1728 Main St · Warwick, RI 02893

$439,900

4 bd · 2.0 ba · 1,336 sqft · MultiFamily public records · 59 Days on market

Built 1918 4,792 sqft lot $329/sqft · 95% above area Est $590k · 25% under ↓ 27% since listing

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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 +25.1/30.0
• ARV discount +15.0/15.0
• DSCR +8.2/10.0
• 1% rule +6.1/10.0
• Livability +3.9/5.0
• Rent growth +3.8/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• 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 MLS

Charming and versatile New England home offering space, character, and income potential! This well-maintained property features abundant natural light, and classic architectural details throughout. The main living area is bright and inviting, highlighted by a cozy fireplace and built-in shelving. The upper level offers generously sized bedrooms with unique character, built-ins, and ample storage. A standout feature of this home is the finished lower level with separate living space, ideal for rental income, extended family, or guest accommodations. With its own entrance and flexible layout, it presents a fantastic opportunity for both owner-occupants and investors. Conveniently located near local amenities, shops, and commuter routes, this property blends charm, functionality, and opportunity all in one.

Key facts

• Flexible layout
• Own entrance
• Finished lower level

Tags

• FINISHED LOWER LEVEL
• SEPARATE LIVING SPACE
• OWN ENTRANCE
• FLEXIBLE LAYOUT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $440k.

Deal economics

• At list price, monthly cash flow is $968 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $440k).
• Recommended offer: $427k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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.
• West Warwick (suburban): math 8% / reading 24% proficiency, ranked #30 of 39 in RI (top 77%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+5.2%/yr); 100 active listings in the ZIP; solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• At $4,868/mo this rent would consume 75% of the median local household income ($78k/yr) (locally 1358% 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 $3k of loan paydown is wiped out by about $13k 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.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $123k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($427k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $317k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $426,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 59 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 1918 — 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 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: 1.11% ✓
• Cap rate: 8.93%
• Cash-on-cash: 9.43%
• DSCR: 1.42
• GRM: 7.5

CMA / ARV

• ARV (median comp): $590,452
• List price: $439,900
• Delta: -25.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.25% rent growth · sell at horizon

5-year hold

• IRR: 0.3%
• Equity multiple: 1.01×
• Total profit: $1,593
• Equity at exit: $65,591

10-year hold

• IRR: 12.1%
• Equity multiple: 2.05×
• Total profit: $129,061
• Equity at exit: $38,035

Cash invested: $123,172 (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 02893

• Rents YoY: 5.2%
• Active inventory: 100
• Price-to-rent: 22.6×

Monthly cashflow live

• Estimated rent: $4,868 medium
• Mortgage (P&I): −$2,307
• Tax from tax record: −$388 /mo · $4,654/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,022
• Net cashflow: $968

Break-even live

Break-even rent $3,643

Max offer price $439,900

Occupancy floor 75%

Sensitivity live

Price	-10% $1,217	-5% $1,092	+0% $968	+5% $843	+10% $719
Rent	-10% $583	-5% $775	+0% $968	+5% $1,160	+10% $1,352
Rate	-1.0pp $1,189	-0.5pp $1,080	base $968	+0.5pp $854	+1.0pp $738

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,869
Total (3 units)			$4,868

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: $109,975
• Closing costs: $13,197
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-16
   status Pending 816-char remark

   Show marketing remark (816 chars)

   Charming and versatile New England home offering space, character, and income potential! This well-maintained property features abundant natural light, and classic architectural details throughout. The main living area is bright and inviting, highlighted by a cozy fireplace and built-in shelving. The upper level offers generously sized bedrooms with unique character, built-ins, and ample storage. A standout feature of this home is the finished lower level with separate living space, ideal for rental income, extended family, or guest accommodations. With its own entrance and flexible layout, it presents a fantastic opportunity for both owner-occupants and investors. Conveniently located near local amenities, shops, and commuter routes, this property blends charm, functionality, and opportunity all in one.

2. 2026-05-13
   price $439,900 816-char remark

   Show marketing remark (816 chars)

   Charming and versatile New England home offering space, character, and income potential! This well-maintained property features abundant natural light, and classic architectural details throughout. The main living area is bright and inviting, highlighted by a cozy fireplace and built-in shelving. The upper level offers generously sized bedrooms with unique character, built-ins, and ample storage. A standout feature of this home is the finished lower level with separate living space, ideal for rental income, extended family, or guest accommodations. With its own entrance and flexible layout, it presents a fantastic opportunity for both owner-occupants and investors. Conveniently located near local amenities, shops, and commuter routes, this property blends charm, functionality, and opportunity all in one.

3. 2026-03-18
   listed $449,000 Active 816-char remark

   Show marketing remark (816 chars)

   Charming and versatile New England home offering space, character, and income potential! This well-maintained property features abundant natural light, and classic architectural details throughout. The main living area is bright and inviting, highlighted by a cozy fireplace and built-in shelving. The upper level offers generously sized bedrooms with unique character, built-ins, and ample storage. A standout feature of this home is the finished lower level with separate living space, ideal for rental income, extended family, or guest accommodations. With its own entrance and flexible layout, it presents a fantastic opportunity for both owner-occupants and investors. Conveniently located near local amenities, shops, and commuter routes, this property blends charm, functionality, and opportunity all in one.

4. 2016-06-27
   soldstatus $317,000 Sold 228-char remark

   Show marketing remark (228 chars)

   Seven residential units over three buildings plus 850 square foot garage perfect contractor space or rental extra income. Newer mechanicals in four family unit. Perfect investor/rehab opportunity. Future retail development site.

5. 2016-06-09
   status Pending 228-char remark

   Show marketing remark (228 chars)

   Seven residential units over three buildings plus 850 square foot garage perfect contractor space or rental extra income. Newer mechanicals in four family unit. Perfect investor/rehab opportunity. Future retail development site.

6. 2016-05-17
   listed $399,900 Active - New 228-char remark

   Show marketing remark (228 chars)

   Seven residential units over three buildings plus 850 square foot garage perfect contractor space or rental extra income. Newer mechanicals in four family unit. Perfect investor/rehab opportunity. Future retail development site.

7. 2014-05-29
   historical
8. 2014-05-28
   status Active - Back on Market
9. 2014-03-06
   status Pending
10. 2013-12-05
    historical Contingent - Pending Fully Executed P&S
11. 2013-11-02
    listed $599,900 Active

ⓘ 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: $4,654 · $388/mo
• Projected year-2 tax: $5,912 · $493/mo
• Expected delta: +$1,258/yr (+$105/mo · 27.0%)

ⓘ 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 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: $58,416
• − Mortgage interest: −$24,641
• − Property taxes: −$4,654
• − Insurance: −$2,200
• − Repairs & maintenance: −$4,673
• − Management: −$4,673
• − Depreciation: −$12,797
• Taxable income: $4,778
• Est. tax owed @ 24.0%: −$1,147
• After-tax cash flow: $10,466/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: West Warwick
• NCES district ID: 4401140
• Math proficiency: 8% ▼ -10.00%
• Reading proficiency: 24% ▼ -3.00%
• Median HH income: $50,176
• Composite: 14.55/100
• National rank: #9418
• State rank: #30 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): 31,173
• Household income: $77,608
• Rent vs Own: 43.0% rent · 57.0% own
• Severe rent burden: 1358.0

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 (81%)
• Race & ethnicity: White 81% Hispanic / Latino 11% Two or more races 7% Asian 2% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4% Dominican 3%
• Common ancestry: Lithuanian 12% Russian 11% Romanian 5%
• Foreign-born: 8% · Canada
• Languages at home: 88% English-only · Spanish 7% Other Indo-European 4% Other Asian/Pacific 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: ▼ -358.77%
• Current HPI: 355.5243
• Rent YoY: ▲ 5.25%
• 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

-26.7% since first listed

11 events — show timeline

• 2026-05-16 Pending — RIS
• 2026-05-13 Price Changed $439,900 RIS
• 2026-03-18 Listed $449,000 RIS
• 2016-06-27 Sold (MLS) $317,000 RIS
• 2016-06-09 Pending — RIS
• 2016-05-17 Listed $399,900 RIS
• 2014-05-29 Listing Removed — RIS
• 2014-05-28 Relisted — RIS
• 2014-03-06 Pending — RIS
• 2013-12-05 Contingent — RIS
• 2013-11-02 Listed $599,900 RIS

Property tax history

+1.3%/yr

Latest (2025): $4,654 · +11.9% YoY. Source: county tax records.