48 Unit St · Providence, RI 02909

$479,900

5 bd · 3.0 ba · 1,610 sqft · MultiFamily public records · 13 Days on market

Built 1923 3,049 sqft lot

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Why this score? — see what drove the D+ 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 +18.3/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 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: 2 units. confirmed

Listing remarks MLS

PROPERTY SOLD AS IS

Key facts

• 3,049 sq ft lot
• 6 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $480k.

Deal economics

• At list price, monthly cash flow is $442 ($5k/yr) — positive. Per door: $221/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $456k (4.9% below list).
• Recommended offer: $456k (4.9% below list) — sets the bar for 1% rule.
• Cap rate 7.4% vs local median 4.0% 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 (+3.7%/yr); 132 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,564/mo this rent would consume 85% of the median local household income ($65k/yr) (locally 2000% 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 $14k 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.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 27y 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: built in 1923 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 70% 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 $456,400 (4.9% 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 1923 — 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. 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?
7. 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.
8. 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.
9. 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: 0.95% ✗
• Cap rate: 7.40%
• Cash-on-cash: 3.95%
• DSCR: 1.18
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -9.4%
• Equity multiple: 0.65×
• Total profit: $-46,466
• Equity at exit: $71,555

10-year hold

• IRR: 0.9%
• Equity multiple: 1.07×
• Total profit: $8,801
• Equity at exit: $41,493

Cash invested: $134,372 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 17.5×

Monthly cashflow live

• Estimated rent: $4,564 high
• Mortgage (P&I): −$2,517
• Tax from tax record: −$446 /mo · $5,358/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$958
• Net cashflow: $442

Break-even live

Break-even rent $4,004

Max offer price $479,900

Occupancy floor 85%

Sensitivity live

Price	-10% $714	-5% $578	+0% $442	+5% $307	+10% $171
Rent	-10% $82	-5% $262	+0% $442	+5% $623	+10% $803
Rate	-1.0pp $684	-0.5pp $565	base $442	+0.5pp $318	+1.0pp $192

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$4,564
Total (2 units)			$4,564

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: $119,975
• Closing costs: $14,397
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 Atwells Ave Unit 2 Providence, RI	4.0	2.0	1300	$2,950	$2.27	24d	1	0.19mi
610 Killingly St #1 Johnston, RI	4.0	2.0	1800	$2,850	$1.58	15d	1	0.92mi
42 Dante Ave Johnston, RI	4.0	1.5	1993	$3,000	$1.51	44d	1	1.09mi
38 Tyndall Ave Providence, RI	4.0	2.0	1500	$3,500	$2.33	20d	1	1.37mi

Listing history 35 events

1. 2026-04-08
   soldstatus $507,000
2. 2026-03-10
   status Pending
3. 2026-02-16
   listed $479,900 Active
4. 2019-09-20
   price $44,000 19-char remark

   Show marketing remark (19 chars)

   PROPERTY SOLD AS IS

5. 2018-04-11
   soldstatus $128,000 Sold 162-char remark

   Show marketing remark (162 chars)

   Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

6. 2018-04-11
   soldstatus $128,000

   Show marketing remark (162 chars)

   Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

7. 2018-01-27
   status Pending 162-char remark

   Show marketing remark (162 chars)

   Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

8. 2018-01-18
   status Active 162-char remark

   Show marketing remark (162 chars)

   Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

9. 2017-09-15
   status Pending 162-char remark

   Show marketing remark (162 chars)

   Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

10. 2017-08-28
    status Active 162-char remark

    Show marketing remark (162 chars)

    Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

11. 2017-07-18
    status Pending 162-char remark

    Show marketing remark (162 chars)

    Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

12. 2017-07-03
    listed $135,000 Active 162-char remark

    Show marketing remark (162 chars)

    Low priced 3 story multi-family. Currently utilized as a three family, but a legal 2 family. Second and third can be combined for an apartment with more bedrooms.

13. 2014-08-18
    historical
14. 2014-05-17
    listed $129,900 Active - New
15. 2014-05-01
    historical
16. 2014-04-10
    status Active - Back on Market
17. 2014-04-01
    historical
18. 2014-03-10
    status Active - Back on Market
19. 2014-03-08
    historical
20. 2013-12-07
    listed $132,000 Active - New
21. 2010-02-25
    soldstatus $55,000
22. 2010-02-25
    soldstatus $55,000
23. 2009-12-07
    historical
24. 2009-12-07
    historical
25. 2009-11-07
    listed $60,000
26. 2009-11-06
    listed $60,000
27. 2006-02-22
    soldstatus $219,000
28. 2005-11-14
    historical
29. 2005-11-14
    listed $209,900
30. 2005-06-28
    historical
31. 2005-03-28
    listed $229,900
32. 2000-03-09
    soldstatus $35,000
33. 2000-03-08
    soldstatus $35,000 19-char remark

    Show marketing remark (19 chars)

    PROPERTY SOLD AS IS

34. 2000-03-05
    historical 19-char remark

    Show marketing remark (19 chars)

    PROPERTY SOLD AS IS

35. 1999-07-29
    listed $74,900 19-char remark

    Show marketing remark (19 chars)

    PROPERTY SOLD AS IS

ⓘ 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: $5,358 · $446/mo
• Projected year-2 tax: $6,590 · $549/mo
• Expected delta: +$1,232/yr (+$103/mo · 23.0%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $54,768
• − Mortgage interest: −$26,882
• − Property taxes: −$5,358
• − Insurance: −$2,400
• − Repairs & maintenance: −$4,381
• − Management: −$4,381
• − Depreciation: −$13,961
• Taxable loss: −$2,595
• Est. tax savings @ 24.0%: +$623
• After-tax cash flow: $5,932/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+576.9% since first listed

35 events — show timeline

• 2026-04-08 Sold (Public Records) $507,000 Public Records
• 2026-03-10 Pending — RIS
• 2026-02-16 Listed $479,900 RIS
• 2019-09-20 Price Changed $44,000 RIS
• 2018-04-11 Sold (Public Records) $128,000 Public Records
• 2018-04-11 Sold (MLS) $128,000 RIS
• 2018-01-27 Pending — RIS
• 2018-01-18 Relisted — RIS
• 2017-09-15 Pending — RIS
• 2017-08-28 Relisted — RIS
• 2017-07-18 Pending — RIS
• 2017-07-03 Listed $135,000 RIS
• 2014-08-18 Listing Removed — RIS
• 2014-05-17 Listed $129,900 RIS
• 2014-05-01 Listing Removed — RIS
• 2014-04-10 Relisted — RIS
• 2014-04-01 Listing Removed — RIS
• 2014-03-10 Relisted — RIS
• 2014-03-08 Listing Removed — RIS
• 2013-12-07 Listed $132,000 RIS
• 2010-02-25 Sold (MLS) $55,000 RIS
• 2010-02-25 Sold (MLS) $55,000 MLS PIN
• 2009-12-07 Listing Removed — RIS
• 2009-12-07 Listing Removed — MLS PIN
• 2009-11-07 Listed $60,000 RIS
• 2009-11-06 Listed $60,000 MLS PIN
• 2006-02-22 Sold (Public Records) $219,000 Public Records
• 2005-11-14 Listed $209,900 RIS
• 2005-11-14 Listing Removed — RIS
• 2005-06-28 Listing Removed — RIS
• 2005-03-28 Listed $229,900 RIS
• 2000-03-09 Sold (Public Records) $35,000 Public Records
• 2000-03-08 Sold (MLS) $35,000 RIS
• 2000-03-05 Listing Removed — RIS
• 1999-07-29 Listed $74,900 RIS

Property tax history

+3.3%/yr

Latest (2025): $5,358 · +19.9% YoY. Source: county tax records.