37 Lincoln Ave · Tiverton, RI 02809

$849,900

8 bd · 3.0 ba · 3,170 sqft · MultiFamily public records · 29 Days on market

Built 1900 5,227 sqft lot Est $910k · 7% under

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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 +15.2/30.0
• ARV discount +10.5/15.0
• DSCR +4.6/10.0
• Rent growth +4.5/5.0
• 1% rule +3.4/10.0
• Schools +3.4/10.0
• Livability +3.1/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

GREAT 3 UNIT FOR OWNER OCCUPIED OR INVESTMENT. LARGE UNITS WITH HIGH CEILINGS, LOTS OF NATURAL LIGHT, SEPARATE UTILITIES, OFF STREET PARKING, CORNER LOT ALL WITHIN WALKING DISTANCE TO DOWNTOWN. 1ST FLOOR NEEDS TLC. RENTS WAY BELOW MARKET VALUE.

Key facts

• Separate utilities
• Off street parking
• New roof installed

Tags

• RARE FOUR BEDROOM LAYOUT
• NEW ROOF INSTALLED
• SEPARATE UTILITIES
• OFF STREET PARKING
• PRIME CORNER LOT LOCATION

Property features AI

Finance

• Financial info: Income-producing property with three leased units: rents reported as $1,400; $2,000; and $2,500
• HOA & community: Community amenities include golf, marina, pool, public transportation, recreation areas, restaurants, shopping, tennis courts, sidewalks, highway access, and proximity to hospital and schools

Exterior

• Parking: No garage; Space for 3 vehicles
• Utilities: Sewer connected; Water connected; Electric service 100 amps
• Home design: 3-story multi-unit building; Single building with 3 total residential units; Above-grade finished area reported (3,170)
• Construction: Aluminum siding
• Exterior features: Front porch; Walkable to water; Lot approximately 0.12 acre

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Three-bedroom units (two units); Four-bedroom unit (one unit)
• Flooring: Carpet; Hardwood; Laminate
• Bathrooms: Three full bathrooms (total across property)
• Heating & cooling: Gas heating; Baseboard heating
• Interior features: Interior steps; Stall shower; Has basement with exterior and interior entry; unfinished
• Laundry & utility: Common area laundry; Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $289 ($3k/yr) — positive. Per door: $96/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 $716k (15.8% below list).
• Recommended offer: $716k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.1% in Tiverton — 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 61/100 on livability (#28 in RI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: cost of living D+, amenities F, commute F.
• Bristol Warren (suburban): math 28% / reading 49% proficiency, ranked #18 of 39 in RI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kickemuit Middle School (math 23% / reading 47%, grade F, #16 of 57 statewide, top 27%, 650 students, 33% FRL); Mt. Hope High School (math 22% / reading 47%, grade F, #27 of 58 statewide, top 47%, 879 students, 28% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+8.2%/yr); 85 active listings in the ZIP; solid renter incomes; 29 units permitted in Bristol County in 2024 (0 in 5+ unit buildings).
• At $7,158/mo this rent would consume 88% of the median local household income ($98k/yr) (locally 649% 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 $6k of loan paydown is wiped out by about $25k of value loss. Plan a longer hold.
• Bristol County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($837k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y 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 $346k; list at $850k implies a 146% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $715,800 (15.8% 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 1900 — 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: 0.84% ✗
• Cap rate: 6.70%
• Cash-on-cash: 1.46%
• DSCR: 1.06
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $909,790
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
107 Franklin St	0.07mi	8/3.0	2,854 (-10%)	8mo	$820,000	$287	74
712 Hope St	0.22mi	7/3.5 (-1)	3,105 (-2%)	16mo	$825,000	$266	66
308 State St	0.61mi	8/4.0	3,066 (-3%)	13mo	$905,500	$295	51

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.0%
• Equity multiple: 0.66×
• Total profit: $-81,686
• Equity at exit: $126,723

10-year hold

• IRR: 5.8%
• Equity multiple: 1.52×
• Total profit: $123,920
• Equity at exit: $73,484

Cash invested: $237,972 (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 02809

• Home prices YoY: -30.2%
• Rents YoY: 8.2%
• Active inventory: 85
• Price-to-rent: 29.7×

Monthly cashflow live

• Estimated rent: $7,158 high
• Mortgage (P&I): −$4,457
• Tax from tax record: −$555 /mo · $6,656/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,503
• Net cashflow: $289

Break-even live

Break-even rent $6,792

Max offer price $849,900

Occupancy floor 91%

Sensitivity live

Price	-10% $770	-5% $530	+0% $289	+5% $49	+10% $-192
Rent	-10% $-276	-5% $6	+0% $289	+5% $572	+10% $855
Rate	-1.0pp $717	-0.5pp $505	base $289	+0.5pp $69	+1.0pp $-155

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$7,158
Total (3 units)			$7,158

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: $212,475
• Closing costs: $25,497
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-05
   statusdays on market $849,900 Pending 29 DOM
2. 2026-06-03
   days on market $849,900 Active Under Contract 28 DOM
3. 2026-06-02
   days on market $849,900 Active Under Contract 27 DOM
4. 2026-06-01
   days on market $849,900 Active Under Contract 26 DOM
5. 2026-05-31
   days on market $849,900 Active Under Contract 25 DOM
6. 2026-05-21
   historical Active Under Contract
7. 2026-05-06
   listed $849,900 Active
8. 2016-06-30
   soldstatus $345,500 Sold 245-char remark

   Show marketing remark (245 chars)

   GREAT 3 UNIT FOR OWNER OCCUPIED OR INVESTMENT. LARGE UNITS WITH HIGH CEILINGS, LOTS OF NATURAL LIGHT, SEPARATE UTILITIES, OFF STREET PARKING, CORNER LOT ALL WITHIN WALKING DISTANCE TO DOWNTOWN. 1ST FLOOR NEEDS TLC. RENTS WAY BELOW MARKET VALUE.

9. 2016-06-30
   soldstatus $345,100

   Show marketing remark (245 chars)

   GREAT 3 UNIT FOR OWNER OCCUPIED OR INVESTMENT. LARGE UNITS WITH HIGH CEILINGS, LOTS OF NATURAL LIGHT, SEPARATE UTILITIES, OFF STREET PARKING, CORNER LOT ALL WITHIN WALKING DISTANCE TO DOWNTOWN. 1ST FLOOR NEEDS TLC. RENTS WAY BELOW MARKET VALUE.

10. 2016-06-30
    soldstatus $345,500

    Show marketing remark (245 chars)

    GREAT 3 UNIT FOR OWNER OCCUPIED OR INVESTMENT. LARGE UNITS WITH HIGH CEILINGS, LOTS OF NATURAL LIGHT, SEPARATE UTILITIES, OFF STREET PARKING, CORNER LOT ALL WITHIN WALKING DISTANCE TO DOWNTOWN. 1ST FLOOR NEEDS TLC. RENTS WAY BELOW MARKET VALUE.

11. 2016-06-24
    status Pending 245-char remark

    Show marketing remark (245 chars)

    GREAT 3 UNIT FOR OWNER OCCUPIED OR INVESTMENT. LARGE UNITS WITH HIGH CEILINGS, LOTS OF NATURAL LIGHT, SEPARATE UTILITIES, OFF STREET PARKING, CORNER LOT ALL WITHIN WALKING DISTANCE TO DOWNTOWN. 1ST FLOOR NEEDS TLC. RENTS WAY BELOW MARKET VALUE.

12. 2016-05-24
    historical Active - Under Contract 245-char remark

    Show marketing remark (245 chars)

    GREAT 3 UNIT FOR OWNER OCCUPIED OR INVESTMENT. LARGE UNITS WITH HIGH CEILINGS, LOTS OF NATURAL LIGHT, SEPARATE UTILITIES, OFF STREET PARKING, CORNER LOT ALL WITHIN WALKING DISTANCE TO DOWNTOWN. 1ST FLOOR NEEDS TLC. RENTS WAY BELOW MARKET VALUE.

13. 2016-05-20
    listed $339,000 Active - New 245-char remark

    Show marketing remark (245 chars)

    GREAT 3 UNIT FOR OWNER OCCUPIED OR INVESTMENT. LARGE UNITS WITH HIGH CEILINGS, LOTS OF NATURAL LIGHT, SEPARATE UTILITIES, OFF STREET PARKING, CORNER LOT ALL WITHIN WALKING DISTANCE TO DOWNTOWN. 1ST FLOOR NEEDS TLC. RENTS WAY BELOW MARKET VALUE.

ⓘ 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: $6,656 · $555/mo
• Projected year-2 tax: $10,255 · $855/mo
• Expected delta: +$3,599/yr (+$300/mo · 54.1%)

ⓘ 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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $85,896
• − Mortgage interest: −$47,608
• − Property taxes: −$6,656
• − Insurance: −$4,250
• − Repairs & maintenance: −$6,872
• − Management: −$6,872
• − Depreciation: −$24,724
• Taxable loss: −$11,085
• Est. tax savings @ 24.0%: +$2,660
• After-tax cash flow: $6,129/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: Bristol Warren
• NCES district ID: 4400065
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $59,144
• Composite: 34.05/100
• National rank: #5306
• State rank: #18 of 39 in RI

Livability — Tiverton

• Score: 61/100
• State rank: #28
• US rank: #17481

Category grades

Amenities F Commute F Cost of living D+ Crime A+ Employment A- Housing A+ Health & safety F User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Bristol County · 33,364 people
• City population: 16,189
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 22,220
• Household income: $97,764
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 649.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 49,175 people
• By 2030: 48,295 · -1.8%
• By 2040: 45,652 · -7.2%
• By 2050: 43,093 · -12.4%
• By 2075: 38,508 · -21.7%
• By 2100: 34,809 · -29.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Asian 1% Black 1%
• Common ancestry: Russian 17% Lithuanian 6% Romanian 3%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Other Indo-European 9% Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Bristol

• 2024 margin: Strong D (+26.4) · D 62.1% · R 35.7% · Other 2.2%
• 2008→2024 swing: -0.4pp no change · 2008: 26.8pp · 2024: 26.4pp
• All cycles: 2024: D+26.4 2020: D+29.2 2016: D+22.8 2012: D+23.3 2008: D+26.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.42%
• Current HPI: 374.7149
• Rent YoY: ▲ 8.15%
• 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

+150.7% since first listed

8 events — show timeline

• 2026-05-21 Contingent — RIS
• 2026-05-06 Listed $849,900 RIS
• 2016-06-30 Sold (Public Records) $345,500 Public Records
• 2016-06-30 Sold (Public Records) $345,100 Public Records
• 2016-06-30 Sold (MLS) $345,500 RIS
• 2016-06-24 Pending — RIS
• 2016-05-24 Contingent — RIS
• 2016-05-20 Listed $339,000 RIS

Property tax history

+5.3%/yr

Latest (2024): $6,656 · +3.5% YoY. Source: county tax records.