821 823 Potters Ave · Providence, RI 02907

$599,000

9 bd · 3.0 ba · 3,234 sqft · MultiFamily public records · 7 Days on market

Built 1922 3,049 sqft lot

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Why this score? — see what drove the B- 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 +28.2/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• 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 MLS

3 FAMILY HOUSE LOCATED IN A VERY GOOD AREA BEING SOLD "AS IS" NEEDS SOME TLC SELLER IS VERY MOTIVATED

Key facts

• Nearby businesses
• Unfinished basement
• Off-street parking

Tags

• OFF-STREET PARKING
• UNFINISHED BASEMENT
• EASY ACCESS TO SHOPPING
• NEARBY RESTAURANTS
• NEARBY GROCERY STORES
• NEARBY BUSINESSES

Property features AI

Finance

• Other: Lot size reported as 0.07 acres (3,049 sq ft)
• Financial info: Property has 3 total units in 1 building
• HOA & community: No HOA information provided

Exterior

• Parking: No garage; Total of 6 parking spaces
• Security: No security information provided
• Utilities: Sewer connected; Water connected; Electric service with circuit breakers
• Home design: Vinyl siding; Above-grade finished area reported (4,300)
• Construction: Vinyl-sided construction
• Exterior features: Sewer connected; Water connected

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: Total of 17 rooms across the property (bedroom count not separately specified)
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas baseboard heating
• Interior features: Full unfinished basement with interior entry; Gas water heater
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 2×3bd/1ba units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $633/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $599k).
• Cap rate 10.1% 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 fast (+15.3%/yr); 61 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,095/mo this rent would consume 162% of the median local household income ($52k/yr) (locally 2189% 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 $18k 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 $168k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 26y 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 $135k; list at $599k implies a 344% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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 $599,000

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: 1.18% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.60%
• DSCR: 1.60
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.8%
• Equity multiple: 1.37×
• Total profit: $61,304
• Equity at exit: $89,313

10-year hold

• IRR: 21.7%
• Equity multiple: 3.26×
• Total profit: $379,239
• Equity at exit: $51,791

Cash invested: $167,720 (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 02907

• Home prices YoY: -20.1%
• Rents YoY: 15.3%
• Active inventory: 61
• Price-to-rent: 21.8×

Monthly cashflow live

• Estimated rent: $7,095 high
• Mortgage (P&I): −$3,141
• Tax from tax record: −$314 /mo · $3,767/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,490
• Net cashflow: $1,900

Break-even live

Break-even rent $4,690

Max offer price $599,000

Occupancy floor 68%

Sensitivity live

Price	-10% $2,239	-5% $2,070	+0% $1,900	+5% $1,731	+10% $1,561
Rent	-10% $1,340	-5% $1,620	+0% $1,900	+5% $2,181	+10% $2,461
Rate	-1.0pp $2,202	-0.5pp $2,053	base $1,900	+0.5pp $1,745	+1.0pp $1,587

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,294
▸ 2× units	3	1	$4,800
Total (3 units)			$7,095

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-13
   statusdays on market $599,000 Pending 7 DOM
2. 2026-06-09
   days on market $599,000 Active 6 DOM
3. 2026-06-08
   days on market $599,000 Active 5 DOM
4. 2026-06-07
   days on market $599,000 Active 4 DOM
5. 2026-06-05
   remarks 699-char remark
6. 2026-06-05
   listed $599,000 Active 1 DOM

ⓘ 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: $3,767 · $314/mo
• Projected year-2 tax: $6,765 · $564/mo
• Expected delta: +$2,998/yr (+$250/mo · 79.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% 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: $85,140
• − Mortgage interest: −$33,553
• − Property taxes: −$3,767
• − Insurance: −$2,995
• − Repairs & maintenance: −$6,811
• − Management: −$6,811
• − Depreciation: −$17,425
• Taxable income: $13,777
• Est. tax owed @ 24.0%: −$3,306
• After-tax cash flow: $19,498/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): 31,461
• Household income: $52,485
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2189.0

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: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 26% Black 10% White 10% Asian 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 7% Dominican 50%
• Common ancestry: Swiss 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 55% · Canada, Jamaica, Philippines
• Languages at home: 25% English-only · Spanish 67% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -125.19%
• Current HPI: 498.142
• Rent YoY: ▲ 15.32%
• 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

+600.6% since first listed

27 events — show timeline

• 2026-06-03 Listed $599,000 RIS
• 2019-09-20 Price Changed $289,000 RIS
• 2016-01-26 Sold (Public Records) $135,000 Public Records
• 2016-01-26 Sold (MLS) $135,000 RIS
• 2015-11-05 Contingent — RIS
• 2015-10-23 Listed $140,000 RIS
• 2015-10-04 Listing Removed — RIS
• 2015-10-03 Listed $139,900 RIS
• 2015-09-14 Listing Removed — RIS
• 2015-09-10 Contingent — RIS
• 2015-07-14 Relisted — RIS
• 2015-06-19 Listing Removed — RIS
• 2015-06-02 Listed $140,000 RIS
• 2013-12-19 Price Changed $49,000 RIS
• 2009-08-15 Sold (MLS) $33,600 RIS
• 2009-06-26 Listing Removed — RIS
• 2009-02-19 Listed $58,900 RIS
• 2006-01-23 Sold (Public Records) $284,500 Public Records
• 2006-01-20 Sold (MLS) $289,000 RIS
• 2005-11-10 Listing Removed — RIS
• 2004-11-15 Listed $319,000 RIS
• 2004-02-10 Listing Removed — RIS
• 2003-11-01 Listed $339,000 RIS
• 2001-10-29 Sold (Public Records) $56,000 Public Records
• 2001-02-01 Listing Removed — RIS
• 2000-08-03 Listed $115,000 RIS
• 1998-11-19 Sold (Public Records) $85,500 Public Records

Property tax history

+2.5%/yr

Latest (2025): $3,767 · -38.3% YoY. Source: county tax records.