84 Transit St · Providence, RI 02906

$1,695,000

88 bd · 72.0 ba · 6,188 sqft · MultiFamily · 92 Days on market

Built 1900 4,100 sqft lot $274/sqft · 134% above area

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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 +4.4/5.0
• Livability +4.2/5.0
• 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 (5+ Unit). Listing-text estimate: 8 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Located in the heart of Fox Point, just steps from historic Benefit Street, this exceptional 8-unit, two-building property offers a rare investment opportunity in one of Providence's most desirable neighborhoods. With a strong existing income stream and mostly month-to-month tenants, there's immediate potential for improvement to enhance overall returns. Both buildings have been well maintained, offering a solid foundation for additional improvements that could further elevate value and performance. The prime location allows residents to enjoy easy access to all that Fox Point has to offer, along with the scenic waterfront and walking paths of India Point Park. Whether you're expanding an established portfolio or taking the first step in building one, this property represents a smart, high-potential addition in a premier location.

Key facts

• Scenic waterfront
• Well maintained
• Prime location

Tags

• INVESTMENT OPPORTUNITY
• EXISTING INCOME STREAM
• WELL MAINTAINED
• PRIME LOCATION
• SCENIC WATERFRONT

What this means for you Summary

Snapshot

• This is a 8 × 11-bed/9.0-bath units multifamily listed at $1.70M.

Deal economics

• At list price, monthly cash flow is $9k ($102k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($27k rent vs $1.70M).
• Recommended offer: $1.54M (9.0% below list) — sets the bar for market timing.
• Cap rate 12.3% 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 fast (+7.5%/yr); 145 active listings in the ZIP; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $26,584/mo this rent would consume 310% of the median local household income ($103k/yr) (locally 1567% 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 $12k of loan paydown is wiped out by about $51k 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 + 7.5% rent growth), your $475k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($1.54M) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $155k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $1,542,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.57% ✓
• Cap rate: 12.32%
• Cash-on-cash: 21.53%
• DSCR: 1.96
• GRM: 5.3

CMA / ARV

• ARV (median comp): $725,000
• List price: $1,695,000
• Delta: 133.79%
• Verdict: OVERPRICED
• Comps: 15 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 7.46% rent growth · sell at horizon

5-year hold

• IRR: 19.3%
• Equity multiple: 1.83×
• Total profit: $393,297
• Equity at exit: $252,730

10-year hold

• IRR: 30.6%
• Equity multiple: 4.38×
• Total profit: $1,605,417
• Equity at exit: $146,553

Cash invested: $474,600 (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 02906

• Rents YoY: 7.5%
• Active inventory: 145
• Price-to-rent: 42.5×

Monthly cashflow live

• Estimated rent: $26,584 medium
• Mortgage (P&I): −$8,889
• Tax from tax record: −$2,890 /mo · $34,676/yr
• Insurance: −$706
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,583
• Net cashflow: $8,517

Break-even live

Break-even rent $15,803

Max offer price $1,695,000

Occupancy floor 63%

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

Units	Beds	Baths	Est. rent
▸ 8× units	11	9	$26,584
Total (8 units)			$26,584

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: $423,750
• Closing costs: $50,850
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-13
   statusdays on market $1,695,000 Pending 92 DOM
2. 2026-06-09
   days on market $1,695,000 Active 90 DOM
3. 2026-06-08
   days on market $1,695,000 Active 89 DOM
4. 2026-06-07
   days on market $1,695,000 Active 88 DOM
5. 2026-06-05
   days on market $1,695,000 Active 85 DOM
6. 2026-06-03
   days on market $1,695,000 Active 84 DOM
7. 2026-06-02
   days on market $1,695,000 Active 83 DOM
8. 2026-06-01
   days on market $1,695,000 Active 82 DOM
9. 2026-05-31
   days on market $1,695,000 Active 81 DOM
10. 2026-04-13
    price $1,695,000 842-char remark

    Show marketing remark (842 chars)

    Located in the heart of Fox Point, just steps from historic Benefit Street, this exceptional 8-unit, two-building property offers a rare investment opportunity in one of Providence's most desirable neighborhoods. With a strong existing income stream and mostly month-to-month tenants, there's immediate potential for improvement to enhance overall returns. Both buildings have been well maintained, offering a solid foundation for additional improvements that could further elevate value and performance. The prime location allows residents to enjoy easy access to all that Fox Point has to offer, along with the scenic waterfront and walking paths of India Point Park. Whether you're expanding an established portfolio or taking the first step in building one, this property represents a smart, high-potential addition in a premier location.

11. 2026-03-11
    listed $1,850,000 Active 842-char remark

    Show marketing remark (842 chars)

    Located in the heart of Fox Point, just steps from historic Benefit Street, this exceptional 8-unit, two-building property offers a rare investment opportunity in one of Providence's most desirable neighborhoods. With a strong existing income stream and mostly month-to-month tenants, there's immediate potential for improvement to enhance overall returns. Both buildings have been well maintained, offering a solid foundation for additional improvements that could further elevate value and performance. The prime location allows residents to enjoy easy access to all that Fox Point has to offer, along with the scenic waterfront and walking paths of India Point Park. Whether you're expanding an established portfolio or taking the first step in building one, this property represents a smart, high-potential addition in a premier location.

12. 2026-03-02
    historical
13. 2025-10-25
    listed $2,095,000 Active
14. 2025-01-16
    historical $1,700
15. 2025-01-10
    listed $1,700
16. 2023-05-18
    historical

ⓘ 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: $34,676 · $2,890/mo
• Projected year-2 tax: $34,676 · $2,890/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $319,008
• − Mortgage interest: −$94,946
• − Property taxes: −$34,676
• − Insurance: −$8,475
• − Repairs & maintenance: −$25,521
• − Management: −$25,521
• − Depreciation: −$49,309
• Taxable income: $80,560
• Est. tax owed @ 24.0%: −$19,334
• After-tax cash flow: $82,866/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): 26,380
• Household income: $103,050
• Rent vs Own: 48.5% rent · 51.5% own
• Severe rent burden: 1567.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Asian 11% Hispanic / Latino 8% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 6% Romanian 5% Scotch-Irish 4%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 80% English-only · Other Indo-European 6% Spanish 5% Chinese 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: ▼ -792.46%
• Current HPI: 355.3795
• Rent YoY: ▲ 7.46%
• 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

+99605.9% since first listed

7 events — show timeline

• 2026-04-13 Price Changed $1,695,000 RIS
• 2026-03-11 Listed $1,850,000 RIS
• 2026-03-02 Listing Removed — RIS
• 2025-10-25 Listed $2,095,000 RIS
• 2025-01-16 Rental Removed $1,700 Avail
• 2025-01-10 Listed for Rent $1,700 Avail
• 2023-05-18 Rental Removed — Avail

Property tax history

+2.8%/yr

Latest (2025): $34,676 · +82.3% YoY. Source: county tax records.