38 Mitchell St · Providence, RI 02907

$784,900

9 bd · 3.5 ba · 3,474 sqft · MultiFamily public records · 64 Days on market

Built 1910 2,800 sqft lot $226/sqft · 26% above area Est $622k · 26% over

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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 +27.4/30.0
• DSCR +9.6/10.0
• 1% rule +6.4/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

38 Mitchell St in Providence's Elmwood neighborhood is a solid cash-flowing investment opportunity. This 3 family multi-unit property situated on a corner lot offers 9 bedrooms, 3.5 bathrooms, and bonus rooms with each unit recently updated for low maintenance and strong rental appeal. The upper unit features central air, while the lower units feature baseboard heating. A large basement provides ample storage space. The property also includes both on-street and off-street parking, plus a security system. Turnkey asset with immediate income potential in a strong rental market. Easy to show. Book appointment today.

Key facts

• Ample storage space
• Recently updated
• Security system

Tags

• CORNER LOT
• RECENTLY UPDATED
• CENTRAL AIR
• AMPLE STORAGE SPACE
• OFF-STREET PARKING
• SECURITY SYSTEM

What this means for you Summary

Snapshot

• This is a 3 × 9.0-bed/3.5-bath units multifamily listed at $785k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $762/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $785k).
• Recommended offer: $738k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 (+15.3%/yr); 61 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $8,976/mo this rent would consume 205% of the median local household income ($52k/yr) (locally 2189% 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 $24k 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 + 8.0% rent growth), your $220k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($738k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 30y 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 $579k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; major wind risk, 74% 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 $737,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.14% ✓
• Cap rate: 9.79%
• Cash-on-cash: 12.49%
• DSCR: 1.56
• GRM: 7.3

CMA / ARV

• ARV (median comp): $622,116
• List price: $784,900
• Delta: 26.17%
• Verdict: OVERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.30×
• Total profit: $65,662
• Equity at exit: $117,031

10-year hold

• IRR: 20.3%
• Equity multiple: 3.09×
• Total profit: $459,639
• Equity at exit: $67,864

Cash invested: $219,772 (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 02907

• Home prices YoY: -20.1%
• Rents YoY: 15.3%
• Active inventory: 61
• Price-to-rent: 21.9×

Monthly cashflow live

• Estimated rent: $8,976 medium
• Mortgage (P&I): −$4,116
• Tax from tax record: −$361 /mo · $4,331/yr
• Insurance: −$327
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,885
• Net cashflow: $2,287

Break-even live

Break-even rent $6,081

Max offer price $784,900

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 3× units	9.0	3.5	$8,976
Total (3 units)			$8,976

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: $196,225
• Closing costs: $23,547
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $784,900 Active 64 DOM
2. 2026-06-17
   days on market $784,900 Active 63 DOM
3. 2026-06-16
   days on market $784,900 Active 62 DOM
4. 2026-06-15
   days on market $784,900 Active 61 DOM
5. 2026-06-13
   pricedays on market $784,900 Active 59 DOM
6. 2026-06-09
   days on market $799,900 Active 55 DOM
7. 2026-06-08
   days on market $799,900 Active 54 DOM
8. 2026-06-07
   days on market $799,900 Active 53 DOM
9. 2026-06-05
   days on market $799,900 Active 50 DOM
10. 2026-06-03
    days on market $799,900 Active 49 DOM
11. 2026-06-02
    days on market $799,900 Active 48 DOM
12. 2026-06-01
    days on market $799,900 Active 47 DOM
13. 2026-05-31
    days on market $799,900 Active 46 DOM
14. 2026-05-06
    price $799,900 620-char remark

    Show marketing remark (620 chars)

    38 Mitchell St in Providence's Elmwood neighborhood is a solid cash-flowing investment opportunity. This 3 family multi-unit property situated on a corner lot offers 9 bedrooms, 3.5 bathrooms, and bonus rooms with each unit recently updated for low maintenance and strong rental appeal. The upper unit features central air, while the lower units feature baseboard heating. A large basement provides ample storage space. The property also includes both on-street and off-street parking, plus a security system. Turnkey asset with immediate income potential in a strong rental market. Easy to show. Book appointment today.

15. 2026-04-16
    listed $819,900 Active 620-char remark

    Show marketing remark (620 chars)

    38 Mitchell St in Providence's Elmwood neighborhood is a solid cash-flowing investment opportunity. This 3 family multi-unit property situated on a corner lot offers 9 bedrooms, 3.5 bathrooms, and bonus rooms with each unit recently updated for low maintenance and strong rental appeal. The upper unit features central air, while the lower units feature baseboard heating. A large basement provides ample storage space. The property also includes both on-street and off-street parking, plus a security system. Turnkey asset with immediate income potential in a strong rental market. Easy to show. Book appointment today.

16. 2026-04-13
    historical
17. 2026-04-02
    price $839,900
18. 2026-02-16
    listed $849,900 Active
19. 2024-03-12
    soldstatus $579,000 Closed
20. 2023-12-07
    soldstatus $579,000
21. 2023-10-30
    status Pending
22. 2023-10-16
    listed $569,900 Active
23. 1996-12-31
    historical
24. 1996-03-19
    listed $59,927

ⓘ 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: $4,331 · $361/mo
• Projected year-2 tax: $8,562 · $714/mo
• Expected delta: +$4,231/yr (+$353/mo · 97.7%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 71% 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 74% 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: $107,712
• − Mortgage interest: −$43,967
• − Property taxes: −$4,331
• − Insurance: −$3,924
• − Repairs & maintenance: −$8,617
• − Management: −$8,617
• − Depreciation: −$22,833
• Taxable income: $15,423
• Est. tax owed @ 24.0%: −$3,701
• After-tax cash flow: $23,742/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): 31,461
• Household income: $52,485
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2189.0

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 (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 26% Black 10% White 10% Asian 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 7% Dominican 50%
• Common ancestry: Swiss 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 55% · Canada, Jamaica, Philippines
• Languages at home: 25% English-only · Spanish 67% Other Asian/Pacific 3% French/Haitian/Cajun 1%

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: ▼ -125.19%
• Current HPI: 498.142
• Rent YoY: ▲ 15.32%
• 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

+1234.8% since first listed

11 events — show timeline

• 2026-05-06 Price Changed $799,900 RIS
• 2026-04-16 Listed $819,900 RIS
• 2026-04-13 Listing Removed — RIS
• 2026-04-02 Price Changed $839,900 RIS
• 2026-02-16 Listed $849,900 RIS
• 2024-03-12 Sold (MLS) $579,000 RIS
• 2023-12-07 Sold (Public Records) $579,000 Public Records
• 2023-10-30 Pending — RIS
• 2023-10-16 Listed $569,900 RIS
• 1996-12-31 Listing Removed — RIS
• 1996-03-19 Listed $59,927 RIS

Property tax history

+1.4%/yr

Latest (2025): $4,331 · -27.1% YoY. Source: county tax records.