213 Hallville Rd

Exeter, RI 02822

$185,000B+

3 bd · 1.0 ba · 1,504 sqft · Built 1950 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,118/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$451
• HOA: −$0
• Vac / Maint / Mgmt: −$655
• Net cashflow: $1,042/mo
• Annual: $12,509/yr
• Cap rate: 13.05%
• Cash-on-cash: 24.15%
• DSCR: 2.07
• 1% rule: 1.69%
• Cash to close: $51,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• It's been on market 65 days — a 6% lower offer ($174k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $174k (6.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($1k loan paydown + $5k appreciation (2.8% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Exeter-West Greenwich (rural): math 39% / reading 48% proficiency, ranked #11 of 39 in RI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 311 units permitted in Washington County in 2024 (45 in 5+ unit buildings).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 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.
• At projected returns (2.8% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.