88 Beaufort St · Providence, RI 02908

$679,000

6 bd · 3.0 ba · 2,754 sqft · MultiFamily public records · 35 Days on market

Built 1940 6,250 sqft lot ↓ 19% since listing

---

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 +11.8/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• DSCR +3.5/10.0
• 1% rule +3.1/10.0
• 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

A true classic two-family, very well maintained. Eat-in-kitchens, dining rooms, living rooms, sunporches, 3 generous bedrooms, tiled baths, hardwoods floors, finished space in attic & basement, replacement windows, newer roof, updated utilities, 3 car garage, possible buildable lot.

Key facts

• 6,250 sq ft lot
• 3 garage spots
• Built 1940

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $679k.

Deal economics

• At list price, monthly cash flow is $-184 ($-2k/yr) — negative. Per door: $-92/mo.
• To cash-flow at today's rent, offer at most $647k (4.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $550k (18.9% below list).
• Recommended offer: $550k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,504/mo this rent would consume 90% 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 $5k of loan paydown is wiped out by about $20k 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 35 days — a 3% lower offer ($659k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 1940 — 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 $550,400 (18.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 5.97%
• Cash-on-cash: -1.16%
• DSCR: 0.95
• GRM: 10.3

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: -15.6%
• Equity multiple: 0.43×
• Total profit: $-107,799
• Equity at exit: $101,241

10-year hold

• IRR: -3.5%
• Equity multiple: 0.74×
• Total profit: $-48,779
• Equity at exit: $58,708

Cash invested: $190,120 (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: 20.6×

Monthly cashflow live

• Estimated rent: $5,504 high
• Mortgage (P&I): −$3,561
• Tax from tax record: −$688 /mo · $8,261/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,156
• Net cashflow: $-184

Break-even live

Break-even rent $5,737

Max offer price $646,509

Occupancy floor 98%

Sensitivity live

Price	-10% $200	-5% $8	+0% $-184	+5% $-376	+10% $-568
Rent	-10% $-619	-5% $-401	+0% $-184	+5% $33	+10% $251
Rate	-1.0pp $158	-0.5pp $-11	base $-184	+0.5pp $-360	+1.0pp $-539

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$5,504
Total (2 units)			$5,504

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: $169,750
• Closing costs: $20,370
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2025-10-06
   status Pending
2. 2025-09-23
   historical Active Under Contract
3. 2025-09-22
   status Active
4. 2025-09-10
   historical Active Under Contract
5. 2025-09-01
   listed $679,000 Active
6. 2025-08-25
   soldstatus $762,500 Closed 289-char remark

   Show marketing remark (289 chars)

   A true classic two-family, very well maintained. Eat-in-kitchens, dining rooms, living rooms, sunporches, 3 generous bedrooms, tiled baths, hardwoods floors, finished space in attic & basement, replacement windows, newer roof, updated utilities, 3 car garage, possible buildable lot.

7. 2025-08-22
   soldstatus $762,500
8. 2025-08-04
   status Pending 289-char remark

   Show marketing remark (289 chars)

   A true classic two-family, very well maintained. Eat-in-kitchens, dining rooms, living rooms, sunporches, 3 generous bedrooms, tiled baths, hardwoods floors, finished space in attic & basement, replacement windows, newer roof, updated utilities, 3 car garage, possible buildable lot.

9. 2025-07-18
   listed $839,900 Active 289-char remark

   Show marketing remark (289 chars)

   A true classic two-family, very well maintained. Eat-in-kitchens, dining rooms, living rooms, sunporches, 3 generous bedrooms, tiled baths, hardwoods floors, finished space in attic & basement, replacement windows, newer roof, updated utilities, 3 car garage, possible buildable lot.

ⓘ 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: $8,261 · $688/mo
• Projected year-2 tax: $9,664 · $805/mo
• Expected delta: +$1,403/yr (+$117/mo · 17.0%)

ⓘ 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 ≥96°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: $66,048
• − Mortgage interest: −$38,035
• − Property taxes: −$8,261
• − Insurance: −$3,395
• − Repairs & maintenance: −$5,284
• − Management: −$5,284
• − Depreciation: −$19,753
• Taxable loss: −$13,963
• Est. tax savings @ 24.0%: +$3,351
• After-tax cash flow: $1,144/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

-19.2% since first listed

9 events — show timeline

• 2025-10-06 Pending — RIS
• 2025-09-23 Contingent — RIS
• 2025-09-22 Relisted — RIS
• 2025-09-10 Contingent — RIS
• 2025-09-01 Listed $679,000 RIS
• 2025-08-25 Sold (MLS) $762,500 RIS
• 2025-08-22 Sold (Public Records) $762,500 Public Records
• 2025-08-04 Pending — RIS
• 2025-07-18 Listed $839,900 RIS

Property tax history

+0.9%/yr

Latest (2025): $8,261 · +7.9% YoY. Source: county tax records.