31 Wright Ln

Jamestown, RI 02835

$2,895,000F

3 bd · 3.5 ba · 3,484 sqft · Built 1988 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,952/mo
• Mortgage (P&I): −$15,182
• Tax + insurance: −$4,825
• HOA: −$0
• Vac / Maint / Mgmt: −$1,040
• Net cashflow: $-16,095/mo
• Annual: $-193,136/yr
• Cap rate: -0.38%
• Cash-on-cash: -23.83%
• DSCR: -0.06
• 1% rule: 0.17%
• Cash to close: $810,600

Investor read

• This is a 3-bed/3.5-bath single-family listed at $2.90M.
• At list price, monthly cash flow is $-16k ($-193k/yr) — negative.
• To cash-flow at today's rent, offer at most $566k (80.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $495k (82.9% below list).
• It's been on market 17 days — a 2% lower offer ($2.85M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $495k (82.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $20k of loan paydown is wiped out by about $87k of value loss. Plan a longer hold.
• Location reads: area grade F — affects rentability + tenant quality, not the cash-flow math above.
• Jamestown (suburban): math 51% / reading 68% proficiency, ranked #2 of 39 in RI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 62 active listings in the ZIP; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Questions for listing agent

• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.