24 Vernon St Unit B · Providence, RI 02903

$325,000

3 bd · 1.5 ba · 1,680 sqft · Condo · 41 Days on market

Built 2003 $200/mo HOA · 7% of rent

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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 +9.6/30.0
• ARV discount +7.5/15.0
• Appreciation +4.5/10.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• Rent growth +3.7/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Listing remarks MLS

Don't let the exterior fool you this townhouse-style condo lives larger than expected inside. Built in 2003, this move-in-ready 3-bedroom, 1.5-bath home offers the perfect blend of comfort, convenience, and modern updates in the heart of Federal Hill. The main level features a bright, open layout with laminate flooring throughout the living and dining areas ideal for everyday living and entertaining. The updated kitchen stands out with granite countertops, ample cabinetry, and seamless flow into the dining space, while a convenient half bath completes the first floor. Upstairs, you'll find three well-proportioned bedrooms with wall-to-wall carpeting and a full bath, offering flexible space for a variety of needs. Recent upgrades to the kitchen, bathrooms, and Navien heating system provide added value and peace of mind. Two assigned off-street parking spaces and a low-maintenance lifestyle make this an excellent option for those looking to enjoy city living without the upkeep. Located just minutes from top dining, shopping, and Downtown Providence. Seller is extremely motivated and willing to offer buyer credits creating an incredible opportunity. Schedule your showing today!

Key facts

• Updated kitchen
• Granite countertops
• $200 HOA

Tags

• TOWNHOUSE STYLE CONDO
• UPDATED KITCHEN
• GRANITE COUNTERTOPS
• LOW MAINTENANCE LIFESTYLE
• EASY ACCESS TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-220 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $293k (9.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (13.3% below list).
• Recommended offer: $282k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 5.5% vs local median 4.0% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 59 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $2,818/mo this rent would consume 52% of the median local household income ($64k/yr) (locally 1009% 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 (-1.1%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 21y ago; this cycle's ask has dropped $44k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $213k; list at $325k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 74% 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 $281,788 (13.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. 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?
8. 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.
9. 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.
10. 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: 0.87% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.90%
• DSCR: 0.87
• GRM: 9.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.08% appreciation · 4.73% rent growth · sell at horizon

5-year hold

• IRR: -8.7%
• Equity multiple: 0.62×
• Total profit: $-34,562
• Equity at exit: $77,130

10-year hold

• IRR: -0.1%
• Equity multiple: 0.99×
• Total profit: $-1,050
• Equity at exit: $79,871

Cash invested: $91,000 (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 02903

• Home prices YoY: -0.5%
• Rents YoY: 4.7%
• Active inventory: 59
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,818 high
• Mortgage (P&I): −$1,704
• Tax est. 1.5%: −$406 /mo · $4,875/yr
• Insurance: −$135
• HOA: −$200
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $-220

Break-even live

Break-even rent $3,096

Max offer price $293,183

Occupancy floor —

Sensitivity live

Price	-10% $5	-5% $-108	+0% $-220	+5% $-332	+10% $-444
Rent	-10% $-442	-5% $-331	+0% $-220	+5% $-109	+10% $3
Rate	-1.0pp $-56	-0.5pp $-137	base $-220	+0.5pp $-304	+1.0pp $-390

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
56 Greenwich St Unit 1 Providence, RI	3.0	2.0	1400	$2,800	$2.00	26d	1	1.23mi
8 Anthony Ave Unit 1 Providence, RI	3.0	2.0	1400	$2,800	$2.00	17d	1	1.29mi
10 Anthony Ave Unit 2 Providence, RI	3.0	2.0	1400	$2,300	$1.64	0d	1	1.29mi
26 Tyndall Ave Providence, RI	3.0	1.0	1500	$2,625	$1.75	0d	1	1.35mi
29 Dunford St Unit 2 Providence, RI	3.0	2.0	1116	$2,400	$2.15	26d	1	1.37mi
38 Tyndall Ave Providence, RI	4.0	2.0	1500	$3,500	$2.33	22d	1	1.37mi
1035 Atwells Ave Unit 2 Providence, RI	4.0	2.0	1300	$2,950	$2.27	26d	1	1.44mi
14 Eaton St Providence, RI	3.0	1.0	1350	$2,550	$1.89	6d	1	1.45mi

HOA detail condo

• Monthly dues: $200 · $2,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-19
   price $325,000 1193-char remark

   Show marketing remark (1193 chars)

   Don't let the exterior fool you this townhouse-style condo lives larger than expected inside. Built in 2003, this move-in-ready 3-bedroom, 1.5-bath home offers the perfect blend of comfort, convenience, and modern updates in the heart of Federal Hill. The main level features a bright, open layout with laminate flooring throughout the living and dining areas ideal for everyday living and entertaining. The updated kitchen stands out with granite countertops, ample cabinetry, and seamless flow into the dining space, while a convenient half bath completes the first floor. Upstairs, you'll find three well-proportioned bedrooms with wall-to-wall carpeting and a full bath, offering flexible space for a variety of needs. Recent upgrades to the kitchen, bathrooms, and Navien heating system provide added value and peace of mind. Two assigned off-street parking spaces and a low-maintenance lifestyle make this an excellent option for those looking to enjoy city living without the upkeep. Located just minutes from top dining, shopping, and Downtown Providence. Seller is extremely motivated and willing to offer buyer credits creating an incredible opportunity. Schedule your showing today!

2. 2026-05-04
   price $359,000 1193-char remark

   Show marketing remark (1193 chars)

   Don't let the exterior fool you this townhouse-style condo lives larger than expected inside. Built in 2003, this move-in-ready 3-bedroom, 1.5-bath home offers the perfect blend of comfort, convenience, and modern updates in the heart of Federal Hill. The main level features a bright, open layout with laminate flooring throughout the living and dining areas ideal for everyday living and entertaining. The updated kitchen stands out with granite countertops, ample cabinetry, and seamless flow into the dining space, while a convenient half bath completes the first floor. Upstairs, you'll find three well-proportioned bedrooms with wall-to-wall carpeting and a full bath, offering flexible space for a variety of needs. Recent upgrades to the kitchen, bathrooms, and Navien heating system provide added value and peace of mind. Two assigned off-street parking spaces and a low-maintenance lifestyle make this an excellent option for those looking to enjoy city living without the upkeep. Located just minutes from top dining, shopping, and Downtown Providence. Seller is extremely motivated and willing to offer buyer credits creating an incredible opportunity. Schedule your showing today!

3. 2026-04-17
   listed $369,000 Active 1193-char remark

   Show marketing remark (1193 chars)

   Don't let the exterior fool you this townhouse-style condo lives larger than expected inside. Built in 2003, this move-in-ready 3-bedroom, 1.5-bath home offers the perfect blend of comfort, convenience, and modern updates in the heart of Federal Hill. The main level features a bright, open layout with laminate flooring throughout the living and dining areas ideal for everyday living and entertaining. The updated kitchen stands out with granite countertops, ample cabinetry, and seamless flow into the dining space, while a convenient half bath completes the first floor. Upstairs, you'll find three well-proportioned bedrooms with wall-to-wall carpeting and a full bath, offering flexible space for a variety of needs. Recent upgrades to the kitchen, bathrooms, and Navien heating system provide added value and peace of mind. Two assigned off-street parking spaces and a low-maintenance lifestyle make this an excellent option for those looking to enjoy city living without the upkeep. Located just minutes from top dining, shopping, and Downtown Providence. Seller is extremely motivated and willing to offer buyer credits creating an incredible opportunity. Schedule your showing today!

4. 2005-08-15
   soldstatus $213,000 110-char remark

   Show marketing remark (110 chars)

   WONDERFUL TOWNHOUSE JUST 2 YRS YOUNG FINISHED BASEMENT COMPLETE W/ SURROUND SOUND IN THE HEART OF FEDERAL HILL

5. 2005-08-01
   historical 110-char remark

   Show marketing remark (110 chars)

   WONDERFUL TOWNHOUSE JUST 2 YRS YOUNG FINISHED BASEMENT COMPLETE W/ SURROUND SOUND IN THE HEART OF FEDERAL HILL

6. 2005-06-03
   listed $215,000 110-char remark

   Show marketing remark (110 chars)

   WONDERFUL TOWNHOUSE JUST 2 YRS YOUNG FINISHED BASEMENT COMPLETE W/ SURROUND SOUND IN THE HEART OF FEDERAL HILL

ⓘ 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 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $33,815
• − Mortgage interest: −$18,205
• − Property taxes: −$4,875
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,705
• − Management: −$2,705
• − HOA: −$2,400
• − Depreciation: −$9,455
• Taxable loss: −$8,155
• Est. tax savings @ 24.0%: +$1,957
• After-tax cash flow: $-681/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): 11,836
• Household income: $64,476
• Rent vs Own: 75.2% rent · 24.8% own
• Severe rent burden: 1009.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 63% Hispanic / Latino 14% Asian 13% Black 8% Two or more races 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 3%
• Common ancestry: Lithuanian 6% Russian 3% Romanian 3%
• Foreign-born: 21% · Canada, China, Jamaica
• Languages at home: 70% English-only · Spanish 12% Other Indo-European 8% Chinese 6%

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: ▼ -1.08%
• Current HPI: 241.4152
• Rent YoY: ▲ 4.73%
• 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

+51.2% since first listed

6 events — show timeline

• 2026-05-19 Price Changed $325,000 RIS
• 2026-05-04 Price Changed $359,000 RIS
• 2026-04-17 Listed $369,000 RIS
• 2005-08-15 Sold (MLS) $213,000 RIS
• 2005-08-01 Listing Removed — RIS
• 2005-06-03 Listed $215,000 RIS