57 Garden St · Pawtucket, RI 02860

$699,900

7 bd · 4.0 ba · 2,956 sqft · MultiFamily public records · 21 Days on market

Built 1920 3,625 sqft lot Est $683k · at est.

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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 +16.8/30.0
• ARV discount +6.4/15.0
• DSCR +5.2/10.0
• 1% rule +3.7/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• 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

This fully renovated multi-family home offers three spacious, modern, move-in-ready units each transformed from top to bottom into stunning living spaces with brand-new kitchens featuring sleek cabinets, quartz countertops, and beautiful backsplashes, plus luxury vinyl plank flooring throughout and fully updated, bright bathrooms. With over 1,200 sq ft per unit (confirm actual sq ft) and laundry in each unit for added convenience, the home includes a 3-bedroom/2-bath first-floor unit, a flexible 2 3 bedroom/1-bath second-floor unit, and a 3-bedroom/1-bath third-floor unit. All three units are vacant, making this the perfect opportunity for extended families, owner-occupants, or investors se

Key facts

• Fully renovated
• Turnkey property
• Brand-new kitchens

Tags

• FULLY RENOVATED
• BRAND-NEW KITCHENS
• LUXURY VINYL PLANK FLOORING
• UPDATED BRIGHT BATHROOMS
• LAUNDRY IN EACH UNIT
• TURNKEY PROPERTY

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $453 ($5k/yr) — positive. Per door: $151/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 $611k (12.7% below list).
• Recommended offer: $611k (12.7% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.8% in Pawtucket — 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 71/100 on livability (#16 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: employment C-, schools D, amenities F.
• Pawtucket (suburban): math 7% / reading 19% proficiency, ranked #33 of 39 in RI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 128 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,110/mo this rent would consume 119% of the median local household income ($62k/yr) (locally 2528% 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.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $50k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $260k; list at $700k implies a 169% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $611,000 (12.7% 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 1920 — 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. 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: 0.87% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.78%
• DSCR: 1.12
• GRM: 9.5

CMA / ARV

• ARV (on-the-fly): $682,836
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
54 Harrison St	0.05mi	6/3.0 (-1)	2,971 (+0%)	14mo	$475,000	$160	76
199 Pawtucket Ave	0.33mi	7/3.0	2,970 (+0%)	6mo	$620,000	$209	74
7 Brown St	0.15mi	6/3.0 (-1)	2,656 (-10%)	8mo	$690,000	$260	60
230 Pawtucket Ave	0.38mi	6/3.0 (-1)	2,785 (-6%)	7mo	$660,000	$237	58
238 Pawtucket Ave	0.39mi	6/3.0 (-1)	2,839 (-4%)	12mo	$695,000	$245	56
44 Highland St	0.50mi	8/3.0 (+1)	3,086 (+4%)	9mo	$590,000	$191	53
390 Weeden St	0.57mi	6/3.0 (-1)	2,742 (-7%)	4mo	$611,000	$223	49
36 Highland St	0.50mi	6/6.0 (-1)	3,012 (+2%)	17mo	$625,000	$208	46
23 Carson St	0.39mi	8/3.0 (+1)	2,592 (-12%)	10mo	$600,000	$231	44
101 Centre St	0.46mi	6/3.0 (-1)	2,613 (-12%)	13mo	$650,000	$249	39
24 Cherry St	0.56mi	7/3.0	2,563 (-13%)	15mo	$500,000	$195	36
25 27 Blodgett Ave	0.74mi	6/2.0 (-1)	2,602 (-12%)	0mo	$667,500	$257	32

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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-81,830
• Equity at exit: $104,357

10-year hold

• IRR: -1.7%
• Equity multiple: 0.88×
• Total profit: $-22,833
• 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 02860

• Rents YoY: 3.5%
• Active inventory: 128
• Price-to-rent: 28.6×

Monthly cashflow live

• Estimated rent: $6,110 high
• Mortgage (P&I): −$3,670
• Tax from tax record: −$412 /mo · $4,939/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,283
• Net cashflow: $453

Break-even live

Break-even rent $5,536

Max offer price $699,900

Occupancy floor 88%

Sensitivity live

Price	-10% $850	-5% $651	+0% $453	+5% $255	+10% $57
Rent	-10% $-29	-5% $212	+0% $453	+5% $695	+10% $936
Rate	-1.0pp $806	-0.5pp $631	base $453	+0.5pp $272	+1.0pp $87

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$6,111
Total (3 units)			$6,110

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 50 events

1. 2026-06-21
   statusdays on market $699,900 Active 21 DOM
2. 2026-06-18
   days on market $699,900 Active Under Contract 18 DOM
3. 2026-06-17
   days on market $699,900 Active Under Contract 17 DOM
4. 2026-06-16
   days on market $699,900 Active Under Contract 16 DOM
5. 2026-06-15
   statusdays on market $699,900 Active Under Contract 15 DOM
6. 2026-06-13
   days on market $699,900 Active 13 DOM
7. 2026-06-13
   days on market $699,900 Active 12 DOM
8. 2026-06-09
   days on market $699,900 Active 9 DOM
9. 2026-06-08
   days on market $699,900 Active 8 DOM
10. 2026-06-07
    days on market $699,900 Active 7 DOM
11. 2026-06-05
    days on market $699,900 Active 4 DOM
12. 2026-06-03
    days on market $699,900 Active 3 DOM
13. 2026-06-02
    days on market $699,900 Active 2 DOM
14. 2026-06-01
    statusdays on marketlisting id $699,900 Active 1 DOM
15. 2026-04-16
    status Pending
16. 2026-03-26
    historical Active Under Contract
17. 2026-03-19
    price $699,900
18. 2026-03-09
    price $739,900
19. 2026-03-03
    listed $749,900 Active
20. 2026-03-02
    historical
21. 2025-12-02
    historical Active Under Contract
22. 2025-11-20
    listed $749,900 Active
23. 2024-09-04
    historical
24. 2024-08-30
    listed $749,900 Active
25. 2019-09-20
    price $289,900
26. 2019-04-01
    soldstatus $259,900 Sold
27. 2019-04-01
    soldstatus $259,900
28. 2019-01-04
    status Pending
29. 2018-12-10
    listed $259,000 Active
30. 2017-04-03
    soldstatus $182,500
31. 2017-03-30
    soldstatus $182,500 Sold
32. 2017-02-06
    status Pending
33. 2016-11-26
    listed $189,900 Active - New
34. 2016-11-26
    historical
35. 2016-10-27
    price $195,000
36. 2016-09-25
    price $199,000
37. 2016-08-05
    listed $199,900 Active - New
38. 2016-08-04
    historical
39. 2016-07-13
    price $215,000
40. 2016-05-27
    price $219,900
41. 2016-05-11
    price $225,000
42. 2016-04-14
    listed $231,900 Active - New
43. 2009-04-27
    soldstatus $77,000
44. 2009-03-27
    historical
45. 2009-03-19
    listed $80,000
46. 2006-11-14
    soldstatus $290,000
47. 2006-11-14
    soldstatus $290,000
48. 2006-09-22
    historical
49. 2006-06-13
    listed $309,900
50. 2002-08-23
    soldstatus $145,000

ⓘ 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: $4,939 · $412/mo
• Projected year-2 tax: $8,174 · $681/mo
• Expected delta: +$3,235/yr (+$270/mo · 65.5%)

ⓘ 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 6/10 Major 7 d/yr ≥98°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: $73,320
• − Mortgage interest: −$39,205
• − Property taxes: −$4,939
• − Insurance: −$3,500
• − Repairs & maintenance: −$5,866
• − Management: −$5,866
• − Depreciation: −$20,361
• Taxable loss: −$6,416
• Est. tax savings @ 24.0%: +$1,540
• After-tax cash flow: $6,980/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: Pawtucket
• NCES district ID: 4400840
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $41,838
• Composite: 11.29/100
• National rank: #9718
• State rank: #33 of 39 in RI

Livability — Pawtucket

• Score: 71/100
• State rank: #16
• US rank: #7037

Category grades

Amenities F Commute F 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: Pawtucket, RI
• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 47,818
• Household income: $61,539
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 2528.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 29% Two or more races 22% Black 14% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 6%
• Common ancestry: Russian 9% Lithuanian 4% Romanian 2%
• Foreign-born: 28% · Canada, Jamaica
• Languages at home: 57% English-only · Spanish 22% Other Indo-European 9% French/Haitian/Cajun 9%

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: ▼ -215.00%
• Current HPI: 355.0152
• Rent YoY: ▲ 3.47%
• 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

+382.7% since first listed

36 events — show timeline

• 2026-04-16 Pending — RIS
• 2026-03-26 Contingent — RIS
• 2026-03-19 Price Changed $699,900 RIS
• 2026-03-09 Price Changed $739,900 RIS
• 2026-03-03 Listed $749,900 RIS
• 2026-03-02 Listing Removed — RIS
• 2025-12-02 Contingent — RIS
• 2025-11-20 Listed $749,900 RIS
• 2024-09-04 Listing Removed — RIS
• 2024-08-30 Listed $749,900 RIS
• 2019-09-20 Price Changed $289,900 RIS
• 2019-04-01 Sold (Public Records) $259,900 Public Records
• 2019-04-01 Sold (MLS) $259,900 RIS
• 2019-01-04 Pending — RIS
• 2018-12-10 Listed $259,000 RIS
• 2017-04-03 Sold (Public Records) $182,500 Public Records
• 2017-03-30 Sold (MLS) $182,500 RIS
• 2017-02-06 Pending — RIS
• 2016-11-26 Listed $189,900 RIS
• 2016-11-26 Listing Removed — RIS
• 2016-10-27 Price Changed $195,000 RIS
• 2016-09-25 Price Changed $199,000 RIS
• 2016-08-05 Listed $199,900 RIS
• 2016-08-04 Listing Removed — RIS
• 2016-07-13 Price Changed $215,000 RIS
• 2016-05-27 Price Changed $219,900 RIS
• 2016-05-11 Price Changed $225,000 RIS
• 2016-04-14 Listed $231,900 RIS
• 2009-04-27 Sold (MLS) $77,000 RIS
• 2009-03-27 Listing Removed — RIS
• 2009-03-19 Listed $80,000 RIS
• 2006-11-14 Sold (Public Records) $290,000 Public Records
• 2006-11-14 Sold (MLS) $290,000 RIS
• 2006-09-22 Listing Removed — RIS
• 2006-06-13 Listed $309,900 RIS
• 2002-08-23 Sold (Public Records) $145,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $4,939 · +6.6% YoY. Source: county tax records.