149 Front St · Lincoln, RI 02865

$319,000

4 bd · 2.0 ba · 2,266 sqft · SingleFamily · 42 Days on market

Built 1940 Good condition 7,500 sqft lot $141/sqft · 47% below area Est $598k · 47% under

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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 +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.2/10.0
• Schools +3.9/10.0
• Condition / age +3.8/5.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Amazing opportunity for an investor, contractor, or family looking to add value and gain instant equity in a highly desirable Lincoln location. This property is currently configured as a two-family with 2 bedrooms and 1 bathroom, plus additional attic space offering expansion potential. The home has been fully gutted, providing a clean slate for you to bring your vision to life and customize to your needs. Significant upfront work has already been completed including survey, approved plans, engineering, and a letter from the town supporting conversion from a commercial office to a two-family. Conversion is contingent on pulling permits and completing required work per town approvals.

Key facts

• Fully gutted
• Attic space
• Off-street parking

Tags

• ATTIC SPACE
• FULLY GUTTED
• OVERSIZED ONE-CAR GARAGE
• OFF-STREET PARKING
• LINCOLN WOODS STATE PARK

Property features AI

Finance

• Other: Two-unit multi-family property (one building) — Unit A approx. 672 sq ft (2 bed, 1 bath), Unit B approx. 922 sq ft (2 bed, 1 bath)
• Financial info: Operating expense listed at $600 (multi-unit)
• HOA & community: Community offers highway access and nearby recreation area

Exterior

• Parking: Detached garage with 2 parking spaces (total)
• Utilities: Public water service; Cesspool sewer
• Home design: Three-story building; Under construction / New construction
• Construction: Vinyl siding; Combination foundation; New construction / currently under construction; Above-grade finished area approx. 2,266
• Exterior features: Public water; Cesspool sewer; Lot approximately 0.172 acres

Interior

• Kitchen: No hot water (appliance/equipment note)
• Bedrooms: Two 2-bedroom units (each unit described below includes bedrooms)
• Bathrooms: Two full bathrooms total in the building; each unit has 1 full bathroom
• Interior features: Has unfinished full basement with interior and exterior entry
• Laundry & utility: Basement provides interior access for utility/washer-dryer placement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $319k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $367 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $319k).
• Recommended offer: $309k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Lincoln (suburban): math 38% / reading 48% proficiency, ranked #13 of 39 in RI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 93 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k 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 42 days — a 3% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 4y 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 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $309,430 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1940 — 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. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.02% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.93%
• DSCR: 1.22
• GRM: 8.2

CMA / ARV

• ARV (median comp): $597,623
• List price: $319,000
• Delta: -46.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
153 Grove St	0.33mi	3/2.0 (-1)	2,308 (+2%)	1mo	$505,000	$219	75
2 Forest Way	0.38mi	3/1.5 (-1)	2,312 (+2%)	0mo	$642,500	$278	72
1566 Lonsdale Ave	0.19mi	3/1.0 (-1)	2,400 (+6%)	12mo	$400,000	$167	62
65 Boulevard Ave	0.31mi	3/1.5 (-1)	1,998 (-12%)	15mo	$452,000	$226	46
40 River Rd	0.43mi	3/2.0 (-1)	2,040 (-10%)	18mo	$425,000	$208	44
370 River Rd	0.67mi	3/1.0 (-1)	2,280 (+1%)	19mo	$485,000	$213	42
2 Arlington Dr	0.38mi	3/2.0 (-1)	2,502 (+10%)	23mo	$535,000	$214	40
26 Linda St	0.67mi	3/2.5 (-1)	2,160 (-5%)	23mo	$615,000	$285	35
321 River Rd	0.54mi	4/2.5	2,531 (+12%)	22mo	$725,000	$286	35
3 Holiday Ct	0.61mi	3/1.0 (-1)	1,952 (-14%)	13mo	$476,000	$244	29
7 Park Blvd	0.50mi	3/1.0 (-1)	1,994 (-12%)	23mo	$470,000	$236	28

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: -8.6%
• Equity multiple: 0.68×
• Total profit: $-28,255
• Equity at exit: $47,564

10-year hold

• IRR: 0.9%
• Equity multiple: 1.06×
• Total profit: $5,712
• Equity at exit: $27,581

Cash invested: $89,320 (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 02865

• Active inventory: 93
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $3,255 medium
• Mortgage (P&I): −$1,673
• Tax est. 1.5%: −$399 /mo · $4,785/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $367

Break-even live

Break-even rent $2,791

Max offer price $319,000

Occupancy floor 84%

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
53 Hadwin St Unit 2 Central Falls, RI	3.0	1.0	2800	$2,150	$0.77	4d	1	1.16mi
513 Mendon Rd Unit 1 Attleboro, MA	3.0	2.5	1780	$3,979	$2.24	14d	1	1.44mi
515 Mendon Rd Unit 2 Attleboro, MA	3.0	2.5	1780	$3,950	$2.22	43d	1	1.44mi

Listing history 25 events

1. 2026-06-18
   days on market $319,000 Active 42 DOM
2. 2026-06-17
   days on market $319,000 Active 41 DOM
3. 2026-06-16
   days on market $319,000 Active 40 DOM
4. 2026-06-15
   days on market $319,000 Active 39 DOM
5. 2026-06-13
   days on market $319,000 Active 37 DOM
6. 2026-06-13
   days on market $319,000 Active 36 DOM
7. 2026-06-09
   days on market $319,000 Active 33 DOM
8. 2026-06-08
   days on market $319,000 Active 32 DOM
9. 2026-06-08
   status $319,000 Active 31 DOM
10. 2026-06-02
    status $319,000 Pending 31 DOM
11. 2026-06-01
    days on market $319,000 Active 31 DOM
12. 2026-05-31
    days on market $319,000 Active 30 DOM
13. 2026-05-01
    listed $319,000 Active 1088-char remark
14. 2026-04-01
    historical
15. 2026-01-02
    listed $449,900 Active
16. 2023-02-07
    historical
17. 2023-01-19
    listed $229,900 Active
18. 2023-01-19
    historical
19. 2022-11-22
    listed $249,900 Active
20. 2022-11-22
    historical
21. 2022-08-03
    listed $249,900 Active
22. 2022-08-03
    historical
23. 2022-06-28
    status Active
24. 2022-05-14
    status Pending
25. 2022-03-27
    listed $249,900 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌡 Heat 5/10 Major
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,065
• − Mortgage interest: −$17,869
• − Property taxes: −$4,785
• − Insurance: −$1,595
• − Repairs & maintenance: −$3,125
• − Management: −$3,125
• − Depreciation: −$9,280
• Taxable loss: −$715
• Est. tax savings @ 24.0%: +$172
• After-tax cash flow: $4,578/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.

Condition & rehab AI · 2 photos

Good 75/100 Cosmetic rehab

This property is in good condition with a cosmetic rehab level, featuring a well-maintained exterior and a fresh paint job. It offers significant potential for value enhancement through landscaping, interior updates, and HVAC improvements, making it an attractive investment opportunity.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhanced landscaping can improve the home's curb appeal and attract more potential buyers or renters.
• Both Interior updates — Updating the interior can make the home more attractive and functional, increasing its value for both resale and rental.
• Both Kitchen and bathroom updates — Modernizing the kitchen and bathrooms can significantly increase the home's value and appeal to a broader range of buyers and renters.
• Both Painting and minor repairs — Fresh paint and minor repairs can make the home look more inviting and well-maintained, enhancing its value for both resale and rental.
• Both HVAC and mechanical updates — Upgrading the HVAC and mechanical systems can improve the home's comfort and energy efficiency, making it more attractive to potential buyers and renters.
• Both Foundation and structural inspection — Ensuring the foundation and structure are in good condition can provide peace of mind for potential buyers and renters, and may also increase the home's value if any issues are found and addressed.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhanced landscaping can improve the home's curb appeal and attract more potential buyers or renters. ↑
• Both Interior updates — Updating the interior can make the home more attractive and functional, increasing its value for both resale and rental. ↑
• Both Kitchen and bathroom updates — Modernizing the kitchen and bathrooms can significantly increase the home's value and appeal to a broader range of buyers and renters. ↑
• Both Painting and minor repairs — Fresh paint and minor repairs can make the home look more inviting and well-maintained, enhancing its value for both resale and rental. ↑
• Both HVAC and mechanical updates — Upgrading the HVAC and mechanical systems can improve the home's comfort and energy efficiency, making it more attractive to potential buyers and renters. ↑
• Both Foundation and structural inspection — Ensuring the foundation and structure are in good condition can provide peace of mind for potential buyers and renters, and may also increase the home's value if any issues are found and addressed. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Lincoln
• NCES district ID: 4400570
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $69,500
• Composite: 38.81/100
• National rank: #4115
• State rank: #13 of 39 in RI

Livability — Lincoln

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 18,033

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: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 9% Hispanic / Latino 6% Asian 5%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 11% Russian 7% Romanian 4%
• Foreign-born: 11% · Canada, China, Jamaica
• Languages at home: 84% English-only · Other Indo-European 7% Spanish 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: ▼ -332.01%
• Current HPI: 325.7543
• Rent YoY: —
• Metro: —
• 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

+27.7% since first listed

15 events — show timeline

• 2026-06-07 Relisted — RIS
• 2026-06-01 Pending — RIS
• 2026-05-01 Listed $319,000 RIS
• 2026-04-01 Listing Removed — RIS
• 2026-01-02 Listed $449,900 RIS
• 2023-02-07 Listing Removed — RIS
• 2023-01-19 Listing Removed — RIS
• 2023-01-19 Listed $229,900 RIS
• 2022-11-22 Listing Removed — RIS
• 2022-11-22 Listed $249,900 RIS
• 2022-08-03 Listing Removed — RIS
• 2022-08-03 Listed $249,900 RIS
• 2022-06-28 Relisted — RIS
• 2022-05-14 Pending — RIS
• 2022-03-27 Listed $249,900 RIS