176 180 Railroad St · Cumberland Hill, RI 02838

$960,000

27 bd · 9.0 ba · 8,934 sqft · MultiFamily · 10 Days on market

Built 1900 Fair condition 8,649 sqft lot

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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
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 9 units. estimate disagrees with records

Listing remarks

9-UNIT PROPERTY. Two buildings, 24 total bedrooms. Vinyl/aluminum siding, hip roofs. Gas hot water heating. Paved corner, ample off-street parking lot, 0.20 acres, zoned BL05. Well maintained and professionally managed. Package deal. P and L and rent roll are available upon request. The total package includes MLS 1410462, 1410369, 1410370, 1410402, 1410403, 1410408, and 1410432.

Key facts

• 8,649 sq ft lot
• 10 parking spots
• Built 1900

Property features AI

Finance

• Financial info: Operating expenses reported: $52,042; Owner pays hot water
• HOA & community: Community offers highway access, nearby hospital, schools, public transportation, shopping and sidewalks

Exterior

• Parking: No garage; 10 parking spaces (total)
• Utilities: Public water connected; Public sewer connected; 100 amp electric service
• Home design: Multi-family property with 2 buildings; 3 stories
• Construction: Drywall and vinyl siding exterior; Above-grade finished area approximately 8,934
• Exterior features: Paved driveway; Corner lot

Interior

• Kitchen: Gas water heater; Water heater
• Bedrooms: Building 1: 6 bedrooms; Building 2: 18 bedrooms
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: 9 full bathrooms (total); Building 1: 3 full bathrooms; Building 2: 6 full bathrooms
• Heating & cooling: Gas heating; Hot water heating
• Interior features: Full unfinished basement with interior entry; 45 total rooms
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 9 × 3-bed/1.0-bath units multifamily listed at $960k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $7k ($82k/yr) — positive. Per door: $763/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($17k rent vs $960k).
• Cap rate 14.9% 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 $72k of equity ($7k loan paydown + $65k 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 $269k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$115k 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% 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 $960,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1900 — 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. 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.
7. 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.
8. 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: 1.78% ✓
• Cap rate: 14.87%
• Cash-on-cash: 30.65%
• DSCR: 2.36
• GRM: 4.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 42.7%
• Equity multiple: 3.83×
• Total profit: $762,016
• Equity at exit: $653,854

10-year hold

• IRR: 39.1%
• Equity multiple: 8.03×
• Total profit: $1,889,489
• Equity at exit: $1,231,838

Cash invested: $268,800 (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: 42.1×

Monthly cashflow live

• Estimated rent: $17,088 high
• Mortgage (P&I): −$5,034
• Tax est. 1.5%: −$1,200 /mo · $14,400/yr
• Insurance: −$400
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,588
• Net cashflow: $6,865

Break-even live

Break-even rent $8,398

Max offer price $960,000

Occupancy floor 55%

Sensitivity live

Price	-10% $7,529	-5% $7,197	+0% $6,865	+5% $6,533	+10% $6,202
Rent	-10% $5,515	-5% $6,190	+0% $6,865	+5% $7,540	+10% $8,215
Rate	-1.0pp $7,349	-0.5pp $7,109	base $6,865	+0.5pp $6,616	+1.0pp $6,363

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

Units	Beds	Baths	Est. rent
▸ 9× units	3	1	$17,091
Total (9 units)			$17,088

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: $240,000
• Closing costs: $28,800
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-01
   status Pending
2. 2026-04-21
   listed $960,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 16 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: $205,056
• − Mortgage interest: −$53,775
• − Property taxes: −$14,400
• − Insurance: −$4,800
• − Repairs & maintenance: −$16,404
• − Management: −$16,404
• − Depreciation: −$27,927
• Taxable income: $71,345
• Est. tax owed @ 24.0%: −$17,123
• After-tax cash flow: $65,259/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

The property requires moderate repairs and maintenance, including decluttering, paint touch-up, and landscaping improvements. These updates will enhance both its resale and rental value.

Repairs flagged

• Minor Kitchen organization — Cluttered countertops and shelves indicate a need for organization.
• Minor Bathroom organization — Cluttered counter and shelves suggest a need for decluttering.
• Moderate Bedroom carpet — Worn carpet indicates a need for replacement or cleaning.
• Moderate Interior paint — Faded paint suggests a need for touch-up or repainting.
• Moderate Landscaping — Minimal landscaping and overgrown areas indicate a need for improvement.

Value-add opportunities

• Both Decluttering and organizing — Decluttering and organizing will improve the home's appearance and functionality, enhancing both resale and rental value.
• Both Paint touch-up — Touching up faded paint will improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value.
• Both Landscaping — Improving the landscaping will enhance the home's curb appeal and overall aesthetic, increasing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen organization · Cluttered countertops and shelves indicate a need for organization.	Minor	$500–3,000
Bathroom organization · Cluttered counter and shelves suggest a need for decluttering.	Minor	$500–3,000
Bedroom carpet · Worn carpet indicates a need for replacement or cleaning.	Moderate	$3,000–15,000
Interior paint · Faded paint suggests a need for touch-up or repainting.	Moderate	$3,000–15,000
Landscaping · Minimal landscaping and overgrown areas indicate a need for improvement.	Moderate	$3,000–15,000
Total estimated repair cost · 5 items		$10,000–51,000

Value-add ROI direction

• Both Decluttering and organizing — Decluttering and organizing will improve the home's appearance and functionality, enhancing both resale and rental value. ↑
• Both Paint touch-up — Touching up faded paint will improve the home's curb appeal and interior aesthetics, enhancing both resale and rental value. ↑
• Both Landscaping — Improving the landscaping will enhance the home's curb appeal and overall aesthetic, increasing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

2 events — show timeline

• 2026-05-01 Pending — RIS
• 2026-04-21 Listed $960,000 RIS