41 Joslin St · Providence, RI 02909

$649,900

40 bd · 4.5 ba · 3,455 sqft · MultiFamily public records · 16 Days on market

Built 1922 3,049 sqft lot

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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 +29.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 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: 3 units. confirmed

Listing remarks

Spacious 3-Family Investment Opportunity. Welcome to a large multi-family property offering a fantastic investment or owner-occupant opportunity. This apartment-style multi family offers 3 apartments Unit 1 boasts 5 bedrooms and 2 bathrooms. Units 2 & 3 each offer 2 bedrooms and 1 bathroom, perfect for tenants seeking comfortable, low-maintenance living. Laminate flooring throughout. Ample off-street parking.

Key facts

• Laminate flooring
• Off street parking
• Multi family

Tags

• MULTI FAMILY
• INVESTMENT OPPORTUNITY
• OFF STREET PARKING
• LAMINATE FLOORING

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $743/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $650k).
• Recommended offer: $640k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.4% vs local median 4.2% 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-, schools F.
• 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.
• Market conditions: Rents rising (+3.7%/yr); 132 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,979/mo this rent would consume 148% of the median local household income ($65k/yr) (locally 2000% 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 $19k 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 + 3.7% rent growth), your $182k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($640k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 19y 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 $448k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $640,151 (1.5% 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 1922 — 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. 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.
7. 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.
8. 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: 1.23% ✓
• Cap rate: 10.41%
• Cash-on-cash: 14.70%
• DSCR: 1.65
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: 5.9%
• Equity multiple: 1.23×
• Total profit: $42,065
• Equity at exit: $96,902

10-year hold

• IRR: 15.8%
• Equity multiple: 2.33×
• Total profit: $241,813
• Equity at exit: $56,191

Cash invested: $181,972 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $7,979 high
• Mortgage (P&I): −$3,408
• Tax from tax record: −$395 /mo · $4,736/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,676
• Net cashflow: $2,230

Break-even live

Break-even rent $5,156

Max offer price $649,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$7,980
Total (3 units)			$7,979

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-03-31
   status Pending
2. 2026-03-15
   listed $649,900 Active
3. 2025-09-16
   historical
4. 2025-07-22
   price $639,900
5. 2025-06-12
   listed $649,900 Active
6. 2025-06-12
   historical
7. 2025-04-02
   status Active
8. 2025-03-24
   status Pending
9. 2025-02-28
   listed $674,900 Active
10. 2022-05-03
    soldstatus $448,000 Closed
11. 2022-02-02
    listed $448,000
12. 2022-02-02
    historical
13. 2021-06-28
    historical
14. 2021-03-16
    status Active
15. 2021-03-02
    historical Active Under Contract
16. 2020-12-04
    listed $399,000 Active
17. 2018-02-07
    soldstatus $211,500 Sold
18. 2018-02-07
    soldstatus $211,500
19. 2017-12-11
    historical Under Contract: Inspection Period
20. 2017-11-30
    price $219,000
21. 2017-11-14
    listed $239,900 Active
22. 2016-11-08
    price $258,000
23. 2015-10-02
    historical
24. 2015-10-01
    listed $129,900 Active - New
25. 2013-12-19
    price $39,900
26. 2011-06-02
    soldstatus $31,000
27. 2010-12-15
    historical
28. 2010-10-09
    listed $49,900
29. 2010-09-17
    historical
30. 2010-05-12
    listed $55,000
31. 2010-05-10
    historical
32. 2009-07-23
    listed $79,900
33. 2008-04-03
    historical
34. 2007-10-10
    listed $298,900

ⓘ 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: $4,736 · $395/mo
• Projected year-2 tax: $7,665 · $639/mo
• Expected delta: +$2,929/yr (+$244/mo · 61.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $95,748
• − Mortgage interest: −$36,405
• − Property taxes: −$4,736
• − Insurance: −$3,250
• − Repairs & maintenance: −$7,660
• − Management: −$7,660
• − Depreciation: −$18,906
• Taxable income: $17,132
• Est. tax owed @ 24.0%: −$4,112
• After-tax cash flow: $22,646/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 1%

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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+117.4% since first listed

34 events — show timeline

• 2026-03-31 Pending — RIS
• 2026-03-15 Listed $649,900 RIS
• 2025-09-16 Listing Removed — RIS
• 2025-07-22 Price Changed $639,900 RIS
• 2025-06-12 Listing Removed — RIS
• 2025-06-12 Listed $649,900 RIS
• 2025-04-02 Relisted — RIS
• 2025-03-24 Pending — RIS
• 2025-02-28 Listed $674,900 RIS
• 2022-05-03 Sold (MLS) $448,000 RIS
• 2022-02-02 Listing Removed — RIS
• 2022-02-02 Listed $448,000 RIS
• 2021-06-28 Listing Removed — RIS
• 2021-03-16 Relisted — RIS
• 2021-03-02 Contingent — RIS
• 2020-12-04 Listed $399,000 RIS
• 2018-02-07 Sold (Public Records) $211,500 Public Records
• 2018-02-07 Sold (MLS) $211,500 RIS
• 2017-12-11 Contingent — RIS
• 2017-11-30 Price Changed $219,000 RIS
• 2017-11-14 Listed $239,900 RIS
• 2016-11-08 Price Changed $258,000 RIS
• 2015-10-02 Listing Removed — RIS
• 2015-10-01 Listed $129,900 RIS
• 2013-12-19 Price Changed $39,900 RIS
• 2011-06-02 Sold (MLS) $31,000 RIS
• 2010-12-15 Listing Removed — RIS
• 2010-10-09 Listed $49,900 RIS
• 2010-09-17 Listing Removed — RIS
• 2010-05-12 Listed $55,000 RIS
• 2010-05-10 Listing Removed — RIS
• 2009-07-23 Listed $79,900 RIS
• 2008-04-03 Listing Removed — RIS
• 2007-10-10 Listed $298,900 RIS

Property tax history

+0.7%/yr

Latest (2025): $4,736 · -35.7% YoY. Source: county tax records.