161 167 Sayles Ave

Burrillville, RI 02859

$645,000B

28 bd · 18.0 ba · 4,205 sqft · Built 1850 · MultiFamily · Active · 250 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,024/mo
• Mortgage (P&I): −$3,382
• Tax + insurance: −$1,075
• HOA: −$0
• Vac / Maint / Mgmt: −$1,895
• Net cashflow: $2,672/mo
• Annual: $32,058/yr
• Cap rate: 11.26%
• Cash-on-cash: 17.75%
• DSCR: 1.79
• 1% rule: 1.40%
• Cash to close: $180,600

Investor read

• This is a 4 × 7-bed/4.5-bath units multifamily listed at $645k. Condition is rated average.
• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $668/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $645k).
• It's been on market 250 days — a 12% lower offer ($568k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $568k (12.0% below list) — sets the bar for market timing.
• In year one you build about $69k of equity ($4k loan paydown + $64k appreciation (10.0% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Burrillville (suburban): math 14% / reading 29% proficiency, ranked #27 of 39 in RI (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: William Callahan School (math 7% / reading 27%, grade F, #119 of 167 statewide, top 73%, 318 students, 50% FRL); Burrillville Middle School (math 10% / reading 24%, grade F, #35 of 57 statewide, top 62%, 486 students, 37% FRL); Burrillville High School (math 32% / reading 47%, grade F, #22 of 58 statewide, top 37%, 657 students, 30% FRL).
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 7 sale attempts since 26y ago; this cycle's ask is 3% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $80k; list at $645k implies a 706% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $181k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$111k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 60% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 250 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1850 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: exterior siding — Weathered and discolored
• Moderate: roof — Appears older with some discoloration