138 Garden St · Pawtucket, RI 02860

$649,900

9 bd · 3.0 ba · 2,903 sqft · MultiFamily public records · 11 Days on market

Built 1900 5,227 sqft lot Est $671k · at est.

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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 +15.5/30.0
• ARV discount +8.9/15.0
• DSCR +4.8/10.0
• 1% rule +3.6/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• 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

Three Unit Multi-Family Three 3/BR & 1Bath 2,903 SF Building 5,100 SF of Land Basement for Storage Parking in Rear of Building Quick to I-95 Zoned Residential R-4 $5,125 Monthly Income

Key facts

• Stainless appliances
• Open layouts
• Convenient location

Tags

• MULTI-FAMILY OPPORTUNITY
• CONVENIENT LOCATION
• QUICK HIGHWAY ACCESS
• OPEN LAYOUTS
• HARDWOOD FLOORS
• STAINLESS APPLIANCES

Property features AI

Finance

• Financial info: Income/expense and investor-specific details not provided
• HOA & community: Community features include highway access, nearby hospital, nearby schools, public transportation, restaurants, and sidewalks

Exterior

• Parking: No garage; 8 parking spaces (total)
• Security: No security features listed
• Utilities: Public water (connected); Public sewer (connected); 100 amp electric service
• Home design: 3-story multi-family building; Single building containing 3 units
• Construction: Plaster and shingle siding exterior; Combination and stone foundation
• Exterior features: Porch; Paved driveway; Paved lot

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: 3 units (multi-family building) — bedrooms per unit not specified
• Flooring: Carpet; Ceramic tile; Hardwood
• Bathrooms: 3 full bathrooms (total)
• Heating & cooling: Baseboard heating; Electric heating; Gas heating
• Interior features: Tub/shower; Partially finished basement with interior entry; Has full basement; 18 total rooms; Laundry, storage room, and utility room in the unit mix
• Laundry & utility: Common area laundry; Gas water heater and water heater

What this means for you Summary

Snapshot

• This is a 9-bed/3.0-bath multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $557k (14.4% below list).
• Recommended offer: $557k (14.4% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 3.8% in Pawtucket — 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 71/100 on livability (#16 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: employment C-, schools D, amenities F.
• Pawtucket (suburban): math 7% / reading 19% proficiency, ranked #33 of 39 in RI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 123 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,566/mo this rent would consume 109% of the median local household income ($62k/yr) (locally 2528% 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 $4k of loan paydown is wiped out by about $19k 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

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 25y 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 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $556,600 (14.4% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.86% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.71%
• DSCR: 1.08
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $670,593
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
44 Highland St	0.31mi	8/3.0 (-1)	3,086 (+6%)	9mo	$590,000	$191	62
20 Barnes St	0.57mi	9/3.0	2,766 (-5%)	8mo	$660,000	$239	59
194 Harrison St	0.35mi	8/4.0 (-1)	3,044 (+5%)	17mo	$825,000	$271	53
23 Carson St	0.38mi	8/3.0 (-1)	2,592 (-11%)	10mo	$600,000	$231	52
158 160 Newell Ave	0.60mi	9/3.0	3,240 (+12%)	4mo	$725,000	$224	50
29 31 Heaton St	0.74mi	9/3.0	2,839 (-2%)	17mo	$625,000	$220	48
10 Belmont St	0.66mi	8/4.0 (-1)	3,120 (+8%)	9mo	$732,500	$235	41
4 Belmont St	0.66mi	8/4.0 (-1)	3,120 (+8%)	9mo	$732,500	$235	41
172 School St	0.53mi	9/3.0	3,208 (+10%)	23mo	$575,000	$179	39
62 Anthony Ave	0.53mi	9/3.0	3,292 (+13%)	20mo	$500,000	$152	36

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: -13.1%
• Equity multiple: 0.53×
• Total profit: $-86,313
• Equity at exit: $96,902

10-year hold

• IRR: -3.5%
• Equity multiple: 0.76×
• Total profit: $-43,514
• Equity at exit: $56,191

Cash invested: $181,972 (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 02860

• Rents YoY: 3.5%
• Active inventory: 123
• Price-to-rent: 29.2×

Monthly cashflow live

• Estimated rent: $5,566 high
• Mortgage (P&I): −$3,408
• Tax from tax record: −$459 /mo · $5,512/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,169
• Net cashflow: $259

Break-even live

Break-even rent $5,238

Max offer price $649,900

Occupancy floor 90%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,565
Total (3 units)			$5,566

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   status $649,900 Active 11 DOM
2. 2026-06-08
   statusdays on market $649,900 Pending 11 DOM
3. 2026-06-07
   days on market $649,900 Active 10 DOM
4. 2026-06-05
   days on market $649,900 Active 7 DOM
5. 2026-06-03
   days on market $649,900 Active 6 DOM
6. 2026-06-02
   days on market $649,900 Active 5 DOM
7. 2026-06-01
   days on market $649,900 Active 4 DOM
8. 2026-05-31
   days on market $649,900 Active 3 DOM
9. 2026-05-28
   listed $649,900 Active
10. 2024-04-08
    soldstatus $600,000
11. 2024-04-05
    soldstatus $600,000 Closed 216-char remark

    Show marketing remark (216 chars)

    Three Unit Multi-Family Three 3/BR & 1Bath 2,903 SF Building 5,100 SF of Land Basement for Storage Parking in Rear of Building Quick to I-95 Zoned Residential R-4 $5,125 Monthly Income

12. 2024-02-22
    status Pending 216-char remark

    Show marketing remark (216 chars)

    Three Unit Multi-Family Three 3/BR & 1Bath 2,903 SF Building 5,100 SF of Land Basement for Storage Parking in Rear of Building Quick to I-95 Zoned Residential R-4 $5,125 Monthly Income

13. 2024-01-08
    listed $589,999 Active 216-char remark

    Show marketing remark (216 chars)

    Three Unit Multi-Family Three 3/BR & 1Bath 2,903 SF Building 5,100 SF of Land Basement for Storage Parking in Rear of Building Quick to I-95 Zoned Residential R-4 $5,125 Monthly Income

14. 2016-11-08
    price $299,900
15. 2014-11-18
    soldstatus $162,750
16. 2014-11-17
    soldstatus $162,500 Sold
17. 2014-09-17
    status Pending
18. 2014-08-27
    listed $159,900 Active - New
19. 2014-04-02
    historical
20. 2014-03-31
    listed $139,900 Active - New
21. 2013-12-19
    price $95,000
22. 2013-12-19
    price $104,000
23. 2009-06-15
    soldstatus $95,000
24. 2009-04-23
    historical
25. 2008-12-27
    listed $104,000
26. 2008-12-20
    historical
27. 2008-07-24
    listed $142,500
28. 2005-12-30
    soldstatus $310,000
29. 2005-12-29
    soldstatus $310,000
30. 2005-11-29
    historical
31. 2005-10-17
    listed $319,000
32. 2004-10-21
    historical
33. 2004-04-21
    listed $329,900
34. 2001-09-27
    soldstatus $148,000
35. 2001-09-26
    soldstatus $142,900
36. 2001-08-06
    historical
37. 2001-04-03
    listed $142,900

ⓘ 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: $5,512 · $459/mo
• Projected year-2 tax: $8,053 · $671/mo
• Expected delta: +$2,541/yr (+$212/mo · 46.1%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $66,792
• − Mortgage interest: −$36,405
• − Property taxes: −$5,512
• − Insurance: −$3,250
• − Repairs & maintenance: −$5,343
• − Management: −$5,343
• − Depreciation: −$18,906
• Taxable loss: −$7,967
• Est. tax savings @ 24.0%: +$1,912
• After-tax cash flow: $5,018/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: Pawtucket
• NCES district ID: 4400840
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $41,838
• Composite: 11.29/100
• National rank: #9718
• State rank: #33 of 39 in RI

Livability — Pawtucket

• Score: 71/100
• State rank: #16
• US rank: #7037

Category grades

Amenities F Commute F 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: Pawtucket, RI
• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 47,818
• Household income: $61,539
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 2528.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 29% Two or more races 22% Black 14% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 6%
• Common ancestry: Russian 9% Lithuanian 4% Romanian 2%
• Foreign-born: 28% · Canada, Jamaica
• Languages at home: 57% English-only · Spanish 22% Other Indo-European 9% French/Haitian/Cajun 9%

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: ▼ -215.00%
• Current HPI: 355.0152
• Rent YoY: ▲ 3.47%
• 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

+354.8% since first listed

29 events — show timeline

• 2026-05-28 Listed $649,900 RIS
• 2024-04-08 Sold (Public Records) $600,000 Public Records
• 2024-04-05 Sold (MLS) $600,000 RIS
• 2024-02-22 Pending — RIS
• 2024-01-08 Listed $589,999 RIS
• 2016-11-08 Price Changed $299,900 RIS
• 2014-11-18 Sold (Public Records) $162,750 Public Records
• 2014-11-17 Sold (MLS) $162,500 RIS
• 2014-09-17 Pending — RIS
• 2014-08-27 Listed $159,900 RIS
• 2014-04-02 Listing Removed — RIS
• 2014-03-31 Listed $139,900 RIS
• 2013-12-19 Price Changed $95,000 RIS
• 2013-12-19 Price Changed $104,000 RIS
• 2009-06-15 Sold (MLS) $95,000 RIS
• 2009-04-23 Listing Removed — RIS
• 2008-12-27 Listed $104,000 RIS
• 2008-12-20 Listing Removed — RIS
• 2008-07-24 Listed $142,500 RIS
• 2005-12-30 Sold (Public Records) $310,000 Public Records
• 2005-12-29 Sold (MLS) $310,000 RIS
• 2005-11-29 Listing Removed — RIS
• 2005-10-17 Listed $319,000 RIS
• 2004-10-21 Listing Removed — RIS
• 2004-04-21 Listed $329,900 RIS
• 2001-09-27 Sold (Public Records) $148,000 Public Records
• 2001-09-26 Sold (MLS) $142,900 RIS
• 2001-08-06 Listing Removed — RIS
• 2001-04-03 Listed $142,900 RIS

Property tax history

+3.2%/yr

Latest (2025): $5,512 · +6.6% YoY. Source: county tax records.