621 East Shore Rd · Melville, RI 02835

$2,195,000

3 bd · 2.0 ba · 1,692 sqft · SingleFamily public records · 4 Days on market

Built 2015 1.92 ac lot

---

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 +26.9/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +5.4/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

LOG HOME WITH OPEN INTERIOR AND FIREPLACE BEAUTIFUL COUNTRY GARDENS, VERY PRIVATE YARD WALK TO WATER AND CLOSE TO HISTORIC DOWNTOWN NEW CARPETING

Key facts

• 1.92 acre lot
• 2 garage spots
• Community pool

Property features AI

Finance

• HOA & community: Community amenities include golf, marina, pool, tennis courts, recreation area, shopping, public transportation, highway access and proximity to hospital and schools

Exterior

• Parking: Detached garage with garage door opener; Two covered garage spaces; Six total parking spaces
• Utilities: Underground utilities; 200+ amp electrical service with circuit breakers and underground feed; Septic tank; Well water
• Home design: Single-story home; Drywall construction; Concrete perimeter foundation; Has a view
• Construction: Drywall construction; Concrete perimeter foundation
• Exterior features: Breezeway; Deck; Porch; Patio; Sprinkler/irrigation system; Walk-to-water view

Interior

• Kitchen: Oven; Range; Microwave; Refrigerator; Dishwasher; Exhaust fan
• Bedrooms: Three bedrooms (all on the first floor)
• Flooring: Hardwood; Marble
• Bathrooms: Two full bathrooms; Accessible full bath
• Heating & cooling: Ductless cooling; Ductless heating; Propane heating; Radiant heating; Zoned heating
• Interior features: Thermal windows; Cathedral and vaulted ceilings; High ceilings; Stall shower and tub/shower; Cable TV
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $2.19M.

Deal economics

• At list price, monthly cash flow is $6k ($73k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $2.19M).

Location & tenants

• Location reads 55/100 on livability (#30 in RI) — a working-class tenant base; expect higher turnover. Strengths: employment A+, crime A, schools A-; Watch: amenities F, commute F, cost of living F.
• Jamestown (suburban): math 51% / reading 68% proficiency, ranked #2 of 39 in RI (top 5%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: 62 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $15k of loan paydown is wiped out by about $66k of value loss. Plan a longer hold.
• Newport County population projected at -12% 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 $615k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 25y 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 $440k; list at $2.19M implies a 399% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $2,195,000

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
3. 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.
4. 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.
5. 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: 1.11% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.89%
• DSCR: 1.53
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $815,544
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
383 Davit Ave	0.62mi	2/2.0 (-1)	1,786 (+6%)	12mo	$720,000	$403	47
431 Felucca Ave	0.66mi	3/2.5	1,786 (+6%)	13mo	$860,000	$482	47
460 Schooner Ave	0.74mi	2/2.0 (-1)	1,544 (-9%)	10mo	$776,700	$503	38
431 Sampan Ave	0.71mi	3/2.0	1,540 (-9%)	20mo	$725,700	$471	35
449 Felucca Ave	0.66mi	2/2.0 (-1)	1,832 (+8%)	22mo	$850,000	$464	32
66 Sloop St	0.67mi	2/2.0 (-1)	1,518 (-10%)	21mo	$870,000	$573	29

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: 1.3%
• Equity multiple: 1.05×
• Total profit: $31,258
• Equity at exit: $327,282

10-year hold

• IRR: 10.9%
• Equity multiple: 1.85×
• Total profit: $522,988
• Equity at exit: $189,783

Cash invested: $614,600 (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 02835

• Active inventory: 62
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $24,312 medium
• Mortgage (P&I): −$11,511
• Tax from tax record: −$692 /mo · $8,300/yr
• Insurance: −$915
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,106
• Net cashflow: $6,089

Break-even live

Break-even rent $16,604

Max offer price $2,195,000

Occupancy floor 70%

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: $548,750
• Closing costs: $65,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
376 E Shore Rd Jamestown, RI	4.0	2.5	2160	$40,000	$18.52	21d	1	0.89mi
67 Buoy St Jamestown, RI	2.0	2.0	1440	$2,650	$1.84	24d	1	1.33mi

Listing history 4 events

1. 2026-06-16
   status $2,195,000 Pending 4 DOM
2. 2026-06-15
   days on market $2,195,000 Active 4 DOM
3. 2026-06-13
   remarks 699-char remark
4. 2026-06-13
   listed $2,195,000 Active 2 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: $8,300 · $692/mo
• Projected year-2 tax: $22,039 · $1,837/mo
• Expected delta: +$13,739/yr (+$1,145/mo · 165.5%)

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

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 ≥92°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $291,744
• − Mortgage interest: −$122,954
• − Property taxes: −$8,300
• − Insurance: −$10,975
• − Repairs & maintenance: −$23,340
• − Management: −$23,340
• − Depreciation: −$63,855
• Taxable income: $38,981
• Est. tax owed @ 24.0%: −$9,355
• After-tax cash flow: $63,717/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: Jamestown
• NCES district ID: 4400510
• Math proficiency: 51% ▼ -8.00%
• Reading proficiency: 68% ▲ 5.00%
• Median HH income: $88,929
• Composite: 54.32/100
• National rank: #1368
• State rank: #2 of 39 in RI

Livability — Melville

• Score: 55/100
• State rank: #30
• US rank: #23609

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• City population: 23,448
• Population (ZIP): 5,545

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5%
• Common ancestry: Russian 4% Romanian 3% Lithuanian 3%
• Foreign-born: 2%
• Languages at home: 96% English-only · German/W. Germanic 1% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -265.83%
• Current HPI: 388.7836
• 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

+388.9% since first listed

19 events — show timeline

• 2026-06-12 Listed $2,195,000 RIS
• 2019-09-20 Price Changed $549,900 RIS
• 2014-02-03 Sold (Public Records) $440,000 Public Records
• 2014-02-03 Sold (MLS) $440,000 RIS
• 2014-01-25 Pending — RIS
• 2013-12-06 Contingent — RIS
• 2013-11-02 Listed $475,000 RIS
• 2013-08-27 Listing Removed — RIS
• 2013-07-02 Listed $2,125,000 RIS
• 2005-06-06 Sold (Public Records) $500,000 Public Records
• 2005-06-06 Sold (MLS) $500,000 RIS
• 2005-05-11 Listing Removed — RIS
• 2004-11-12 Listed $589,900 RIS
• 2004-06-24 Listing Removed — RIS
• 2004-06-21 Listed $525,000 RIS
• 2002-09-23 Listing Removed — RIS
• 2002-09-02 Listed $475,000 RIS
• 2002-01-23 Listing Removed — RIS
• 2001-08-04 Listed $449,000 RIS

Property tax history

+8.4%/yr

Latest (2025): $8,300 · -2.5% YoY. Source: county tax records.