25 Pine Swamp Rd · Woonsocket, RI 02864

$470,000

2 bd · 2.0 ba · 1,552 sqft · MultiFamily public records · 22 Days on market

Built 1950 0.34 ac lot $303/sqft · 17% below area Est $564k · 17% 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 +19.3/30.0
• ARV discount +15.0/15.0
• DSCR +6.1/10.0
• 1% rule +4.5/10.0
• Schools +4.2/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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 MLS

Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

Key facts

• 0.34 acre lot
• 4 parking spots
• Built 1950

Property features AI

Finance

• Financial info: Multi-family property with 2 total units; Operating expenses reported at $2,000; Unit 1 (one-bedroom) actual rent $1,000; described as under market value
• HOA & community: Community offers highway access, proximity to schools, recreation areas, restaurants, and shopping

Exterior

• Parking: No garage; Four total parking spaces
• Utilities: Electric with circuit breakers and separate meters; Septic tank; Connected water
• Home design: Two-story multi-unit building; Single building with two units; Above-grade finished area approximately 1,552
• Construction: Plaster and wood siding exterior; Concrete perimeter foundation
• Exterior features: Paved driveway; Outbuilding; Wooded lot

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Electric water heater; Oil water heater
• Bedrooms: One-bedroom unit (Unit 1); Two-bedroom unit (Unit 2)
• Flooring: Carpet; Vinyl
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Heating present; Baseboard heating; Electric heating; Hot water heating; Oil heating
• Interior features: Utility room; Partial unfinished basement; Satellite dish
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $470k.

Deal economics

• At list price, monthly cash flow is $512 ($6k/yr) — positive. Per door: $256/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 $447k (4.9% below list).
• Recommended offer: $447k (4.9% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.3% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Cumberland (suburban): math 40% / reading 52% proficiency, ranked #9 of 39 in RI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-1.5%/yr); 141 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,471/mo this rent would consume 46% of the median local household income ($118k/yr) (locally 771% 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 $14k 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 22 days — a 2% lower offer ($463k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y 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 $245k; list at $470k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $447,100 (4.9% below list)

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. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 0.95% ✗
• Cap rate: 7.60%
• Cash-on-cash: 4.67%
• DSCR: 1.21
• GRM: 8.8

CMA / ARV

• ARV (median comp): $563,877
• List price: $470,000
• Delta: -16.65%
• Verdict: UNDERPRICED
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -12.3%
• Equity multiple: 0.57×
• Total profit: $-56,714
• Equity at exit: $70,079

10-year hold

• IRR: -8.1%
• Equity multiple: 0.56×
• Total profit: $-58,312
• Equity at exit: $40,637

Cash invested: $131,600 (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 02864

• Rents YoY: -1.5%
• Active inventory: 141
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $4,471 medium
• Mortgage (P&I): −$2,465
• Tax from tax record: −$359 /mo · $4,312/yr
• Insurance: −$196
• HOA: −$0
• Vacancy / Maint / Mgmt: −$939
• Net cashflow: $512

Break-even live

Break-even rent $3,823

Max offer price $470,000

Occupancy floor 84%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$4,470
Total (2 units)			$4,471

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: $117,500
• Closing costs: $14,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
998 Cass Ave Unit 2 Woonsocket, RI	3.0	1.0	1134	$2,100	$1.85	43d	1	1.38mi

Listing history 27 events

1. 2026-05-10
   historical Active Under Contract 771-char remark
2. 2026-04-30
   listed $470,000 Active 771-char remark
3. 2019-10-11
   soldstatus $245,000 Closed 312-char remark

   Show marketing remark (312 chars)

   Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

4. 2019-10-11
   soldstatus $245,000

   Show marketing remark (312 chars)

   Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

5. 2019-09-19
   status Pending 312-char remark

   Show marketing remark (312 chars)

   Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

6. 2019-08-26
   status Pending 312-char remark

   Show marketing remark (312 chars)

   Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

7. 2019-08-12
   price $249,900 312-char remark

   Show marketing remark (312 chars)

   Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

8. 2019-07-16
   price $259,900 312-char remark

   Show marketing remark (312 chars)

   Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

9. 2019-07-01
   listed $269,900 Active 312-char remark

   Show marketing remark (312 chars)

   Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

10. 2019-07-01
    historical

    Show marketing remark (312 chars)

    Beautiful 2 bed 1 bath, 1 bed 1 bath duplex in Cumberland that sits on a nearly 15,000 sqft lot. Second floor is rented and first floor is vacant. It would be great for an owner occupant or an investor. Come take a look at this rare opportunity to own a multifamily in this area of Cumberland! It will not last!

11. 2019-06-24
    price $289,900
12. 2019-06-04
    listed $299,900 Active
13. 2018-01-08
    soldstatus $210,000
14. 2012-08-31
    historical
15. 2012-08-15
    listed $125,000
16. 2006-06-14
    soldstatus $315,000
17. 2006-06-13
    soldstatus $315,000
18. 2006-06-07
    historical
19. 2006-06-06
    listed $319,000
20. 2006-06-06
    historical
21. 2006-04-04
    listed $289,000
22. 2006-02-22
    historical
23. 2005-12-30
    listed $289,000
24. 2005-12-16
    soldstatus $259,000
25. 2005-12-16
    soldstatus $259,000
26. 2005-09-29
    historical
27. 2005-09-15
    listed $259,000

ⓘ 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: $4,312 · $359/mo
• Projected year-2 tax: $5,986 · $499/mo
• Expected delta: +$1,674/yr (+$140/mo · 38.8%)

ⓘ 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 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 14 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $53,652
• − Mortgage interest: −$26,327
• − Property taxes: −$4,312
• − Insurance: −$2,350
• − Repairs & maintenance: −$4,292
• − Management: −$4,292
• − Depreciation: −$13,673
• Taxable loss: −$1,594
• Est. tax savings @ 24.0%: +$383
• After-tax cash flow: $6,529/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: Cumberland
• NCES district ID: 4400270
• Math proficiency: 40% ▼ -13.00%
• Reading proficiency: 52% ▼ -10.00%
• Median HH income: $75,407
• Composite: 41.85/100
• National rank: #3382
• State rank: #9 of 39 in RI

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Providence County · 548,917 people
• City population: 43,521
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 36,820
• Household income: $117,522
• Rent vs Own: 23.7% rent · 76.3% own
• Severe rent burden: 771.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Two or more races 5% Asian 4% Black 3%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Lithuanian 11% Russian 10% Romanian 6%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 83% English-only · Other Indo-European 7% Spanish 4% 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: ▼ -461.15%
• Current HPI: 313.0341
• Rent YoY: ▼ -1.48%
• 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

+81.5% since first listed

28 events — show timeline

• 2026-05-22 Pending — RIS
• 2026-05-10 Contingent — RIS
• 2026-04-30 Listed $470,000 RIS
• 2019-10-11 Sold (Public Records) $245,000 Public Records
• 2019-10-11 Sold (MLS) $245,000 RIS
• 2019-09-19 Pending — RIS
• 2019-08-26 Pending — RIS
• 2019-08-12 Price Changed $249,900 RIS
• 2019-07-16 Price Changed $259,900 RIS
• 2019-07-01 Listed $269,900 RIS
• 2019-07-01 Listing Removed — RIS
• 2019-06-24 Price Changed $289,900 RIS
• 2019-06-04 Listed $299,900 RIS
• 2018-01-08 Sold (Public Records) $210,000 Public Records
• 2012-08-31 Listing Removed — RIS
• 2012-08-15 Listed $125,000 RIS
• 2006-06-14 Sold (Public Records) $315,000 Public Records
• 2006-06-13 Sold (MLS) $315,000 RIS
• 2006-06-07 Listing Removed — RIS
• 2006-06-06 Listed $319,000 RIS
• 2006-06-06 Listing Removed — RIS
• 2006-04-04 Listed $289,000 RIS
• 2006-02-22 Listing Removed — RIS
• 2005-12-30 Listed $289,000 RIS
• 2005-12-16 Sold (Public Records) $259,000 Public Records
• 2005-12-16 Sold (MLS) $259,000 RIS
• 2005-09-29 Listing Removed — RIS
• 2005-09-15 Listed $259,000 RIS

Property tax history

+4.3%/yr

Latest (2025): $4,312 · +2.7% YoY. Source: county tax records.