14 George St · Westerly, RI 02891

$524,900

5 bd · 3.0 ba · 3,317 sqft · MultiFamily public records · 28 Days on market

Built 1890 9,147 sqft lot

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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 +25.5/30.0
• DSCR +8.5/10.0
• ARV discount +7.5/15.0
• 1% rule +5.9/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

This three-family property presents a fantastic opportunity for both investors and owner-occupants alike. Each of the three units offers a spacious layout featuring one to two bedrooms and one full bathroom, along with open-concept and eat-in kitchens that provide a comfortable and functional living space. The property also includes off-street parking and washer/dryer hookups in each unit. With a strong rental history, this home has proven income potential and is ready to continue generating revenue. Ideal for investors looking to add value through updates or for those seeking a close to turnkey opportunity, the roof could use updating; otherwise, this property can be rented as-is or improv

Key facts

• Off street parking
• Washer dryer hookups
• Spacious layout

Tags

• THREE FAMILY PROPERTY
• SPACIOUS LAYOUT
• OPEN CONCEPT KITCHENS
• EAT IN KITCHENS
• OFF STREET PARKING
• WASHER DRYER HOOKUPS

Property features AI

Finance

• Other: Three total residential units in one building; Above-grade finished area reported
• Financial info: Operating expenses listed ($100)
• HOA & community: Building located near marina, hospital, public transportation, recreation area, restaurants, shopping and sidewalks

Exterior

• Parking: No garage; 3 parking spaces total
• Utilities: Sewer connected; Water connected; Electric with separate meters
• Home design: 3 stories; Fixer condition; R6 zoning
• Construction: Drywall and plaster interior walls; Wood siding and vinyl siding exterior; Combination and stone foundation
• Exterior features: Deck; Porch; Paved driveway

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: One-bedroom units and two-bedroom units across the building (unit mix includes 1-bed and 2-bed layouts)
• Flooring: Hardwood; Laminate; Plywood/composite; Carpet
• Bathrooms: Three full bathrooms in the building total
• Heating & cooling: Gas heating
• Interior features: Storm windows; Storm door(s); Bathtub; Interior steps; Tub with shower; Cable TV
• Laundry & utility: In-unit laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $409/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• Recommended offer: $517k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 1.8% in Westerly — 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 (#10 in RI, #4,529 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living D+, amenities F, commute F.
• Westerly (suburban): math 19% / reading 39% proficiency, ranked #21 of 39 in RI (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+11.7%/yr); 110 active listings in the ZIP; solid renter incomes; 311 units permitted in Washington County in 2024 (45 in 5+ unit buildings).
• At $5,724/mo this rent would consume 71% of the median local household income ($97k/yr) (locally 577% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $147k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $517,026 (1.5% 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 1890 — 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. 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.
6. 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.
7. 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: 1.09% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.02%
• DSCR: 1.45
• GRM: 7.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.9%
• Equity multiple: 1.16×
• Total profit: $23,216
• Equity at exit: $78,264

10-year hold

• IRR: 17.4%
• Equity multiple: 2.76×
• Total profit: $258,035
• Equity at exit: $45,384

Cash invested: $146,972 (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 02891

• Home prices YoY: -28.2%
• Rents YoY: 11.7%
• Active inventory: 110
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $5,724 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$324 /mo · $3,885/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,202
• Net cashflow: $1,227

Break-even live

Break-even rent $4,171

Max offer price $524,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,524	-5% $1,375	+0% $1,227	+5% $1,078	+10% $930
Rent	-10% $775	-5% $1,001	+0% $1,227	+5% $1,453	+10% $1,679
Rate	-1.0pp $1,491	-0.5pp $1,360	base $1,227	+0.5pp $1,091	+1.0pp $952

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$5,724
Total (3 units)			$5,724

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: $131,225
• Closing costs: $15,747
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-04-29
   status Pending
2. 2026-04-08
   historical Active Under Contract
3. 2026-04-01
   listed $524,900 Active
4. 2024-06-22
   historical $1,600
5. 2024-06-03
   listed $1,600

ⓘ 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: $3,885 · $324/mo
• Projected year-2 tax: $6,220 · $518/mo
• Expected delta: +$2,335/yr (+$195/mo · 60.1%)

ⓘ 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 6/10 Major 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $68,688
• − Mortgage interest: −$29,403
• − Property taxes: −$3,885
• − Insurance: −$2,624
• − Repairs & maintenance: −$5,495
• − Management: −$5,495
• − Depreciation: −$15,270
• Taxable income: $6,516
• Est. tax owed @ 24.0%: −$1,564
• After-tax cash flow: $13,159/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: Westerly
• NCES district ID: 4401170
• Math proficiency: 19% ▼ -19.00%
• Reading proficiency: 39% ▼ -13.00%
• Median HH income: $60,021
• Composite: 26.25/100
• National rank: #7257
• State rank: #21 of 39 in RI

Livability — Westerly

• Score: 74/100
• State rank: #10
• US rank: #4529

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westerly, RI
• County: Washington County · 79,886 people
• City population: 21,587
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 21,587
• Household income: $97,110
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 577.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 123,856 people
• By 2030: 121,962 · -1.5%
• By 2040: 115,902 · -6.4%
• By 2050: 107,078 · -13.5%
• By 2075: 92,575 · -25.3%
• By 2100: 77,407 · -37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 5% Romanian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Chinese 2% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: D (+15.0) · D 56.4% · R 41.4% · Other 2.3%
• 2008→2024 swing: -24.3pp toward R · 2008: 39.3pp · 2024: 15.0pp
• All cycles: 2024: D+15.0 2020: D+19.4 2016: D+10.0 2012: D+16.8 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.15%
• Current HPI: 369.8844
• Rent YoY: ▲ 11.73%
• 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

+32706.2% since first listed

5 events — show timeline

• 2026-04-29 Pending — RIS
• 2026-04-08 Contingent — RIS
• 2026-04-01 Listed $524,900 RIS
• 2024-06-22 Rental Removed $1,600 RIS
• 2024-06-03 Listed for Rent $1,600 RIS

Property tax history

+2.3%/yr

Latest (2025): $3,885 · +11.4% YoY. Source: county tax records.