46 E Andrew Comstock Rd · Warwick, RI 02886

$110,000

2 bd · 1.0 ba · 750 sqft · SingleFamily · 73 Days on market

Built 1953 1,200 sqft lot Est $110k · at est. $325/mo HOA · 12% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.6/15.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks

Available on a ground lease from May 15th through October 15th. This well-maintained getaway offers a perfect blend of comfort and convenience. Enjoy the best of coastal living with this charming seasonal cottage located in the desirable Buttonwoods Campground on Budlong Farm in Warwick, Rhode Island. The cottage features 2 bedrooms and 1 full bathroom, along with new appliances that make seasonal living easy and enjoyable. Situated close to the water, the location is ideal for relaxing summer days, morning walks, and enjoying the coastal atmosphere. The surrounding community offers a peaceful, vacation-like setting while remaining just minutes from local shopping, dining, marinas, and majo

Key facts

• Peaceful setting
• Close to the water
• 1,200 sq ft lot

Tags

• CLOSE TO THE WATER
• PEACEFUL SETTING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $998 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.2% vs local median 3.7% in Warwick — 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 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: schools D+, amenities F.
• Warwick (urban): math 15% / reading 32% proficiency, ranked #25 of 39 in RI (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 118 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $35k; list at $110k implies a 214% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 78% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 2.40% ✓
• Cap rate: 17.18%
• Cash-on-cash: 38.87%
• DSCR: 2.73
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $110,250
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
46 E Andrew Comstock Rd	0.00mi	2/1.0	750 (0%)	2mo	$110,000	$147	98
115 Cooper Ln	0.46mi	2/1.0	784 (+4%)	19mo	$89,900	$115	55

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: 35.2%
• Equity multiple: 2.49×
• Total profit: $45,956
• Equity at exit: $16,401

10-year hold

• IRR: 42.0%
• Equity multiple: 4.99×
• Total profit: $122,809
• Equity at exit: $9,511

Cash invested: $30,800 (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 02886

• Active inventory: 118
• Price-to-rent: 3.5×

Monthly cashflow live

• Estimated rent: $2,636 high
• Mortgage (P&I): −$577
• Tax est. 1.5%: −$138 /mo · $1,650/yr
• Insurance: −$46
• HOA: −$325
• Vacancy / Maint / Mgmt: −$554
• Net cashflow: $998

Break-even live

Break-even rent $1,374

Max offer price $110,000

Occupancy floor 57%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
191 Shand Ave Warwick, RI	2.0	1.0	900	$3,000	$3.33	20d	1	0.93mi
185 Ottawa Ave Warwick, RI	2.0	2.0	928	$2,450	$2.64	23d	1	1.09mi
5 Moccasin Dr Warwick, RI	2.0	1.0	930	$2,350	$2.53	17d	1	1.14mi
168 Main Ave Warwick, RI	2.0	1.0	800	$2,500	$3.12	17d	1	1.34mi
207 Main Ave Warwick, RI	1.0	1.0	768	$2,800	$3.65	43d	1	1.41mi

HOA detail

• Monthly dues: $325 · $3,900/yr
• Likely covers: water

Listing history 18 events

1. 2026-03-19
   status Pending
2. 2026-01-05
   listed $110,000 Active
3. 2025-10-31
   historical
4. 2025-09-21
   price $110,000
5. 2025-09-07
   price $115,000
6. 2025-08-13
   price $119,000
7. 2025-07-29
   price $129,000
8. 2025-07-21
   price $149,000
9. 2025-07-07
   price $144,000
10. 2025-06-05
    price $139,000
11. 2025-05-19
    listed $129,000 Active
12. 2025-03-23
    historical
13. 2025-02-27
    status Active
14. 2025-02-05
    status Pending
15. 2025-02-04
    listed $99,000 Active
16. 2004-08-02
    soldstatus $35,000
17. 2004-07-28
    historical
18. 2004-03-12
    listed $47,500

ⓘ 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

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 7/10 Severe 78% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,638
• − Mortgage interest: −$6,162
• − Property taxes: −$1,650
• − Insurance: −$550
• − Repairs & maintenance: −$2,531
• − Management: −$2,531
• − HOA: −$3,900
• − Depreciation: −$3,200
• Taxable income: $11,114
• Est. tax owed @ 24.0%: −$2,667
• After-tax cash flow: $9,304/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: Warwick
• NCES district ID: 4401110
• Math proficiency: 15% ▼ -11.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $63,420
• Composite: 22.03/100
• National rank: #8203
• State rank: #25 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warwick, RI
• City population: 108,434
• Population (ZIP): 30,925

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 5% Asian 4% Black 2%
• Common ancestry: Lithuanian 8% Russian 7% Romanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 2%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -425.54%
• Current HPI: 350.8111
• 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

+131.6% since first listed

18 events — show timeline

• 2026-03-19 Pending — RIS
• 2026-01-05 Listed $110,000 RIS
• 2025-10-31 Listing Removed — RIS
• 2025-09-21 Price Changed $110,000 RIS
• 2025-09-07 Price Changed $115,000 RIS
• 2025-08-13 Price Changed $119,000 RIS
• 2025-07-29 Price Changed $129,000 RIS
• 2025-07-21 Price Changed $149,000 RIS
• 2025-07-07 Price Changed $144,000 RIS
• 2025-06-05 Price Changed $139,000 RIS
• 2025-05-19 Listed $129,000 RIS
• 2025-03-23 Listing Removed — RIS
• 2025-02-27 Relisted — RIS
• 2025-02-05 Pending — RIS
• 2025-02-04 Listed $99,000 RIS
• 2004-08-02 Sold (MLS) $35,000 RIS
• 2004-07-28 Listing Removed — RIS
• 2004-03-12 Listed $47,500 RIS