54 Spring St · Cumberland Hill, RI 02838

$549,000

11 bd · 3.0 ba · 2,604 sqft · MultiFamily public records · 11 Days on market

Built 1890 5,158 sqft lot $211/sqft · 6% below area Est $581k · 6% 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 +22.1/30.0
• ARV discount +10.0/15.0
• Appreciation +8.4/10.0
• DSCR +7.1/10.0
• 1% rule +5.3/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +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

Three-unit property in the Manville section of Lincoln. The unit mix includes one 3-bedroom apartment and two 4-bedroom apartments. Units are large and feature many updates and upgrades throughout. All three units are currently occupied on month-to-month tenancies. The exterior is vinyl sided & building has a full basement plus two living levels townhouse style. The lot is 0.12 acres. Parking includes three off-street spaces. The property is well maintained and professionally managed. P and L and rent roll are available upon request.

Key facts

• Vinyl sided
• Three unit property
• Off street parking

Tags

• THREE UNIT PROPERTY
• VINYL SIDED
• FULL BASEMENT
• TWO LIVING LEVELS
• OFF STREET PARKING
• WELL MAINTAINED

What this means for you Summary

Snapshot

• This is a 1×3bd/1ba + 2×4bd/1ba units multifamily listed at $549k.

Deal economics

• At list price, monthly cash flow is $880 ($11k/yr) — positive. Per door: $293/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $549k).
• Cap rate 8.2% vs local median 3.3% in Cumberland Hill — 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 74/100 on livability (#11 in RI, #4,666 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• 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; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $41k of equity ($4k loan paydown + $37k 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 $154k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $115k; list at $549k implies a 377% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 66% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $549,000

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 1890 — 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: 1.03% ✓
• Cap rate: 8.22%
• Cash-on-cash: 6.87%
• DSCR: 1.31
• GRM: 8.1

CMA / ARV

• ARV (median comp): $581,477
• List price: $549,000
• Delta: -5.59%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 Spring St	0.00mi	11/3.0	2,604 (0%)	0mo	$562,725	$216	100

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: 22.8%
• Equity multiple: 2.57×
• Total profit: $241,562
• Equity at exit: $373,923

10-year hold

• IRR: 21.3%
• Equity multiple: 5.30×
• Total profit: $660,840
• Equity at exit: $704,458

Cash invested: $153,720 (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 02838

• Home prices YoY: 1.7%
• Active inventory: 21
• Price-to-rent: 24.5×

Monthly cashflow live

• Estimated rent: $5,666 high
• Mortgage (P&I): −$2,879
• Tax from tax record: −$489 /mo · $5,866/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,190
• Net cashflow: $880

Break-even live

Break-even rent $4,553

Max offer price $549,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,866
▸ 2× units	4	1	$3,800
Total (3 units)			$5,666

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-02
   status Pending 545-char remark

   Show marketing remark (545 chars)

   Three-unit property in the Manville section of Lincoln. The unit mix includes one 3-bedroom apartment and two 4-bedroom apartments. Units are large and feature many updates and upgrades throughout. All three units are currently occupied on month-to-month tenancies. The exterior is vinyl sided & building has a full basement plus two living levels townhouse style. The lot is 0.12 acres. Parking includes three off-street spaces. The property is well maintained and professionally managed. P and L and rent roll are available upon request.

2. 2026-04-21
   listed $549,000 Active 545-char remark

   Show marketing remark (545 chars)

   Three-unit property in the Manville section of Lincoln. The unit mix includes one 3-bedroom apartment and two 4-bedroom apartments. Units are large and feature many updates and upgrades throughout. All three units are currently occupied on month-to-month tenancies. The exterior is vinyl sided & building has a full basement plus two living levels townhouse style. The lot is 0.12 acres. Parking includes three off-street spaces. The property is well maintained and professionally managed. P and L and rent roll are available upon request.

3. 2016-07-29
   soldstatus $115,000

ⓘ 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: $5,866 · $489/mo
• Projected year-2 tax: $7,407 · $617/mo
• Expected delta: +$1,541/yr (+$128/mo · 26.3%)

ⓘ 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 ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% 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: $67,992
• − Mortgage interest: −$30,753
• − Property taxes: −$5,866
• − Insurance: −$2,745
• − Repairs & maintenance: −$5,439
• − Management: −$5,439
• − Depreciation: −$15,971
• Taxable income: $1,779
• Est. tax owed @ 24.0%: −$427
• After-tax cash flow: $10,128/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 — Cumberland Hill

• Score: 74/100
• State rank: #11
• US rank: #4666

Category grades

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

Schools grade is shown separately in the Schools card above.

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

+377.4% since first listed

3 events — show timeline

• 2026-05-02 Pending — RIS
• 2026-04-21 Listed $549,000 RIS
• 2016-07-29 Sold (Public Records) $115,000 Public Records

Property tax history

+2.3%/yr

Latest (2025): $5,866 · +8.9% YoY. Source: county tax records.