124 Pitman St · Providence, RI 02906

$799,900

6 bd · 4.0 ba · 2,868 sqft · MultiFamily public records · 47 Days on market

Built 1900 4,792 sqft lot Est $539k · 48% over

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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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 5 units. estimate disagrees with records

Listing remarks

Exceptional East Side investment opportunity in a highly sought-after location. Perfectly positioned between the vibrant energy of Wayland Square and Fox Point, this 4-5 unit multi-family property offers both strong rental appeal and owner-occupant flexibility. The historic home features a desirable unit mix of three one-bedroom apartments and two studio residences, each with one bath. Residents enjoy immediate access to neighborhood cafes, restaurants, parks, and the scenic beauty of Blackstone Boulevard, along with close proximity to Brown University, RISD, Downtown Providence, and the train to Boston. With consistent tenant demand housing mostly month-to-month tenants, there's immediate

Key facts

• Desirable unit mix
• Historic home
• 4,792 sq ft lot

Tags

• MULTI-FAMILY PROPERTY
• HISTORIC HOME
• DESIRABLE UNIT MIX
• CLOSE PROXIMITY TO RISD

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/?-bath units multifamily listed at $800k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $557/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $800k).
• Recommended offer: $776k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% vs local median 4.2% in Providence — 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 84/100 on livability (#2 in RI, #794 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, schools F.
• Providence (urban): math 8% / reading 16% proficiency, ranked #34 of 39 in RI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+7.5%/yr); 145 active listings in the ZIP; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $10,605/mo this rent would consume 123% of the median local household income ($103k/yr) (locally 1567% 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 $6k of loan paydown is wiped out by about $24k 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.
• At projected returns (-3.0% appreciation + 7.5% rent growth), your $224k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($776k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $125k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $335k; list at $800k implies a 139% 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, 70% chance of damaging wind over 30y; extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $775,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.33% ✓
• Cap rate: 10.47%
• Cash-on-cash: 14.93%
• DSCR: 1.66
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $539,184
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 12 Walnut St	0.65mi	6/3.0	2,928 (+2%)	10mo	$550,000	$188	54
38 40 Vine St	0.71mi	7/3.0 (+1)	2,736 (-5%)	10mo	$657,000	$240	42
95 99 Walnut St	0.63mi	5/5.0 (-1)	3,090 (+8%)	23mo	$479,460	$155	30

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

Projected returns pro-forma

-3.0% appreciation · 7.46% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.44×
• Total profit: $97,796
• Equity at exit: $119,268

10-year hold

• IRR: 23.0%
• Equity multiple: 3.40×
• Total profit: $538,276
• Equity at exit: $69,161

Cash invested: $223,972 (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 02906

• Rents YoY: 7.5%
• Active inventory: 145
• Price-to-rent: 31.4×

Monthly cashflow live

• Estimated rent: $10,605 high
• Mortgage (P&I): −$4,195
• Tax from tax record: −$1,063 /mo · $12,758/yr
• Insurance: −$333
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,227
• Net cashflow: $2,787

Break-even live

Break-even rent $7,077

Max offer price $799,900

Occupancy floor 69%

Sensitivity live

Price	-10% $3,240	-5% $3,013	+0% $2,787	+5% $2,560	+10% $2,334
Rent	-10% $1,949	-5% $2,368	+0% $2,787	+5% $3,206	+10% $3,625
Rate	-1.0pp $3,190	-0.5pp $2,990	base $2,787	+0.5pp $2,579	+1.0pp $2,369

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	—	$10,605
Total (5 units)			$10,605

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: $199,975
• Closing costs: $23,997
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-20
   status Pending
2. 2026-04-06
   price $799,900
3. 2026-03-04
   listed $925,000 Active
4. 2026-02-05
   historical
5. 2025-10-20
   price $975,000
6. 2025-09-16
   listed $999,995 Active
7. 2022-03-31
   price $1,225
8. 2016-03-28
   soldstatus $335,000
9. 2015-06-15
   historical
10. 2015-06-12
    listed $439,000 Active - New

ⓘ 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: $12,758 · $1,063/mo
• Projected year-2 tax: $12,898 · $1,075/mo
• Expected delta: +$140/yr (+$12/mo · 1.1%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $127,260
• − Mortgage interest: −$44,807
• − Property taxes: −$12,758
• − Insurance: −$4,000
• − Repairs & maintenance: −$10,181
• − Management: −$10,181
• − Depreciation: −$23,270
• Taxable income: $22,064
• Est. tax owed @ 24.0%: −$5,295
• After-tax cash flow: $28,145/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: Providence
• NCES district ID: 4400900
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 16% ▼ -2.00%
• Median HH income: $38,197
• Composite: 10.12/100
• National rank: #9803
• State rank: #34 of 39 in RI

Livability — Providence

• Score: 84/100
• State rank: #2
• US rank: #794

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Providence, RI
• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 26,380
• Household income: $103,050
• Rent vs Own: 48.5% rent · 51.5% own
• Severe rent burden: 1567.0

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 (72%)
• Race & ethnicity: White 72% Asian 11% Hispanic / Latino 8% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 6% Romanian 5% Scotch-Irish 4%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 80% English-only · Other Indo-European 6% Spanish 5% Chinese 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: ▼ -792.46%
• Current HPI: 355.3795
• Rent YoY: ▲ 7.46%
• 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

+82.2% since first listed

10 events — show timeline

• 2026-04-20 Pending — RIS
• 2026-04-06 Price Changed $799,900 RIS
• 2026-03-04 Listed $925,000 RIS
• 2026-02-05 Listing Removed — RIS
• 2025-10-20 Price Changed $975,000 RIS
• 2025-09-16 Listed $999,995 RIS
• 2022-03-31 Price Changed $1,225 RENT.
• 2016-03-28 Sold (Public Records) $335,000 Public Records
• 2015-06-15 Listing Removed — RIS
• 2015-06-12 Listed $439,000 RIS

Property tax history

-0.6%/yr

Latest (2025): $12,758 · +16.0% YoY. Source: county tax records.