106 Bouvier Ave · Lincoln, RI 02838

$629,000

3 bd · 3.0 ba · 1,550 sqft · MultiFamily public records · 10 Days on market

Built 1920 9,670 sqft lot $406/sqft · 121% above area Est $603k · at est.

---

Why this score? — see what drove the C- 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 +17.6/30.0
• Appreciation +8.4/10.0
• DSCR +5.5/10.0
• ARV discount +5.5/15.0
• 1% rule +4.2/10.0
• Schools +3.9/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

Turnkey three-family opportunity in desirable Lincoln! This well-maintained property features three spacious units, each offering 2 bedrooms and 1 full bathroom, all nicely updated and truly move-in ready. Interior highlights include quartz countertops, stainless steel appliances, new hardwood floors, and recessed lighting in Units 1 and 2, creating a bright, modern living space. The exterior has been recently improved with new vinyl siding, enhancing both curb appeal and long-term durability. Situated on an oversized lot, the home also includes a detached garage, adding flexibility and value for tenants or an owner-occupant. With strong rental potential and minimal immediate work required, this property is an ideal addition to any investor's portfolio or a smart choice for an owner-occupant seeking supplemental income. Conveniently located near local amenities, shopping, and major highways, this is a rare opportunity to own a solid multi-family in a sought-after Lincoln neighborhood. Contact Ernest Rodriguez for your showing today!

Key facts

• Quartz countertops
• New hardwood floors
• Updated interiors

Tags

• WELL MAINTAINED PROPERTY
• SPACIOUS UNITS
• UPDATED INTERIORS
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW HARDWOOD FLOORS

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $629k.

Deal economics

• At list price, monthly cash flow is $494 ($6k/yr) — positive. Per door: $165/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 $578k (8.0% below list).
• Recommended offer: $578k (8.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Lincoln (suburban): math 38% / reading 48% proficiency, ranked #13 of 39 in RI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $47k of equity ($4k loan paydown + $43k appreciation (6.8% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $176k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$76k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 21y 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 $300k; list at $629k implies a 110% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $578,400 (8.0% 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 1920 — 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. 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: 0.92% ✗
• Cap rate: 7.24%
• Cash-on-cash: 3.37%
• DSCR: 1.15
• GRM: 9.1

CMA / ARV

• ARV (median comp): $602,677
• List price: $629,000
• Delta: 7.84%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

6.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 2.39×
• Total profit: $244,031
• Equity at exit: $428,411

10-year hold

• IRR: 18.9%
• Equity multiple: 4.90×
• Total profit: $686,381
• Equity at exit: $807,111

Cash invested: $176,120 (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 02838

• Home prices YoY: 1.7%
• Active inventory: 21
• Price-to-rent: 27.2×

Monthly cashflow live

• Estimated rent: $5,784 medium
• Mortgage (P&I): −$3,299
• Tax from tax record: −$514 /mo · $6,172/yr
• Insurance: −$262
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,215
• Net cashflow: $494

Break-even live

Break-even rent $5,158

Max offer price $629,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,784
Total (3 units)			$5,784

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: $157,250
• Closing costs: $18,870
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86 Spring St Manville, RI	4.0	1.5	1456	$2,500	$1.72	16d	1	0.46mi
114-116 Summer St Manville, RI	3.0	1.5	1558	$2,500	$1.60	1d	1	0.46mi
185 Manville Hill Rd #504 Cumberland, RI	2.0	2.0	1248	$2,300	$1.84	44d	1	0.90mi

Listing history 27 events

1. 2026-06-18
   days on market $629,000 Active 10 DOM
2. 2026-06-17
   days on market $629,000 Active 9 DOM
3. 2026-06-16
   days on market $629,000 Active 8 DOM
4. 2026-06-15
   days on market $629,000 Active 7 DOM
5. 2026-06-13
   days on market $629,000 Active 5 DOM
6. 2026-06-13
   days on market $629,000 Active 4 DOM
7. 2026-06-08
   pricestatusdays on marketlisting id $629,000 Active 1 DOM
8. 2026-05-04
   status Active 1048-char remark

   Show marketing remark (1048 chars)

   Turnkey three-family opportunity in desirable Lincoln! This well-maintained property features three spacious units, each offering 2 bedrooms and 1 full bathroom, all nicely updated and truly move-in ready. Interior highlights include quartz countertops, stainless steel appliances, new hardwood floors, and recessed lighting in Units 1 and 2, creating a bright, modern living space. The exterior has been recently improved with new vinyl siding, enhancing both curb appeal and long-term durability. Situated on an oversized lot, the home also includes a detached garage, adding flexibility and value for tenants or an owner-occupant. With strong rental potential and minimal immediate work required, this property is an ideal addition to any investor's portfolio or a smart choice for an owner-occupant seeking supplemental income. Conveniently located near local amenities, shopping, and major highways, this is a rare opportunity to own a solid multi-family in a sought-after Lincoln neighborhood. Contact Ernest Rodriguez for your showing today!

9. 2026-04-19
   status Pending 1048-char remark

   Show marketing remark (1048 chars)

   Turnkey three-family opportunity in desirable Lincoln! This well-maintained property features three spacious units, each offering 2 bedrooms and 1 full bathroom, all nicely updated and truly move-in ready. Interior highlights include quartz countertops, stainless steel appliances, new hardwood floors, and recessed lighting in Units 1 and 2, creating a bright, modern living space. The exterior has been recently improved with new vinyl siding, enhancing both curb appeal and long-term durability. Situated on an oversized lot, the home also includes a detached garage, adding flexibility and value for tenants or an owner-occupant. With strong rental potential and minimal immediate work required, this property is an ideal addition to any investor's portfolio or a smart choice for an owner-occupant seeking supplemental income. Conveniently located near local amenities, shopping, and major highways, this is a rare opportunity to own a solid multi-family in a sought-after Lincoln neighborhood. Contact Ernest Rodriguez for your showing today!

10. 2026-03-27
    status Active 1048-char remark

    Show marketing remark (1048 chars)

    Turnkey three-family opportunity in desirable Lincoln! This well-maintained property features three spacious units, each offering 2 bedrooms and 1 full bathroom, all nicely updated and truly move-in ready. Interior highlights include quartz countertops, stainless steel appliances, new hardwood floors, and recessed lighting in Units 1 and 2, creating a bright, modern living space. The exterior has been recently improved with new vinyl siding, enhancing both curb appeal and long-term durability. Situated on an oversized lot, the home also includes a detached garage, adding flexibility and value for tenants or an owner-occupant. With strong rental potential and minimal immediate work required, this property is an ideal addition to any investor's portfolio or a smart choice for an owner-occupant seeking supplemental income. Conveniently located near local amenities, shopping, and major highways, this is a rare opportunity to own a solid multi-family in a sought-after Lincoln neighborhood. Contact Ernest Rodriguez for your showing today!

11. 2026-03-11
    status Pending 1048-char remark

    Show marketing remark (1048 chars)

    Turnkey three-family opportunity in desirable Lincoln! This well-maintained property features three spacious units, each offering 2 bedrooms and 1 full bathroom, all nicely updated and truly move-in ready. Interior highlights include quartz countertops, stainless steel appliances, new hardwood floors, and recessed lighting in Units 1 and 2, creating a bright, modern living space. The exterior has been recently improved with new vinyl siding, enhancing both curb appeal and long-term durability. Situated on an oversized lot, the home also includes a detached garage, adding flexibility and value for tenants or an owner-occupant. With strong rental potential and minimal immediate work required, this property is an ideal addition to any investor's portfolio or a smart choice for an owner-occupant seeking supplemental income. Conveniently located near local amenities, shopping, and major highways, this is a rare opportunity to own a solid multi-family in a sought-after Lincoln neighborhood. Contact Ernest Rodriguez for your showing today!

12. 2026-03-02
    listed $649,900 Active 1048-char remark

    Show marketing remark (1048 chars)

    Turnkey three-family opportunity in desirable Lincoln! This well-maintained property features three spacious units, each offering 2 bedrooms and 1 full bathroom, all nicely updated and truly move-in ready. Interior highlights include quartz countertops, stainless steel appliances, new hardwood floors, and recessed lighting in Units 1 and 2, creating a bright, modern living space. The exterior has been recently improved with new vinyl siding, enhancing both curb appeal and long-term durability. Situated on an oversized lot, the home also includes a detached garage, adding flexibility and value for tenants or an owner-occupant. With strong rental potential and minimal immediate work required, this property is an ideal addition to any investor's portfolio or a smart choice for an owner-occupant seeking supplemental income. Conveniently located near local amenities, shopping, and major highways, this is a rare opportunity to own a solid multi-family in a sought-after Lincoln neighborhood. Contact Ernest Rodriguez for your showing today!

13. 2022-09-21
    soldstatus $300,000 Closed 249-char remark

    Show marketing remark (249 chars)

    Investors. .. great opportunity for earning passive income or owner-occupancy. Three units 2 bedrooms, 1 bath in each unit fully occupied. Hardwood and laminate floors, full basement, detached garage, plenty of parking good size lot! Book a showing!

14. 2022-08-26
    soldstatus $300,000
15. 2022-07-19
    status Pending 249-char remark

    Show marketing remark (249 chars)

    Investors. .. great opportunity for earning passive income or owner-occupancy. Three units 2 bedrooms, 1 bath in each unit fully occupied. Hardwood and laminate floors, full basement, detached garage, plenty of parking good size lot! Book a showing!

16. 2022-07-06
    price $315,000 249-char remark

    Show marketing remark (249 chars)

    Investors. .. great opportunity for earning passive income or owner-occupancy. Three units 2 bedrooms, 1 bath in each unit fully occupied. Hardwood and laminate floors, full basement, detached garage, plenty of parking good size lot! Book a showing!

17. 2022-06-22
    listed $325,000 Active 249-char remark

    Show marketing remark (249 chars)

    Investors. .. great opportunity for earning passive income or owner-occupancy. Three units 2 bedrooms, 1 bath in each unit fully occupied. Hardwood and laminate floors, full basement, detached garage, plenty of parking good size lot! Book a showing!

18. 2022-05-16
    soldstatus $250,000
19. 2017-03-17
    historical
20. 2017-02-22
    price $185,000
21. 2016-10-06
    price $206,000
22. 2016-09-18
    listed $219,000 Active - New
23. 2005-04-13
    soldstatus $255,000
24. 2005-04-13
    soldstatus $255,000
25. 2005-02-26
    historical
26. 2005-01-11
    listed $259,900
27. 1992-08-28
    soldstatus $106,500

ⓘ 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: $6,172 · $514/mo
• Projected year-2 tax: $8,212 · $684/mo
• Expected delta: +$2,040/yr (+$170/mo · 33.1%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $69,408
• − Mortgage interest: −$35,234
• − Property taxes: −$6,172
• − Insurance: −$3,145
• − Repairs & maintenance: −$5,553
• − Management: −$5,553
• − Depreciation: −$18,298
• Taxable loss: −$4,546
• Est. tax savings @ 24.0%: +$1,091
• After-tax cash flow: $7,024/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: Lincoln
• NCES district ID: 4400570
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $69,500
• Composite: 38.81/100
• National rank: #4115
• State rank: #13 of 39 in RI

Livability — Lincoln

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 4,007

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: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 8% Asian 2%
• Common ancestry: Lithuanian 22% Russian 17% Scotch-Irish 4%
• Foreign-born: 5% · South Korea, Canada, Jamaica
• Languages at home: 82% English-only · French/Haitian/Cajun 12% Russian/Polish/Slavic 3% Spanish 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: ▲ 6.82%
• Current HPI: 411.3952
• Rent YoY: —
• Metro: —
• 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

+510.2% since first listed

20 events — show timeline

• 2026-05-04 Relisted — RIS
• 2026-04-19 Pending — RIS
• 2026-03-27 Relisted — RIS
• 2026-03-11 Pending — RIS
• 2026-03-02 Listed $649,900 RIS
• 2022-09-21 Sold (MLS) $300,000 RIS
• 2022-08-26 Sold (Public Records) $300,000 Public Records
• 2022-07-19 Pending — RIS
• 2022-07-06 Price Changed $315,000 RIS
• 2022-06-22 Listed $325,000 RIS
• 2022-05-16 Sold (Public Records) $250,000 Public Records
• 2017-03-17 Listing Removed — RIS
• 2017-02-22 Price Changed $185,000 RIS
• 2016-10-06 Price Changed $206,000 RIS
• 2016-09-18 Listed $219,000 RIS
• 2005-04-13 Sold (Public Records) $255,000 Public Records
• 2005-04-13 Sold (MLS) $255,000 RIS
• 2005-02-26 Listing Removed — RIS
• 2005-01-11 Listed $259,900 RIS
• 1992-08-28 Sold (Public Records) $106,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $6,172 · +14.1% YoY. Source: county tax records.