135 Red Chimney Dr · Warwick, RI 02886

$650,000

4 bd · 3.0 ba · 1,806 sqft · SingleFamily public records · 33 Days on market

Built 1963 0.36 ac lot Est $621k · at est.

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Why this score? — see what drove the C- 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 +23.1/30.0
• DSCR +7.4/10.0
• 1% rule +5.6/10.0
• ARV discount +5.4/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 135 Red Chimney Drive, nestled in the highly desirable Cowesett neighborhood. This well maintained split-level home offers 4 bedrooms and 3 full bathrooms, providing a flexible layout ideal for a variety of living needs. The main level features a bright, light-filled kitchen, a formal dining room, and a spacious living room with a cozy fire place - perfect for relaxing or entertaining. A first-floor bedroom or den, along with a full bathroom and convenient laundry area, adds versatility and ease of living. Upstairs, you will find a second bedroom, a generous size primary bedroom, and a full bathroom. The lower level offers even more living space with a family room, an additional

Key facts

• Newly built deck
• Hardwood floors
• 0.36 acre lot

Tags

• COWESETT NEIGHBORHOOD
• BRIGHT LIGHT FILLED KITCHEN
• NEWLY BUILT DECK
• HARDWOOD FLOORS

Property features AI

Finance

• HOA & community: Community amenities include golf, marina, public transportation access, recreation areas, restaurants, shopping, nearby hospital and schools, and highway access

Exterior

• Parking: No garage; Space for 6 vehicles (total parking)
• Utilities: Electric service: 100 amp; Septic tank; Connected water
• Home design: 3-story building; Above-grade finished living area present
• Construction: Vinyl siding with drywall interior; Concrete perimeter foundation; Built components arranged across 3 stories
• Exterior features: Deck; Paved driveway; Fenced yard; Corner lot

Interior

• Kitchen: Oven; Range; Refrigerator; Dishwasher
• Bedrooms: Total of 9 rooms (bedroom count not specified); Basement provides additional interior space (full, unfinished, interior entry)
• Flooring: Hardwood flooring; Ceramic tile flooring
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating (gas); Central air conditioning
• Interior features: Skylights and skylight windows; Thermal windows; Tub with shower
• Laundry & utility: Washer; Dryer; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Recommended offer: $630k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 3.7% 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: schools D+, amenities F.
• Warwick (urban): math 15% / reading 32% proficiency, ranked #25 of 39 in RI (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 118 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $20k 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

• It's been on market 33 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y 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 $335k; list at $650k implies a 94% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 78% 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 $630,500 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 8.44%
• Cash-on-cash: 7.66%
• DSCR: 1.34
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $621,264
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
189 Cowesett Rd	0.35mi	3/2.5 (-1)	1,790 (-1%)	6mo	$700,000	$391	70
97 Cowesett Rd	0.44mi	3/2.0 (-1)	1,815 (+0%)	8mo	$615,000	$339	63
170 Cowesett Rd	0.33mi	3/2.0 (-1)	1,690 (-6%)	3mo	$650,000	$385	62
57 Ladderlook Rd	0.38mi	3/1.5 (-1)	1,734 (-4%)	8mo	$508,000	$293	58
44 Oldham St	0.50mi	3/2.5 (-1)	1,713 (-5%)	4mo	$699,900	$409	58
247 Love Ln	0.18mi	3/2.0 (-1)	1,585 (-12%)	12mo	$615,000	$388	52
61 Bruce Ln	0.22mi	3/2.5 (-1)	2,040 (+13%)	13mo	$700,000	$343	50
11 Highland Ave	0.58mi	3/2.5 (-1)	1,722 (-5%)	13mo	$592,500	$344	48
23 Bokar St	0.61mi	3/2.0 (-1)	1,874 (+4%)	11mo	$625,000	$334	47
3 Tivoli Ct	0.45mi	3/2.5 (-1)	1,960 (+8%)	18mo	$550,000	$281	42
407 Red Chimney Dr	0.44mi	3/2.0 (-1)	1,564 (-13%)	10mo	$635,000	$406	40
204 Shenandoah Rd	0.51mi	3/2.0 (-1)	1,585 (-12%)	21mo	$457,000	$288	29

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: -4.6%
• Equity multiple: 0.83×
• Total profit: $-31,410
• Equity at exit: $96,917

10-year hold

• IRR: 5.1%
• Equity multiple: 1.37×
• Total profit: $67,731
• Equity at exit: $56,200

Cash invested: $182,000 (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 02886

• Active inventory: 118
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $6,869 medium
• Mortgage (P&I): −$3,409
• Tax from tax record: −$586 /mo · $7,035/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,443
• Net cashflow: $1,161

Break-even live

Break-even rent $5,400

Max offer price $650,000

Occupancy floor 78%

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
47 Arnolds Neck Dr Warwick, RI	3.0	3.5	2400	$7,500	$3.12	43d	1	0.96mi
40 Duane St East Greenwich, RI	5.0	2.0	2500	$6,000	$2.40	2d	1	1.27mi

Listing history 28 events

1. 2026-06-18
   days on market $650,000 Active 33 DOM
2. 2026-06-17
   days on market $650,000 Active 32 DOM
3. 2026-06-16
   days on market $650,000 Active 31 DOM
4. 2026-06-15
   days on market $650,000 Active 30 DOM
5. 2026-06-13
   days on market $650,000 Active 28 DOM
6. 2026-06-09
   days on market $650,000 Active 24 DOM
7. 2026-06-08
   days on market $650,000 Active 23 DOM
8. 2026-06-07
   days on market $650,000 Active 22 DOM
9. 2026-06-03
   pricedays on market $650,000 Active 18 DOM
10. 2026-06-02
    days on market $675,000 Active 17 DOM
11. 2026-06-01
    days on market $675,000 Active 16 DOM
12. 2026-05-31
    days on market $675,000 Active 15 DOM
13. 2026-05-11
    listed $675,000 Active
14. 2016-11-08
    price $379,900
15. 2016-11-08
    price $369,900
16. 2010-12-30
    soldstatus $335,000
17. 2010-10-26
    historical
18. 2010-08-23
    listed $349,900
19. 2007-09-17
    soldstatus $365,000
20. 2007-09-17
    soldstatus $365,000
21. 2007-09-17
    soldstatus $365,000
22. 2007-04-01
    listed $369,900
23. 2007-04-01
    historical
24. 2007-03-31
    historical
25. 2007-01-05
    listed $374,900
26. 2007-01-05
    historical
27. 2006-01-05
    listed $399,900
28. 1990-12-13
    soldstatus $159,000

ⓘ 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: $7,035 · $586/mo
• Projected year-2 tax: $8,815 · $735/mo
• Expected delta: +$1,780/yr (+$148/mo · 25.3%)

ⓘ 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 7/10 Severe 78% 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: $82,434
• − Mortgage interest: −$36,410
• − Property taxes: −$7,035
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,595
• − Management: −$6,595
• − Depreciation: −$18,909
• Taxable income: $3,640
• Est. tax owed @ 24.0%: −$874
• After-tax cash flow: $13,060/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: Warwick
• NCES district ID: 4401110
• Math proficiency: 15% ▼ -11.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $63,420
• Composite: 22.03/100
• National rank: #8203
• State rank: #25 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

• Census place: Warwick, RI
• City population: 108,434
• Population (ZIP): 30,925

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 (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 5% Asian 4% Black 2%
• Common ancestry: Lithuanian 8% Russian 7% Romanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 2%

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: ▼ -425.54%
• Current HPI: 350.8111
• Rent YoY: —
• Metro: —
• 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

+324.5% since first listed

16 events — show timeline

• 2026-05-11 Listed $675,000 RIS
• 2016-11-08 Price Changed $369,900 RIS
• 2016-11-08 Price Changed $379,900 RIS
• 2010-12-30 Sold (MLS) $335,000 RIS
• 2010-10-26 Listing Removed — RIS
• 2010-08-23 Listed $349,900 RIS
• 2007-09-17 Sold (Public Records) $365,000 Public Records
• 2007-09-17 Sold (Public Records) $365,000 Public Records
• 2007-09-17 Sold (MLS) $365,000 RIS
• 2007-04-01 Listed $369,900 RIS
• 2007-04-01 Listing Removed — RIS
• 2007-03-31 Listing Removed — RIS
• 2007-01-05 Listed $374,900 RIS
• 2007-01-05 Listing Removed — RIS
• 2006-01-05 Listed $399,900 RIS
• 1990-12-13 Sold (Public Records) $159,000 Public Records

Property tax history

+1.6%/yr

Latest (2025): $7,035 · -6.1% YoY. Source: county tax records.