36 Messina St · Providence, RI 02908

$475,000

3 bd · 2.0 ba · 1,228 sqft · MultiFamily public records · 32 Days on market

Built 1930

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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 +16.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.1/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 1% rule +3.6/10.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

* * * OPEN HOUSES CANCELED DUE TO ACCEPTED OFFER - Welcome to 36 Messina Street, a well-maintained two-family home in Providence's Wanskuck neighborhood offering space, updates, and investment potential. The first-floor unit features a flexible 1 2 bedroom layout with an eat-in kitchen and a full bath. The second-floor unit extends across two levels, providing a spacious 2 3 bedroom floor plan with its own full bath. Both apartments have been freshly painted, with significant recent updates to plumbing and electrical systems, many newer windows, and a natural gas line already in the house. The property sits on a generous lot with a large yard and a rare oversized driveway that offers dual-street access from Messina Street and Columbus Avenue, providing abundant off-street parking and easy in-and-out for tenants and guests. A sizable shed adds additional storage, while vinyl siding and a newer roof offer low-maintenance living for years to come. This location is just minutes from Providence College, area schools, shopping, and major highways, making it both convenient and desirable. Whether you're looking for an owner-occupied option or a strong addition to your rental portfolio, 36 Messina presents an excellent opportunity with modern mechanical updates and classic charm.

Key facts

• Wanskuck area
• Immediate access
• Essential shopping

Tags

• TWO-FAMILY HOME
• WANSKUCK AREA
• VERSATILE FLOOR PLANS
• ESSENTIAL SHOPPING
• IMMEDIATE ACCESS
• MAJOR ROUTES

Property features AI

Finance

• Other: Two-unit building (one building total)

Exterior

• Parking: No garage
• Utilities: 100 amp electric service; Public water; Public sewer
• Home design: Two-story building; Above-grade finished area approximately 1,444
• Construction: Plaster, brick, and vinyl siding construction
• Exterior features: Public water connected; Public sewer connected

Interior

• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Heating present: oil-fired steam
• Interior features: Full, unfinished basement; Ceramic tile, hardwood, and laminate flooring
• Laundry & utility: Common water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $263 ($3k/yr) — positive. Per door: $131/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 $409k (14.0% below list).
• Recommended offer: $409k (14.0% below list) — sets the bar for 1% rule.
• Cap rate 7.0% vs local median 4.0% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+5.5%/yr); 163 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,087/mo this rent would consume 67% of the median local household income ($73k/yr) (locally 1561% 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 $14k 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 32 days — a 3% lower offer ($461k) 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.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $408,700 (14.0% below list)

Questions for the listing agent

1. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 14% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.86% ✗
• Cap rate: 6.96%
• Cash-on-cash: 2.37%
• DSCR: 1.11
• GRM: 9.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: -10.1%
• Equity multiple: 0.62×
• Total profit: $-49,997
• Equity at exit: $70,824

10-year hold

• IRR: 2.1%
• Equity multiple: 1.17×
• Total profit: $22,210
• Equity at exit: $41,069

Cash invested: $133,000 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 163
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $4,087 medium
• Mortgage (P&I): −$2,491
• Tax from tax record: −$277 /mo · $3,324/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$858
• Net cashflow: $263

Break-even live

Break-even rent $3,754

Max offer price $475,000

Occupancy floor 89%

Sensitivity live

Price	-10% $532	-5% $397	+0% $263	+5% $128	+10% $-6
Rent	-10% $-60	-5% $101	+0% $263	+5% $424	+10% $586
Rate	-1.0pp $502	-0.5pp $384	base $263	+0.5pp $140	+1.0pp $15

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,088
Total (2 units)			$4,087

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
23 Concannon St Providence, RI	3.0	2.0	1484	$2,700	$1.82	25d	1	0.45mi
14 Eaton St Providence, RI	3.0	1.0	1350	$2,550	$1.89	6d	1	0.57mi
191 Russo St Unit 1 Providence, RI	4.0	2.0	1500	$3,000	$2.00	3d	1	0.68mi
44 Hall St Unit 2 Providence, RI	3.0	2.0	1200	$2,850	$2.38	25d	1	0.70mi
44 Hall St Providence, RI	2.0	2.0	800	$2,450	$3.06	25d	1	0.70mi
38 Tyndall Ave Providence, RI	4.0	2.0	1500	$3,500	$2.33	21d	1	0.73mi
270 Langdon St Unit 1 Providence, RI	3.0	1.0	1189	$2,300	$1.93	13d	1	0.76mi
729 Academy Ave Providence, RI	3.0	1.0	1261	$2,395	$1.90	19d	1	0.83mi
788 Academy Ave Unit 2 Providence, RI	3.0	1.0	1100	$2,500	$2.27	25d	1	0.83mi
788 Academy Ave Unit 1 Providence, RI	2.0	1.0	1100	$2,400	$2.18	25d	1	0.83mi
10 Josephine St #310 North Providence, RI	2.0	1.0	712	$2,000	$2.81	4d	1	0.88mi
10 Josephine St North Providence, RI	2.0	1.0	712	$1,975	$2.77	5d	2	0.88mi
10 Josephine St North Providence, RI	2.0	1.0	712	$1,900	$2.67	45d	2	0.88mi
1189 Smith St Providence, RI	3.0	1.5	1112	$2,400	$2.16	25d	1	1.10mi
124 Jane St Unit B North Providence, RI	2.0	1.0	900	$1,750	$1.94	5d	1	1.10mi
162 Urban Ave #3 North Providence, RI	3.0	1.0	900	$1,850	$2.06	45d	1	1.29mi
1 Talbot St Apt 10 North Providence, RI	2.0	1.0	855	$1,850	$2.16	45d	1	1.41mi

Listing history 25 events

1. 2026-06-21
   days on market $475,000 Active 32 DOM
2. 2026-06-18
   days on market $475,000 Active 29 DOM
3. 2026-06-17
   days on market $475,000 Active 28 DOM
4. 2026-06-16
   days on market $475,000 Active 27 DOM
5. 2026-06-15
   days on market $475,000 Active 26 DOM
6. 2026-06-13
   days on market $475,000 Active 24 DOM
7. 2026-06-09
   days on market $475,000 Active 20 DOM
8. 2026-06-08
   days on market $475,000 Active 19 DOM
9. 2026-06-07
   days on market $475,000 Active 18 DOM
10. 2026-06-05
    days on market $475,000 Active 15 DOM
11. 2026-06-03
    days on market $475,000 Active 14 DOM
12. 2026-06-02
    days on market $475,000 Active 13 DOM
13. 2026-06-01
    days on market $475,000 Active 12 DOM
14. 2026-05-31
    days on market $475,000 Active 11 DOM
15. 2026-05-20
    listed $475,000 Active
16. 2026-04-14
    historical
17. 2025-11-10
    listed $475,000 Active
18. 2025-09-19
    soldstatus $520,000 Closed 1294-char remark

    Show marketing remark (1294 chars)

    * * * OPEN HOUSES CANCELED DUE TO ACCEPTED OFFER - Welcome to 36 Messina Street, a well-maintained two-family home in Providence's Wanskuck neighborhood offering space, updates, and investment potential. The first-floor unit features a flexible 1 2 bedroom layout with an eat-in kitchen and a full bath. The second-floor unit extends across two levels, providing a spacious 2 3 bedroom floor plan with its own full bath. Both apartments have been freshly painted, with significant recent updates to plumbing and electrical systems, many newer windows, and a natural gas line already in the house. The property sits on a generous lot with a large yard and a rare oversized driveway that offers dual-street access from Messina Street and Columbus Avenue, providing abundant off-street parking and easy in-and-out for tenants and guests. A sizable shed adds additional storage, while vinyl siding and a newer roof offer low-maintenance living for years to come. This location is just minutes from Providence College, area schools, shopping, and major highways, making it both convenient and desirable. Whether you're looking for an owner-occupied option or a strong addition to your rental portfolio, 36 Messina presents an excellent opportunity with modern mechanical updates and classic charm.

19. 2025-08-29
    status Pending 1294-char remark

    Show marketing remark (1294 chars)

    * * * OPEN HOUSES CANCELED DUE TO ACCEPTED OFFER - Welcome to 36 Messina Street, a well-maintained two-family home in Providence's Wanskuck neighborhood offering space, updates, and investment potential. The first-floor unit features a flexible 1 2 bedroom layout with an eat-in kitchen and a full bath. The second-floor unit extends across two levels, providing a spacious 2 3 bedroom floor plan with its own full bath. Both apartments have been freshly painted, with significant recent updates to plumbing and electrical systems, many newer windows, and a natural gas line already in the house. The property sits on a generous lot with a large yard and a rare oversized driveway that offers dual-street access from Messina Street and Columbus Avenue, providing abundant off-street parking and easy in-and-out for tenants and guests. A sizable shed adds additional storage, while vinyl siding and a newer roof offer low-maintenance living for years to come. This location is just minutes from Providence College, area schools, shopping, and major highways, making it both convenient and desirable. Whether you're looking for an owner-occupied option or a strong addition to your rental portfolio, 36 Messina presents an excellent opportunity with modern mechanical updates and classic charm.

20. 2025-08-22
    listed $399,900 Active 1294-char remark

    Show marketing remark (1294 chars)

    * * * OPEN HOUSES CANCELED DUE TO ACCEPTED OFFER - Welcome to 36 Messina Street, a well-maintained two-family home in Providence's Wanskuck neighborhood offering space, updates, and investment potential. The first-floor unit features a flexible 1 2 bedroom layout with an eat-in kitchen and a full bath. The second-floor unit extends across two levels, providing a spacious 2 3 bedroom floor plan with its own full bath. Both apartments have been freshly painted, with significant recent updates to plumbing and electrical systems, many newer windows, and a natural gas line already in the house. The property sits on a generous lot with a large yard and a rare oversized driveway that offers dual-street access from Messina Street and Columbus Avenue, providing abundant off-street parking and easy in-and-out for tenants and guests. A sizable shed adds additional storage, while vinyl siding and a newer roof offer low-maintenance living for years to come. This location is just minutes from Providence College, area schools, shopping, and major highways, making it both convenient and desirable. Whether you're looking for an owner-occupied option or a strong addition to your rental portfolio, 36 Messina presents an excellent opportunity with modern mechanical updates and classic charm.

21. 2014-06-13
    soldstatus $142,500 Sold
22. 2014-06-13
    soldstatus $142,500
23. 2014-04-04
    status Pending
24. 2014-03-08
    price $149,900 Active - Price Changed
25. 2013-11-02
    listed $159,900 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: $3,324 · $277/mo
• Projected year-2 tax: $5,533 · $461/mo
• Expected delta: +$2,209/yr (+$184/mo · 66.5%)

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

Taxation est. · year 1

• Rental income: $49,044
• − Mortgage interest: −$26,607
• − Property taxes: −$3,324
• − Insurance: −$2,375
• − Repairs & maintenance: −$3,924
• − Management: −$3,924
• − Depreciation: −$13,818
• Taxable loss: −$4,928
• Est. tax savings @ 24.0%: +$1,183
• After-tax cash flow: $4,337/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+197.1% since first listed

11 events — show timeline

• 2026-05-20 Listed $475,000 RIS
• 2026-04-14 Listing Removed — RIS
• 2025-11-10 Listed $475,000 RIS
• 2025-09-19 Sold (MLS) $520,000 RIS
• 2025-08-29 Pending — RIS
• 2025-08-22 Listed $399,900 RIS
• 2014-06-13 Sold (Public Records) $142,500 Public Records
• 2014-06-13 Sold (MLS) $142,500 RIS
• 2014-04-04 Pending — RIS
• 2014-03-08 Price Changed $149,900 RIS
• 2013-11-02 Listed $159,900 RIS

Property tax history

-4.6%/yr

Latest (2017): $3,324 · +0.0% YoY. Source: county tax records.