187 Boyden St · Woonsocket, RI 02895

$225,000

4 bd · 2.0 ba · 1,035 sqft · MultiFamily public records · 89 Days on market

Built 1920 2,178 sqft lot $217/sqft · 23% below area Est $448k · 50% under

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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 +28.9/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +4.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Great investment opportunity in Woonsocket This 2-family home features a first-floor unit with 4 bedrooms and a 1 bedroom unit in the lower level with a private back yard. Updates include young roof, vinyl siding, vinyl windows, separate utilities and lead cert for lower level unit. Buyer to assume housing violations, property needs work, sold as is.

Key facts

• Separate utilities
• Private back yard
• 3 year young roof

Tags

• PRIVATE BACK YARD
• 3 YEAR YOUNG ROOF
• VINYL SIDING
• REPLACEMENT WINDOWS
• SEPARATE UTILITIES
• LEAD CERT FOR LOWER LEVEL UNIT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $764 ($9k/yr) — positive. Per door: $382/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $212k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 3.3% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Woonsocket (suburban): math 5% / reading 14% proficiency, ranked #37 of 39 in RI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.2%/yr); 163 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $2,936/mo this rent would consume 58% of the median local household income ($61k/yr) (locally 2658% 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 $2k of loan paydown is wiped out by about $7k 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 + 8.0% rent growth), your $63k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 29y ago; this cycle's ask has dropped $55k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% 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 $211,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.30% ✓
• Cap rate: 10.37%
• Cash-on-cash: 14.55%
• DSCR: 1.65
• GRM: 6.4

CMA / ARV

• ARV (median comp): $447,531
• List price: $225,000
• Delta: -49.72%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 10.5%
• Equity multiple: 1.44×
• Total profit: $27,741
• Equity at exit: $33,548

10-year hold

• IRR: 23.4%
• Equity multiple: 3.50×
• Total profit: $157,589
• Equity at exit: $19,454

Cash invested: $63,000 (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 02895

• Rents YoY: 9.2%
• Active inventory: 163
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,936 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$282 /mo · $3,385/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$617
• Net cashflow: $764

Break-even live

Break-even rent $1,969

Max offer price $225,000

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,936
Total (2 units)			$2,936

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
550 Winter St Unit 1 Woonsocket, RI	3.0	1.0	1320	$2,000	$1.52	1d	1	0.38mi
572 Gaskill St Unit 3 Blackstone, MA	3.0	1.0	1200	$1,895	$1.58	1d	1	0.58mi
275 Front St Unit 281-3 Woonsocket, RI	3.0	1.0	1000	$1,400	$1.40	23d	1	0.60mi
52 Bellevue Ave Unit 2 Woonsocket, RI	3.0	1.0	1400	$2,000	$1.43	16d	1	0.61mi
124 East St Unit 2 Woonsocket, RI	3.0	1.0	1100	$1,900	$1.73	43d	1	0.69mi
254 Burnside Ave Unit 1 Woonsocket, RI	3.0	1.0	1361	$1,650	$1.21	24d	1	0.78mi
204 Welles St Unit 2R Woonsocket, RI	3.0	1.0	1365	$1,875	$1.37	43d	1	0.79mi
663 Bernon St Apt 2 Woonsocket, RI	3.0	1.0	1000	$2,395	$2.40	1d	1	0.83mi
341 Burnside Ave Unit 2 Woonsocket, RI	3.0	1.0	1114	$1,650	$1.48	43d	1	0.83mi
425 Wood Ave Woonsocket, RI	3.0	1.0	1100	$2,000	$1.82	43d	1	0.87mi
29 Ross St Unit 1 Woonsocket, RI	3.0	1.0	1100	$2,000	$1.82	43d	1	0.91mi
1134 Social St Unit 1 Woonsocket, RI	3.0	1.0	1236	$1,895	$1.53	1d	1	0.91mi
156 Pleasant St Unit 3 Woonsocket, RI	3.0	1.0	1088	$1,850	$1.70	3d	1	0.92mi
428 Elm St Unit 2nd floor Woonsocket, RI	3.0	1.0	1100	$2,800	$2.55	1d	1	0.92mi
28 Emerson St Unit 1 Woonsocket, RI	4.0	1.0	1100	$2,590	$2.35	1d	1	1.02mi
436 S Main St Woonsocket, RI	3.0	1.0	1312	$2,800	$2.13	14d	1	1.08mi
107 Mount Saint Charles Ave Unit 2 Woonsocket, RI	3.0	1.0	981	$1,675	$1.71	4d	1	1.15mi
95 Victor St Unit 6 Woonsocket, RI	3.0	1.0	900	$1,775	$1.97	43d	1	1.22mi
71 Main St Unit 2 Blackstone, MA	3.0	1.0	1200	$1,850	$1.54	43d	1	1.31mi

Listing history 31 events

1. 2026-06-18
   days on market $225,000 Active 89 DOM
2. 2026-06-17
   days on market $225,000 Active 88 DOM
3. 2026-06-16
   days on market $225,000 Active 87 DOM
4. 2026-06-15
   days on market $225,000 Active 86 DOM
5. 2026-06-13
   days on market $225,000 Active 84 DOM
6. 2026-06-13
   status $225,000 Active 83 DOM
7. 2026-06-02
   status $225,000 Pending 83 DOM
8. 2026-06-01
   days on market $225,000 Active 83 DOM
9. 2026-05-31
   days on market $225,000 Active 82 DOM
10. 2026-04-28
    price $250,000 352-char remark

    Show marketing remark (352 chars)

    Great investment opportunity in Woonsocket This 2-family home features a first-floor unit with 4 bedrooms and a 1 bedroom unit in the lower level with a private back yard. Updates include young roof, vinyl siding, vinyl windows, separate utilities and lead cert for lower level unit. Buyer to assume housing violations, property needs work, sold as is.

11. 2026-04-20
    price $260,000 352-char remark

    Show marketing remark (352 chars)

    Great investment opportunity in Woonsocket This 2-family home features a first-floor unit with 4 bedrooms and a 1 bedroom unit in the lower level with a private back yard. Updates include young roof, vinyl siding, vinyl windows, separate utilities and lead cert for lower level unit. Buyer to assume housing violations, property needs work, sold as is.

12. 2026-03-10
    listed $280,000 Active 352-char remark

    Show marketing remark (352 chars)

    Great investment opportunity in Woonsocket This 2-family home features a first-floor unit with 4 bedrooms and a 1 bedroom unit in the lower level with a private back yard. Updates include young roof, vinyl siding, vinyl windows, separate utilities and lead cert for lower level unit. Buyer to assume housing violations, property needs work, sold as is.

13. 2026-02-18
    historical
14. 2026-01-21
    price $325,000
15. 2025-12-05
    listed $335,000 Active
16. 2022-07-15
    soldstatus $205,000
17. 2021-04-28
    historical
18. 2021-03-26
    historical Active Under Contract
19. 2021-03-08
    price $174,900
20. 2021-02-17
    status Active
21. 2021-02-03
    historical Active Under Contract
22. 2020-12-09
    price $184,900
23. 2020-10-08
    listed $199,900 Active
24. 2020-04-27
    historical
25. 2020-02-20
    listed $185,000 Active
26. 2013-01-04
    historical
27. 2012-08-20
    listed $49,900
28. 2011-07-05
    historical
29. 2011-05-12
    listed $99,900
30. 1997-08-12
    historical
31. 1997-02-13
    listed $55,000

ⓘ 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: $3,385 · $282/mo
• Projected year-2 tax: $3,526 · $294/mo
• Expected delta: +$141/yr (+$12/mo · 4.2%)

ⓘ 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 2/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $35,232
• − Mortgage interest: −$12,603
• − Property taxes: −$3,385
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,819
• − Management: −$2,819
• − Depreciation: −$6,545
• Taxable income: $5,936
• Est. tax owed @ 24.0%: −$1,425
• After-tax cash flow: $7,740/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: Woonsocket
• NCES district ID: 4401200
• Math proficiency: 5% ▼ -7.00%
• Reading proficiency: 14% ▼ -2.00%
• Median HH income: $37,757
• Composite: 8.01/100
• National rank: #9923
• State rank: #37 of 39 in RI

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woonsocket, RI
• County: Providence County · 548,917 people
• City population: 43,521
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 43,521
• Household income: $61,059
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2658.0

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 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 18% Asian 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 15% Dominican 4%
• Common ancestry: Lithuanian 13% Romanian 3% Russian 3%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 17% Other Asian/Pacific 4% Other Indo-European 4%

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: ▼ -431.80%
• Current HPI: 357.8858
• Rent YoY: ▲ 9.15%
• 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

+354.5% since first listed

22 events — show timeline

• 2026-04-28 Price Changed $250,000 RIS
• 2026-04-20 Price Changed $260,000 RIS
• 2026-03-10 Listed $280,000 RIS
• 2026-02-18 Listing Removed — RIS
• 2026-01-21 Price Changed $325,000 RIS
• 2025-12-05 Listed $335,000 RIS
• 2022-07-15 Sold (Public Records) $205,000 Public Records
• 2021-04-28 Listing Removed — RIS
• 2021-03-26 Contingent — RIS
• 2021-03-08 Price Changed $174,900 RIS
• 2021-02-17 Relisted — RIS
• 2021-02-03 Contingent — RIS
• 2020-12-09 Price Changed $184,900 RIS
• 2020-10-08 Listed $199,900 RIS
• 2020-04-27 Listing Removed — RIS
• 2020-02-20 Listed $185,000 RIS
• 2013-01-04 Listing Removed — RIS
• 2012-08-20 Listed $49,900 RIS
• 2011-07-05 Listing Removed — RIS
• 2011-05-12 Listed $99,900 RIS
• 1997-08-12 Listing Removed — RIS
• 1997-02-13 Listed $55,000 RIS

Property tax history

+1.0%/yr

Latest (2025): $3,385 · +14.7% YoY. Source: county tax records.