7 Mount Vernon St · Providence, RI 02907

$699,900

9 bd · 3.0 ba · 3,930 sqft · MultiFamily public records · 7 Days on market

Built 1900 3,451 sqft lot

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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 +29.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• 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

Great opportunity to buy a completely remodeled 3 family home w/ 9 Bedrooms 3 baths each floor with Double Parlors, New Roof, heating systems, new kitchens, new appliances, new bathrooms and More. Come see for yourself, call for a showing today.

Key facts

• 3,451 sq ft lot
• 6 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $865/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $700k).
• Cap rate 10.7% 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 fast (+15.3%/yr); 61 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $8,809/mo this rent would consume 201% of the median local household income ($52k/yr) (locally 2189% 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 $21k 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 $196k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 11 sale attempts since 17y 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 $365k; list at $700k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $699,900

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 1900 — 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 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?
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: 1.26% ✓
• Cap rate: 10.74%
• Cash-on-cash: 15.89%
• DSCR: 1.71
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 12.0%
• Equity multiple: 1.50×
• Total profit: $98,236
• Equity at exit: $104,357

10-year hold

• IRR: 24.4%
• Equity multiple: 3.60×
• Total profit: $509,577
• Equity at exit: $60,515

Cash invested: $195,972 (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 02907

• Home prices YoY: -20.1%
• Rents YoY: 15.3%
• Active inventory: 61
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $8,809 medium
• Mortgage (P&I): −$3,670
• Tax from tax record: −$402 /mo · $4,830/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,850
• Net cashflow: $2,595

Break-even live

Break-even rent $5,525

Max offer price $699,900

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$8,808
Total (3 units)			$8,809

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: $174,975
• Closing costs: $20,997
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-04-23
   status Pending
2. 2026-04-16
   listed $699,900 Active
3. 2020-06-12
   soldstatus $365,000 Closed 245-char remark

   Show marketing remark (245 chars)

   Great opportunity to buy a completely remodeled 3 family home w/ 9 Bedrooms 3 baths each floor with Double Parlors, New Roof, heating systems, new kitchens, new appliances, new bathrooms and More. Come see for yourself, call for a showing today.

4. 2020-06-12
   soldstatus $360,000

   Show marketing remark (245 chars)

   Great opportunity to buy a completely remodeled 3 family home w/ 9 Bedrooms 3 baths each floor with Double Parlors, New Roof, heating systems, new kitchens, new appliances, new bathrooms and More. Come see for yourself, call for a showing today.

5. 2020-04-07
   status Pending 245-char remark

   Show marketing remark (245 chars)

   Great opportunity to buy a completely remodeled 3 family home w/ 9 Bedrooms 3 baths each floor with Double Parlors, New Roof, heating systems, new kitchens, new appliances, new bathrooms and More. Come see for yourself, call for a showing today.

6. 2020-03-30
   listed $349,900 Active 245-char remark

   Show marketing remark (245 chars)

   Great opportunity to buy a completely remodeled 3 family home w/ 9 Bedrooms 3 baths each floor with Double Parlors, New Roof, heating systems, new kitchens, new appliances, new bathrooms and More. Come see for yourself, call for a showing today.

7. 2020-03-30
   historical

   Show marketing remark (245 chars)

   Great opportunity to buy a completely remodeled 3 family home w/ 9 Bedrooms 3 baths each floor with Double Parlors, New Roof, heating systems, new kitchens, new appliances, new bathrooms and More. Come see for yourself, call for a showing today.

8. 2020-02-05
   historical Active Under Contract
9. 2020-01-27
   listed $299,900 Active
10. 2019-03-04
    historical
11. 2019-02-08
    listed $299,900 Active
12. 2017-08-29
    soldstatus $130,000
13. 2013-09-11
    historical
14. 2013-04-12
    listed $124,900
15. 2013-03-19
    historical
16. 2012-09-19
    listed $128,000
17. 2010-12-30
    historical
18. 2010-07-02
    listed $139,900
19. 2010-06-30
    soldstatus $58,000
20. 2010-06-07
    historical
21. 2010-05-29
    listed $40,000
22. 2010-02-24
    listed $99,000
23. 2010-02-24
    historical
24. 2009-09-10
    listed $79,000
25. 2009-09-10
    historical
26. 2009-09-06
    historical
27. 2009-03-06
    listed $140,000
28. 2002-04-27
    soldstatus $104,000

ⓘ 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: $4,830 · $402/mo
• Projected year-2 tax: $8,119 · $677/mo
• Expected delta: +$3,289/yr (+$274/mo · 68.1%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $105,708
• − Mortgage interest: −$39,205
• − Property taxes: −$4,830
• − Insurance: −$3,500
• − Repairs & maintenance: −$8,457
• − Management: −$8,457
• − Depreciation: −$20,361
• Taxable income: $20,899
• Est. tax owed @ 24.0%: −$5,016
• After-tax cash flow: $26,120/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): 31,461
• Household income: $52,485
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2189.0

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 Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 26% Black 10% White 10% Asian 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 7% Dominican 50%
• Common ancestry: Swiss 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 55% · Canada, Jamaica, Philippines
• Languages at home: 25% English-only · Spanish 67% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -125.19%
• Current HPI: 498.142
• Rent YoY: ▲ 15.32%
• 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

+573.0% since first listed

28 events — show timeline

• 2026-04-23 Pending — RIS
• 2026-04-16 Listed $699,900 RIS
• 2020-06-12 Sold (Public Records) $360,000 Public Records
• 2020-06-12 Sold (MLS) $365,000 RIS
• 2020-04-07 Pending — RIS
• 2020-03-30 Listing Removed — RIS
• 2020-03-30 Listed $349,900 RIS
• 2020-02-05 Contingent — RIS
• 2020-01-27 Listed $299,900 RIS
• 2019-03-04 Listing Removed — RIS
• 2019-02-08 Listed $299,900 RIS
• 2017-08-29 Sold (Public Records) $130,000 Public Records
• 2013-09-11 Listing Removed — RIS
• 2013-04-12 Listed $124,900 RIS
• 2013-03-19 Listing Removed — RIS
• 2012-09-19 Listed $128,000 RIS
• 2010-12-30 Listing Removed — RIS
• 2010-07-02 Listed $139,900 RIS
• 2010-06-30 Sold (MLS) $58,000 RIS
• 2010-06-07 Listing Removed — RIS
• 2010-05-29 Listed $40,000 RIS
• 2010-02-24 Listed $99,000 RIS
• 2010-02-24 Listing Removed — RIS
• 2009-09-10 Listed $79,000 RIS
• 2009-09-10 Listing Removed — RIS
• 2009-09-06 Listing Removed — RIS
• 2009-03-06 Listed $140,000 RIS
• 2002-04-27 Sold (Public Records) $104,000 Public Records

Property tax history

+0.8%/yr

Latest (2025): $4,830 · -37.6% YoY. Source: county tax records.