661 Washington St · Warwick, RI 02816

$399,900

3 bd · 3.0 ba · 1,730 sqft · MultiFamily public records · 9 Days on market

Built 1778 0.83 ac lot Est $436k · 8% under

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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 +16.5/30.0
• ARV discount +11.2/15.0
• DSCR +5.1/10.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• 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: 2 units. confirmed

Listing remarks MLS

GREAT OPPORTUNITY! THIS HOME WAS ORIGINALLY A 2 FAMILY HOME. HOME IS LOCATED ON ALMOST 1 ACRE OF LAND WITH A STREAM AND BRIDGE. 4 BED 2 BATHS 2 FIREPLACES & MORE

Key facts

• Expansive lot
• Two-family home
• Young roof

Tags

• TWO-FAMILY HOME
• YOUNG ROOF
• EXPANSIVE LOT
• MULTIPLE OUTBUILDINGS

Property features AI

Finance

• Financial info: Multifamily property with 3 units in 2 buildings; Reported rents: two units at $1,400 each (one 1-bedroom and one 2-bedroom); third unit present (2-bedroom) — area sizes reported for units
• HOA & community: Community amenities nearby: golf, highway access, public transportation, recreation area, restaurant, shopping, sidewalks

Exterior

• Parking: No garage; Space for 10 vehicles
• Utilities: Public water (connected); Public sewer (connected); Electric with circuit breaker panel
• Home design: Two-story building; Drywall and vinyl siding construction; Above-grade finished living area reported
• Construction: Drywall exterior walls; Vinyl siding exterior
• Exterior features: Paved driveway; Barn(s) and outbuilding; Spa on the property

Interior

• Kitchen: Dishwasher; Oven; Range; Microwave; Refrigerator; Water heater
• Bedrooms: Three separate unit types: one 1-bedroom unit, two 2-bedroom units (total units: 3)
• Flooring: Hardwood; Carpet
• Bathrooms: 3 full bathrooms and 1 half bathroom (across the property and units)
• Heating & cooling: Hot water gas baseboard heating
• Interior features: Full unfinished basement; Masonry fireplace (1); Bathtub, tub/shower combination, and jetted tub; Interior steps; Cable TV
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.8-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $233 ($3k/yr) — positive. Per door: $116/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $364k (9.1% below list).
• Recommended offer: $364k (9.1% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 3.3% in Warwick — 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 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: amenities F.
• Coventry (suburban): math 25% / reading 41% proficiency, ranked #19 of 39 in RI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alan Shawn Feinstein Ms of Cov (math 18% / reading 31%, grade F, #28 of 57 statewide, top 48%, 974 students, 29% FRL).
• Market conditions: 177 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• This rent runs 43% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 22y 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 $160k; list at $400k implies a 150% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1778 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 74% 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 $363,600 (9.1% 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 1778 — 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 D-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. 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 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: 0.91% ✗
• Cap rate: 6.99%
• Cash-on-cash: 2.50%
• DSCR: 1.11
• GRM: 9.2

CMA / ARV

• ARV (on-the-fly): $435,960
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
34 Sheltra Ave	0.49mi	4/2.0 (+1)	1,696 (-2%)	11mo	$465,000	$274	56
794 Washington St	0.52mi	3/3.0	1,680 (-3%)	21mo	$270,000	$161	53
45 Bates Ave	0.69mi	4/2.0 (+1)	1,848 (+7%)	4mo	$465,000	$252	44
61 63 Bates Ave	0.72mi	4/2.0 (+1)	1,824 (+5%)	13mo	$427,000	$234	38

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: -12.4%
• Equity multiple: 0.55×
• Total profit: $-49,991
• Equity at exit: $59,626

10-year hold

• IRR: -3.3%
• Equity multiple: 0.78×
• Total profit: $-24,521
• Equity at exit: $34,576

Cash invested: $111,972 (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 02816

• Active inventory: 177
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $3,636 high
• Mortgage (P&I): −$2,097
• Tax from tax record: −$376 /mo · $4,510/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$764
• Net cashflow: $233

Break-even live

Break-even rent $3,341

Max offer price $399,900

Occupancy floor 89%

Sensitivity live

Price	-10% $459	-5% $346	+0% $233	+5% $120	+10% $6
Rent	-10% $-54	-5% $89	+0% $233	+5% $376	+10% $520
Rate	-1.0pp $434	-0.5pp $335	base $233	+0.5pp $129	+1.0pp $24

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.8	$3,636
Total (2 units)			$3,636

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 W Warwick Ave Unit 3 West Warwick, RI	2.0	1.5	1094	$1,800	$1.65	45d	1	0.94mi
5 Whitman St Coventry, RI	3.0	1.0	1200	$2,850	$2.38	3d	1	0.97mi
8 Saint John St Unit 1 West Warwick, RI	2.0	2.5	1200	$1,795	$1.50	25d	1	1.36mi

Listing history 7 events

1. 2026-06-21
   days on market $399,900 Active 9 DOM
2. 2026-06-18
   days on market $399,900 Active 6 DOM
3. 2026-06-17
   days on market $399,900 Active 5 DOM
4. 2026-06-16
   days on market $399,900 Active 4 DOM
5. 2026-06-15
   days on market $399,900 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $399,900 Active 1 DOM

ⓘ 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: $4,510 · $376/mo
• Projected year-2 tax: $5,514 · $460/mo
• Expected delta: +$1,004/yr (+$84/mo · 22.3%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (shaded) · 96% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,632
• − Mortgage interest: −$22,401
• − Property taxes: −$4,510
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,491
• − Management: −$3,491
• − Depreciation: −$11,633
• Taxable loss: −$3,893
• Est. tax savings @ 24.0%: +$934
• After-tax cash flow: $3,729/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: Coventry
• NCES district ID: 4400210
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $66,277
• Composite: 30.18/100
• National rank: #6317
• State rank: #19 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 90,904 people
• City population: 108,434
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 33,298
• Household income: $101,431
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 667.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 13% Russian 8% Romanian 4%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -362.74%
• Current HPI: 336.2662
• 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

+100.1% since first listed

6 events — show timeline

• 2026-06-12 Listed $399,900 RIS
• 2019-09-20 Price Changed $189,900 RIS
• 2004-06-02 Sold (Public Records) $160,000 Public Records
• 2004-06-01 Sold (MLS) $189,900 RIS
• 2004-04-28 Listing Removed — RIS
• 2004-01-13 Listed $199,900 RIS

Property tax history

+1.7%/yr

Latest (2025): $4,510 · +1.6% YoY. Source: county tax records.