33 Halsey St · Newport, RI 02840

$975,000

4 bd · 4.5 ba · 2,992 sqft · MultiFamily public records · 16 Days on market

Built 1940 10,018 sqft lot Est $1089k · 10% under

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Why this score? — see what drove the C+ 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 +24.9/30.0
• ARV discount +12.2/15.0
• DSCR +8.1/10.0
• 1% rule +5.7/10.0
• Rent growth +4.8/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A rare Newport 4-family in an Opportunity Zone located within a quiet neighborhood perfectly situated between downtown Newport and the upcoming North End economic developments. All 4 units are rented to tenants with low maintenance yearly leases and the property currently produces $5,750 a month in rental income, and due to separate utilities between units tenants are responsible for paying their own Gas, Electric, and hot water. Sitting on a 10,000 sq ft lot, this 4 family also provides plenty of off-street parking for each unit and the large side yard offers an ideal location to possibly build a decently sized garage. Many recent improvements, including 4 new gas boilers, 4 hot water tanks, and updated electrical and plumbing. Turnkey, fully occupied building, with potential to support higher rents with minor interior upgrades.

Key facts

• Convenient access
• 0.23 acre lot
• 5 parking spots

Tags

• OFF-STREET PARKING SPACES
• CONVENIENT ACCESS

Property features AI

Finance

• Other: Property uses a multi-unit configuration: 4 units in 1 building
• Financial info: Operating expenses (multi-unit): $21,900

Exterior

• Parking: No garage; Total of 5 off-street parking spaces
• Utilities: 100 amp electric service; Public water; Public sewer
• Home design: Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Lot about 0.23 acres (10,018 sq ft); Single building containing multiple units; Above-grade finished area approximately 3,209

Interior

• Bedrooms: Total rooms: 16 (includes all living spaces and bedrooms)
• Flooring: Hardwood
• Bathrooms: Four full bathrooms
• Heating & cooling: Baseboard heating; Gas heating
• Interior features: Hardwood flooring; Gas water heater

What this means for you Summary

Snapshot

• This is a 4-bed/4.5-bath multifamily listed at $975k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $975k).
• Recommended offer: $960k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 2.1% in Newport — 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 78/100 on livability (#5 in RI, #2,367 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, cost of living F.
• Newport (suburban): math 10% / reading 20% proficiency, ranked #29 of 39 in RI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+9.3%/yr); 134 active listings in the ZIP; 32 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• At $10,449/mo this rent would consume 145% of the median local household income ($86k/yr) (locally 1294% 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 $7k of loan paydown is wiped out by about $29k of value loss. Plan a longer hold.
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $273k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($960k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y 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 $776k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $960,375 (1.5% below list)

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.07% ✓
• Cap rate: 8.86%
• Cash-on-cash: 9.17%
• DSCR: 1.41
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $1,089,088
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1 Arnold Ave	0.41mi	4/2.0	2,680 (-10%)	3mo	$975,000	$364	51

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.7%
• Equity multiple: 1.11×
• Total profit: $29,876
• Equity at exit: $145,376

10-year hold

• IRR: 16.4%
• Equity multiple: 2.64×
• Total profit: $447,619
• Equity at exit: $84,300

Cash invested: $273,000 (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 02840

• Rents YoY: 9.3%
• Active inventory: 134
• Price-to-rent: 31.1×

Monthly cashflow live

• Estimated rent: $10,449 high
• Mortgage (P&I): −$5,113
• Tax from tax record: −$650 /mo · $7,797/yr
• Insurance: −$406
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,194
• Net cashflow: $2,086

Break-even live

Break-even rent $7,809

Max offer price $975,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$10,448
Total (4 units)			$10,449

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: $243,750
• Closing costs: $29,250
• Reserves months: —
• Total cash needed: —

Rent comps 32 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
22 Summer St Newport, RI	5.0	2.0	2023	$4,500	$2.22	23d	1	0.32mi
94 Warner St Unit B Newport, RI	3.0	1.0	3193	$2,900	$0.91	23d	1	0.35mi
1 Bliss Rd Newport, RI	4.0	2.5	2947	$7,600	$2.58	23d	1	0.45mi
8 Johnson Ct Newport, RI	3.0	2.0	2016	$6,000	$2.98	23d	1	0.46mi
96 Washington St Newport, RI	5.0	4.5	3900	$80,000	$20.51	23d	1	0.57mi
14 Elm St Newport, RI	3.0	1.5	1974	$3,600	$1.82	3d	1	0.65mi
27 Cranston Ave Newport, RI	5.0	3.5	2771	$19,999	$7.22	23d	1	0.68mi
24 Freeborn St Newport, RI	4.0	2.0	2026	$4,200	$2.07	10d	1	0.69mi
22 Bridge St Newport, RI	4.0	2.5	2650	$25,000	$9.43	3d	1	0.70mi
27 Mann Ave Newport, RI	5.0	3.0	2100	$17,500	$8.33	23d	1	0.77mi
4 Hunter Ave Newport, RI	3.0	2.0	4038	$7,000	$1.73	23d	1	0.78mi
24 Spring St Newport, RI	4.0	3.0	2522	$7,500	$2.97	23d	1	0.78mi
42 Mann Ave Unit 2 Newport, RI	3.0	1.5	2400	$12,000	$5.00	23d	1	0.80mi
4 Barney St Newport, RI	4.0	2.5	2168	$5,000	$2.31	23d	1	0.83mi
12 Clarke St Newport, RI	3.0	2.0	2000	$3,000	$1.50	3d	1	0.86mi
123 Beacon St Middletown, RI	4.0	3.0	2000	$3,600	$1.80	3d	1	0.86mi
24 Barney St Newport, RI	5.0	3.5	2340	$25,000	$10.68	23d	1	0.88mi
23 Pell St Newport, RI	3.0	2.5	3416	$9,000	$2.63	23d	1	0.89mi
5 Division St Newport, RI	4.0	3.0	2200	$4,000	$1.82	23d	1	0.89mi
75 Mary St Newport, RI	5.0	2.5	2419	$15,000	$6.20	21d	1	0.95mi
2 Bailey Ter Middletown, RI	3.0	2.5	1947	$5,000	$2.57	4d	1	1.05mi
17 Old Beach Rd Newport, RI	5.0	3.5	2440	$6,000	$2.46	14d	1	1.14mi
83 John St Newport, RI	4.0	3.5	2837	$3,800	$1.34	23d	1	1.25mi
26 Red Cross Ave Newport, RI	4.0	2.5	2536	$10,000	$3.94	23d	1	1.25mi
26 Red Cross Ave Newport, RI	4.0	2.5	2536	$20,000	$7.89	14d	1	1.25mi
391 Valley Rd Middletown, RI	3.0	3.5	2296	$4,500	$1.96	23d	1	1.34mi
384 Valley Rd Middletown, RI	4.0	3.0	2048	$4,000	$1.95	23d	1	1.38mi
10 Young St #2 Newport, RI	4.0	2.0	2475	$4,000	$1.62	23d	1	1.39mi
132 Memorial Blvd Newport, RI	4.0	3.0	3512	$30,000	$8.54	23d	1	1.41mi
9 Anthony St Newport, RI	3.0	2.5	1946	$30,000	$15.42	23d	1	1.44mi
38 Pope St #2 Newport, RI	4.0	2.5	4000	$8,500	$2.12	23d	1	1.48mi
20 Annandale Rd Newport, RI	5.0	2.0	2230	$8,000	$3.59	23d	1	1.49mi

Listing history 26 events

1. 2026-06-13
   statusdays on market $975,000 Pending 16 DOM
2. 2026-06-09
   days on market $975,000 Active 14 DOM
3. 2026-06-08
   days on market $975,000 Active 13 DOM
4. 2026-06-07
   days on market $975,000 Active 12 DOM
5. 2026-06-05
   days on market $975,000 Active 9 DOM
6. 2026-06-03
   days on market $975,000 Active 8 DOM
7. 2026-06-02
   days on market $975,000 Active 7 DOM
8. 2026-06-01
   days on market $975,000 Active 6 DOM
9. 2026-05-31
   days on market $975,000 Active 5 DOM
10. 2026-05-26
    listed $975,000 Active
11. 2021-07-19
    soldstatus $776,000
12. 2021-07-16
    soldstatus $776,000 Closed 841-char remark

    Show marketing remark (841 chars)

    A rare Newport 4-family in an Opportunity Zone located within a quiet neighborhood perfectly situated between downtown Newport and the upcoming North End economic developments. All 4 units are rented to tenants with low maintenance yearly leases and the property currently produces $5,750 a month in rental income, and due to separate utilities between units tenants are responsible for paying their own Gas, Electric, and hot water. Sitting on a 10,000 sq ft lot, this 4 family also provides plenty of off-street parking for each unit and the large side yard offers an ideal location to possibly build a decently sized garage. Many recent improvements, including 4 new gas boilers, 4 hot water tanks, and updated electrical and plumbing. Turnkey, fully occupied building, with potential to support higher rents with minor interior upgrades.

13. 2021-06-22
    status Pending 841-char remark

    Show marketing remark (841 chars)

    A rare Newport 4-family in an Opportunity Zone located within a quiet neighborhood perfectly situated between downtown Newport and the upcoming North End economic developments. All 4 units are rented to tenants with low maintenance yearly leases and the property currently produces $5,750 a month in rental income, and due to separate utilities between units tenants are responsible for paying their own Gas, Electric, and hot water. Sitting on a 10,000 sq ft lot, this 4 family also provides plenty of off-street parking for each unit and the large side yard offers an ideal location to possibly build a decently sized garage. Many recent improvements, including 4 new gas boilers, 4 hot water tanks, and updated electrical and plumbing. Turnkey, fully occupied building, with potential to support higher rents with minor interior upgrades.

14. 2021-05-28
    historical Active Under Contract 841-char remark

    Show marketing remark (841 chars)

    A rare Newport 4-family in an Opportunity Zone located within a quiet neighborhood perfectly situated between downtown Newport and the upcoming North End economic developments. All 4 units are rented to tenants with low maintenance yearly leases and the property currently produces $5,750 a month in rental income, and due to separate utilities between units tenants are responsible for paying their own Gas, Electric, and hot water. Sitting on a 10,000 sq ft lot, this 4 family also provides plenty of off-street parking for each unit and the large side yard offers an ideal location to possibly build a decently sized garage. Many recent improvements, including 4 new gas boilers, 4 hot water tanks, and updated electrical and plumbing. Turnkey, fully occupied building, with potential to support higher rents with minor interior upgrades.

15. 2021-03-31
    listed $825,000 Active 841-char remark

    Show marketing remark (841 chars)

    A rare Newport 4-family in an Opportunity Zone located within a quiet neighborhood perfectly situated between downtown Newport and the upcoming North End economic developments. All 4 units are rented to tenants with low maintenance yearly leases and the property currently produces $5,750 a month in rental income, and due to separate utilities between units tenants are responsible for paying their own Gas, Electric, and hot water. Sitting on a 10,000 sq ft lot, this 4 family also provides plenty of off-street parking for each unit and the large side yard offers an ideal location to possibly build a decently sized garage. Many recent improvements, including 4 new gas boilers, 4 hot water tanks, and updated electrical and plumbing. Turnkey, fully occupied building, with potential to support higher rents with minor interior upgrades.

16. 2019-09-20
    price $269,900 42-char remark

    Show marketing remark (42 chars)

    4 Unit - apartment type - clean shows well

17. 2016-11-08
    price $469,000
18. 2008-10-24
    soldstatus $269,900 42-char remark

    Show marketing remark (42 chars)

    4 Unit - apartment type - clean shows well

19. 2008-08-28
    soldstatus $425,000
20. 2008-05-15
    historical 42-char remark

    Show marketing remark (42 chars)

    4 Unit - apartment type - clean shows well

21. 2007-11-28
    listed $399,900 42-char remark

    Show marketing remark (42 chars)

    4 Unit - apartment type - clean shows well

22. 2006-08-30
    historical
23. 2006-06-20
    listed $509,900
24. 1999-06-22
    soldstatus $167,000
25. 1998-12-09
    historical
26. 1997-06-10
    listed $135,000

ⓘ 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: $7,797 · $650/mo
• Projected year-2 tax: $11,845 · $987/mo
• Expected delta: +$4,048/yr (+$337/mo · 51.9%)

ⓘ 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 (shaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥89°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $125,388
• − Mortgage interest: −$54,615
• − Property taxes: −$7,797
• − Insurance: −$4,875
• − Repairs & maintenance: −$10,031
• − Management: −$10,031
• − Depreciation: −$28,364
• Taxable income: $9,675
• Est. tax owed @ 24.0%: −$2,322
• After-tax cash flow: $22,706/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: Newport
• NCES district ID: 4400720
• Math proficiency: 10% ▼ -11.00%
• Reading proficiency: 20% ▼ -8.00%
• Median HH income: $59,063
• Composite: 14.6/100
• National rank: #9412
• State rank: #29 of 39 in RI

Livability — Newport

• Score: 78/100
• State rank: #5
• US rank: #2367

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport, RI
• County: Newport County · 73,957 people
• City population: 23,448
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,448
• Household income: $86,250
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1294.0

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Two or more races 9% Black 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Russian 5% Lithuanian 4% Romanian 4%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1340.91%
• Current HPI: 451.3919
• Rent YoY: ▲ 9.32%
• 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

+622.2% since first listed

17 events — show timeline

• 2026-05-26 Listed $975,000 RIS
• 2021-07-19 Sold (Public Records) $776,000 Public Records
• 2021-07-16 Sold (MLS) $776,000 RIS
• 2021-06-22 Pending — RIS
• 2021-05-28 Contingent — RIS
• 2021-03-31 Listed $825,000 RIS
• 2019-09-20 Price Changed $269,900 RIS
• 2016-11-08 Price Changed $469,000 RIS
• 2008-10-24 Sold (MLS) $269,900 RIS
• 2008-08-28 Sold (Public Records) $425,000 Public Records
• 2008-05-15 Listing Removed — RIS
• 2007-11-28 Listed $399,900 RIS
• 2006-08-30 Listing Removed — RIS
• 2006-06-20 Listed $509,900 RIS
• 1999-06-22 Sold (Public Records) $167,000 Public Records
• 1998-12-09 Listing Removed — RIS
• 1997-06-10 Listed $135,000 RIS

Property tax history

+15.8%/yr

Latest (2025): $7,797 · +5.7% YoY. Source: county tax records.