463 Sharon St · Providence, RI 02908

$549,900

4 bd · 2.0 ba · 2,288 sqft · MultiFamily public records · 1 Days on market

Built 1940 7,022 sqft lot Est $579k · 5% under

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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 +15.7/30.0
• ARV discount +9.8/15.0
• DSCR +4.8/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 1% rule +3.4/10.0
• 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

OUTSTANDING TWO FAMILY IN DESIRABLE AREA. LARGE TWO UNIT IN GREAT CONDITION. NEW ROOF, WINDOWS, NEW GAS FURNACE, 200 AMP ELECTRICAL SERVICE, PARKING, EASY HIGHWAY ACCESS AND MORE! GREAT INVESTMENT CALL TODAY

Key facts

• 7,022 sq ft lot
• 4 parking spots
• Built 1940

Property features AI

Finance

• Financial info: Property configured as a two-unit investment (two identical 2-bedroom, 1-bath units); Each unit area listed as about 1,144 (unit areas match)
• HOA & community: Community offers access to golf, marina, recreation areas, public transportation, highway access, and proximity to hospitals and schools

Exterior

• Parking: No garage; Total of 4 off-street parking spaces
• Utilities: Public water (connected); Public sewer (connected); Electric service with 100 amp capacity and separate meters
• Home design: Two-story building; Multi-family property with 2 units in 1 building; Above-grade finished area approximately 2,288
• Construction: Drywall and vinyl siding exterior; Combination foundation
• Exterior features: Paved driveway; Fenced lot; Corner lot

Interior

• Kitchen: Each unit includes an eat-in kitchen; Oven, Range, Refrigerator
• Bedrooms: Two 2-bedroom units (each unit: 2 bedrooms)
• Flooring: Hardwood; Vinyl
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas baseboard heating
• Interior features: Bathtub and tub/shower; Hardwood and vinyl flooring; Full unfinished basement with interior entry and storage/utility rooms
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $239 ($3k/yr) — positive. Per door: $120/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 $462k (15.9% below list).
• Recommended offer: $462k (15.9% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+5.5%/yr); 163 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,625/mo this rent would consume 76% of the median local household income ($73k/yr) (locally 1561% 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 $4k of loan paydown is wiped out by about $16k 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 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 30y 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 $150k; list at $550k implies a 267% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — 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 $462,500 (15.9% 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 1940 — 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: 0.84% ✗
• Cap rate: 6.82%
• Cash-on-cash: 1.87%
• DSCR: 1.08
• GRM: 9.9

CMA / ARV

• ARV (on-the-fly): $578,864
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
252 Gentian Ave	0.44mi	4/3.0	2,488 (+9%)	4mo	$630,000	$253	57
136 Kentland Ave	0.59mi	4/2.0	2,464 (+8%)	12mo	$610,000	$248	49

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 · 5.46% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-62,294
• Equity at exit: $81,992

10-year hold

• IRR: 1.3%
• Equity multiple: 1.10×
• Total profit: $15,332
• Equity at exit: $47,545

Cash invested: $153,972 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 163
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $4,625 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$301 /mo · $3,617/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$971
• Net cashflow: $239

Break-even live

Break-even rent $4,322

Max offer price $549,900

Occupancy floor 90%

Sensitivity live

Price	-10% $551	-5% $395	+0% $239	+5% $84	+10% $-72
Rent	-10% $-126	-5% $57	+0% $239	+5% $422	+10% $605
Rate	-1.0pp $516	-0.5pp $379	base $239	+0.5pp $97	+1.0pp $-48

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,624
Total (2 units)			$4,625

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
51 Bellevue Ave North Providence, RI	4.0	2.0	2500	$2,995	$1.20	25d	1	0.63mi

Listing history 12 events

1. 2026-05-01
   status Pending
2. 2026-05-01
   listed $549,900 Active
3. 2025-12-12
   historical $1,750
4. 2025-11-15
   listed $1,750
5. 2025-11-14
   historical $1,750
6. 2025-11-13
   listed $1,750
7. 2012-06-01
   soldstatus $150,000
8. 2012-05-31
   soldstatus $150,000 208-char remark

   Show marketing remark (208 chars)

   OUTSTANDING TWO FAMILY IN DESIRABLE AREA. LARGE TWO UNIT IN GREAT CONDITION. NEW ROOF, WINDOWS, NEW GAS FURNACE, 200 AMP ELECTRICAL SERVICE, PARKING, EASY HIGHWAY ACCESS AND MORE! GREAT INVESTMENT CALL TODAY

9. 2012-05-02
   historical 208-char remark

   Show marketing remark (208 chars)

   OUTSTANDING TWO FAMILY IN DESIRABLE AREA. LARGE TWO UNIT IN GREAT CONDITION. NEW ROOF, WINDOWS, NEW GAS FURNACE, 200 AMP ELECTRICAL SERVICE, PARKING, EASY HIGHWAY ACCESS AND MORE! GREAT INVESTMENT CALL TODAY

10. 2012-04-13
    listed $169,900 208-char remark

    Show marketing remark (208 chars)

    OUTSTANDING TWO FAMILY IN DESIRABLE AREA. LARGE TWO UNIT IN GREAT CONDITION. NEW ROOF, WINDOWS, NEW GAS FURNACE, 200 AMP ELECTRICAL SERVICE, PARKING, EASY HIGHWAY ACCESS AND MORE! GREAT INVESTMENT CALL TODAY

11. 1996-08-28
    soldstatus $116,700 111-char remark

    Show marketing remark (111 chars)

    OUTSTANDING TWO-FAMILY IN DESIRABLE AREA. LARGE APARTMENT IN EXCELLENT CONDITION. PERFECT FOR OWNER OCC- UPIED.

12. 1996-01-19
    listed $119,900 111-char remark

    Show marketing remark (111 chars)

    OUTSTANDING TWO-FAMILY IN DESIRABLE AREA. LARGE APARTMENT IN EXCELLENT CONDITION. PERFECT FOR OWNER OCC- UPIED.

ⓘ 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: $3,617 · $301/mo
• Projected year-2 tax: $6,290 · $524/mo
• Expected delta: +$2,673/yr (+$223/mo · 73.9%)

ⓘ 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 (unshaded) · 0% 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: $55,500
• − Mortgage interest: −$30,803
• − Property taxes: −$3,617
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,440
• − Management: −$4,440
• − Depreciation: −$15,997
• Taxable loss: −$6,547
• Est. tax savings @ 24.0%: +$1,571
• After-tax cash flow: $4,445/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 2%

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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+358.6% since first listed

12 events — show timeline

• 2026-05-01 Pending — RIS
• 2026-05-01 Listed $549,900 RIS
• 2025-12-12 Rental Removed $1,750 RIS
• 2025-11-15 Listed for Rent $1,750 RIS
• 2025-11-14 Rental Removed $1,750 RIS
• 2025-11-13 Listed for Rent $1,750 RIS
• 2012-06-01 Sold (Public Records) $150,000 Public Records
• 2012-05-31 Sold (MLS) $150,000 RIS
• 2012-05-02 Listing Removed — RIS
• 2012-04-13 Listed $169,900 RIS
• 1996-08-28 Sold (MLS) $116,700 RIS
• 1996-01-19 Listed $119,900 RIS

Property tax history

-3.9%/yr

Latest (2025): $3,617 · -40.1% YoY. Source: county tax records.