86 Tobey St · Providence, RI 02909

$775,000

13 bd · 5.0 ba · 3,676 sqft · MultiFamily public records · 107 Days on market

Built 1930 3,049 sqft lot $211/sqft · 50% above area Est $728k · 6% 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 +24.7/30.0
• DSCR +8.0/10.0
• 1% rule +6.4/10.0
• ARV discount +4.6/15.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• 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 MLS

Fantastic opportunity to own a three-family home in Providence's vibrant Silver Lake/West End neighborhood, known for its strong sense of community and residential charm. This multi-family property offers excellent potential for investors or owner-occupants seeking rental income. Both furnaces, along with the water heater were replaced in the last five years. Off-street parking adds valuable convenience for tenants and guests alike. Ideally located just minutes from Downtown Providence, with easy access to restaurants, entertainment, and nightlife. Close to Federal Hill, celebrated for its renowned dining, caf s, and local markets. Enjoy convenient access to I-95, Route 6, and Route 10, making commuting throughout Rhode Island and into Massachusetts simple. Near Roger Williams Park with its expansive green space, walking trails, ponds, and zoo. A short drive to Rhode Island Hospital and close to local schools, neighborhood shops, public transportation, and everyday amenities makes this a prime Providence investment opportunity.

Key facts

• 3,049 sq ft lot
• 2 parking spots
• Built 1930

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/1.7-bath units multifamily listed at $775k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $542/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $775k).
• Recommended offer: $705k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 (+3.7%/yr); 132 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $8,827/mo this rent would consume 164% of the median local household income ($65k/yr) (locally 2000% 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 $5k of loan paydown is wiped out by about $23k 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 107 days — a 9% lower offer ($705k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 29y ago; this cycle's ask has dropped $65k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $647k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $705,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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 1930 — 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 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?
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: 1.14% ✓
• Cap rate: 8.81%
• Cash-on-cash: 9.00%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

• ARV (median comp): $727,863
• List price: $775,000
• Delta: 9.90%
• Verdict: FAIR
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -1.9%
• Equity multiple: 0.93×
• Total profit: $-15,753
• Equity at exit: $115,555

10-year hold

• IRR: 8.5%
• Equity multiple: 1.67×
• Total profit: $145,528
• Equity at exit: $67,008

Cash invested: $217,000 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 22.0×

Monthly cashflow live

• Estimated rent: $8,827 high
• Mortgage (P&I): −$4,064
• Tax from tax record: −$959 /mo · $11,511/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,854
• Net cashflow: $1,627

Break-even live

Break-even rent $6,768

Max offer price $775,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	1.7	$8,826
Total (3 units)			$8,827

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Listing history 41 events

1. 2026-06-18
   days on market $775,000 Active 107 DOM
2. 2026-06-17
   price $775,000 Active 106 DOM
3. 2026-06-17
   days on market $799,900 Active 106 DOM
4. 2026-06-16
   days on market $799,900 Active 105 DOM
5. 2026-06-15
   days on market $799,900 Active 104 DOM
6. 2026-06-13
   days on market $799,900 Active 102 DOM
7. 2026-06-09
   days on market $799,900 Active 98 DOM
8. 2026-06-08
   days on market $799,900 Active 97 DOM
9. 2026-06-07
   days on market $799,900 Active 96 DOM
10. 2026-06-05
    days on market $799,900 Active 93 DOM
11. 2026-06-03
    days on market $799,900 Active 92 DOM
12. 2026-06-02
    days on market $799,900 Active 91 DOM
13. 2026-06-01
    days on market $799,900 Active 90 DOM
14. 2026-05-31
    days on market $799,900 Active 89 DOM
15. 2026-04-02
    price $825,000 1043-char remark

    Show marketing remark (1043 chars)

    Fantastic opportunity to own a three-family home in Providence's vibrant Silver Lake/West End neighborhood, known for its strong sense of community and residential charm. This multi-family property offers excellent potential for investors or owner-occupants seeking rental income. Both furnaces, along with the water heater were replaced in the last five years. Off-street parking adds valuable convenience for tenants and guests alike. Ideally located just minutes from Downtown Providence, with easy access to restaurants, entertainment, and nightlife. Close to Federal Hill, celebrated for its renowned dining, caf s, and local markets. Enjoy convenient access to I-95, Route 6, and Route 10, making commuting throughout Rhode Island and into Massachusetts simple. Near Roger Williams Park with its expansive green space, walking trails, ponds, and zoo. A short drive to Rhode Island Hospital and close to local schools, neighborhood shops, public transportation, and everyday amenities makes this a prime Providence investment opportunity.

16. 2026-03-03
    listed $839,900 Active 1043-char remark

    Show marketing remark (1043 chars)

    Fantastic opportunity to own a three-family home in Providence's vibrant Silver Lake/West End neighborhood, known for its strong sense of community and residential charm. This multi-family property offers excellent potential for investors or owner-occupants seeking rental income. Both furnaces, along with the water heater were replaced in the last five years. Off-street parking adds valuable convenience for tenants and guests alike. Ideally located just minutes from Downtown Providence, with easy access to restaurants, entertainment, and nightlife. Close to Federal Hill, celebrated for its renowned dining, caf s, and local markets. Enjoy convenient access to I-95, Route 6, and Route 10, making commuting throughout Rhode Island and into Massachusetts simple. Near Roger Williams Park with its expansive green space, walking trails, ponds, and zoo. A short drive to Rhode Island Hospital and close to local schools, neighborhood shops, public transportation, and everyday amenities makes this a prime Providence investment opportunity.

17. 2024-11-04
    historical $2,150
18. 2024-10-19
    listed $2,150
19. 2022-09-12
    soldstatus $647,000
20. 2022-09-09
    soldstatus $647,000 Closed 685-char remark

    Show marketing remark (685 chars)

    This three family property is just off of Broadway, a short walk to many other great local shops, caf s and restaurants. The first and second floor have five bedrooms, two baths with an eat in kitchen and living room. The third floor is a three bedroom apartment with one bath and open eat in kitchen and living area. There are two off-street parking spaces. This building is fully automated with key pad access, video door bell and door lock system, security cameras & remote monitoring, Other notable highlights are central air conditioning, coin op washer/ dryers, and alarm system. Fully leased with strong income makes this the perfect opportunity for a turn key investment.

21. 2022-06-30
    status Pending 685-char remark

    Show marketing remark (685 chars)

    This three family property is just off of Broadway, a short walk to many other great local shops, caf s and restaurants. The first and second floor have five bedrooms, two baths with an eat in kitchen and living room. The third floor is a three bedroom apartment with one bath and open eat in kitchen and living area. There are two off-street parking spaces. This building is fully automated with key pad access, video door bell and door lock system, security cameras & remote monitoring, Other notable highlights are central air conditioning, coin op washer/ dryers, and alarm system. Fully leased with strong income makes this the perfect opportunity for a turn key investment.

22. 2022-06-22
    historical Active Under Contract 685-char remark

    Show marketing remark (685 chars)

    This three family property is just off of Broadway, a short walk to many other great local shops, caf s and restaurants. The first and second floor have five bedrooms, two baths with an eat in kitchen and living room. The third floor is a three bedroom apartment with one bath and open eat in kitchen and living area. There are two off-street parking spaces. This building is fully automated with key pad access, video door bell and door lock system, security cameras & remote monitoring, Other notable highlights are central air conditioning, coin op washer/ dryers, and alarm system. Fully leased with strong income makes this the perfect opportunity for a turn key investment.

23. 2022-06-13
    listed $639,000 Active 685-char remark

    Show marketing remark (685 chars)

    This three family property is just off of Broadway, a short walk to many other great local shops, caf s and restaurants. The first and second floor have five bedrooms, two baths with an eat in kitchen and living room. The third floor is a three bedroom apartment with one bath and open eat in kitchen and living area. There are two off-street parking spaces. This building is fully automated with key pad access, video door bell and door lock system, security cameras & remote monitoring, Other notable highlights are central air conditioning, coin op washer/ dryers, and alarm system. Fully leased with strong income makes this the perfect opportunity for a turn key investment.

24. 2016-11-08
    price $179,900
25. 2010-04-19
    soldstatus $125,000
26. 2010-04-19
    soldstatus $125,000
27. 2010-02-25
    historical
28. 2009-11-18
    listed $169,900
29. 2008-03-18
    historical
30. 2007-12-12
    listed $249,900
31. 2002-06-24
    soldstatus $160,000
32. 2002-06-21
    soldstatus $159,900
33. 2002-02-15
    historical
34. 2002-02-08
    historical
35. 2002-02-08
    listed $159,900
36. 2001-08-23
    listed $149,900
37. 2001-04-25
    soldstatus $154,500
38. 1997-12-20
    soldstatus $70,000
39. 1997-11-21
    soldstatus $70,000
40. 1997-10-01
    historical
41. 1997-09-04
    listed $79,927

ⓘ 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: $11,511 · $959/mo
• Projected year-2 tax: $12,072 · $1,006/mo
• Expected delta: +$561/yr (+$47/mo · 4.9%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $105,924
• − Mortgage interest: −$43,412
• − Property taxes: −$11,511
• − Insurance: −$3,875
• − Repairs & maintenance: −$8,474
• − Management: −$8,474
• − Depreciation: −$22,545
• Taxable income: $7,633
• Est. tax owed @ 24.0%: −$1,832
• After-tax cash flow: $17,692/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 1%

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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+932.2% since first listed

27 events — show timeline

• 2026-04-02 Price Changed $825,000 RIS
• 2026-03-03 Listed $839,900 RIS
• 2024-11-04 Rental Removed $2,150 RENTALBEAST
• 2024-10-19 Listed for Rent $2,150 RENTALBEAST
• 2022-09-12 Sold (Public Records) $647,000 Public Records
• 2022-09-09 Sold (MLS) $647,000 RIS
• 2022-06-30 Pending — RIS
• 2022-06-22 Contingent — RIS
• 2022-06-13 Listed $639,000 RIS
• 2016-11-08 Price Changed $179,900 RIS
• 2010-04-19 Sold (Public Records) $125,000 Public Records
• 2010-04-19 Sold (MLS) $125,000 RIS
• 2010-02-25 Listing Removed — RIS
• 2009-11-18 Listed $169,900 RIS
• 2008-03-18 Listing Removed — RIS
• 2007-12-12 Listed $249,900 RIS
• 2002-06-24 Sold (Public Records) $160,000 Public Records
• 2002-06-21 Sold (MLS) $159,900 RIS
• 2002-02-15 Listing Removed — RIS
• 2002-02-08 Listed $159,900 RIS
• 2002-02-08 Listing Removed — RIS
• 2001-08-23 Listed $149,900 RIS
• 2001-04-25 Sold (Public Records) $154,500 Public Records
• 1997-12-20 Sold (MLS) $70,000 RIS
• 1997-11-21 Sold (Public Records) $70,000 Public Records
• 1997-10-01 Listing Removed — RIS
• 1997-09-04 Listed $79,927 RIS

Property tax history

+3.1%/yr

Latest (2025): $11,511 · +14.0% YoY. Source: county tax records.