38 Fletcher St · Central Falls, RI 02863

$750,000

9 bd · 3.0 ba · 3,264 sqft · MultiFamily public records

Built 1910 5,000 sqft lot Est $597k · 26% over

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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 +13.9/30.0
• Appreciation +7.3/10.0
• DSCR +4.2/10.0
• Livability +3.3/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

TRUSTEE'S ESTATE SALE - AS IS - Attention Contractors! An exceptional investment opportunity awaits at 38 Fletcher St, Central Falls, RI! This majestic, well built, 3-family property, 4-story house, spans a generous 4352 sq. ft. , of above ground level space and a 1088sq ft. full basement. A remarkable combination of space, comfort, and potential awaiting your ideas for a complete renovation. Each unit is designed to maximize occupants living experience with a standout layout, high ceilings, pantry, spacious open dining/living rooms and 3-bedroom. A perfect combination of six rooms, for growing families or to attract high-quality tenants. Roof stripped, and new (22K) rubber roof installed over 1/2 inch plywood sheathing and insulation board in April 2025 with 30 year manufactures material warranty. Replacement windows throughout with aluminum window trim molding and vinyl siding. This house, prior to 2005, was a legal non-conforming four family. To avoid fire-code requirements it was converted to a legal non conforming three-family. Today, with appropriate zoning compliance measures, the 1088 sq. ft. fourth-story can potentially become additional living space added to the third floor. With fire-code updates, zoning compliance and a zoning variance it can potentially be converted back to a four-unit income producer.

Key facts

• 5,000 sq ft lot
• 6 parking spots
• Built 1910

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $77 ($925/yr) — positive. Per door: $26/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 $614k (18.2% below list).
• Recommended offer: $614k (18.2% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 5.2% in Central Falls — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 66/100 on livability (#21 in RI) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing B; Watch: schools F, amenities F, commute F.
• Central Falls (suburban): math 2% / reading 8% proficiency, ranked #38 of 39 in RI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 33 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,135/mo this rent would consume 149% of the median local household income ($49k/yr) (locally 1380% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $39k of equity ($5k loan paydown + $34k appreciation (4.6% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $210k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$63k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $505k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $613,500 (18.2% 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 1910 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.82% ✗
• Cap rate: 6.42%
• Cash-on-cash: 0.44%
• DSCR: 1.02
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $597,312
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
38 Fletcher St	0.00mi	9/3.0	3,264 (0%)	12mo	$505,000	$155	90
31-33 Garfield St	0.21mi	9/3.0	3,318 (+2%)	6mo	$685,000	$206	82
124 Butler Ave	0.35mi	8/3.0 (-1)	3,298 (+1%)	0mo	$650,000	$197	77
131 Cowden St	0.08mi	9/3.0	3,510 (+8%)	14mo	$625,000	$178	72
123 Cowden St	0.08mi	9/3.0	3,636 (+11%)	7mo	$650,000	$179	71
86 88 Rand St	0.35mi	9/3.0	3,298 (+1%)	15mo	$600,000	$182	70
301 Illinois St	0.20mi	8/3.0 (-1)	3,243 (-1%)	19mo	$630,000	$194	69
58 Perry St	0.12mi	9/5.0	3,120 (-4%)	20mo	$569,000	$182	63
218 Central St	0.32mi	8/3.5 (-1)	2,886 (-12%)	3mo	$500,000	$173	56
53 Pacific St	0.26mi	9/3.0	3,615 (+11%)	18mo	$660,000	$183	55
616 618 Lonsdale Ave	0.67mi	9/3.0	3,588 (+10%)	2mo	$690,000	$192	51
431 Central St	0.45mi	8/3.0 (-1)	2,976 (-9%)	18mo	$577,000	$194	44

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

Projected returns pro-forma

4.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.2%
• Equity multiple: 1.76×
• Total profit: $159,527
• Equity at exit: $405,777

10-year hold

• IRR: 13.4%
• Equity multiple: 3.32×
• Total profit: $486,823
• Equity at exit: $684,903

Cash invested: $210,000 (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 02863

• Home prices YoY: 1.2%
• Active inventory: 33
• Price-to-rent: 30.6×

Monthly cashflow live

• Estimated rent: $6,135 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$524 /mo · $6,288/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,288
• Net cashflow: $77

Break-even live

Break-even rent $6,037

Max offer price $750,000

Occupancy floor 94%

Sensitivity live

Price	-10% $502	-5% $289	+0% $77	+5% $-135	+10% $-347
Rent	-10% $-408	-5% $-165	+0% $77	+5% $319	+10% $562
Rate	-1.0pp $455	-0.5pp $268	base $77	+0.5pp $-117	+1.0pp $-315

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,135
Total (3 units)			$6,135

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: $187,500
• Closing costs: $22,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-13
   historical
2. 2026-05-13
   listed $750,000
3. 2025-06-10
   soldstatus $505,000
4. 2025-06-09
   soldstatus $505,000 Closed 1348-char remark

   Show marketing remark (1348 chars)

   TRUSTEE'S ESTATE SALE - AS IS - Attention Contractors! An exceptional investment opportunity awaits at 38 Fletcher St, Central Falls, RI! This majestic, well built, 3-family property, 4-story house, spans a generous 4352 sq. ft. , of above ground level space and a 1088sq ft. full basement. A remarkable combination of space, comfort, and potential awaiting your ideas for a complete renovation. Each unit is designed to maximize occupants living experience with a standout layout, high ceilings, pantry, spacious open dining/living rooms and 3-bedroom. A perfect combination of six rooms, for growing families or to attract high-quality tenants. Roof stripped, and new (22K) rubber roof installed over 1/2 inch plywood sheathing and insulation board in April 2025 with 30 year manufactures material warranty. Replacement windows throughout with aluminum window trim molding and vinyl siding. This house, prior to 2005, was a legal non-conforming four family. To avoid fire-code requirements it was converted to a legal non conforming three-family. Today, with appropriate zoning compliance measures, the 1088 sq. ft. fourth-story can potentially become additional living space added to the third floor. With fire-code updates, zoning compliance and a zoning variance it can potentially be converted back to a four-unit income producer.

5. 2025-05-20
   status Pending 1348-char remark

   Show marketing remark (1348 chars)

   TRUSTEE'S ESTATE SALE - AS IS - Attention Contractors! An exceptional investment opportunity awaits at 38 Fletcher St, Central Falls, RI! This majestic, well built, 3-family property, 4-story house, spans a generous 4352 sq. ft. , of above ground level space and a 1088sq ft. full basement. A remarkable combination of space, comfort, and potential awaiting your ideas for a complete renovation. Each unit is designed to maximize occupants living experience with a standout layout, high ceilings, pantry, spacious open dining/living rooms and 3-bedroom. A perfect combination of six rooms, for growing families or to attract high-quality tenants. Roof stripped, and new (22K) rubber roof installed over 1/2 inch plywood sheathing and insulation board in April 2025 with 30 year manufactures material warranty. Replacement windows throughout with aluminum window trim molding and vinyl siding. This house, prior to 2005, was a legal non-conforming four family. To avoid fire-code requirements it was converted to a legal non conforming three-family. Today, with appropriate zoning compliance measures, the 1088 sq. ft. fourth-story can potentially become additional living space added to the third floor. With fire-code updates, zoning compliance and a zoning variance it can potentially be converted back to a four-unit income producer.

6. 2025-05-11
   price $529,000 1348-char remark

   Show marketing remark (1348 chars)

   TRUSTEE'S ESTATE SALE - AS IS - Attention Contractors! An exceptional investment opportunity awaits at 38 Fletcher St, Central Falls, RI! This majestic, well built, 3-family property, 4-story house, spans a generous 4352 sq. ft. , of above ground level space and a 1088sq ft. full basement. A remarkable combination of space, comfort, and potential awaiting your ideas for a complete renovation. Each unit is designed to maximize occupants living experience with a standout layout, high ceilings, pantry, spacious open dining/living rooms and 3-bedroom. A perfect combination of six rooms, for growing families or to attract high-quality tenants. Roof stripped, and new (22K) rubber roof installed over 1/2 inch plywood sheathing and insulation board in April 2025 with 30 year manufactures material warranty. Replacement windows throughout with aluminum window trim molding and vinyl siding. This house, prior to 2005, was a legal non-conforming four family. To avoid fire-code requirements it was converted to a legal non conforming three-family. Today, with appropriate zoning compliance measures, the 1088 sq. ft. fourth-story can potentially become additional living space added to the third floor. With fire-code updates, zoning compliance and a zoning variance it can potentially be converted back to a four-unit income producer.

7. 2025-05-09
   price $499,000 1348-char remark

   Show marketing remark (1348 chars)

   TRUSTEE'S ESTATE SALE - AS IS - Attention Contractors! An exceptional investment opportunity awaits at 38 Fletcher St, Central Falls, RI! This majestic, well built, 3-family property, 4-story house, spans a generous 4352 sq. ft. , of above ground level space and a 1088sq ft. full basement. A remarkable combination of space, comfort, and potential awaiting your ideas for a complete renovation. Each unit is designed to maximize occupants living experience with a standout layout, high ceilings, pantry, spacious open dining/living rooms and 3-bedroom. A perfect combination of six rooms, for growing families or to attract high-quality tenants. Roof stripped, and new (22K) rubber roof installed over 1/2 inch plywood sheathing and insulation board in April 2025 with 30 year manufactures material warranty. Replacement windows throughout with aluminum window trim molding and vinyl siding. This house, prior to 2005, was a legal non-conforming four family. To avoid fire-code requirements it was converted to a legal non conforming three-family. Today, with appropriate zoning compliance measures, the 1088 sq. ft. fourth-story can potentially become additional living space added to the third floor. With fire-code updates, zoning compliance and a zoning variance it can potentially be converted back to a four-unit income producer.

8. 2025-05-07
   listed $469,000 Active 1348-char remark

   Show marketing remark (1348 chars)

   TRUSTEE'S ESTATE SALE - AS IS - Attention Contractors! An exceptional investment opportunity awaits at 38 Fletcher St, Central Falls, RI! This majestic, well built, 3-family property, 4-story house, spans a generous 4352 sq. ft. , of above ground level space and a 1088sq ft. full basement. A remarkable combination of space, comfort, and potential awaiting your ideas for a complete renovation. Each unit is designed to maximize occupants living experience with a standout layout, high ceilings, pantry, spacious open dining/living rooms and 3-bedroom. A perfect combination of six rooms, for growing families or to attract high-quality tenants. Roof stripped, and new (22K) rubber roof installed over 1/2 inch plywood sheathing and insulation board in April 2025 with 30 year manufactures material warranty. Replacement windows throughout with aluminum window trim molding and vinyl siding. This house, prior to 2005, was a legal non-conforming four family. To avoid fire-code requirements it was converted to a legal non conforming three-family. Today, with appropriate zoning compliance measures, the 1088 sq. ft. fourth-story can potentially become additional living space added to the third floor. With fire-code updates, zoning compliance and a zoning variance it can potentially be converted back to a four-unit income producer.

ⓘ 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: $6,288 · $524/mo
• Projected year-2 tax: $9,256 · $771/mo
• Expected delta: +$2,968/yr (+$247/mo · 47.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $73,620
• − Mortgage interest: −$42,012
• − Property taxes: −$6,288
• − Insurance: −$3,750
• − Repairs & maintenance: −$5,890
• − Management: −$5,890
• − Depreciation: −$21,818
• Taxable loss: −$12,027
• Est. tax savings @ 24.0%: +$2,886
• After-tax cash flow: $3,811/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: Central Falls
• NCES district ID: 4400120
• Math proficiency: 2% ▼ -6.00%
• Reading proficiency: 8% ▼ -5.00%
• Median HH income: $30,478
• Composite: 3.59/100
• National rank: #10071
• State rank: #38 of 39 in RI

Livability — Central Falls

• Score: 66/100
• State rank: #21
• US rank: #11321

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Central Falls, RI
• County: Providence County · 548,917 people
• City population: 22,701
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 22,701
• Household income: $49,285
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 1380.0

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 Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 29% White 16% Black 8%
• Hispanic origin (detail): Mexican 6% Puerto Rican 15% Dominican 7%
• Common ancestry: Lithuanian 4% Russian 4% Romanian 1%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 29% English-only · Spanish 62% Other Indo-European 5% French/Haitian/Cajun 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: ▲ 4.58%
• Current HPI: 373.2598
• 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

+59.9% since first listed

8 events — show timeline

• 2026-05-13 Listed $750,000 RIS
• 2026-05-13 Listing Removed — RIS
• 2025-06-10 Sold (Public Records) $505,000 Public Records
• 2025-06-09 Sold (MLS) $505,000 RIS
• 2025-05-20 Pending — RIS
• 2025-05-11 Price Changed $529,000 RIS
• 2025-05-09 Price Changed $499,000 RIS
• 2025-05-07 Listed $469,000 RIS

Property tax history

+5.1%/yr

Latest (2025): $6,288 · -0.0% YoY. Source: county tax records.