5 Elliot Pl · Newport, RI 02840

$1,400,000

7 bd · 3.0 ba · 3,358 sqft · MultiFamily public records · 21 Days on market

Built 1870 5,227 sqft lot Est $1501k · 7% under

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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 +21.1/30.0
• ARV discount +10.5/15.0
• DSCR +6.7/10.0
• Rent growth +4.8/5.0
• 1% rule +4.5/10.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Just off upper Broadway, this home features 3 units, two spacious 3-bedroom apartments and an updated 2-bedroom apartment, all featuring modern upgrades. Recent renovations include a roof, siding, windows, electrical, plumbing, and heating systems. 5 off-street parking spaces, EV charger, a 2-car garage, deck and garden area. Strong rental history, within close proximity to Broadway's restaurants and shops, the U. S. Naval War College, and convenient highway access. A great turnkey property for investors or owner-occupants.

Key facts

• Garden area
• Modern upgrades
• Recent renovations

Tags

• MODERN UPGRADES
• RECENT RENOVATIONS
• OFF-STREET PARKING
• EV CHARGER
• DECK
• GARDEN AREA

Property features AI

Finance

• HOA & community: Community features include highway access, proximity to hospital and schools, pool, public transportation, recreation area, restaurants, shopping, and tennis courts

Exterior

• Parking: Detached garage; 2 garage spaces; Total parking for 5 vehicles (2 covered)
• Utilities: Public water connection; Public sewer connection; 100 amp electrical service
• Home design: Clapboard exterior; 3 stories; Single building with 3 units
• Construction: Clapboard construction
• Exterior features: Public sewer connection; Lot approximately 0.12 acres; Lot approximately 5,227 sq ft; Zoned R10

Interior

• Kitchen: Electric water heater
• Bedrooms: 3 units total (multi-unit property)
• Flooring: Hardwood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas heating; Hot water heating
• Interior features: Hardwood floors; Bathtub; Interior steps; Tub with shower; Full, unfinished basement; Two fireplaces
• Laundry & utility: Laundry available in-unit and in a common area

What this means for you Summary

Snapshot

• This is a 7-bed/3.0-bath multifamily listed at $1.40M.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.33M (4.7% below list).
• Recommended offer: $1.33M (4.7% below list) — sets the bar for 1% rule.
• Cap rate 8.0% vs local median 2.1% in Newport — 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 78/100 on livability (#5 in RI, #2,367 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, cost of living F.
• Newport (suburban): math 10% / reading 20% proficiency, ranked #29 of 39 in RI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+9.3%/yr); 134 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• At $13,341/mo this rent would consume 186% of the median local household income ($86k/yr) (locally 1294% 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 $10k of loan paydown is wiped out by about $42k of value loss. Plan a longer hold.
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $392k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($1.38M) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $1.20M; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $1,334,100 (4.7% below list)

Questions for the listing agent

1. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 0.95% ✗
• Cap rate: 8.01%
• Cash-on-cash: 6.12%
• DSCR: 1.27
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $1,501,026
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20 Summer St	0.34mi	8/4.0 (+1)	3,500 (+4%)	1mo	$1,650,000	$471	68
8 Peckham Ave	0.12mi	6/3.0 (-1)	3,128 (-7%)	17mo	$740,000	$237	64
7 Caswell Ave	0.24mi	8/3.0 (+1)	2,934 (-13%)	7mo	$912,500	$311	57
401 Broadway	0.17mi	7/5.0	2,907 (-13%)	23mo	$1,300,000	$447	43

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

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.92×
• Total profit: $-29,468
• Equity at exit: $208,745

10-year hold

• IRR: 12.2%
• Equity multiple: 2.17×
• Total profit: $457,243
• Equity at exit: $121,046

Cash invested: $392,000 (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 02840

• Rents YoY: 9.3%
• Active inventory: 134
• Price-to-rent: 33.7×

Monthly cashflow live

• Estimated rent: $13,341 high
• Mortgage (P&I): −$7,342
• Tax from tax record: −$614 /mo · $7,371/yr
• Insurance: −$583
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,802
• Net cashflow: $2,000

Break-even live

Break-even rent $10,809

Max offer price $1,400,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$10,374
1× unit	2	1	$2,965
Total (4 units)			$13,341

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: $350,000
• Closing costs: $42,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
21 Bedlow Ave Newport, RI	6.0	3.5	3785	$24,000	$6.34	11d	1	0.17mi
82 Ellery Rd Newport, RI	6.0	5.0	4700	$35,000	$7.45	23d	1	0.72mi
8 Seascape Ave Middletown, RI	6.0	4.0	2500	$4,800	$1.92	23d	1	1.18mi

Listing history 42 events

1. 2026-06-18
   days on market $1,400,000 Active 21 DOM
2. 2026-06-17
   days on market $1,400,000 Active 20 DOM
3. 2026-06-16
   days on market $1,400,000 Active 19 DOM
4. 2026-06-15
   days on market $1,400,000 Active 18 DOM
5. 2026-06-13
   days on market $1,400,000 Active 16 DOM
6. 2026-06-09
   days on market $1,400,000 Active 12 DOM
7. 2026-06-08
   days on market $1,400,000 Active 11 DOM
8. 2026-06-07
   days on market $1,400,000 Active 10 DOM
9. 2026-06-05
   days on market $1,400,000 Active 7 DOM
10. 2026-06-03
    days on market $1,400,000 Active 6 DOM
11. 2026-06-02
    days on market $1,400,000 Active 5 DOM
12. 2026-06-01
    days on market $1,400,000 Active 4 DOM
13. 2026-05-31
    days on market $1,400,000 Active 3 DOM
14. 2026-05-28
    listed $1,400,000 Active
15. 2026-05-11
    historical
16. 2026-04-17
    price $1,400,000
17. 2026-02-27
    price $1,425,000
18. 2025-11-12
    listed $1,450,000 Active
19. 2025-04-08
    historical $3,200
20. 2025-03-18
    listed $3,200
21. 2025-03-17
    historical
22. 2025-01-13
    price $1,450,000
23. 2024-11-24
    listed $1,475,000 Active
24. 2023-12-07
    historical $3,400
25. 2023-10-06
    listed $3,400
26. 2022-03-25
    soldstatus $1,200,000
27. 2022-03-25
    listed $1,200,000
28. 2015-07-16
    soldstatus $460,000 Sold
29. 2015-05-16
    status Pending
30. 2014-11-17
    status Active - Extended
31. 2014-11-15
    historical
32. 2014-08-16
    status Active - Back on Market
33. 2014-08-16
    historical
34. 2014-05-20
    listed $525,000 Active - New
35. 2014-05-12
    historical
36. 2013-11-18
    listed $525,000 Active - New
37. 2011-03-15
    historical
38. 2010-11-09
    listed $424,000
39. 2002-05-31
    soldstatus $276,000
40. 2002-05-30
    soldstatus $276,000
41. 2002-02-26
    historical
42. 2002-02-20
    listed $262,000

ⓘ 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: $7,371 · $614/mo
• Projected year-2 tax: $15,095 · $1,258/mo
• Expected delta: +$7,724/yr (+$644/mo · 104.8%)

ⓘ 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 ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $160,092
• − Mortgage interest: −$78,422
• − Property taxes: −$7,371
• − Insurance: −$7,000
• − Repairs & maintenance: −$12,807
• − Management: −$12,807
• − Depreciation: −$40,727
• Taxable income: $957
• Est. tax owed @ 24.0%: −$230
• After-tax cash flow: $23,771/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: Newport
• NCES district ID: 4400720
• Math proficiency: 10% ▼ -11.00%
• Reading proficiency: 20% ▼ -8.00%
• Median HH income: $59,063
• Composite: 14.6/100
• National rank: #9412
• State rank: #29 of 39 in RI

Livability — Newport

• Score: 78/100
• State rank: #5
• US rank: #2367

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport, RI
• County: Newport County · 73,957 people
• City population: 23,448
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,448
• Household income: $86,250
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1294.0

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Two or more races 9% Black 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Russian 5% Lithuanian 4% Romanian 4%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1340.91%
• Current HPI: 451.3919
• Rent YoY: ▲ 9.32%
• 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

+434.4% since first listed

29 events — show timeline

• 2026-05-28 Listed $1,400,000 RIS
• 2026-05-11 Listing Removed — RIS
• 2026-04-17 Price Changed $1,400,000 RIS
• 2026-02-27 Price Changed $1,425,000 RIS
• 2025-11-12 Listed $1,450,000 RIS
• 2025-04-08 Rental Removed $3,200 RIS
• 2025-03-18 Listed for Rent $3,200 RIS
• 2025-03-17 Listing Removed — RIS
• 2025-01-13 Price Changed $1,450,000 RIS
• 2024-11-24 Listed $1,475,000 RIS
• 2023-12-07 Rental Removed $3,400 RIS
• 2023-10-06 Listed for Rent $3,400 RIS
• 2022-03-25 Listed $1,200,000 RIS
• 2022-03-25 Sold (MLS) $1,200,000 RIS
• 2015-07-16 Sold (MLS) $460,000 RIS
• 2015-05-16 Pending — RIS
• 2014-11-17 Relisted — RIS
• 2014-11-15 Listing Removed — RIS
• 2014-08-16 Relisted — RIS
• 2014-08-16 Listing Removed — RIS
• 2014-05-20 Listed $525,000 RIS
• 2014-05-12 Listing Removed — RIS
• 2013-11-18 Listed $525,000 RIS
• 2011-03-15 Listing Removed — RIS
• 2010-11-09 Listed $424,000 RIS
• 2002-05-31 Sold (Public Records) $276,000 Public Records
• 2002-05-30 Sold (MLS) $276,000 RIS
• 2002-02-26 Listing Removed — RIS
• 2002-02-20 Listed $262,000 RIS

Property tax history

+5.8%/yr

Latest (2025): $7,371 · +5.7% YoY. Source: county tax records.