471 Providence St · Woonsocket, RI 02895

$399,000

6 bd · 2.0 ba · 2,352 sqft · MultiFamily public records · 17 Days on market

Built 1883 4,892 sqft lot Est $508k · 21% under

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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 +27.3/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +7.0/10.0
• Rent growth +4.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• 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

Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

Key facts

• Large basement
• Convenient location
• Off-street parking

Tags

• LARGE BASEMENT
• OFF-STREET PARKING
• CONVENIENT LOCATION

Property features AI

Finance

• Other: Single building on property; Lot frontage approximately 46 feet; Lot size about 0.1123 acres; Above-grade finished area reported
• Financial info: Tenants pay hot water
• HOA & community: Highway access; Near schools; Public transportation nearby; Sidewalks

Exterior

• Parking: No garage; 4 parking spaces (total)
• Utilities: Public water connected; Public sewer connected; Electrical service: 100 amps
• Home design: 2-story property; R3 zoning
• Construction: Plaster and vinyl siding exterior; Block and stone foundation; Built as multi-unit (2 units)
• Exterior features: Paved driveway; Paved lot

Interior

• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas baseboard heating
• Interior features: Attic; Interior steps; Tub shower
• Laundry & utility: Common area laundry; Washer; Dryer; Tankless water heater

🏷️ Possibly a rental listed for sale. The $399,000 price doesn't fit this home's estimated sale value (~$508,032) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $399k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $399k).
• Recommended offer: $393k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% vs local median 3.3% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Woonsocket (suburban): math 5% / reading 14% proficiency, ranked #37 of 39 in RI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.2%/yr); 163 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,789/mo this rent would consume 94% of the median local household income ($61k/yr) (locally 2658% 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 $12k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $112k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($393k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y 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 $240k; list at $399k implies a 66% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1883 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% 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 $393,015 (1.5% below list)

Questions for the listing agent

1. Built in 1883 — 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. 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.
5. 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.
6. 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: 1.20% ✓
• Cap rate: 9.76%
• Cash-on-cash: 12.37%
• DSCR: 1.55
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $508,032
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
604 606 Providence St	0.12mi	6/3.0	2,464 (+5%)	4mo	$590,000	$239	79
595 South Main St	0.45mi	5/2.0 (-1)	2,340 (-0%)	4mo	$490,071	$209	69
645 Providence St	0.17mi	6/2.0	2,692 (+14%)	12mo	$537,000	$199	58
30 Ormond St	0.39mi	5/3.0 (-1)	2,430 (+3%)	18mo	$475,000	$195	52
50 Jenckes St	0.23mi	6/3.0	2,584 (+10%)	22mo	$550,000	$213	50
447 Front St	0.62mi	7/2.0 (+1)	2,450 (+4%)	13mo	$530,000	$216	48
675 Park Ave	0.49mi	6/3.0	2,622 (+12%)	8mo	$608,000	$232	48
32 Jackson St	0.71mi	6/2.0	2,547 (+8%)	9mo	$610,000	$239	46
177 Logee St	0.61mi	7/3.0 (+1)	2,601 (+11%)	1mo	$630,000	$242	44
109 Hemond Ave	0.51mi	7/3.0 (+1)	2,680 (+14%)	3mo	$539,000	$201	42

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: 7.4%
• Equity multiple: 1.30×
• Total profit: $34,009
• Equity at exit: $59,492

10-year hold

• IRR: 20.6%
• Equity multiple: 3.14×
• Total profit: $239,248
• Equity at exit: $34,498

Cash invested: $111,720 (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 02895

• Rents YoY: 9.2%
• Active inventory: 163
• Price-to-rent: 20.8×

Monthly cashflow live

• Estimated rent: $4,789 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$373 /mo · $4,474/yr
• Insurance: −$166
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,006
• Net cashflow: $1,152

Break-even live

Break-even rent $3,331

Max offer price $399,000

Occupancy floor 71%

Sensitivity live

Price	-10% $1,378	-5% $1,265	+0% $1,152	+5% $1,039	+10% $926
Rent	-10% $773	-5% $963	+0% $1,152	+5% $1,341	+10% $1,530
Rate	-1.0pp $1,353	-0.5pp $1,253	base $1,152	+0.5pp $1,048	+1.0pp $943

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,788
Total (3 units)			$4,789

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
335 Blackstone St Woonsocket, RI	6.0	2.0	2400	$2,900	$1.21	2d	1	1.18mi

Listing history 30 events

1. 2026-06-05
   statusdays on market $399,000 Pending 17 DOM
2. 2026-06-03
   days on market $399,000 Active 16 DOM
3. 2026-06-02
   days on market $399,000 Active 15 DOM
4. 2026-06-01
   days on market $399,000 Active 14 DOM
5. 2026-05-31
   days on market $399,000 Active 13 DOM
6. 2026-05-18
   listed $399,000 Active
7. 2020-12-31
   soldstatus $240,000
8. 2020-12-30
   soldstatus $240,000 Closed 589-char remark

   Show marketing remark (589 chars)

   Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

9. 2020-11-09
   status Pending 589-char remark

   Show marketing remark (589 chars)

   Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

10. 2020-10-30
    status Active 589-char remark

    Show marketing remark (589 chars)

    Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

11. 2020-10-14
    status Pending 589-char remark

    Show marketing remark (589 chars)

    Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

12. 2020-10-06
    status Active 589-char remark

    Show marketing remark (589 chars)

    Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

13. 2020-09-23
    status Pending 589-char remark

    Show marketing remark (589 chars)

    Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

14. 2020-09-18
    listed $249,900 Active 589-char remark

    Show marketing remark (589 chars)

    Excellent investment! This up and down 2-unit is perfect for an owner occupied landlord. Both units are almost identical, featuring 3 bedrooms, dining room, and super large living room. 2nd floor is rented with $1300/mo income. 1st floor is recently remodeled with laminate floors, newer appliance, and ready to move in. Super clean basement with laundry hook ups. Split utilities with tenants paying each their own. The building is vinyl sided with replacement windows throughout. Private parking in the rear for at least 4 cars. Taxes reflect the Homestead discount. Don't miss this one.

15. 2020-06-01
    status Pending
16. 2020-06-01
    historical
17. 2020-05-02
    historical Active Under Contract
18. 2020-04-20
    status Active
19. 2020-04-13
    historical Active Under Contract
20. 2020-02-10
    price $229,900
21. 2020-01-23
    listed $239,900 Active
22. 2019-10-23
    historical
23. 2019-08-01
    listed $234,900 Active
24. 2007-11-01
    soldstatus $215,000
25. 2007-11-01
    soldstatus $215,000
26. 2007-10-09
    historical
27. 2007-09-10
    listed $224,000
28. 1999-11-30
    soldstatus $125,000
29. 1999-11-04
    historical
30. 1999-09-07
    listed $127,900

ⓘ 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: $4,474 · $373/mo
• Projected year-2 tax: $5,489 · $457/mo
• Expected delta: +$1,015/yr (+$85/mo · 22.7%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $57,468
• − Mortgage interest: −$22,350
• − Property taxes: −$4,474
• − Insurance: −$1,995
• − Repairs & maintenance: −$4,597
• − Management: −$4,597
• − Depreciation: −$11,607
• Taxable income: $7,847
• Est. tax owed @ 24.0%: −$1,883
• After-tax cash flow: $11,939/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: Woonsocket
• NCES district ID: 4401200
• Math proficiency: 5% ▼ -7.00%
• Reading proficiency: 14% ▼ -2.00%
• Median HH income: $37,757
• Composite: 8.01/100
• National rank: #9923
• State rank: #37 of 39 in RI

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woonsocket, RI
• County: Providence County · 548,917 people
• City population: 43,521
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 43,521
• Household income: $61,059
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2658.0

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 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 18% Asian 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 15% Dominican 4%
• Common ancestry: Lithuanian 13% Romanian 3% Russian 3%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 17% Other Asian/Pacific 4% Other Indo-European 4%

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: ▼ -431.80%
• Current HPI: 357.8858
• Rent YoY: ▲ 9.15%
• 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

+212.0% since first listed

25 events — show timeline

• 2026-05-18 Listed $399,000 RIS
• 2020-12-31 Sold (Public Records) $240,000 Public Records
• 2020-12-30 Sold (MLS) $240,000 RIS
• 2020-11-09 Pending — RIS
• 2020-10-30 Relisted — RIS
• 2020-10-14 Pending — RIS
• 2020-10-06 Relisted — RIS
• 2020-09-23 Pending — RIS
• 2020-09-18 Listed $249,900 RIS
• 2020-06-01 Pending — RIS
• 2020-06-01 Listing Removed — RIS
• 2020-05-02 Contingent — RIS
• 2020-04-20 Relisted — RIS
• 2020-04-13 Contingent — RIS
• 2020-02-10 Price Changed $229,900 RIS
• 2020-01-23 Listed $239,900 RIS
• 2019-10-23 Listing Removed — RIS
• 2019-08-01 Listed $234,900 RIS
• 2007-11-01 Sold (Public Records) $215,000 Public Records
• 2007-11-01 Sold (MLS) $215,000 RIS
• 2007-10-09 Listing Removed — RIS
• 2007-09-10 Listed $224,000 RIS
• 1999-11-30 Sold (MLS) $125,000 RIS
• 1999-11-04 Listing Removed — RIS
• 1999-09-07 Listed $127,900 RIS

Property tax history

+0.7%/yr

Latest (2025): $4,474 · +10.6% YoY. Source: county tax records.