20 22 Violet St · Providence, RI 02908

$730,000

3 bd · 3.0 ba · 2,735 sqft · MultiFamily public records · 27 Days on market

Built 1900 3,810 sqft 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 +22.8/30.0
• ARV discount +7.5/15.0
• DSCR +7.3/10.0
• 1% rule +4.9/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

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

No changes to the P & S or Corporate Resolution

Key facts

• Off street parking
• Multi-family home
• 3,810 sq ft lot

Tags

• MULTI-FAMILY HOME
• SMITH HILL NEIGHBORHOOD
• OFF STREET PARKING

Property features AI

Finance

• Financial info: Property configured as three rental units (multifamily)
• HOA & community: Public transportation access; Near highway access; Near hospital; Near schools; Nearby restaurants and shopping

Exterior

• Parking: Carport; Total parking for 7 vehicles
• Utilities: Sewer connected; Water connected; Electrical service 100 amps
• Home design: 3-story building; Single building containing multiple units; Above-grade finished area approximately 2,733
• Construction: Drywall and plaster construction; Block and concrete perimeter foundation
• Exterior features: Patio; Paved driveway; Fenced yard

Interior

• Kitchen: Oven; Range; Microwave; Refrigerator
• Bedrooms: Three separate 2-bedroom units
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Baseboard heating
• Interior features: Bathtub; Interior steps; Tub/shower
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $730k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $724k (0.8% below list).
• Recommended offer: $719k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 4.2% in Providence — 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 84/100 on livability (#2 in RI, #794 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, schools F.
• Providence (urban): math 8% / reading 16% proficiency, ranked #34 of 39 in RI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,244/mo this rent would consume 119% of the median local household income ($73k/yr) (locally 1561% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $204k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($719k) is reasonable based on typical stale-listing flexibility.
• 8 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 $225k; list at $730k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $719,050 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.99% ✗
• Cap rate: 8.38%
• Cash-on-cash: 7.45%
• DSCR: 1.33
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: -2.5%
• Equity multiple: 0.91×
• Total profit: $-19,354
• Equity at exit: $108,845

10-year hold

• IRR: 9.5%
• Equity multiple: 1.81×
• Total profit: $165,467
• Equity at exit: $63,117

Cash invested: $204,400 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 25.2×

Monthly cashflow live

• Estimated rent: $7,244 high
• Mortgage (P&I): −$3,828
• Tax from tax record: −$321 /mo · $3,857/yr
• Insurance: −$304
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,521
• Net cashflow: $1,269

Break-even live

Break-even rent $5,638

Max offer price $730,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,245
Total (3 units)			$7,244

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: $182,500
• Closing costs: $21,900
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $730,000 Active 27 DOM
2. 2026-06-17
   days on market $730,000 Active 26 DOM
3. 2026-06-16
   days on market $730,000 Active 25 DOM
4. 2026-06-15
   days on market $730,000 Active 24 DOM
5. 2026-06-13
   days on market $730,000 Active 22 DOM
6. 2026-06-09
   days on market $730,000 Active 18 DOM
7. 2026-06-08
   days on market $730,000 Active 17 DOM
8. 2026-06-07
   days on market $730,000 Active 16 DOM
9. 2026-06-05
   days on market $730,000 Active 13 DOM
10. 2026-06-03
    days on market $730,000 Active 12 DOM
11. 2026-06-02
    days on market $730,000 Active 11 DOM
12. 2026-06-01
    days on market $730,000 Active 10 DOM
13. 2026-05-31
    days on market $730,000 Active 9 DOM
14. 2026-05-22
    listed $730,000 Active
15. 2019-09-20
    price $162,000 51-char remark

    Show marketing remark (51 chars)

    No changes to the P & S or Corporate Resolution

16. 2018-07-30
    soldstatus $225,000
17. 2018-07-27
    soldstatus $225,000 Sold 100-char remark

    Show marketing remark (100 chars)

    Three family building with many updates. Located on a private lot in Smith Hill area. Ample parking.

18. 2018-05-26
    status Pending 100-char remark

    Show marketing remark (100 chars)

    Three family building with many updates. Located on a private lot in Smith Hill area. Ample parking.

19. 2018-04-30
    status Active 100-char remark

    Show marketing remark (100 chars)

    Three family building with many updates. Located on a private lot in Smith Hill area. Ample parking.

20. 2018-03-13
    status Pending 100-char remark

    Show marketing remark (100 chars)

    Three family building with many updates. Located on a private lot in Smith Hill area. Ample parking.

21. 2018-02-06
    listed $224,900 Active 100-char remark

    Show marketing remark (100 chars)

    Three family building with many updates. Located on a private lot in Smith Hill area. Ample parking.

22. 2018-01-31
    historical
23. 2017-12-14
    status Active
24. 2017-12-10
    status Pending
25. 2017-10-04
    listed $219,000 Active
26. 2008-03-03
    soldstatus $141,000

    Show marketing remark (51 chars)

    No changes to the P & S or Corporate Resolution

27. 2008-03-03
    soldstatus $141,000 51-char remark

    Show marketing remark (51 chars)

    No changes to the P & S or Corporate Resolution

28. 2008-01-16
    historical 51-char remark

    Show marketing remark (51 chars)

    No changes to the P & S or Corporate Resolution

29. 2007-10-09
    historical
30. 2007-06-14
    listed $162,000
31. 2007-02-26
    listed $230,000 51-char remark

    Show marketing remark (51 chars)

    No changes to the P & S or Corporate Resolution

32. 2006-11-22
    soldstatus $228,722
33. 2004-08-06
    soldstatus $260,000
34. 2004-08-06
    soldstatus $260,000
35. 2004-06-10
    historical
36. 2004-06-03
    listed $269,000
37. 2002-05-21
    soldstatus $136,000

ⓘ 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: $3,857 · $321/mo
• Projected year-2 tax: $7,878 · $656/mo
• Expected delta: +$4,021/yr (+$335/mo · 104.3%)

ⓘ 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 6/10 Major 7 d/yr ≥97°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: $86,928
• − Mortgage interest: −$40,891
• − Property taxes: −$3,857
• − Insurance: −$3,650
• − Repairs & maintenance: −$6,954
• − Management: −$6,954
• − Depreciation: −$21,236
• Taxable income: $3,385
• Est. tax owed @ 24.0%: −$812
• After-tax cash flow: $14,415/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: Providence
• NCES district ID: 4400900
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 16% ▼ -2.00%
• Median HH income: $38,197
• Composite: 10.12/100
• National rank: #9803
• State rank: #34 of 39 in RI

Livability — Providence

• Score: 84/100
• State rank: #2
• US rank: #794

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Providence, RI
• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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: Diverse neighborhood (Simpson 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 2%

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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+436.8% since first listed

24 events — show timeline

• 2026-05-22 Listed $730,000 RIS
• 2019-09-20 Price Changed $162,000 RIS
• 2018-07-30 Sold (Public Records) $225,000 Public Records
• 2018-07-27 Sold (MLS) $225,000 RIS
• 2018-05-26 Pending — RIS
• 2018-04-30 Relisted — RIS
• 2018-03-13 Pending — RIS
• 2018-02-06 Listed $224,900 RIS
• 2018-01-31 Listing Removed — RIS
• 2017-12-14 Relisted — RIS
• 2017-12-10 Pending — RIS
• 2017-10-04 Listed $219,000 RIS
• 2008-03-03 Sold (MLS) $141,000 RIS
• 2008-03-03 Sold (MLS) $141,000 MLS PIN
• 2008-01-16 Listing Removed — RIS
• 2007-10-09 Listing Removed — MLS PIN
• 2007-06-14 Listed $162,000 MLS PIN
• 2007-02-26 Listed $230,000 RIS
• 2006-11-22 Sold (Public Records) $228,722 Public Records
• 2004-08-06 Sold (Public Records) $260,000 Public Records
• 2004-08-06 Sold (MLS) $260,000 RIS
• 2004-06-10 Listing Removed — RIS
• 2004-06-03 Listed $269,000 RIS
• 2002-05-21 Sold (Public Records) $136,000 Public Records

Property tax history

-0.8%/yr

Latest (2025): $3,857 · -31.8% YoY. Source: county tax records.