: #14 of 39 in RI

Livability — Tiverton

• Score: 61/100
• State rank: #28
• US rank: #17481

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Tiverton, RI
• County: Newport County · 73,957 people
• City population: 16,189
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 16,189
• Household income: $106,036
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 201.0

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 (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Russian 30% Lithuanian 15% Romanian 4%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Other Indo-European 5% Spanish 2% French/Haitian/Cajun 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: ▼ -110.16%
• Current HPI: 362.7711
• 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

+61.5% since first listed

6 events — show timeline

• 2026-06-11 Pending — RIS
• 2026-06-01 Contingent — RIS
• 2026-05-24 Listed $525,000 RIS
• 2026-05-23 Listing Removed — RIS
• 2026-05-12 Listed $599,900 RIS
• 2021-07-20 Sold (Public Records) $325,000 Public Records

Property tax history

+5.4%/yr

Latest (2024): $4,521 · +24.7% YoY. Source: county tax records.