62 Russo St · Providence, RI 02904

$825,000

15 bd · 6.0 ba · 5,904 sqft · MultiFamily public records · 83 Days on market

Built 1900 3,049 sqft lot

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Bank owned, Multi-family Commercial - REO, Six unit - Three 3-bedrooms, three 2-bedrooms, five units rented & remodeled, one unit ready for remodeling. All separate utilities, gas heat. Sold As Is Where Is.

Key facts

• Commuter location
• Multifamily property
• 3,049 sq ft lot

Tags

• INVESTMENT OPPORTUNITY
• MULTIFAMILY PROPERTY
• COMMUTER LOCATION
• CLOSE PROXIMITY TO AMENITIES

What this means for you Summary

Snapshot

• This is a 6 × 2-bed/1.0-bath units multifamily listed at $825k.

Deal economics

• At list price, monthly cash flow is $4k ($46k/yr) — positive. Per door: $638/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $825k).
• Recommended offer: $776k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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 $12,249/mo this rent would consume 219% 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 $6k of loan paydown is wiped out by about $25k 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 $231k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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 $666k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $775,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.48% ✓
• Cap rate: 11.86%
• Cash-on-cash: 19.88%
• DSCR: 1.88
• GRM: 5.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.88% rent growth · sell at horizon

5-year hold

• IRR: 16.4%
• Equity multiple: 1.69×
• Total profit: $159,989
• Equity at exit: $123,010

10-year hold

• IRR: 27.7%
• Equity multiple: 3.92×
• Total profit: $675,116
• Equity at exit: $71,331

Cash invested: $231,000 (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 02904

• Rents YoY: 6.9%
• Active inventory: 151
• Price-to-rent: 33.7×

Monthly cashflow live

• Estimated rent: $12,249 high
• Mortgage (P&I): −$4,326
• Tax from tax record: −$1,180 /mo · $14,160/yr
• Insurance: −$344
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,572
• Net cashflow: $3,827

Break-even live

Break-even rent $7,405

Max offer price $825,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 6× units	2	1	$12,246
Total (6 units)			$12,249

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: $206,250
• Closing costs: $24,750
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-04-07
   status Pending
2. 2026-03-04
   price $825,000
3. 2026-02-13
   status Active
4. 2025-12-19
   status Pending
5. 2025-11-19
   listed $839,900 Active
6. 2024-10-24
   historical $1,450
7. 2024-10-11
   price $1,450
8. 2024-10-04
   price $1,475
9. 2024-09-08
   price $1,520
10. 2024-09-05
    listed $1,545
11. 2024-06-26
    soldstatus $665,995
12. 2019-07-01
    soldstatus $390,000
13. 2012-08-31
    soldstatus $85,000 212-char remark

    Show marketing remark (212 chars)

    Bank owned, Multi-family Commercial - REO, Six unit - Three 3-bedrooms, three 2-bedrooms, five units rented & remodeled, one unit ready for remodeling. All separate utilities, gas heat. Sold As Is Where Is.

14. 2012-08-10
    historical 212-char remark

    Show marketing remark (212 chars)

    Bank owned, Multi-family Commercial - REO, Six unit - Three 3-bedrooms, three 2-bedrooms, five units rented & remodeled, one unit ready for remodeling. All separate utilities, gas heat. Sold As Is Where Is.

15. 2012-06-21
    listed $149,000 212-char remark

    Show marketing remark (212 chars)

    Bank owned, Multi-family Commercial - REO, Six unit - Three 3-bedrooms, three 2-bedrooms, five units rented & remodeled, one unit ready for remodeling. All separate utilities, gas heat. Sold As Is Where Is.

16. 2002-06-26
    soldstatus $110,000

ⓘ 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: $14,160 · $1,180/mo
• Projected year-2 tax: $14,160 · $1,180/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

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 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: $146,988
• − Mortgage interest: −$46,213
• − Property taxes: −$14,160
• − Insurance: −$4,125
• − Repairs & maintenance: −$11,759
• − Management: −$11,759
• − Depreciation: −$24,000
• Taxable income: $34,972
• Est. tax owed @ 24.0%: −$8,393
• After-tax cash flow: $37,526/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

+650.0% since first listed

16 events — show timeline

• 2026-04-07 Pending — RIS
• 2026-03-04 Price Changed $825,000 RIS
• 2026-02-13 Relisted — RIS
• 2025-12-19 Pending — RIS
• 2025-11-19 Listed $839,900 RIS
• 2024-10-24 Rental Removed $1,450 RENTALBEAST
• 2024-10-11 Price Changed $1,450 RENTALBEAST
• 2024-10-04 Price Changed $1,475 RENTALBEAST
• 2024-09-08 Price Changed $1,520 RENTALBEAST
• 2024-09-05 Listed for Rent $1,545 RENTALBEAST
• 2024-06-26 Sold (Public Records) $665,995 Public Records
• 2019-07-01 Sold (Public Records) $390,000 Public Records
• 2012-08-31 Sold (MLS) $85,000 MLS PIN
• 2012-08-10 Listing Removed — MLS PIN
• 2012-06-21 Listed $149,000 MLS PIN
• 2002-06-26 Sold (Public Records) $110,000 Public Records

Property tax history

+4.2%/yr

Latest (2025): $14,160 · +99.9% YoY. Source: county tax records.