8 Washington St · Pawtucket, RI 02860

$499,999

9 bd · 3.0 ba · 2,829 sqft · MultiFamily public records · 10 Days on market

Built 1890 6,674 sqft lot Est $665k · 25% 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
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• 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

* * * Investment Opportunity!! * * Boston Style duplex features three (3) oversized units. Owner's unit on left features townhouse layout with spacious modern interior. Second and third unit on left require repair. Worth the effort.

Key facts

• Build equity
• Value-add potential
• Renovation project

Tags

• THREE-FAMILY PROPERTY
• VICTORIAN-STYLE LAYOUT
• GENEROUS LIVING SPACE
• VALUE-ADD POTENTIAL
• RENOVATION PROJECT
• BUILD EQUITY

Property features AI

Finance

• Other: Lot size approximately 0.153 acres
• Financial info: Multifamily property with 3 units (income noted for two units at $900 each)

Exterior

• Parking: No garage; Four parking spaces
• Utilities: Public water; Public sewer (connected); Electric service with circuit breakers
• Home design: Single building containing 3 residential units; Above-grade finished area noted (building total)
• Construction: Wood siding construction; Property listed in fixer condition
• Exterior features: Porch

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Three 1-bedroom units; One 3-bedroom unit
• Flooring: Carpet; Vinyl
• Bathrooms: Four full bathrooms total; Each 1-bedroom unit has 1 full bath; 3-bedroom unit has 2 full baths
• Heating & cooling: Heating present: Electric and gas forced air
• Interior features: Full unfinished walk-out basement; Carpet and vinyl flooring
• Laundry & utility: Gas water heater and standard water heater

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/4.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $790/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $500k).
• Cap rate 12.0% vs local median 3.8% in Pawtucket — 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 71/100 on livability (#16 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: employment C-, schools D, amenities F.
• Pawtucket (suburban): math 7% / reading 19% proficiency, ranked #33 of 39 in RI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 123 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,254/mo this rent would consume 141% of the median local household income ($62k/yr) (locally 2528% 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 $3k of loan paydown is wiped out by about $15k 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 + 3.5% rent growth), your $140k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 23y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $60k; list at $500k implies a 733% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $499,999

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: 1.45% ✓
• Cap rate: 11.98%
• Cash-on-cash: 20.33%
• DSCR: 1.90
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $664,815
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20 Barnes St	0.47mi	9/3.0	2,766 (-2%)	8mo	$660,000	$239	68
23 Carson St	0.24mi	8/3.0 (-1)	2,592 (-8%)	10mo	$600,000	$231	62
44 Highland St	0.37mi	8/3.0 (-1)	3,086 (+9%)	9mo	$590,000	$191	55
29 31 Heaton St	0.68mi	9/3.0	2,839 (+0%)	17mo	$625,000	$220	54
194 Harrison St	0.24mi	8/4.0 (-1)	3,044 (+8%)	17mo	$825,000	$271	53
158 160 Newell Ave	0.50mi	9/3.0	3,240 (+14%)	4mo	$725,000	$224	50
476 Lonsdale Ave	0.73mi	9/3.0	2,917 (+3%)	20mo	$705,000	$242	44
10 Belmont St	0.62mi	8/4.0 (-1)	3,120 (+10%)	9mo	$732,500	$235	38
4 Belmont St	0.63mi	8/4.0 (-1)	3,120 (+10%)	9mo	$732,500	$235	37
172 School St	0.66mi	9/3.0	3,208 (+13%)	23mo	$575,000	$179	28

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: 13.1%
• Equity multiple: 1.53×
• Total profit: $73,503
• Equity at exit: $74,551

10-year hold

• IRR: 22.3%
• Equity multiple: 2.95×
• Total profit: $272,961
• Equity at exit: $43,231

Cash invested: $140,000 (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 02860

• Rents YoY: 3.5%
• Active inventory: 123
• Price-to-rent: 17.2×

Monthly cashflow live

• Estimated rent: $7,254 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$529 /mo · $6,348/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,523
• Net cashflow: $2,371

Break-even live

Break-even rent $4,252

Max offer price $499,999

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	4	$7,254
Total (3 units)			$7,254

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: $125,000
• Closing costs: $15,000
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $499,999 Active 10 DOM
2. 2026-06-17
   days on market $499,999 Active 9 DOM
3. 2026-06-16
   days on market $499,999 Active 8 DOM
4. 2026-06-15
   days on market $499,999 Active 7 DOM
5. 2026-06-13
   days on market $499,999 Active 5 DOM
6. 2026-06-13
   days on market $499,999 Active 4 DOM
7. 2026-06-09
   remarks 699-char remark
8. 2026-06-08
   remarks 694-char remark
9. 2026-06-08
   listed $499,999 Active 1 DOM

ⓘ 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: $6,348 · $529/mo
• Projected year-2 tax: $7,249 · $604/mo
• Expected delta: +$901/yr (+$75/mo · 14.2%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°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: $87,048
• − Mortgage interest: −$28,008
• − Property taxes: −$6,348
• − Insurance: −$2,500
• − Repairs & maintenance: −$6,964
• − Management: −$6,964
• − Depreciation: −$14,545
• Taxable income: $21,719
• Est. tax owed @ 24.0%: −$5,213
• After-tax cash flow: $23,243/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: Pawtucket
• NCES district ID: 4400840
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $41,838
• Composite: 11.29/100
• National rank: #9718
• State rank: #33 of 39 in RI

Livability — Pawtucket

• Score: 71/100
• State rank: #16
• US rank: #7037

Category grades

Amenities F Commute F 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: Pawtucket, RI
• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 47,818
• Household income: $61,539
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 2528.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 29% Two or more races 22% Black 14% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 6%
• Common ancestry: Russian 9% Lithuanian 4% Romanian 2%
• Foreign-born: 28% · Canada, Jamaica
• Languages at home: 57% English-only · Spanish 22% Other Indo-European 9% French/Haitian/Cajun 9%

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: ▼ -215.00%
• Current HPI: 355.0152
• Rent YoY: ▲ 3.47%
• 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

+455.6% since first listed

20 events — show timeline

• 2026-06-08 Listed $499,999 RIS
• 2019-09-20 Price Changed $155,900 RIS
• 2016-11-08 Price Changed $264,900 RIS
• 2009-10-09 Sold (MLS) $60,000 RIS
• 2009-09-01 Sold (Public Records) $60,000 Public Records
• 2009-05-23 Listing Removed — RIS
• 2009-05-20 Listed $75,000 RIS
• 2007-05-16 Sold (Public Records) $325,000 Public Records
• 2006-10-23 Sold (MLS) $157,000 RIS
• 2006-10-05 Sold (Public Records) $157,000 Public Records
• 2006-09-25 Listing Removed — RIS
• 2006-04-22 Listed $229,900 RIS
• 2006-02-08 Listing Removed — RIS
• 2005-10-11 Listed $269,900 RIS
• 2004-11-10 Listing Removed — RIS
• 2004-05-10 Listed $289,900 RIS
• 2003-10-14 Listing Removed — RIS
• 2003-09-25 Listed $279,900 RIS
• 2003-03-27 Sold (Public Records) $220,000 Public Records
• 2002-09-06 Sold (Public Records) $90,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $6,348 · +6.6% YoY. Source: county tax records.