222 Grove St · Woonsocket, RI 02895

$239,900

2 bd · 2.0 ba · 1,326 sqft · MultiFamily public records · 35 Days on market

Built 1870 6,098 sqft lot $181/sqft · 24% below area

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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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Rent growth +4.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• 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

Two family home could be a great project for a first time buyer with rehab skills. The systems of the home are in good condition it just needs a cosmetic rehab Each unit has 1 bedroom text Deb today to take a look The seller has never lived in the home and will be selling it in as is condition.

Key facts

• 6,098 sq ft lot
• Garage
• Built 1870

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $546 ($7k/yr) — positive. Per door: $273/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 3.3% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Woonsocket (suburban): math 5% / reading 14% proficiency, ranked #37 of 39 in RI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.2%/yr); 163 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $2,757/mo this rent would consume 54% of the median local household income ($61k/yr) (locally 2658% 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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $67k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y ago; this cycle's ask has dropped $40k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $240k implies a 233% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% 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 $232,703 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.15% ✓
• Cap rate: 9.02%
• Cash-on-cash: 9.75%
• DSCR: 1.43
• GRM: 7.3

CMA / ARV

• ARV (median comp): $556,826
• List price: $239,900
• Delta: -56.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
268 Cottage St	0.32mi	3/2.0 (+1)	1,403 (+6%)	19mo	$377,500	$269	54
73 Boyden St	0.58mi	3/2.0 (+1)	1,464 (+10%)	12mo	$365,000	$249	41

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: 3.8%
• Equity multiple: 1.16×
• Total profit: $10,471
• Equity at exit: $35,770

10-year hold

• IRR: 17.6%
• Equity multiple: 2.79×
• Total profit: $120,283
• Equity at exit: $20,742

Cash invested: $67,172 (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 02895

• Rents YoY: 9.2%
• Active inventory: 163
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,757 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$274 /mo · $3,293/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$579
• Net cashflow: $546

Break-even live

Break-even rent $2,066

Max offer price $239,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,758
Total (2 units)			$2,757

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
24 Paradis Ave Unit 3 Woonsocket, RI	2.0	1.0	1080	$1,300	$1.20	43d	1	0.07mi
663 Bernon St Apt 2 Woonsocket, RI	3.0	1.0	1000	$2,395	$2.40	1d	1	0.18mi
204 Welles St Unit 2R Woonsocket, RI	3.0	1.0	1365	$1,875	$1.37	43d	1	0.20mi
188 Division St Unit 2F Woonsocket, RI	2.0	1.0	900	$2,000	$2.22	43d	1	0.23mi
188 Division St Unit 3R Woonsocket, RI	2.0	1.0	900	$1,800	$2.00	43d	1	0.23mi
188 Division St Unit 2R Woonsocket, RI	2.0	1.0	900	$1,900	$2.11	23d	1	0.23mi
24 Front St #1 Woonsocket, RI	1.0	1.0	1509	$1,900	$1.26	4d	1	0.23mi
505 Grove St Woonsocket, RI	2.0	1.0	1000	$1,650	$1.65	4d	1	0.25mi
505 Grove St Unit 3R Woonsocket, RI	2.0	1.0	1000	$1,650	$1.65	43d	1	0.25mi
275 Front St Unit 281-3 Woonsocket, RI	3.0	1.0	1000	$1,400	$1.40	23d	1	0.25mi
87 Manville Rd Woonsocket, RI	2.0	1.0	900	$1,500	$1.67	23d	1	0.36mi
455 Carrington Ave Unit 1F Woonsocket, RI	2.0	1.0	1134	$1,675	$1.48	43d	1	0.36mi
633 Grove St Unit 1 Woonsocket, RI	2.0	1.0	1200	$1,800	$1.50	43d	1	0.37mi
52 Bellevue Ave Unit 3 Woonsocket, RI	2.0	1.0	900	$1,900	$2.11	17d	1	0.39mi
52 Bellevue Ave Unit 2 Woonsocket, RI	3.0	1.0	1400	$2,000	$1.43	16d	1	0.40mi
83 Main St Unit 9 Woonsocket, RI	1.0	1.0	1100	$1,700	$1.55	11d	1	0.41mi
114 Main St Unit 1A Woonsocket, RI	3.0	2.0	1825	$2,400	$1.32	1d	1	0.42mi
29 Ross St Unit 1 Woonsocket, RI	3.0	1.0	1100	$2,000	$1.82	43d	1	0.53mi
107 Mount Saint Charles Ave Unit 2 Woonsocket, RI	3.0	1.0	981	$1,675	$1.71	4d	1	0.53mi
124 East St Unit 2 Woonsocket, RI	3.0	1.0	1100	$1,900	$1.73	43d	1	0.57mi
72 Kendrick Ave Woonsocket, RI	1.0	1.0	1120	$1,700	$1.52	43d	1	0.69mi
51 Wood Ave Unit 1R Woonsocket, RI	2.0	1.0	1080	$1,325	$1.23	23d	1	0.71mi
156 Pleasant St Unit 3 Woonsocket, RI	3.0	1.0	1088	$1,850	$1.70	3d	1	0.80mi
515 E School St Unit 9 Woonsocket, RI	2.0	1.0	1080	$1,600	$1.48	4d	1	0.81mi
80 Summit St Unit 2 Woonsocket, RI	2.0	1.0	900	$2,000	$2.22	1d	1	0.83mi
95 Victor St Unit 6 Woonsocket, RI	3.0	1.0	900	$1,775	$1.97	43d	1	0.84mi
95 Victor St Unit 1 Woonsocket, RI	1.0	1.0	1425	$1,350	$0.95	4d	1	0.84mi
85 Orchard St Unit 3 Woonsocket, RI	2.0	1.0	875	$1,350	$1.54	16d	1	0.85mi
395 S Main St Unit 2 Woonsocket, RI	2.0	1.0	900	$1,495	$1.66	43d	1	0.86mi
428 Elm St Unit 2nd floor Woonsocket, RI	3.0	1.0	1100	$2,800	$2.55	1d	1	0.87mi
166 Newland Ave Unit 3 Woonsocket, RI	2.0	1.0	900	$1,550	$1.72	23d	1	0.87mi
59 Sweet Ave Woonsocket, RI	2.0	1.0	950	$1,495	$1.57	21d	1	0.89mi
216 Harris Ave Unit 2 Woonsocket, RI	2.0	1.0	1100	$1,850	$1.68	19d	1	0.90mi
436 S Main St Woonsocket, RI	3.0	1.0	1312	$2,800	$2.13	14d	1	0.91mi
242 Burnside Ave Unit 3F/4 Woonsocket, RI	2.0	1.0	1080	$1,400	$1.30	1d	1	0.93mi
254 Burnside Ave Unit 1 Woonsocket, RI	3.0	1.0	1361	$1,650	$1.21	24d	1	0.94mi
425 Wood Ave Woonsocket, RI	3.0	1.0	1100	$2,000	$1.82	43d	1	0.99mi
576 Providence St Unit 3 Woonsocket, RI	2.0	1.0	1250	$2,000	$1.60	43d	1	0.99mi
341 Burnside Ave Unit 2 Woonsocket, RI	3.0	1.0	1114	$1,650	$1.48	43d	1	1.03mi
550 Winter St Unit 1 Woonsocket, RI	3.0	1.0	1320	$2,000	$1.52	1d	1	1.06mi

Listing history 7 events

1. 2026-05-11
   price $239,900 299-char remark

   Show marketing remark (299 chars)

   Two family home could be a great project for a first time buyer with rehab skills. The systems of the home are in good condition it just needs a cosmetic rehab Each unit has 1 bedroom text Deb today to take a look The seller has never lived in the home and will be selling it in as is condition.

2. 2026-04-22
   listed $279,900 Active 299-char remark

   Show marketing remark (299 chars)

   Two family home could be a great project for a first time buyer with rehab skills. The systems of the home are in good condition it just needs a cosmetic rehab Each unit has 1 bedroom text Deb today to take a look The seller has never lived in the home and will be selling it in as is condition.

3. 1998-07-30
   historical
4. 1998-07-10
   listed $81,900
5. 1997-11-26
   historical
6. 1997-05-26
   listed $85,300
7. 1991-08-09
   soldstatus $72,000

ⓘ 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: $3,293 · $274/mo
• Projected year-2 tax: $3,602 · $300/mo
• Expected delta: +$309/yr (+$26/mo · 9.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $33,084
• − Mortgage interest: −$13,438
• − Property taxes: −$3,293
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,647
• − Management: −$2,647
• − Depreciation: −$6,979
• Taxable income: $2,881
• Est. tax owed @ 24.0%: −$691
• After-tax cash flow: $5,856/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: Woonsocket
• NCES district ID: 4401200
• Math proficiency: 5% ▼ -7.00%
• Reading proficiency: 14% ▼ -2.00%
• Median HH income: $37,757
• Composite: 8.01/100
• National rank: #9923
• State rank: #37 of 39 in RI

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woonsocket, RI
• County: Providence County · 548,917 people
• City population: 43,521
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 43,521
• Household income: $61,059
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2658.0

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 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 18% Asian 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 15% Dominican 4%
• Common ancestry: Lithuanian 13% Romanian 3% Russian 3%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 17% Other Asian/Pacific 4% Other Indo-European 4%

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: ▼ -431.80%
• Current HPI: 357.8858
• Rent YoY: ▲ 9.15%
• 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

+233.2% since first listed

7 events — show timeline

• 2026-05-11 Price Changed $239,900 RIS
• 2026-04-22 Listed $279,900 RIS
• 1998-07-30 Listing Removed — RIS
• 1998-07-10 Listed $81,900 RIS
• 1997-11-26 Listing Removed — RIS
• 1997-05-26 Listed $85,300 RIS
• 1991-08-09 Sold (Public Records) $72,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $3,293 · +3.7% YoY. Source: county tax records.