444 Woodward Rd #49 · Providence, RI 02904

$89,900

1 bd · 1.0 ba · 416 sqft · Condo public records · 136 Days on market

Built 1984 $280/mo HOA · 17% of rent

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Lowest price housing unit in North Providence, ,, Studio is available in Parkview Condos, needs work but at this price you wont be able to duplicate the space. Heat and hot water are included in the monthly maintenance fee, laundry room across the hall and parking is located just steps away here is a unique and rare opportunity in this red hot market, this unit cannot last at this price for very long. ..

Key facts

• Studio available
• $280 HOA
• Parking

Tags

• STUDIO AVAILABLE
• HEAT AND HOT WATER INCLUDED
• LAUNDRY ROOM ACROSS THE HALL
• PARKING LOCATED STEPS AWAY

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $412 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $79k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 4.2% in Providence — 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 84/100 on livability (#2 in RI, #794 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, schools F.
• North Providence (suburban): math 20% / reading 37% proficiency, ranked #22 of 39 in RI (top 56%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.9%/yr); 151 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k 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 + 6.9% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 69% chance of damaging wind over 30y; extreme-heat days projected 7→14/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $79,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.86% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.63%
• DSCR: 1.87
• GRM: 4.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.88% rent growth · sell at horizon

5-year hold

• IRR: 17.3%
• Equity multiple: 1.74×
• Total profit: $18,634
• Equity at exit: $13,404

10-year hold

• IRR: 29.0%
• Equity multiple: 4.21×
• Total profit: $80,923
• Equity at exit: $7,773

Cash invested: $25,172 (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 02904

• Rents YoY: 6.9%
• Active inventory: 151
• Price-to-rent: 4.5×

Monthly cashflow live

• Estimated rent: $1,670 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$118 /mo · $1,422/yr
• Insurance: −$37
• HOA: −$280
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $412

Break-even live

Break-even rent $1,149

Max offer price $89,900

Occupancy floor 70%

Sensitivity live

Price	-10% $463	-5% $437	+0% $412	+5% $386	+10% $361
Rent	-10% $280	-5% $346	+0% $412	+5% $478	+10% $544
Rate	-1.0pp $457	-0.5pp $435	base $412	+0.5pp $388	+1.0pp $365

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $280 · $3,360/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-02-12
   status Pending
2. 2026-01-24
   status Active
3. 2025-11-10
   status Pending
4. 2025-10-20
   price $89,900
5. 2025-07-16
   listed $99,900 Active
6. 1988-07-15
   soldstatus $62,250

ⓘ 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: $1,422 · $118/mo
• Projected year-2 tax: $1,444 · $120/mo
• Expected delta: +$22/yr (+$2/mo · 1.5%)

ⓘ 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 ≥97°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $20,038
• − Mortgage interest: −$5,036
• − Property taxes: −$1,422
• − Insurance: −$450
• − Repairs & maintenance: −$1,603
• − Management: −$1,603
• − HOA: −$3,360
• − Depreciation: −$2,615
• Taxable income: $3,950
• Est. tax owed @ 24.0%: −$948
• After-tax cash flow: $3,994/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: North Providence
• NCES district ID: 4400780
• Math proficiency: 20% ▼ -7.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $50,962
• Composite: 24.99/100
• National rank: #7560
• State rank: #22 of 39 in RI

Livability — Providence

• Score: 84/100
• State rank: #2
• US rank: #794

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 32,531
• Household income: $67,003
• Rent vs Own: 48.3% rent · 51.7% own
• Severe rent burden: 1176.0

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 0.66)
• Race & ethnicity: White 51% Hispanic / Latino 27% Two or more races 16% Black 8% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 7%
• Common ancestry: Lithuanian 7% Russian 6% Romanian 2%
• Foreign-born: 18% · Canada, Jamaica, China
• Languages at home: 64% English-only · Spanish 20% Other Indo-European 5% Other Asian/Pacific 3%

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: ▼ -379.06%
• Current HPI: 363.1386
• Rent YoY: ▲ 6.88%
• 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

+44.4% since first listed

6 events — show timeline

• 2026-02-12 Pending — RIS
• 2026-01-24 Relisted — RIS
• 2025-11-10 Pending — RIS
• 2025-10-20 Price Changed $89,900 RIS
• 2025-07-16 Listed $99,900 RIS
• 1988-07-15 Sold (Public Records) $62,250 Public Records

Property tax history

+1.8%/yr

Latest (2025): $1,422 · +5.8% YoY. Source: county tax records.