62 Spring St · Cumberland Hill, RI 02838

$599,900

9 bd · 3.0 ba · 4,005 sqft · MultiFamily · 18 Days on market

Built 1900 8,712 sqft lot

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Why this score? — see what drove the B- 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 +24.6/30.0
• Appreciation +8.4/10.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

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

Listing remarks MLS

BANK OWNED 3 FAMILY W/ SEVEN STALL GARAGE. AS-IS. SOME UPDATES. SOME WORK NEEDED. SPACIOUS UNITS, 3RD UNIT IS TOWN HOUSE STYLE. SEPERATE BOILERS + HOTWATER TANKS APPEAR TO BE FAIRLY NEW. SEPERATE ELECTRIC TOO. MUST BE PRE-QUALIFIED BY SELLER.

Key facts

• Eat-in kitchens
• Fenced yard
• Paved driveway

Tags

• DETACHED GARAGES
• EAT-IN KITCHENS
• FENCED YARD
• PAVED DRIVEWAY
• FULL BASEMENT
• STORM DOORS

Property features AI

Finance

• Financial info: Operating expenses reported: $20,371; Tenant pays hot water; Reported actual rents by unit: $1,000; $1,100; $1,200
• HOA & community: Community amenities nearby: golf, pool, public transportation, shopping, sidewalks, highway access, near hospital

Exterior

• Parking: Detached garage; 7 garage spaces; 13 total parking spaces (7 covered)
• Utilities: Public water (connected); Public sewer (connected); Electric service: 100 amps with circuit breakers
• Home design: Multifamily building with 3 units in one building; 3 stories
• Construction: Drywall and vinyl siding exterior; Concrete perimeter foundation; Built-up area above grade: 4,005
• Exterior features: Porch; Paved driveway; Fenced yard

Interior

• Bedrooms: One 4-bedroom unit; Two 3-bedroom units
• Flooring: Carpet; Vinyl
• Bathrooms: Three full bathrooms (total for the building); Each unit includes one full bathroom
• Heating & cooling: Gas hot water baseboard heating
• Interior features: Storm windows; Storm doors
• Laundry & utility: Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $412/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $600k).
• Recommended offer: $591k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 3.3% in Cumberland Hill — 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 (#11 in RI, #4,666 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Lincoln (suburban): math 38% / reading 48% proficiency, ranked #13 of 39 in RI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $45k of equity ($4k loan paydown + $41k appreciation (6.8% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $168k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$72k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y 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 $96k; list at $600k implies a 525% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 66% 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.

Recommended offer $590,901 (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 1900 — 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: 1.14% ✓
• Cap rate: 8.76%
• Cash-on-cash: 8.83%
• DSCR: 1.39
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 24.4%
• Equity multiple: 2.68×
• Total profit: $281,591
• Equity at exit: $408,591

10-year hold

• IRR: 22.6%
• Equity multiple: 5.53×
• Total profit: $760,562
• Equity at exit: $769,771

Cash invested: $167,972 (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 02838

• Home prices YoY: 1.7%
• Active inventory: 21
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $6,812 high
• Mortgage (P&I): −$3,146
• Tax est. 1.5%: −$750 /mo · $8,998/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,431
• Net cashflow: $1,236

Break-even live

Break-even rent $5,248

Max offer price $599,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$6,813
Total (3 units)			$6,812

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-05
   statusdays on market $599,900 Pending 18 DOM
2. 2026-06-03
   days on market $599,900 Active 17 DOM
3. 2026-06-02
   days on market $599,900 Active 16 DOM
4. 2026-06-01
   days on market $599,900 Active 15 DOM
5. 2026-05-31
   days on market $599,900 Active 14 DOM
6. 2026-05-01
   status Pending
7. 2026-04-21
   listed $619,000 Active
8. 2013-12-19
   price $101,900 242-char remark

   Show marketing remark (242 chars)

   BANK OWNED 3 FAMILY W/ SEVEN STALL GARAGE. AS-IS. SOME UPDATES. SOME WORK NEEDED. SPACIOUS UNITS, 3RD UNIT IS TOWN HOUSE STYLE. SEPERATE BOILERS + HOTWATER TANKS APPEAR TO BE FAIRLY NEW. SEPERATE ELECTRIC TOO. MUST BE PRE-QUALIFIED BY SELLER.

9. 2009-06-26
   soldstatus $96,000 242-char remark

   Show marketing remark (242 chars)

   BANK OWNED 3 FAMILY W/ SEVEN STALL GARAGE. AS-IS. SOME UPDATES. SOME WORK NEEDED. SPACIOUS UNITS, 3RD UNIT IS TOWN HOUSE STYLE. SEPERATE BOILERS + HOTWATER TANKS APPEAR TO BE FAIRLY NEW. SEPERATE ELECTRIC TOO. MUST BE PRE-QUALIFIED BY SELLER.

10. 2009-03-17
    historical 242-char remark

    Show marketing remark (242 chars)

    BANK OWNED 3 FAMILY W/ SEVEN STALL GARAGE. AS-IS. SOME UPDATES. SOME WORK NEEDED. SPACIOUS UNITS, 3RD UNIT IS TOWN HOUSE STYLE. SEPERATE BOILERS + HOTWATER TANKS APPEAR TO BE FAIRLY NEW. SEPERATE ELECTRIC TOO. MUST BE PRE-QUALIFIED BY SELLER.

11. 2008-02-15
    listed $249,900 242-char remark

    Show marketing remark (242 chars)

    BANK OWNED 3 FAMILY W/ SEVEN STALL GARAGE. AS-IS. SOME UPDATES. SOME WORK NEEDED. SPACIOUS UNITS, 3RD UNIT IS TOWN HOUSE STYLE. SEPERATE BOILERS + HOTWATER TANKS APPEAR TO BE FAIRLY NEW. SEPERATE ELECTRIC TOO. MUST BE PRE-QUALIFIED BY SELLER.

12. 2005-02-08
    soldstatus $347,000 168-char remark

    Show marketing remark (168 chars)

    COMPLETELY REMODELED IN 1988, NEW ROOF. LARGE SPACIOUS APARTMENTS. 3RD FLOOR UNIT IS TOWNHOUSE STYLE. GREAT INVESTMENT. EVERYTHING DONE. ALSO HAS 7 GARAGES TO RENT OUT.

13. 2004-11-19
    historical 168-char remark

    Show marketing remark (168 chars)

    COMPLETELY REMODELED IN 1988, NEW ROOF. LARGE SPACIOUS APARTMENTS. 3RD FLOOR UNIT IS TOWNHOUSE STYLE. GREAT INVESTMENT. EVERYTHING DONE. ALSO HAS 7 GARAGES TO RENT OUT.

14. 2004-10-14
    listed $359,900 168-char remark

    Show marketing remark (168 chars)

    COMPLETELY REMODELED IN 1988, NEW ROOF. LARGE SPACIOUS APARTMENTS. 3RD FLOOR UNIT IS TOWNHOUSE STYLE. GREAT INVESTMENT. EVERYTHING DONE. ALSO HAS 7 GARAGES TO RENT OUT.

15. 2000-06-30
    historical
16. 2000-01-05
    listed $149,000
17. 1999-12-25
    historical
18. 1999-06-28
    listed $154,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% 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: $81,744
• − Mortgage interest: −$33,604
• − Property taxes: −$8,998
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,540
• − Management: −$6,540
• − Depreciation: −$17,452
• Taxable income: $5,612
• Est. tax owed @ 24.0%: −$1,347
• After-tax cash flow: $13,482/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: Lincoln
• NCES district ID: 4400570
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $69,500
• Composite: 38.81/100
• National rank: #4115
• State rank: #13 of 39 in RI

Livability — Cumberland Hill

• Score: 74/100
• State rank: #11
• US rank: #4666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,007

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% Two or more races 8% Asian 2%
• Common ancestry: Lithuanian 22% Russian 17% Scotch-Irish 4%
• Foreign-born: 5% · South Korea, Canada, Jamaica
• Languages at home: 82% English-only · French/Haitian/Cajun 12% Russian/Polish/Slavic 3% Spanish 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: ▲ 6.82%
• Current HPI: 411.3952
• Rent YoY: —
• Metro: —
• 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

+301.9% since first listed

13 events — show timeline

• 2026-05-01 Pending — RIS
• 2026-04-21 Listed $619,000 RIS
• 2013-12-19 Price Changed $101,900 RIS
• 2009-06-26 Sold (MLS) $96,000 RIS
• 2009-03-17 Listing Removed — RIS
• 2008-02-15 Listed $249,900 RIS
• 2005-02-08 Sold (MLS) $347,000 RIS
• 2004-11-19 Listing Removed — RIS
• 2004-10-14 Listed $359,900 RIS
• 2000-06-30 Listing Removed — RIS
• 2000-01-05 Listed $149,000 RIS
• 1999-12-25 Listing Removed — RIS
• 1999-06-28 Listed $154,000 RIS