103 Norfolk St · Woonsocket, RI 02019

$499,999

6 bd · 3.0 ba · 2,768 sqft · MultiFamily public records · 27 Days on market

Built 1960 10,067 sqft lot Est $562k · 11% 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 +26.8/30.0
• ARV discount +12.5/15.0
• DSCR +9.2/10.0
• 1% rule +6.6/10.0
• Schools +3.4/10.0
• Livability +3.2/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• 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 MLS

GREAT OPPORTUNITY TO OWN THIS CHARMING 3 IDENTICAL 4 ROOM UNITS LOCATED ON DEAD END STREET FEATURING HARDWD FLOORS ALL LARGE ROOM 1/4 ACRE LOT PAVED DRIVEWAY MOVE IN CONDITION LIVE IN ONE AND COLLECT RENT FROM 2 OTHER AND RELAX AND

Key facts

• 0.23 acre lot
• 6 parking spots
• Built 1960

Property features AI

Exterior

• Parking: 6 parking spaces; Open parking
• Utilities: Public water; Public sewer
• Home design: 3-family property; 4 total stories
• Construction: Frame construction; Block foundation; Built approximately (public records)
• Exterior features: Shingle roof; White exterior color; Paved driveway and paved off-street parking

Interior

• Bathrooms: 3 full bathrooms
• Interior features: 13 total rooms; Full basement

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $454/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).
• Recommended offer: $492k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 3.3% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Bellingham (suburban): math 30% / reading 42% proficiency, ranked #209 of 302 in MA (top 69%) — 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 rising (+2.5%/yr); 2 comparable units currently listed for rent nearby; high-income renter base; 958 units permitted in Norfolk County in 2024 (305 in 5+ unit buildings).
• At $5,816/mo this rent would consume 56% of the median local household income ($125k/yr) (locally 455% 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.
• Norfolk County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($492k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y 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 $189k; list at $500k implies a 165% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 64% 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 $492,499 (1.5% below list)

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 1960 — 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: 1.16% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.68%
• DSCR: 1.52
• GRM: 7.2

CMA / ARV

• ARV (on-the-fly): $561,904
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
371 Pulaski Blvd	0.45mi	5/2.5 (-1)	2,755 (-0%)	15mo	$579,000	$210	58
183 Linden Ave	0.72mi	6/2.5	2,952 (+7%)	10mo	$600,000	$203	45
494 Wood Ave	0.60mi	5/2.0 (-1)	2,918 (+5%)	12mo	$465,000	$159	44

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 · 2.45% rent growth · sell at horizon

5-year hold

• IRR: 0.5%
• Equity multiple: 1.02×
• Total profit: $2,528
• Equity at exit: $74,551

10-year hold

• IRR: 9.6%
• Equity multiple: 1.72×
• Total profit: $100,778
• 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 02019

• Rents YoY: 2.5%
• Price-to-rent: 21.5×

Monthly cashflow live

• Estimated rent: $5,816 high
• Mortgage (P&I): −$2,622
• Tax from tax record: −$401 /mo · $4,817/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,221
• Net cashflow: $1,363

Break-even live

Break-even rent $4,091

Max offer price $499,999

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,817
Total (3 units)			$5,816

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: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
47 Chester St Unit 3 Woonsocket, RI	5.0	2.0	2000	$2,200	$1.10	43d	1	0.69mi
335 Blackstone St Woonsocket, RI	6.0	2.0	2400	$2,900	$1.21	1d	1	1.44mi

Listing history 19 events

1. 2026-06-17
   days on market $499,999 Active 27 DOM
2. 2026-06-16
   days on market $499,999 Active 26 DOM
3. 2026-06-15
   days on market $499,999 Active 25 DOM
4. 2026-06-13
   days on market $499,999 Active 23 DOM
5. 2026-06-09
   days on market $499,999 Active 19 DOM
6. 2026-06-08
   days on market $499,999 Active 18 DOM
7. 2026-06-07
   days on market $499,999 Active 17 DOM
8. 2026-06-04
   days on market $499,999 Active 14 DOM
9. 2026-06-03
   days on market $499,999 Active 13 DOM
10. 2026-06-02
    days on market $499,999 Active 12 DOM
11. 2026-06-01
    days on market $499,999 Active 11 DOM
12. 2026-05-31
    days on market $499,999 Active 10 DOM
13. 2026-05-21
    listed $499,999 New
14. 1998-07-01
    soldstatus $189,000 231-char remark

    Show marketing remark (231 chars)

    GREAT OPPORTUNITY TO OWN THIS CHARMING 3 IDENTICAL 4 ROOM UNITS LOCATED ON DEAD END STREET FEATURING HARDWD FLOORS ALL LARGE ROOM 1/4 ACRE LOT PAVED DRIVEWAY MOVE IN CONDITION LIVE IN ONE AND COLLECT RENT FROM 2 OTHER AND RELAX AND

15. 1998-06-30
    historical 231-char remark

    Show marketing remark (231 chars)

    GREAT OPPORTUNITY TO OWN THIS CHARMING 3 IDENTICAL 4 ROOM UNITS LOCATED ON DEAD END STREET FEATURING HARDWD FLOORS ALL LARGE ROOM 1/4 ACRE LOT PAVED DRIVEWAY MOVE IN CONDITION LIVE IN ONE AND COLLECT RENT FROM 2 OTHER AND RELAX AND

16. 1998-06-15
    soldstatus $175,500
17. 1998-06-15
    soldstatus $175,500
18. 1998-04-06
    listed $189,000 231-char remark

    Show marketing remark (231 chars)

    GREAT OPPORTUNITY TO OWN THIS CHARMING 3 IDENTICAL 4 ROOM UNITS LOCATED ON DEAD END STREET FEATURING HARDWD FLOORS ALL LARGE ROOM 1/4 ACRE LOT PAVED DRIVEWAY MOVE IN CONDITION LIVE IN ONE AND COLLECT RENT FROM 2 OTHER AND RELAX AND

19. 1998-04-06
    listed $189,000

    Show marketing remark (231 chars)

    GREAT OPPORTUNITY TO OWN THIS CHARMING 3 IDENTICAL 4 ROOM UNITS LOCATED ON DEAD END STREET FEATURING HARDWD FLOORS ALL LARGE ROOM 1/4 ACRE LOT PAVED DRIVEWAY MOVE IN CONDITION LIVE IN ONE AND COLLECT RENT FROM 2 OTHER AND RELAX AND

ⓘ 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: $4,817 · $401/mo
• Projected year-2 tax: $6,483 · $540/mo
• Expected delta: +$1,666/yr (+$139/mo · 34.6%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $69,792
• − Mortgage interest: −$28,008
• − Property taxes: −$4,817
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,583
• − Management: −$5,583
• − Depreciation: −$14,545
• Taxable income: $8,755
• Est. tax owed @ 24.0%: −$2,101
• After-tax cash flow: $14,253/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: Bellingham
• NCES district ID: 2502460
• Math proficiency: 30% ▼ -14.00%
• Reading proficiency: 42% ▼ -3.00%
• Median HH income: $84,813
• Composite: 34.46/100
• National rank: #5190
• State rank: #209 of 302 in MA

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Norfolk County
• City population: 43,521
• Metro: Boston-Cambridge-Newton, MA-NH
• Population (ZIP): 17,410
• Household income: $125,307
• Rent vs Own: 21.1% rent · 78.9% own
• Severe rent burden: 455.0

Population outlook (Norfolk County) Hauer SSP2

• Today (2025): 737,259 people
• By 2030: 755,213 · +2.4%
• By 2040: 786,961 · +6.7%
• By 2050: 813,019 · +10.3%
• By 2075: 861,214 · +16.8%
• By 2100: 845,063 · +14.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 11% Hispanic / Latino 5% Asian 1%
• Hispanic origin (detail): Salvadoran 2%
• Common ancestry: Lithuanian 10% Romanian 5% Russian 4%
• Foreign-born: 6% · Canada
• Languages at home: 90% English-only · Spanish 3% Other Indo-European 3% French/Haitian/Cajun 1%

Political lean MEDSL · Norfolk

• 2024 margin: Strong D (+28.8) · D 63.3% · R 34.6% · Other 2.1%
• 2008→2024 swing: +10.2pp toward D · 2008: 18.5pp · 2024: 28.8pp
• All cycles: 2024: D+28.8 2020: D+36.3 2016: D+27.9 2012: D+16.1 2008: D+18.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -420.85%
• Current HPI: 279.2925
• Rent YoY: ▲ 2.45%
• Metro: Boston-Cambridge-Newton, MA-NH
• 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

+164.5% since first listed

7 events — show timeline

• 2026-05-21 Listed $499,999 MLS PIN
• 1998-07-01 Sold (MLS) $189,000 MLS PIN
• 1998-06-30 Listing Removed — MLS PIN
• 1998-06-15 Sold (Public Records) $175,500 Public Records
• 1998-06-15 Sold (Public Records) $175,500 Public Records
• 1998-04-06 Listed $189,000 RIS
• 1998-04-06 Listed $189,000 MLS PIN

Property tax history

+2.6%/yr

Latest (2023): $4,817 · +7.8% YoY. Source: county tax records.