10 Woodridge Dr

Harmony, RI 02839

$119,000B+

3 bd · 1.0 ba · 1,188 sqft · Built 1972 · Manufactured · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,300/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$483
• Net cashflow: $1,063/mo
• Annual: $12,757/yr
• Cap rate: 17.01%
• Cash-on-cash: 38.29%
• DSCR: 2.70
• 1% rule: 1.93%
• Cash to close: $33,320

Investor read

• This is a 3-bed/1.0-bath manufactured listed at $119k.
• 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 ($2k rent vs $119k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($823 loan paydown + $3k appreciation (2.4% local appreciation)).
• Location reads 63/100 on livability (#26 in RI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: cost of living D+, schools D-, amenities F.
• 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.
• Market conditions: 9 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 5 sale attempts since 29y 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 $55k; list at $119k implies a 117% gain — meaningful room to come down on a strong offer.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $33k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.