94 John St · East Providence, RI 02914

$449,000

3 bd · 2.0 ba · 1,512 sqft · MultiFamily public records · 53 Days on market

Built 1920 4,792 sqft lot Est $451k · at est.

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.7/15.0
• DSCR +4.6/10.0
• 1% rule +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 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

Do not miss this well-maintained two-family home offering flexibility, comfort, and convenience. This property features two clean and spacious apartments, each with a desirable 2-bedroom, 1-bath layout and its own private entrance. The units offer generous room sizes, hardwood floors throughout the living areas, and tile flooring in the bathrooms, creating a clean, durable, and classic feel. Both apartments are move-in ready and thoughtfully laid out for comfortable everyday living. The exterior is finished with low-maintenance vinyl siding. The home includes two off-street parking spaces. A fully fenced backyard provides a great outdoor space, complete with a shed for additional storage. E

Key facts

• Off street parking
• Private entrance
• Two family home

Tags

• TWO FAMILY HOME
• PRIVATE ENTRANCE
• HARDWOOD FLOORS
• TILE FLOORING
• LOW MAINTENANCE VINYL SIDING
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $449k.

Deal economics

• At list price, monthly cash flow is $138 ($2k/yr) — positive. Per door: $69/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 $399k (11.2% below list).
• Recommended offer: $399k (11.2% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.2% in East 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 74/100 on livability (#12 in RI, #4,784 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• East Providence (suburban): math 18% / reading 31% proficiency, ranked #26 of 39 in RI (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 62 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $3,989/mo this rent would consume 78% of the median local household income ($61k/yr) (locally 1134% 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 $3k of loan paydown is wiped out by about $13k 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 53 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $398,900 (11.2% below list)

Questions for the listing agent

1. It's been on market 53 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 1920 — 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 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.89% ✗
• Cap rate: 6.66%
• Cash-on-cash: 1.32%
• DSCR: 1.06
• GRM: 9.4

CMA / ARV

• ARV (on-the-fly): $450,576
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
94 John St	0.00mi	4/2.0 (+1)	1,512 (0%)	1mo	$450,000	$298	94
100 Sutton Ave	0.34mi	3/2.0	1,480 (-2%)	12mo	$485,000	$328	70
21 Donnelly St	0.62mi	3/3.0	1,496 (-1%)	3mo	$465,000	$311	63
7 Oakley St	0.43mi	3/2.0	1,582 (+5%)	11mo	$381,000	$241	63
136 Grove Ave	0.25mi	3/2.0	1,386 (-8%)	18mo	$440,000	$317	60
13 Orchard St	0.45mi	4/2.0 (+1)	1,466 (-3%)	14mo	$459,000	$313	57
100 Hicks St	0.43mi	4/3.0 (+1)	1,588 (+5%)	12mo	$416,501	$262	53
401 Waterman Ave	0.42mi	2/2.0 (-1)	1,444 (-4%)	23mo	$400,000	$277	49
84 Miles Ave	0.72mi	2/2.0 (-1)	1,532 (+1%)	20mo	$440,000	$287	43
95 Dewey Ave	0.60mi	4/2.0 (+1)	1,408 (-7%)	18mo	$400,000	$284	41
34 Roma St	0.63mi	4/2.0 (+1)	1,588 (+5%)	23mo	$505,000	$318	38
35 Winsor St	0.58mi	4/2.0 (+1)	1,718 (+14%)	13mo	$474,900	$276	35

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -14.2%
• Equity multiple: 0.49×
• Total profit: $-63,934
• Equity at exit: $66,947

10-year hold

• IRR: -5.4%
• Equity multiple: 0.65×
• Total profit: $-44,298
• Equity at exit: $38,821

Cash invested: $125,720 (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 02914

• Active inventory: 62
• Price-to-rent: 18.8×

Monthly cashflow live

• Estimated rent: $3,989 high
• Mortgage (P&I): −$2,355
• Tax from tax record: −$471 /mo · $5,654/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$838
• Net cashflow: $138

Break-even live

Break-even rent $3,814

Max offer price $449,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,990
Total (2 units)			$3,989

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: $112,250
• Closing costs: $13,470
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
168 Waterman Ave East Providence, RI	3.0	1.0	1200	$2,500	$2.08	4d	1	0.15mi
49 Ivy St Unit 2 East Providence, RI	2.0	1.0	1080	$1,750	$1.62	23d	1	0.22mi
50 Reynolds St Unit 2 East Providence, RI	3.0	1.0	1261	$2,000	$1.59	17d	1	0.39mi
114 Warren Ave East Providence, RI	3.0	1.0	1200	$2,100	$1.75	2d	1	0.52mi
55 Second St East Providence, RI	3.0	1.0	1100	$2,150	$1.95	23d	1	0.77mi
98 Butler Ave Providence, RI	4.0	2.0	1890	$5,000	$2.65	2d	1	0.88mi
159 Tangent St Unit 2 East Providence, RI	3.0	1.0	1100	$2,000	$1.82	11d	1	0.94mi
77 Pitman St Providence, RI	2.0–3.0	1.0–2.0	950	$2,750	$2.89	1d	1	1.02mi
54 Furnace St Unit 1 Providence, RI	2.0	1.0	1184	$2,350	$1.98	17d	1	1.02mi
16 Trenton St Providence, RI	1.0–4.0	1.0–3.0	800	$3,217	$4.02	17d	14	1.13mi
180 George M Cohan Blvd Providence, RI	2.0	1.0–2.0	922	$4,150	$4.50	3d	17	1.23mi
138 Martin St East Providence, RI	3.0	2.0	2009	$2,800	$1.39	43d	1	1.36mi

Listing history 2 events

1. 2026-03-27
   status Pending
2. 2026-02-02
   listed $449,000 Active

ⓘ 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: $5,654 · $471/mo
• Projected year-2 tax: $6,486 · $541/mo
• Expected delta: +$832/yr (+$69/mo · 14.7%)

ⓘ 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 ≥98°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: $47,868
• − Mortgage interest: −$25,151
• − Property taxes: −$5,654
• − Insurance: −$2,245
• − Repairs & maintenance: −$3,829
• − Management: −$3,829
• − Depreciation: −$13,062
• Taxable loss: −$5,903
• Est. tax savings @ 24.0%: +$1,417
• After-tax cash flow: $3,078/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: East Providence
• NCES district ID: 4400330
• Math proficiency: 18% ▼ -8.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $51,011
• Composite: 21.69/100
• National rank: #8274
• State rank: #26 of 39 in RI

Livability — East Providence

• Score: 74/100
• State rank: #12
• US rank: #4784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Providence, RI
• County: Providence County · 548,917 people
• City population: 38,586
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 21,834
• Household income: $61,191
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1134.0

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 (67%)
• Race & ethnicity: White 67% Two or more races 12% Hispanic / Latino 12% Black 8% Asian 4% Native American 1%
• Hispanic origin (detail): Puerto Rican 4% Dominican 3%
• Common ancestry: Russian 29% Lithuanian 4% Romanian 3%
• Foreign-born: 24% · Canada, China
• Languages at home: 67% English-only · Other Indo-European 20% Spanish 7% French/Haitian/Cajun 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: ▼ -461.46%
• Current HPI: 323.298
• Rent YoY: —
• 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

2 events — show timeline

• 2026-03-27 Pending — RIS
• 2026-02-02 Listed $449,000 RIS

Property tax history

+3.4%/yr

Latest (2025): $5,654 · +21.6% YoY. Source: county tax records.