85 Hendricks St · Central Falls, RI 02863

$699,990

9 bd · 3.0 ba · 2,995 sqft · MultiFamily public records · 22 Days on market

Built 1895 5,663 sqft lot Est $581k · 20% over

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Why this score? — see what drove the D- 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 +12.8/30.0
• Appreciation +7.3/10.0
• DSCR +3.8/10.0
• Livability +3.3/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Well maintained 3 family available now. All units are 3 bedroom apartments, 1 bath, dining room and living room. Home boasts a 2 car garage with an extra 4 off street parking spaces, and a large fenced in backyard. This property is situated on a quiet dead end street.

Key facts

• Large yard
• Multi-family home
• Off-street parking

Tags

• MULTI-FAMILY HOME
• RENTAL INCOME POTENTIAL
• OFF-STREET PARKING
• DETACHED GARAGE
• LARGE YARD
• QUICK ACCESS TO INTERSTATE 95

What this means for you Summary

Snapshot

• This is a 9-bed/3.0-bath multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $-59 ($-710/yr) — negative.
• To cash-flow at today's rent, offer at most $690k (1.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $562k (19.7% below list).
• Recommended offer: $562k (19.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 66/100 on livability (#21 in RI) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing B; Watch: amenities F, commute F, employment F.
• Central Falls (suburban): math 2% / reading 8% proficiency, ranked #38 of 39 in RI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ella Risk School (math 2% / reading 12%, grade F, #158 of 167 statewide, top 97%, 430 students, 94% FRL); Calcutt Middle School (math 0% / reading 6%, grade F, #56 of 57 statewide, top 98%, 511 students, 97% FRL); Central Falls Sr High (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 811 students, 97% FRL) — zoned schools average 96% FRL vs 78% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 32 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $37k of equity ($5k loan paydown + $32k appreciation (4.6% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $196k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$59k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• 4 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 $515k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% 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 $562,300 (19.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 6.19%
• Cash-on-cash: -0.36%
• DSCR: 0.98
• GRM: 10.4

CMA / ARV

• ARV (on-the-fly): $581,030
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
124 Butler Ave	0.38mi	8/3.0 (-1)	3,298 (+10%)	0mo	$650,000	$197	60
1126 Smithfield Ave	0.43mi	8/3.0 (-1)	2,948 (-2%)	20mo	$625,000	$212	56
136 138 Earle St	0.27mi	8/4.0 (-1)	3,100 (+4%)	21mo	$567,000	$183	55
431 Central St	0.57mi	8/3.0 (-1)	2,976 (-1%)	18mo	$577,000	$194	52
476 Lonsdale Ave	0.58mi	9/3.0	2,917 (-3%)	20mo	$705,000	$242	52
241 Rand St	0.48mi	9/3.0	3,156 (+5%)	21mo	$580,000	$184	51
31-33 Garfield St	0.58mi	9/3.0	3,318 (+11%)	6mo	$685,000	$206	50
86 88 Rand St	0.61mi	9/3.0	3,298 (+10%)	15mo	$600,000	$182	43
38 Fletcher St	0.73mi	9/3.0	3,264 (+9%)	12mo	$505,000	$155	41
58 Perry St	0.61mi	9/5.0	3,120 (+4%)	20mo	$569,000	$182	40
301 Illinois St	0.57mi	8/3.0 (-1)	3,243 (+8%)	19mo	$630,000	$194	39
122 Sylvian St	0.73mi	9/3.0	3,207 (+7%)	22mo	$600,000	$187	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.72×
• Total profit: $140,570
• Equity at exit: $378,719

10-year hold

• IRR: 12.8%
• Equity multiple: 3.23×
• Total profit: $436,485
• Equity at exit: $639,233

Cash invested: $195,997 (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 02863

• Home prices YoY: 1.2%
• Active inventory: 32
• Price-to-rent: 31.1×

Monthly cashflow live

• Estimated rent: $5,623 high
• Mortgage (P&I): −$3,671
• Tax from tax record: −$539 /mo · $6,466/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,181
• Net cashflow: $-59

Break-even live

Break-even rent $5,698

Max offer price $689,541

Occupancy floor 96%

Sensitivity live

Price	-10% $337	-5% $139	+0% $-59	+5% $-257	+10% $-455
Rent	-10% $-503	-5% $-281	+0% $-59	+5% $163	+10% $385
Rate	-1.0pp $293	-0.5pp $119	base $-59	+0.5pp $-241	+1.0pp $-425

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$5,622
Total (3 units)			$5,623

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: $174,998
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-04-16
   status Pending
2. 2026-04-14
   status Active
3. 2026-04-06
   status Pending
4. 2026-03-17
   listed $699,990 Active
5. 2023-05-25
   soldstatus $515,000 Closed 268-char remark

   Show marketing remark (268 chars)

   Well maintained 3 family available now. All units are 3 bedroom apartments, 1 bath, dining room and living room. Home boasts a 2 car garage with an extra 4 off street parking spaces, and a large fenced in backyard. This property is situated on a quiet dead end street.

6. 2023-05-25
   soldstatus $505,000

   Show marketing remark (268 chars)

   Well maintained 3 family available now. All units are 3 bedroom apartments, 1 bath, dining room and living room. Home boasts a 2 car garage with an extra 4 off street parking spaces, and a large fenced in backyard. This property is situated on a quiet dead end street.

7. 2023-04-25
   status Pending 268-char remark

   Show marketing remark (268 chars)

   Well maintained 3 family available now. All units are 3 bedroom apartments, 1 bath, dining room and living room. Home boasts a 2 car garage with an extra 4 off street parking spaces, and a large fenced in backyard. This property is situated on a quiet dead end street.

8. 2023-04-04
   listed $499,900 Active 268-char remark

   Show marketing remark (268 chars)

   Well maintained 3 family available now. All units are 3 bedroom apartments, 1 bath, dining room and living room. Home boasts a 2 car garage with an extra 4 off street parking spaces, and a large fenced in backyard. This property is situated on a quiet dead end street.

9. 2001-10-27
   soldstatus $155,000 176-char remark

   Show marketing remark (176 chars)

   THIS UNBELIEVABLE 3 FAMILY IS IN IMMACULATE CONDITION! HUGE ROOMS. .THREE BEDS EACH UNIT. . PERFECT FOR AN INVESTOR OR FIRST TIME HOMEBUYER! A MUST SEE! CALL FOR MORE DETAILS!!

10. 2001-08-30
    historical 176-char remark

    Show marketing remark (176 chars)

    THIS UNBELIEVABLE 3 FAMILY IS IN IMMACULATE CONDITION! HUGE ROOMS. .THREE BEDS EACH UNIT. . PERFECT FOR AN INVESTOR OR FIRST TIME HOMEBUYER! A MUST SEE! CALL FOR MORE DETAILS!!

11. 2001-07-14
    listed $159,900 176-char remark

    Show marketing remark (176 chars)

    THIS UNBELIEVABLE 3 FAMILY IS IN IMMACULATE CONDITION! HUGE ROOMS. .THREE BEDS EACH UNIT. . PERFECT FOR AN INVESTOR OR FIRST TIME HOMEBUYER! A MUST SEE! CALL FOR MORE DETAILS!!

ⓘ 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: $6,466 · $539/mo
• Projected year-2 tax: $8,938 · $745/mo
• Expected delta: +$2,472/yr (+$206/mo · 38.2%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $67,476
• − Mortgage interest: −$39,210
• − Property taxes: −$6,466
• − Insurance: −$3,500
• − Repairs & maintenance: −$5,398
• − Management: −$5,398
• − Depreciation: −$20,363
• Taxable loss: −$12,860
• Est. tax savings @ 24.0%: +$3,086
• After-tax cash flow: $2,377/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: Central Falls
• NCES district ID: 4400120
• Math proficiency: 2% ▼ -6.00%
• Reading proficiency: 8% ▼ -5.00%
• Median HH income: $30,478
• Composite: 3.59/100
• National rank: #10071
• State rank: #38 of 39 in RI

Livability — Central Falls

• Score: 66/100
• State rank: #21
• US rank: #11321

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Central Falls, RI
• County: Providence County · 548,917 people
• City population: 22,701
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 22,701
• Household income: $49,285
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 1380.0

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 (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 29% White 16% Black 8%
• Hispanic origin (detail): Mexican 6% Puerto Rican 15% Dominican 7%
• Common ancestry: Lithuanian 4% Russian 4% Romanian 1%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 29% English-only · Spanish 62% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▲ 4.58%
• Current HPI: 373.2598
• Rent YoY: —
• 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

+337.8% since first listed

11 events — show timeline

• 2026-04-16 Pending — RIS
• 2026-04-14 Relisted — RIS
• 2026-04-06 Pending — RIS
• 2026-03-17 Listed $699,990 RIS
• 2023-05-25 Sold (Public Records) $505,000 Public Records
• 2023-05-25 Sold (MLS) $515,000 RIS
• 2023-04-25 Pending — RIS
• 2023-04-04 Listed $499,900 RIS
• 2001-10-27 Sold (MLS) $155,000 RIS
• 2001-08-30 Listing Removed — RIS
• 2001-07-14 Listed $159,900 RIS

Property tax history

+5.6%/yr

Latest (2025): $6,466 · +9.8% YoY. Source: county tax records.