1 O'hare Ct

Cranston, RI 02816

$195,000C

2 bd · 2.0 ba · 1,056 sqft · Built 1994 · Manufactured · Pending · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,227/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$244
• HOA: −$0
• Vac / Maint / Mgmt: −$468
• Net cashflow: $493/mo
• Annual: $5,918/yr
• Cap rate: 9.33%
• Cash-on-cash: 10.84%
• DSCR: 1.48
• 1% rule: 1.14%
• Cash to close: $54,600

Investor read

• This is a 2-bed/2.0-bath manufactured listed at $195k.
• At list price, monthly cash flow is $493 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• It's been on market 18 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Coventry (suburban): math 25% / reading 41% proficiency, ranked #19 of 39 in RI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 176 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts 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 $151k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: major wind risk, 72% 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 9.3% vs local median 3.3% in Cranston — 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

• 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.