80 Phenix Ave · Cranston, RI 02920

$949,900

8 bd · 5.0 ba · 3,347 sqft · MultiFamily public records · 30 Days on market

Built 1840 0.73 ac lot $284/sqft · 96% above area Est $796k · 19% over

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Why this score? — see what drove the F 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 +13.9/30.0
• Livability +4.4/5.0
• DSCR +4.2/10.0
• 1% rule +3.1/10.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

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

RARE FIND!!! INVESTORS & BUILDERS this is a great opportunity for LAND plus a 4 unit in Western Cranston! Legal 4 Unit in Western Cranston on 3/4 acre private lot with plenty of opportunity for growth or just enjoy the privacy of the extra space. There is a 3 car garage and a small storage garage. Approximately 175 feet of a beautiful stone wall to compliment the front of the property. Lot has 2 driveway entrances/exits 1 on Phenix Avenue and 1 on Bolton Street. Plenty of space for parking. 1st floor offers Unit 1 with 2 bed, 1 bath w/ laundry, fireplace and beautiful outdoor patio. This unit has been completely renovated. 1st Floor also has Unit 2 with 2 bed, 1 bath and hardwoods. Both 1st Floor Units have their own exterior entrances, and common area entrances. 2nd Floor also has 2 Units. Unit 3 offers 3 bed, 1 bath rental. Unit 4 is a 2 bed, 1 bath that needs to be completely renovated. There is a full unfinished basement with a fireplace and 2 exits. Half of the basement was studio style living space at one time with plumbing for kitchen, wet bar and bath. Utility side has separate 100 amp circuit breakers, separate gas meters and laundry. Property has plenty of potential for possible buildable lot/lots or condo conversion. Many options. May not qualify for conventional loan. Rent is well below market, owner & family occupied.

Key facts

• Stone wall
• Private lot
• Unfinished basement

Tags

• PRIVATE LOT
• STONE WALL
• OUTDOOR PATIO
• COMPLETELY RENOVATED
• UNFINISHED BASEMENT
• STUDIO STYLE LIVING SPACE

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $950k.

Deal economics

• At list price, monthly cash flow is $100 ($1k/yr) — positive. Per door: $25/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 $773k (18.6% below list).
• Recommended offer: $773k (18.6% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.2% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: George J. Peters School (math 12% / reading 32%, grade F, #106 of 167 statewide, top 66%, 273 students, 52% FRL); Hugh B. Bain Middle School (math 6% / reading 12%, grade F, #46 of 57 statewide, top 80%, 561 students, 68% FRL); Cranston High School West (math 31% / reading 58%, grade F, #17 of 58 statewide, top 33%, 1,715 students, 28% FRL) — zoned schools average 49% FRL vs 33% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.4%/yr); 127 active listings in the ZIP; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,734/mo this rent would consume 115% of the median local household income ($81k/yr) (locally 985% 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 $7k of loan paydown is wiped out by about $28k 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.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($936k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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 $235k; list at $950k implies a 304% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1840 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $773,400 (18.6% 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 1840 — 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. 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?
6. 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.
7. 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.
8. 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: 0.81% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.45%
• DSCR: 1.02
• GRM: 10.2

CMA / ARV

• ARV (median comp): $795,607
• List price: $949,900
• Delta: 19.39%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
70 Florida Ave	0.59mi	9/3.0 (+1)	3,336 (-0%)	6mo	$700,000	$210	54
15 Vallone Rd	0.62mi	8/3.0	3,082 (-8%)	2mo	$725,000	$235	48

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 · 2.42% rent growth · sell at horizon

5-year hold

• IRR: -16.2%
• Equity multiple: 0.43×
• Total profit: $-152,282
• Equity at exit: $141,633

10-year hold

• IRR: -8.9%
• Equity multiple: 0.46×
• Total profit: $-143,532
• Equity at exit: $82,130

Cash invested: $265,972 (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 02920

• Rents YoY: 2.4%
• Active inventory: 127
• Price-to-rent: 40.9×

Monthly cashflow live

• Estimated rent: $7,734 high
• Mortgage (P&I): −$4,981
• Tax from tax record: −$633 /mo · $7,595/yr
• Insurance: −$396
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,624
• Net cashflow: $100

Break-even live

Break-even rent $7,608

Max offer price $949,900

Occupancy floor 94%

Sensitivity live

Price	-10% $637	-5% $369	+0% $100	+5% $-169	+10% $-438
Rent	-10% $-511	-5% $-206	+0% $100	+5% $405	+10% $711
Rate	-1.0pp $578	-0.5pp $341	base $100	+0.5pp $-146	+1.0pp $-397

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,732
Total (4 units)			$7,734

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: $237,475
• Closing costs: $28,497
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-05-13
   status Pending 1367-char remark

   Show marketing remark (1367 chars)

   RARE FIND!!! INVESTORS & BUILDERS this is a great opportunity for LAND plus a 4 unit in Western Cranston! Legal 4 Unit in Western Cranston on 3/4 acre private lot with plenty of opportunity for growth or just enjoy the privacy of the extra space. There is a 3 car garage and a small storage garage. Approximately 175 feet of a beautiful stone wall to compliment the front of the property. Lot has 2 driveway entrances/exits 1 on Phenix Avenue and 1 on Bolton Street. Plenty of space for parking. 1st floor offers Unit 1 with 2 bed, 1 bath w/ laundry, fireplace and beautiful outdoor patio. This unit has been completely renovated. 1st Floor also has Unit 2 with 2 bed, 1 bath and hardwoods. Both 1st Floor Units have their own exterior entrances, and common area entrances. 2nd Floor also has 2 Units. Unit 3 offers 3 bed, 1 bath rental. Unit 4 is a 2 bed, 1 bath that needs to be completely renovated. There is a full unfinished basement with a fireplace and 2 exits. Half of the basement was studio style living space at one time with plumbing for kitchen, wet bar and bath. Utility side has separate 100 amp circuit breakers, separate gas meters and laundry. Property has plenty of potential for possible buildable lot/lots or condo conversion. Many options. May not qualify for conventional loan. Rent is well below market, owner & family occupied.

2. 2026-04-13
   listed $949,900 Active 1367-char remark

   Show marketing remark (1367 chars)

   RARE FIND!!! INVESTORS & BUILDERS this is a great opportunity for LAND plus a 4 unit in Western Cranston! Legal 4 Unit in Western Cranston on 3/4 acre private lot with plenty of opportunity for growth or just enjoy the privacy of the extra space. There is a 3 car garage and a small storage garage. Approximately 175 feet of a beautiful stone wall to compliment the front of the property. Lot has 2 driveway entrances/exits 1 on Phenix Avenue and 1 on Bolton Street. Plenty of space for parking. 1st floor offers Unit 1 with 2 bed, 1 bath w/ laundry, fireplace and beautiful outdoor patio. This unit has been completely renovated. 1st Floor also has Unit 2 with 2 bed, 1 bath and hardwoods. Both 1st Floor Units have their own exterior entrances, and common area entrances. 2nd Floor also has 2 Units. Unit 3 offers 3 bed, 1 bath rental. Unit 4 is a 2 bed, 1 bath that needs to be completely renovated. There is a full unfinished basement with a fireplace and 2 exits. Half of the basement was studio style living space at one time with plumbing for kitchen, wet bar and bath. Utility side has separate 100 amp circuit breakers, separate gas meters and laundry. Property has plenty of potential for possible buildable lot/lots or condo conversion. Many options. May not qualify for conventional loan. Rent is well below market, owner & family occupied.

3. 2025-12-31
   historical
4. 2025-07-08
   price $989,900
5. 2025-07-08
   listed $9,899,000 Active
6. 2013-12-02
   soldstatus $235,000
7. 2010-01-25
   historical
8. 2009-08-03
   listed $449,900
9. 2008-12-31
   historical
10. 2008-07-18
    listed $529,900

ⓘ 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: $7,595 · $633/mo
• Projected year-2 tax: $11,539 · $962/mo
• Expected delta: +$3,944/yr (+$329/mo · 51.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% 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: $92,808
• − Mortgage interest: −$53,209
• − Property taxes: −$7,595
• − Insurance: −$4,750
• − Repairs & maintenance: −$7,425
• − Management: −$7,425
• − Depreciation: −$27,633
• Taxable loss: −$15,228
• Est. tax savings @ 24.0%: +$3,655
• After-tax cash flow: $4,852/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: Cranston
• NCES district ID: 4400240
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $60,070
• Composite: 23.36/100
• National rank: #7910
• State rank: #23 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cranston, RI
• County: Providence County · 548,917 people
• City population: 72,803
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 37,155
• Household income: $80,717
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 985.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 18% Two or more races 8% Asian 7% Black 7%
• Hispanic origin (detail): Puerto Rican 4% Dominican 6%
• Common ancestry: Lithuanian 6% Russian 5% Slovak 2%
• Foreign-born: 16% · Canada, China
• Languages at home: 73% English-only · Spanish 15% Other Indo-European 5% French/Haitian/Cajun 2%

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: ▼ -449.22%
• Current HPI: 334.2336
• Rent YoY: ▲ 2.42%
• 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

+79.3% since first listed

10 events — show timeline

• 2026-05-13 Pending — RIS
• 2026-04-13 Listed $949,900 RIS
• 2025-12-31 Listing Removed — RIS
• 2025-07-08 Price Changed $989,900 RIS
• 2025-07-08 Listed $9,899,000 RIS
• 2013-12-02 Sold (Public Records) $235,000 Public Records
• 2010-01-25 Listing Removed — RIS
• 2009-08-03 Listed $449,900 RIS
• 2008-12-31 Listing Removed — RIS
• 2008-07-18 Listed $529,900 RIS

Property tax history

+1.1%/yr

Latest (2025): $7,595 · +2.0% YoY. Source: county tax records.