56 58 Oakland Ave · Cranston, RI 02910

$749,900

6 bd · 3.0 ba · 2,714 sqft · MultiFamily public records · 19 Days on market

Built 1920 6,098 sqft lot $276/sqft · 83% above area Est $699k · 7% over ↓ 3% since listing

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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 +12.5/30.0
• Livability +4.4/5.0
• ARV discount +4.2/15.0
• DSCR +3.7/10.0
• 1% rule +2.8/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

This well-maintained three-unit multi-family home is located at 56-58 Oakland Avenue in the desirable Eden Park neighborhood of Cranston, Rhode Island. The property features three separate 2-bedroom, 1-bathroom units. This classic multi-family property provides excellent rental income potential or owner-occupant flexibility. Each unit is thoughtfully laid out for comfortable living, making the property attractive to tenants or investors alike. Recent major exterior upgrades include a brand-new roof and new siding, enhancing curb appeal, protecting the structure, and reducing future maintenance costs. The home offers a solid foundation with updated exteriors on a spacious lot, providing room

Key facts

• New siding
• Outdoor space
• Local amenities

Tags

• EDEN PARK NEIGHBORHOOD
• NEW ROOF
• NEW SIDING
• OFF-STREET PARKING
• OUTDOOR SPACE
• LOCAL AMENITIES

Property features AI

Exterior

• Parking: Detached garage; Two covered garage spaces (2-car garage); Total parking for 8 vehicles
• Utilities: Sewer connected; Water connected; Electric service: 100 amps with circuit breakers
• Home design: Vinyl siding construction; Above-grade finished area approximately 4,635
• Construction: Vinyl siding
• Exterior features: Sewer connected; Water connected

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: Total of 15 rooms (across units)
• Flooring: Hardwood
• Bathrooms: Three full bathrooms
• Heating & cooling: Heating provided (baseboard, steam, gas)
• Interior features: Hardwood flooring; Full basement with interior and exterior entry; Partially finished basement
• Laundry & utility: 100 amp electrical service with circuit breakers

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $750k.

Deal economics

• At list price, monthly cash flow is $-105 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $731k (2.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $588k (21.5% below list).
• Recommended offer: $588k (21.5% below list) — sets the bar for 1% rule.
• Cap rate 6.1% vs local median 3.3% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 76 active listings in the ZIP; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,884/mo this rent would consume 78% of the median local household income ($91k/yr) (locally 480% 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 $22k 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 19 days — a 2% lower offer ($739k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $588,400 (21.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.78% ✗
• Cap rate: 6.12%
• Cash-on-cash: -0.60%
• DSCR: 0.97
• GRM: 10.6

CMA / ARV

• ARV (median comp): $699,035
• List price: $749,900
• Delta: 7.28%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 Glenwood Ave	0.17mi	6/3.0	2,865 (+6%)	5mo	$775,000	$271	79
59 Colonial Ave	0.07mi	5/2.0 (-1)	2,654 (-2%)	10mo	$435,000	$164	76
13 Grove Ave	0.50mi	5/3.0 (-1)	2,414 (-11%)	7mo	$705,000	$292	47

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -17.3%
• Equity multiple: 0.39×
• Total profit: $-128,409
• Equity at exit: $111,813

10-year hold

• IRR: -9.4%
• Equity multiple: 0.42×
• Total profit: $-121,177
• Equity at exit: $64,838

Cash invested: $209,972 (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 02910

• Active inventory: 76
• Price-to-rent: 31.9×

Monthly cashflow live

• Estimated rent: $5,884 high
• Mortgage (P&I): −$3,933
• Tax from tax record: −$509 /mo · $6,106/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,236
• Net cashflow: $-105

Break-even live

Break-even rent $6,018

Max offer price $731,265

Occupancy floor 97%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,883
Total (3 units)			$5,884

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: $187,475
• Closing costs: $22,497
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-04
   listed $749,900 Active 927-char remark
2. 2026-05-03
   historical
3. 2026-04-06
   listed $775,000 Active

ⓘ 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: $6,106 · $509/mo
• Projected year-2 tax: $9,165 · $764/mo
• Expected delta: +$3,059/yr (+$255/mo · 50.1%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 72% 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: $70,608
• − Mortgage interest: −$42,006
• − Property taxes: −$6,106
• − Insurance: −$3,750
• − Repairs & maintenance: −$5,649
• − Management: −$5,649
• − Depreciation: −$21,815
• Taxable loss: −$14,366
• Est. tax savings @ 24.0%: +$3,448
• After-tax cash flow: $2,182/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: Cranston
• NCES district ID: 4400240
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $60,070
• Composite: 23.36/100
• National rank: #7910
• State rank: #23 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cranston, RI
• County: Providence County · 548,917 people
• City population: 72,803
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,499
• Household income: $90,698
• Rent vs Own: 31.0% rent · 69.0% own
• Severe rent burden: 480.0

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 0.59)
• Race & ethnicity: White 59% Hispanic / Latino 22% Two or more races 13% Asian 8% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 9%
• Common ancestry: Russian 5% Lithuanian 4% Romanian 2%
• Foreign-born: 17% · Canada, China, Vietnam
• Languages at home: 72% English-only · Spanish 15% Other Indo-European 3% Chinese 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: ▼ -511.50%
• Current HPI: 358.6283
• Rent YoY: —
• 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

-3.2% since first listed

4 events — show timeline

• 2026-05-24 Pending — RIS
• 2026-05-04 Listed $749,900 RIS
• 2026-05-03 Listing Removed — RIS
• 2026-04-06 Listed $775,000 RIS

Property tax history

+2.8%/yr

Latest (2025): $6,106 · +2.0% YoY. Source: county tax records.