30 Potter Ave · Warwick, RI 02893

$1,000,000

14 bd · 6.0 ba · 4,791 sqft · MultiFamily public records · 201 Days on market

Built 1900 10,454 sqft lot $209/sqft · 52% above area

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investment opportunity!!!! 6 unit apartment house with off street parking, updated electrical and fire systems. Lead certificates available for all units. Great rental history. All units have their own heat, electrical and storage units with washer/dryer hookups. Turnkey operation!!!!

Key facts

• Updated electrical
• Rental history
• Off street parking

Tags

• 6 UNIT APARTMENT HOUSE
• OFF STREET PARKING
• UPDATED ELECTRICAL
• FIRE SYSTEMS
• LEAD CERTIFICATES
• RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 6 × 10-bed/4.0-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $5k ($57k/yr) — positive. Per door: $799/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($15k rent vs $1.00M).
• Recommended offer: $880k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 3.3% 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); 103 active listings in the ZIP; solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• At $14,636/mo this rent would consume 226% 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 $7k of loan paydown is wiped out by about $30k 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 $280k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 201 days — a 12% lower offer ($880k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $300k; list at $1.00M implies a 233% 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: major wind risk, 77% 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 $880,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 201 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.46% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.54%
• DSCR: 1.91
• GRM: 5.7

CMA / ARV

• ARV (median comp): $642,385
• List price: $1,000,000
• Delta: 55.67%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.3%
• Equity multiple: 1.63×
• Total profit: $177,147
• Equity at exit: $149,103

10-year hold

• IRR: 25.6%
• Equity multiple: 3.48×
• Total profit: $693,339
• Equity at exit: $86,462

Cash invested: $280,000 (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 02893

• Rents YoY: 5.2%
• Active inventory: 103
• Price-to-rent: 34.2×

Monthly cashflow live

• Estimated rent: $14,636 medium
• Mortgage (P&I): −$5,244
• Tax from tax record: −$1,110 /mo · $13,321/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,074
• Net cashflow: $4,792

Break-even live

Break-even rent $8,571

Max offer price $1,000,000

Occupancy floor 62%

Sensitivity live

Price	-10% $5,358	-5% $5,075	+0% $4,792	+5% $4,509	+10% $4,226
Rent	-10% $3,635	-5% $4,213	+0% $4,792	+5% $5,370	+10% $5,948
Rate	-1.0pp $5,295	-0.5pp $5,046	base $4,792	+0.5pp $4,532	+1.0pp $4,269

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

Units	Beds	Baths	Est. rent
▸ 6× units	10	4	$14,634
Total (6 units)			$14,636

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $1,000,000 Active 201 DOM
2. 2026-06-18
   days on market $1,000,000 Active 198 DOM
3. 2026-06-17
   days on market $1,000,000 Active 197 DOM
4. 2026-06-16
   days on market $1,000,000 Active 196 DOM
5. 2026-06-15
   days on market $1,000,000 Active 195 DOM
6. 2026-06-13
   days on market $1,000,000 Active 193 DOM
7. 2026-06-09
   days on market $1,000,000 Active 189 DOM
8. 2026-06-08
   days on market $1,000,000 Active 188 DOM
9. 2026-06-07
   days on market $1,000,000 Active 187 DOM
10. 2026-06-03
    days on market $1,000,000 Active 183 DOM
11. 2026-06-02
    days on market $1,000,000 Active 182 DOM
12. 2026-06-01
    days on market $1,000,000 Active 181 DOM
13. 2026-05-31
    days on market $1,000,000 Active 180 DOM
14. 2026-04-10
    price $1,000,000 285-char remark

    Show marketing remark (285 chars)

    Investment opportunity!!!! 6 unit apartment house with off street parking, updated electrical and fire systems. Lead certificates available for all units. Great rental history. All units have their own heat, electrical and storage units with washer/dryer hookups. Turnkey operation!!!!

15. 2025-12-02
    listed $1,250,000 Active 285-char remark

    Show marketing remark (285 chars)

    Investment opportunity!!!! 6 unit apartment house with off street parking, updated electrical and fire systems. Lead certificates available for all units. Great rental history. All units have their own heat, electrical and storage units with washer/dryer hookups. Turnkey operation!!!!

16. 2018-02-01
    soldstatus $300,000

ⓘ 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: $13,321 · $1,110/mo
• Projected year-2 tax: $14,810 · $1,234/mo
• Expected delta: +$1,490/yr (+$124/mo · 11.2%)

ⓘ 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 77% 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: $175,632
• − Mortgage interest: −$56,016
• − Property taxes: −$13,321
• − Insurance: −$5,000
• − Repairs & maintenance: −$14,051
• − Management: −$14,051
• − Depreciation: −$29,091
• Taxable income: $44,103
• Est. tax owed @ 24.0%: −$10,585
• After-tax cash flow: $46,914/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

+233.3% since first listed

3 events — show timeline

• 2026-04-10 Price Changed $1,000,000 RIS
• 2025-12-02 Listed $1,250,000 RIS
• 2018-02-01 Sold (Public Records) $300,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $13,321 · +6.7% YoY. Source: county tax records.