247 Asylum Rd · Warwick, RI 02886

$549,000

3 bd · 1.5 ba · 1,069 sqft · SingleFamily public records · 3 Days on market

Built 1967 7,405 sqft lot Est $436k · 26% over

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Why this score? — see what drove the F 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 +4.5/30.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +0.0/10.0
• DSCR +0.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

OFFER DEADLINE FOR HIGHEST AND BEST OFFERS IS SUNDAY, MARCH 1, 2026 AT 1:00 PM. Popular Buttonwoods neighborhood just 6 houses from City Park! City Park is 126 acres offering residents a saltwater beach with bathhouse, paved hiking/bike trail, playground with kiddie area, baseball fields, a basketball court, tennis, pickleball, a picnic area and more! This beloved property is in an estate and needs some updating. .. however. .. already has a brand new roof, kitchen appliances (stove, refrigerator and dishwasher and new carpeting. Some other features include a wood burning fireplace, hardwood floors and central air! The upper level offers 2 oversized bedrooms and a full bath, kitchen, dining room and living room and the lower level (space is above grade) offers an abundance of additional space including a 3rd bedroom with half bath and laundry along with 2 large finished rooms allowing for flexible space. .. could be offices, additional bedrooms, rec rooms, playrooms, etc. .. whatever your needs may be! There is a slider in the dining room leading out to a lovely deck which overlooks the fenced backyard with 2 potting sheds! Don't miss this tremendous opportunity to make this wonderful home your own! Property being sold "as is".

Key facts

• Quartz countertops
• Updated kitchen
• Central air

Tags

• OPEN-CONCEPT LAYOUT
• UPDATED KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• REMODELED BATHROOMS
• CENTRAL AIR

Property features AI

Finance

• Other: Lot size about 0.17 acres (7,405 sq ft)
• Financial info: Financial details not provided
• HOA & community: HOA/community details not provided

Exterior

• Parking: No garage; Space for 4 vehicles
• Security: Security details not provided
• Utilities: Water connected; Sewer connected; Electrical service: 100 amps
• Home design: 2-story home; Above-grade finished living area approximately 1,913
• Construction: Drywall interior; Shingle siding; Wood siding; Concrete perimeter foundation
• Exterior features: Walkable to water

Interior

• Kitchen: Gas water heater listed with appliances
• Bedrooms: Bedrooms information not provided
• Flooring: Hardwood
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas heating; Central air conditioning
• Interior features: Hardwood floors; Tub with shower; Masonry fireplace (1)
• Laundry & utility: Laundry/utility details not provided

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $549k.

Deal economics

• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $300k (45.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (52.1% below list).
• Recommended offer: $263k (52.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: amenities F.
• Warwick (urban): math 15% / reading 32% proficiency, ranked #25 of 39 in RI (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Park School (math 22% / reading 42%, grade F, #67 of 167 statewide, top 46%, 215 students, 31% FRL).
• Market conditions: 120 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $350k; list at $549k implies a 57% 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→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $263,004 (52.1% 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. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.48% ✗
• Cap rate: 3.21%
• Cash-on-cash: -11.01%
• DSCR: 0.51
• GRM: 17.4

CMA / ARV

• ARV (on-the-fly): $436,152
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
148 Asylum Rd	0.15mi	3/1.0	1,008 (-6%)	1mo	$430,000	$427	81
288 Cove Ave	0.26mi	3/1.0	1,004 (-6%)	4mo	$420,000	$418	72
48 Wellington Ave	0.04mi	3/1.0	960 (-10%)	9mo	$440,000	$458	72
136 Missouri Dr	0.31mi	3/1.0	1,152 (+8%)	1mo	$417,500	$362	70
71 Macarthur Dr	0.38mi	2/1.0 (-1)	1,080 (+1%)	7mo	$362,500	$336	68
11 Midway Dr	0.25mi	2/1.0 (-1)	1,152 (+8%)	3mo	$417,500	$362	65
190 White Ave	0.11mi	3/1.0	912 (-15%)	10mo	$379,000	$416	60
65 Almy St	0.73mi	3/1.0	1,080 (+1%)	4mo	$390,000	$361	60
4 Ellsworth St	0.29mi	3/1.0	1,200 (+12%)	9mo	$375,000	$313	56
77 Buttonwoods Ave	0.67mi	3/1.0	972 (-9%)	4mo	$397,000	$408	48
201 Hollis Ave	0.55mi	2/1.0 (-1)	940 (-12%)	3mo	$335,000	$356	45
73 Custer St	0.75mi	3/1.0	960 (-10%)	7mo	$405,000	$422	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -36.4%
• Equity multiple: -0.16×
• Total profit: $-178,932
• Equity at exit: $81,858

10-year hold

• IRR: -51.2%
• Equity multiple: -0.77×
• Total profit: $-272,073
• Equity at exit: $47,467

Cash invested: $153,720 (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 02886

• Active inventory: 120
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $2,630 high
• Mortgage (P&I): −$2,879
• Tax from tax record: −$380 /mo · $4,563/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$552
• Net cashflow: $-1,410

Break-even live

Break-even rent $4,415

Max offer price $299,867

Occupancy floor —

Sensitivity live

Price	-10% $-1,100	-5% $-1,255	+0% $-1,410	+5% $-1,566	+10% $-1,721
Rent	-10% $-1,618	-5% $-1,514	+0% $-1,410	+5% $-1,306	+10% $-1,203
Rate	-1.0pp $-1,134	-0.5pp $-1,271	base $-1,410	+0.5pp $-1,553	+1.0pp $-1,697

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: $137,250
• Closing costs: $16,470
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Moccasin Dr Warwick, RI	2.0	1.0	930	$2,350	$2.53	18d	1	0.47mi
191 Shand Ave Warwick, RI	2.0	1.0	900	$3,000	$3.33	22d	1	0.56mi
168 Main Ave Warwick, RI	2.0	1.0	800	$2,500	$3.12	18d	1	0.66mi
3524 W Shore Rd Warwick, RI	1.0–2.0	1.0–1.5	910	$2,500	$2.75	45d	2	1.16mi
3524 W Shore Rd #505 Warwick, RI	2.0	1.5	1100	$2,500	$2.27	46d	1	1.17mi
185 Ottawa Ave Warwick, RI	2.0	2.0	928	$2,450	$2.64	25d	1	1.27mi
115 Coburn St Warwick, RI	3.0	2.0	1416	$3,395	$2.40	3d	1	1.33mi

Listing history 4 events

1. 2026-06-07
   statusdays on market $549,000 Pending 3 DOM
2. 2026-06-03
   days on market $549,000 Active 2 DOM
3. 2026-06-02
   remarks 536-char remark
4. 2026-06-02
   listed $549,000 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: $4,563 · $380/mo
• Projected year-2 tax: $6,756 · $563/mo
• Expected delta: +$2,193/yr (+$183/mo · 48.1%)

ⓘ 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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,560
• − Mortgage interest: −$30,753
• − Property taxes: −$4,563
• − Insurance: −$2,745
• − Repairs & maintenance: −$2,525
• − Management: −$2,525
• − Depreciation: −$15,971
• Taxable loss: −$27,521
• Est. tax savings @ 24.0%: +$6,605
• After-tax cash flow: $-10,318/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: Warwick
• NCES district ID: 4401110
• Math proficiency: 15% ▼ -11.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $63,420
• Composite: 22.03/100
• National rank: #8203
• State rank: #25 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warwick, RI
• City population: 108,434
• Population (ZIP): 30,925

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 5% Asian 4% Black 2%
• Common ancestry: Lithuanian 8% Russian 7% Romanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 2%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -425.54%
• Current HPI: 350.8111
• Rent YoY: —
• Metro: —
• 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

+40.8% since first listed

4 events — show timeline

• 2026-06-01 Listed $549,000 RIS
• 2026-03-24 Sold (MLS) $350,000 RIS
• 2026-03-06 Pending — RIS
• 2026-02-27 Listed $389,900 RIS

Property tax history

+2.2%/yr

Latest (2025): $4,563 · +7.2% YoY. Source: county tax records.