15 E Earle St · Valley Falls, RI 02864

$359,900

6 bd · 3.0 ba · 2,896 sqft · MultiFamily public records · 8 Days on market

Built 1890 0.25 ac lot Est $689k · 48% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.2/10.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Rent growth +2.1/5.0
• 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

Opportunity awaits in this spacious 3-family property on a large . 25 acre lot in a neighborhood. Featuring a 3-car garage and strong rental potential, this property is ideal for an owner-occupant, contractor, or investor looking to build equity. The first-floor unit is functional but in need of cosmetic updates. The second-floor unit has been fully gutted and is ready for renovation bring your vision and design it to today's standards. The third-floor unit requires updates and finishing touches to maximize value. Major improvements include newer gas furnaces and a new roof, offering important mechanical peace of mind while you focus on interior improvements. With generous yard space, off-s

Key facts

• Fully gutted unit
• Large lot
• Newer gas furnaces

Tags

• LARGE LOT
• STRONG RENTAL POTENTIAL
• FULLY GUTTED UNIT
• NEWER GAS FURNACES
• NEW ROOF
• GENEROUS YARD SPACE

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive. Per door: $922/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $360k).
• Cap rate 15.5% vs local median 3.3% in Valley Falls — 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 75/100 on livability (#8 in RI, #4,293 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools D, amenities F, commute F.
• Cumberland (suburban): math 40% / reading 52% proficiency, ranked #9 of 39 in RI (top 23%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-1.5%/yr); 141 active listings in the ZIP; high-income renter base; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,644/mo this rent would consume 68% of the median local household income ($118k/yr) (locally 771% 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 $11k 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 + 0.0% rent growth), your $101k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 69% 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 $359,900

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 1890 — 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. 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?
6. 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.
7. 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.
8. 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: 1.85% ✓
• Cap rate: 15.52%
• Cash-on-cash: 32.95%
• DSCR: 2.47
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $689,248
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Dexter St	0.18mi	6/2.0	2,512 (-13%)	2mo	$600,000	$239	63
4 Highland Ave	0.38mi	6/3.0	2,698 (-7%)	21mo	$642,000	$238	53
309 High St	0.39mi	5/2.5 (-1)	3,255 (+12%)	7mo	$549,000	$169	48
22 Chambers St	0.50mi	6/3.0	2,600 (-10%)	23mo	$601,500	$231	40

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 · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 24.7%
• Equity multiple: 1.98×
• Total profit: $98,540
• Equity at exit: $53,662

10-year hold

• IRR: 30.5%
• Equity multiple: 3.36×
• Total profit: $237,882
• Equity at exit: $31,118

Cash invested: $100,772 (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 02864

• Rents YoY: -1.5%
• Active inventory: 141
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $6,644 high
• Mortgage (P&I): −$1,887
• Tax from tax record: −$444 /mo · $5,333/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,395
• Net cashflow: $2,767

Break-even live

Break-even rent $3,141

Max offer price $359,900

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,645
Total (3 units)			$6,644

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-03-09
   status Pending
2. 2026-03-01
   listed $359,900 Active

ⓘ 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: $5,333 · $444/mo
• Projected year-2 tax: $5,600 · $467/mo
• Expected delta: +$267/yr (+$22/mo · 5.0%)

ⓘ 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 5/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 69% 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: $79,728
• − Mortgage interest: −$20,160
• − Property taxes: −$5,333
• − Insurance: −$1,800
• − Repairs & maintenance: −$6,378
• − Management: −$6,378
• − Depreciation: −$10,470
• Taxable income: $29,209
• Est. tax owed @ 24.0%: −$7,010
• After-tax cash flow: $26,194/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: Cumberland
• NCES district ID: 4400270
• Math proficiency: 40% ▼ -13.00%
• Reading proficiency: 52% ▼ -10.00%
• Median HH income: $75,407
• Composite: 41.85/100
• National rank: #3382
• State rank: #9 of 39 in RI

Livability — Valley Falls

• Score: 75/100
• State rank: #8
• US rank: #4293

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Valley Falls, RI
• County: Providence County · 548,917 people
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 36,820
• Household income: $117,522
• Rent vs Own: 23.7% rent · 76.3% own
• Severe rent burden: 771.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Two or more races 5% Asian 4% Black 3%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Lithuanian 11% Russian 10% Romanian 6%
• Foreign-born: 11% · Canada, Jamaica, China
• Languages at home: 83% English-only · Other Indo-European 7% Spanish 4% French/Haitian/Cajun 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: ▼ -461.15%
• Current HPI: 313.0341
• Rent YoY: ▼ -1.48%
• 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

2 events — show timeline

• 2026-03-09 Pending — RIS
• 2026-03-01 Listed $359,900 RIS

Property tax history

+3.9%/yr

Latest (2025): $5,333 · +2.7% YoY. Source: county tax records.