98 Andem St · Providence, RI 02909

$550,000

5 bd · 2.0 ba · 2,265 sqft · MultiFamily public records · 49 Days on market

Built 1885 4,008 sqft lot $243/sqft · 9% below area Est $602k · 9% under

---

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 +18.2/30.0
• ARV discount +11.4/15.0
• DSCR +5.7/10.0
• Livability +4.2/5.0
• 1% rule +3.9/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

COMFORTABLE SPACIOUS 2nd & 3 rd COMBINATION MANY UPDATES, BEAUTIFUL FLOORS, REPLACEMENT WINDOWS, NEWER HEATING SYSTEM.

Key facts

• Strong rental demand
• Convenient access
• Two-family property

Tags

• TWO-FAMILY PROPERTY
• SEPARATE LIVING SPACES
• ESTABLISHED NEIGHBORHOOD
• STRONG RENTAL DEMAND
• CONVENIENT ACCESS

Property features AI

Finance

• Other: Property contains 2 total units in 1 building; Three-bedroom unit area ~1,358 (area reported); One-bedroom unit area ~907 (area reported) — one-bedroom unit currently shows actual rent of $850; Operating expense listed as $10,000
• Financial info: Operating expenses reported
• HOA & community: Community amenities nearby: golf, highway access, near hospital, public transportation, recreation area, restaurants, shopping, tennis courts

Exterior

• Parking: No garage; Total of 4 parking spaces
• Utilities: Sewer connected; Water connected; Electric service: 100 amps with separate meters
• Home design: 3-story building; Two-unit multi-family property
• Construction: Plaster exterior; Shingle siding; Concrete perimeter foundation; Above-grade finished area reported
• Exterior features: Paved driveway

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Unit mix includes a three-bedroom unit and a one-bedroom unit
• Flooring: Hardwood floors
• Bathrooms: Two full bathrooms and one half bathroom in the property total; Three-bedroom unit: 1 full and 1 half bathroom; One-bedroom unit: 1 full bathroom
• Heating & cooling: Baseboard heating; Gas heating; Hot water heating
• Interior features: Bathtub; Interior steps; Tub with shower
• Laundry & utility: Common area laundry; Utility room; Water heater (gas and general listed)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $493 ($6k/yr) — positive. Per door: $246/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 $492k (10.6% below list).
• Recommended offer: $492k (10.6% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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.
• Providence (urban): math 8% / reading 16% proficiency, ranked #34 of 39 in RI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 132 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,916/mo this rent would consume 91% of the median local household income ($65k/yr) (locally 2000% 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 $16k 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

• It's been on market 49 days — a 3% lower offer ($534k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 26y ago; this cycle's ask has dropped $50k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $150k; list at $550k implies a 267% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% 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 $491,600 (10.6% below list)

Questions for the listing agent

1. It's been on market 49 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.89% ✗
• Cap rate: 7.37%
• Cash-on-cash: 3.84%
• DSCR: 1.17
• GRM: 9.3

CMA / ARV

• ARV (median comp): $601,947
• List price: $550,000
• Delta: -8.63%
• Verdict: FAIR
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -9.6%
• Equity multiple: 0.65×
• Total profit: $-54,545
• Equity at exit: $82,007

10-year hold

• IRR: 0.6%
• Equity multiple: 1.04×
• Total profit: $6,265
• Equity at exit: $47,554

Cash invested: $154,000 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $4,916 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$278 /mo · $3,332/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,032
• Net cashflow: $493

Break-even live

Break-even rent $4,293

Max offer price $550,000

Occupancy floor 85%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$4,916
Total (2 units)			$4,916

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
74 Westcott Ave Unit 2 Providence, RI	4.0	2.0	2540	$2,700	$1.06	2d	1	1.32mi
610 Killingly St #1 Johnston, RI	4.0	2.0	1800	$2,850	$1.58	15d	1	1.49mi

Listing history 27 events

1. 2026-06-18
   days on market $550,000 Active 49 DOM
2. 2026-06-17
   days on market $550,000 Active 48 DOM
3. 2026-06-16
   days on market $550,000 Active 47 DOM
4. 2026-06-15
   days on market $550,000 Active 46 DOM
5. 2026-06-13
   days on market $550,000 Active 44 DOM
6. 2026-06-09
   days on market $550,000 Active 40 DOM
7. 2026-06-08
   days on market $550,000 Active 39 DOM
8. 2026-06-07
   days on market $550,000 Active 38 DOM
9. 2026-06-05
   days on market $550,000 Active 35 DOM
10. 2026-06-03
    days on market $550,000 Active 34 DOM
11. 2026-06-02
    days on market $550,000 Active 33 DOM
12. 2026-06-01
    days on market $550,000 Active 32 DOM
13. 2026-05-31
    days on market $550,000 Active 31 DOM
14. 2026-04-30
    listed $600,000 Active 766-char remark
15. 2013-12-19
    price $150,777 124-char remark

    Show marketing remark (124 chars)

    COMFORTABLE SPACIOUS 2nd & 3 rd COMBINATION MANY UPDATES, BEAUTIFUL FLOORS, REPLACEMENT WINDOWS, NEWER HEATING SYSTEM.

16. 2013-11-20
    soldstatus $150,000 Sold 124-char remark

    Show marketing remark (124 chars)

    COMFORTABLE SPACIOUS 2nd & 3 rd COMBINATION MANY UPDATES, BEAUTIFUL FLOORS, REPLACEMENT WINDOWS, NEWER HEATING SYSTEM.

17. 2013-11-18
    soldstatus $150,000
18. 2013-05-07
    historical 124-char remark

    Show marketing remark (124 chars)

    COMFORTABLE SPACIOUS 2nd & 3 rd COMBINATION MANY UPDATES, BEAUTIFUL FLOORS, REPLACEMENT WINDOWS, NEWER HEATING SYSTEM.

19. 2013-03-06
    listed $165,000 124-char remark

    Show marketing remark (124 chars)

    COMFORTABLE SPACIOUS 2nd & 3 rd COMBINATION MANY UPDATES, BEAUTIFUL FLOORS, REPLACEMENT WINDOWS, NEWER HEATING SYSTEM.

20. 2005-10-03
    soldstatus $235,000
21. 2005-10-03
    soldstatus $235,000
22. 2004-12-01
    historical
23. 2004-06-01
    listed $240,000
24. 2001-02-06
    soldstatus $76,000
25. 2001-02-05
    soldstatus $76,000
26. 2001-01-08
    historical
27. 2000-11-03
    listed $74,850

ⓘ 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: $3,332 · $278/mo
• Projected year-2 tax: $6,148 · $512/mo
• Expected delta: +$2,816/yr (+$235/mo · 84.5%)

ⓘ 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 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $58,992
• − Mortgage interest: −$30,809
• − Property taxes: −$3,332
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,719
• − Management: −$4,719
• − Depreciation: −$16,000
• Taxable loss: −$3,337
• Est. tax savings @ 24.0%: +$801
• After-tax cash flow: $6,712/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: Providence
• NCES district ID: 4400900
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 16% ▼ -2.00%
• Median HH income: $38,197
• Composite: 10.12/100
• National rank: #9803
• State rank: #34 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

• Census place: Providence, RI
• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 1%

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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+634.8% since first listed

15 events — show timeline

• 2026-05-19 Price Changed $550,000 RIS
• 2026-04-30 Listed $600,000 RIS
• 2013-12-19 Price Changed $150,777 RIS
• 2013-11-20 Sold (MLS) $150,000 RIS
• 2013-11-18 Sold (Public Records) $150,000 Public Records
• 2013-05-07 Listing Removed — RIS
• 2013-03-06 Listed $165,000 RIS
• 2005-10-03 Sold (Public Records) $235,000 Public Records
• 2005-10-03 Sold (Public Records) $235,000 Public Records
• 2004-12-01 Listing Removed — RIS
• 2004-06-01 Listed $240,000 RIS
• 2001-02-06 Sold (Public Records) $76,000 Public Records
• 2001-02-05 Sold (MLS) $76,000 RIS
• 2001-01-08 Listing Removed — RIS
• 2000-11-03 Listed $74,850 RIS

Property tax history

-1.4%/yr

Latest (2025): $3,332 · -40.7% YoY. Source: county tax records.