33 Hemlock Rd · Chepachet, RI 02814

$174,900

2 bd · 2.0 ba · 952 sqft · Manufactured public records · 7 Days on market

Built 2007 $525/mo HOA · 22% of rent

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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 +21.8/30.0
• Appreciation +10.0/10.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• Schools +5.1/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

2007 Colony manufactured home. Property features 2 bedrooms and 2 full bathrooms, master has a soaking tub. Home is in good condition, could use some cosmetic updates. Home comes complete with refrigerator, stove, washer and dryer, central air, and an 6X8 deck and an 8x10 shed. Seller has secured housing effective December 1, 2024.

Key facts

• Large soaking tub
• Outdoor space
• Vinyl exterior

Tags

• SPACIOUS PRIMARY BATH
• LARGE SOAKING TUB
• CENTRAL AIR CONDITIONING
• VINYL EXTERIOR
• OUTDOOR SPACE
• 6X8 DECK

Property features AI

Finance

• Financial info: Has land lease
• HOA & community: Association fee $525 per month

Exterior

• Parking: Street/driveway parking for 2 vehicles
• Utilities: 100 amp electric service; Septic tank; Connected water (water tap fee)
• Home design: Single-story home
• Construction: Vinyl siding
• Exterior features: No garage; 2 parking spaces

Interior

• Kitchen: Eat-in kitchen
• Bedrooms: Bedroom 2 on the first floor
• Flooring: Laminate flooring
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating; Heat pump; Propane heating
• Interior features: Tub/shower
• Laundry & utility: Laundry room on the first floor; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $175k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.1% vs local median 3.1% in Chepachet — 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 (#9 in RI, #4,347 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Glocester (rural): math 46% / reading 66% proficiency, ranked #4 of 39 in RI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Fogarty Memorial (math 47% / reading 67%, grade C+, #19 of 167 statewide, top 12%, 336 students, 9% FRL); Ponaganset Middle School (math 27% / reading 42%, grade F, #17 of 57 statewide, top 30%, 426 students, 17% FRL); Ponaganset High School (math 31% / reading 62%, grade D-, #15 of 58 statewide, top 26%, 921 students, 14% FRL) — zoned schools at 13% FRL track the district average.
• Market conditions: 40 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $19k of equity ($1k loan paydown + $17k appreciation (10.0% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: HOA is 22% of rent.

Recommended offer $174,900

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.38% ✓
• Cap rate: 8.15%
• Cash-on-cash: 6.63%
• DSCR: 1.29
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 29.2%
• Equity multiple: 3.30×
• Total profit: $112,780
• Equity at exit: $157,564

10-year hold

• IRR: 25.4%
• Equity multiple: 7.52×
• Total profit: $319,160
• Equity at exit: $339,792

Cash invested: $48,972 (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 02814

• Home prices YoY: 3.0%
• Active inventory: 40
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,408 medium
• Mortgage (P&I): −$917
• Tax from tax record: −$117 /mo · $1,399/yr
• Insurance: −$73
• HOA: −$525
• Vacancy / Maint / Mgmt: −$506
• Net cashflow: $271

Break-even live

Break-even rent $2,065

Max offer price $174,900

Occupancy floor 84%

Sensitivity live

Price	-10% $370	-5% $320	+0% $271	+5% $221	+10% $172
Rent	-10% $80	-5% $175	+0% $271	+5% $366	+10% $461
Rate	-1.0pp $359	-0.5pp $315	base $271	+0.5pp $225	+1.0pp $179

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $525 · $6,300/yr

Listing history 22 events

1. 2026-06-05
   statusdays on market $174,900 Pending 7 DOM
2. 2026-06-03
   days on market $174,900 Active 6 DOM
3. 2026-06-02
   days on market $174,900 Active 5 DOM
4. 2026-06-01
   days on market $174,900 Active 4 DOM
5. 2026-05-31
   days on market $174,900 Active 3 DOM
6. 2026-05-28
   listed $174,900 Active
7. 2024-11-26
   soldstatus $164,900
8. 2024-11-25
   soldstatus $164,900 Closed 333-char remark

   Show marketing remark (333 chars)

   2007 Colony manufactured home. Property features 2 bedrooms and 2 full bathrooms, master has a soaking tub. Home is in good condition, could use some cosmetic updates. Home comes complete with refrigerator, stove, washer and dryer, central air, and an 6X8 deck and an 8x10 shed. Seller has secured housing effective December 1, 2024.

9. 2024-10-11
   status Pending 333-char remark

   Show marketing remark (333 chars)

   2007 Colony manufactured home. Property features 2 bedrooms and 2 full bathrooms, master has a soaking tub. Home is in good condition, could use some cosmetic updates. Home comes complete with refrigerator, stove, washer and dryer, central air, and an 6X8 deck and an 8x10 shed. Seller has secured housing effective December 1, 2024.

10. 2024-10-08
    listed $164,900 Active 333-char remark

    Show marketing remark (333 chars)

    2007 Colony manufactured home. Property features 2 bedrooms and 2 full bathrooms, master has a soaking tub. Home is in good condition, could use some cosmetic updates. Home comes complete with refrigerator, stove, washer and dryer, central air, and an 6X8 deck and an 8x10 shed. Seller has secured housing effective December 1, 2024.

11. 2016-11-08
    price $79,900
12. 2014-04-29
    historical
13. 2014-03-14
    listed $62,000 Active - New
14. 2009-08-20
    soldstatus $65,000
15. 2009-08-19
    soldstatus $65,000
16. 2009-05-21
    listed $69,900
17. 2009-05-18
    historical
18. 2008-11-19
    listed $69,900
19. 2008-09-30
    historical
20. 2008-03-31
    listed $94,900
21. 2008-03-27
    historical
22. 2007-10-17
    listed $109,900

ⓘ 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: $1,399 · $117/mo
• Projected year-2 tax: $2,125 · $177/mo
• Expected delta: +$726/yr (+$60/mo · 51.9%)

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

Climate risk First Street

• 🌡 Heat 4/10 Moderate
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,894
• − Mortgage interest: −$9,797
• − Property taxes: −$1,399
• − Insurance: −$874
• − Repairs & maintenance: −$2,311
• − Management: −$2,311
• − HOA: −$6,300
• − Depreciation: −$5,088
• Taxable income: $812
• Est. tax owed @ 24.0%: −$195
• After-tax cash flow: $3,051/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: Glocester
• NCES district ID: 4400450
• Math proficiency: 46% ▼ -9.00%
• Reading proficiency: 66% ▲ 2.00%
• Median HH income: $81,483
• Composite: 50.69/100
• National rank: #1822
• State rank: #4 of 39 in RI

Livability — Chepachet

• Score: 75/100
• State rank: #9
• US rank: #4347

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chepachet, RI
• Population (ZIP): 7,421

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 (95%)
• Race & ethnicity: White 95% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Lithuanian 13% Romanian 5% Russian 5%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 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: ▲ 11.23%
• Current HPI: 383.6236
• 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

+59.1% since first listed

17 events — show timeline

• 2026-05-28 Listed $174,900 RIS
• 2024-11-26 Sold (Public Records) $164,900 Public Records
• 2024-11-25 Sold (MLS) $164,900 RIS
• 2024-10-11 Pending — RIS
• 2024-10-08 Listed $164,900 RIS
• 2016-11-08 Price Changed $79,900 RIS
• 2014-04-29 Listing Removed — RIS
• 2014-03-14 Listed $62,000 RIS
• 2009-08-20 Sold (Public Records) $65,000 Public Records
• 2009-08-19 Sold (MLS) $65,000 RIS
• 2009-05-21 Listed $69,900 RIS
• 2009-05-18 Listing Removed — RIS
• 2008-11-19 Listed $69,900 RIS
• 2008-09-30 Listing Removed — RIS
• 2008-03-31 Listed $94,900 RIS
• 2008-03-27 Listing Removed — RIS
• 2007-10-17 Listed $109,900 RIS

Property tax history

+2.5%/yr

Latest (2025): $1,399 · +2.9% YoY. Source: county tax records.