176 180 Railroad St

Cumberland Hill, RI 02838

$960,000B+

27 bd · 9.0 ba · 8,934 sqft · Built 1900 · MultiFamily · Pending · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,088/mo
• Mortgage (P&I): −$5,034
• Tax + insurance: −$1,600
• HOA: −$0
• Vac / Maint / Mgmt: −$3,588
• Net cashflow: $6,865/mo
• Annual: $82,382/yr
• Cap rate: 14.87%
• Cash-on-cash: 30.65%
• DSCR: 2.36
• 1% rule: 1.78%
• Cash to close: $268,800

Investor read

• This is a 9 × 3-bed/1.0-bath units multifamily listed at $960k. Condition is rated fair.
• 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).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $72k of equity ($7k loan paydown + $65k appreciation (6.8% local appreciation)).
• 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.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• 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.
• 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.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• 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.