1609 Elmwood Ave · Cranston, RI 02910

$595,000

4 bd · 4.0 ba · 2,576 sqft · MultiFamily public records · 13 Days on market

Built 1920 7,463 sqft lot $231/sqft · 6% above area Est $561k · 6% over ↓ 12% since listing

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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 +25.9/30.0
• DSCR +8.7/10.0
• 1% rule +6.4/10.0
• ARV discount +4.8/15.0
• Livability +4.4/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

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

FOUR-UNIT investment opportunity in Cranston with strong potential for investors and buyers looking to build equity. The building consists of four one-bedroom units, each with similar layout and ready for updates, offering the opportunity to renovate and maximize rental income. On-site parking is also available for each unit. Major systems have been addressed, including a young roof, heating system, hot water heater, and updated electrical service. With high demand for multi-family properties, this property provides an opportunity to generate rental income and build long-term equity. Property is being sold as-is.

Key facts

• 7,463 sq ft lot
• 5 parking spots
• Built 1920

Property features AI

Finance

• Financial info: Property configured as four rental units with listed actual rents: $950, $750, $950, and one unit (rent not listed); Total of 4 rental units
• HOA & community: Highway access; Near hospital; Near schools; Public transportation nearby; Nearby restaurants; Nearby shopping

Exterior

• Parking: No garage; Parking for 5 vehicles
• Utilities: Sewer connected; Water connected; 100 amp electric service
• Home design: Two-story building; Single building containing 4 units; Vinyl siding
• Construction: Concrete perimeter foundation; Vinyl siding construction
• Exterior features: Porch; Paved driveway; Fenced yard; Corner lot

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Four one-bedroom units (each unit is 1 bedroom)
• Flooring: Carpet; Hardwood; Laminate
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Gas heating; Steam heating
• Interior features: Attic; Tub shower; Full unfinished basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $595k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $595k).
• Cap rate 9.2% vs local median 3.2% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Edgewood Highland (math 8% / reading 22%, grade F, #128 of 167 statewide, top 80%, 302 students, 50% FRL); Park View Middle School (math 9% / reading 28%, grade F, #34 of 57 statewide, top 59%, 701 students, 55% FRL); Cranston High School East (math 14% / reading 40%, grade F, #34 of 58 statewide, top 58%, 1,499 students, 59% FRL) — zoned schools average 55% FRL vs 33% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 78 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,764/mo this rent would consume 89% of the median local household income ($91k/yr) (locally 480% 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 $4k of loan paydown is wiped out by about $18k 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

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $595,000

Questions for the listing agent

1. Built in 1920 — 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. 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.
4. 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.
5. 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: 1.14% ✓
• Cap rate: 9.25%
• Cash-on-cash: 10.55%
• DSCR: 1.47
• GRM: 7.3

CMA / ARV

• ARV (median comp): $561,380
• List price: $595,000
• Delta: 5.99%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1609 Elmwood Ave	0.00mi	4/4.0	2,576 (0%)	0mo	$523,500	$203	100
13 Grove Ave	0.62mi	5/3.0 (+1)	2,414 (-6%)	7mo	$705,000	$292	46
111 Lakeside Ave	0.59mi	4/2.0	2,542 (-1%)	21mo	$469,900	$185	45
28 Hans St	0.42mi	3/2.0 (-1)	2,276 (-12%)	14mo	$455,000	$200	36
494 Wellington Ave	0.72mi	4/2.0	2,304 (-11%)	17mo	$600,000	$260	27

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-3,162
• Equity at exit: $88,716

10-year hold

• IRR: 9.2%
• Equity multiple: 1.70×
• Total profit: $117,211
• Equity at exit: $51,445

Cash invested: $166,600 (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 02910

• Active inventory: 78
• Price-to-rent: 29.3×

Monthly cashflow live

• Estimated rent: $6,764 medium
• Mortgage (P&I): −$3,120
• Tax from tax record: −$511 /mo · $6,127/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,420
• Net cashflow: $1,465

Break-even live

Break-even rent $4,910

Max offer price $595,000

Occupancy floor 73%

Sensitivity live

Price	-10% $1,802	-5% $1,633	+0% $1,465	+5% $1,296	+10% $1,128
Rent	-10% $930	-5% $1,198	+0% $1,465	+5% $1,732	+10% $1,999
Rate	-1.0pp $1,764	-0.5pp $1,616	base $1,465	+0.5pp $1,311	+1.0pp $1,154

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,764
Total (4 units)			$6,764

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: $148,750
• Closing costs: $17,850
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 Plantation Dr Cranston, RI	3.0	2.0	1876	$3,250	$1.73	45d	1	1.47mi

Listing history 2 events

1. 2026-05-18
   status Pending 620-char remark
2. 2026-05-05
   listed $595,000 Active 620-char remark

ⓘ 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: $6,127 · $511/mo
• Projected year-2 tax: $7,913 · $659/mo
• Expected delta: +$1,786/yr (+$149/mo · 29.1%)

ⓘ 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 6/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $81,168
• − Mortgage interest: −$33,329
• − Property taxes: −$6,127
• − Insurance: −$2,975
• − Repairs & maintenance: −$6,493
• − Management: −$6,493
• − Depreciation: −$17,309
• Taxable income: $8,441
• Est. tax owed @ 24.0%: −$2,026
• After-tax cash flow: $15,552/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: Cranston
• NCES district ID: 4400240
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $60,070
• Composite: 23.36/100
• National rank: #7910
• State rank: #23 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cranston, RI
• County: Providence County · 548,917 people
• City population: 72,803
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,499
• Household income: $90,698
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 480.0

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 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 13% Asian 8% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 9%
• Common ancestry: Russian 5% Lithuanian 4% Romanian 2%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 72% English-only · Spanish 15% Other Indo-European 3% Chinese 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: ▼ -511.50%
• Current HPI: 358.6283
• Rent YoY: —
• 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

-12.0% since first listed

3 events — show timeline

• 2026-06-11 Sold (MLS) $523,500 RIS
• 2026-05-18 Pending — RIS
• 2026-05-05 Listed $595,000 RIS

Property tax history

+2.9%/yr

Latest (2025): $6,127 · +2.0% YoY. Source: county tax records.