373 Cowden St · Central Falls, RI 02863

$520,000

4 bd · 2.0 ba · 1,812 sqft · MultiFamily public records · 10 Days on market

Built 1900 2,178 sqft lot Est $482k · 8% 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 +13.2/30.0
• Appreciation +7.3/10.0
• DSCR +4.0/10.0
• ARV discount +4.0/15.0
• Livability +3.3/5.0
• 1% rule +3.1/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0

Multi-family units

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

Listing remarks MLS

Great money maker in the middle of CF- close to all major highways- many upgrades- a must see!

Key facts

• Townhouse style unit
• 2 family home
• 2,178 sq ft lot

Tags

• 2 FAMILY HOME
• TOWNHOUSE STYLE UNIT
• STRONG RENTAL INCOME POTENTIAL

Property features AI

Finance

• Financial info: Operating expenses listed at $1,500; Current actual rents reported: approximately $2,300 for the ~920-area 4-bedroom unit and $1,300 for the ~892-area 3-bedroom unit
• HOA & community: Neighborhood access to highway, public transportation, restaurants, and shopping

Exterior

• Parking: No garage; Space for 4 vehicles
• Utilities: Public water; Public sewer; Electric service with 100 amp capacity
• Home design: Multi-family property with 2 units in 1 building; Three stories
• Construction: Vinyl siding and drywall exterior finish; Brick/stone foundation
• Exterior features: Public sewer connection; Public water connection

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Two units: one 4-bedroom unit and one 3-bedroom unit
• Flooring: Hardwood floors; Ceramic tile
• Bathrooms: Three full bathrooms total in the building (unit breakdown: 4-bed unit has 2 full baths; 3-bed unit has 1 full bath)
• Heating & cooling: Gas baseboard heating
• Interior features: Full unfinished basement with interior entry; Bathtub and tub/shower
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $520k.

Deal economics

• At list price, monthly cash flow is $-7 ($-81/yr) — negative. Per door: $-3/mo.
• To cash-flow at today's rent, offer at most $519k (0.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $419k (19.4% below list).
• Recommended offer: $419k (19.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 5.1% in Central Falls — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($4k loan paydown + $24k 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 $146k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$44k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 23y 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 $60k; list at $520k implies a 760% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $418,900 (19.4% 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. 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.81% ✗
• Cap rate: 6.28%
• Cash-on-cash: -0.06%
• DSCR: 1.00
• GRM: 10.3

CMA / ARV

• ARV (on-the-fly): $481,992
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Tiffany St	0.19mi	5/2.0 (+1)	1,920 (+6%)	6mo	$510,000	$266	71
603 605 Pine St	0.14mi	5/2.0 (+1)	1,662 (-8%)	10mo	$465,000	$280	67
264 Cowden St	0.18mi	4/2.0	1,632 (-10%)	15mo	$465,000	$285	63
34 Lewis St	0.62mi	4/2.0	1,800 (-1%)	10mo	$465,000	$258	61
41 Hedley Ave	0.28mi	4/2.0	1,657 (-9%)	14mo	$515,000	$311	61
10 Foundry St	0.67mi	4/2.0	1,740 (-4%)	9mo	$460,000	$264	55
1 Knight St	0.33mi	4/2.0	1,551 (-14%)	19mo	$362,000	$233	45
40 Barber Ave	0.39mi	4/2.0	1,550 (-14%)	15mo	$275,000	$177	45

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: 11.7%
• Equity multiple: 1.73×
• Total profit: $106,779
• Equity at exit: $281,338

10-year hold

• IRR: 13.0%
• Equity multiple: 3.26×
• Total profit: $329,285
• Equity at exit: $474,866

Cash invested: $145,600 (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 02863

• Home prices YoY: 1.2%
• Active inventory: 32
• Price-to-rent: 20.7×

Monthly cashflow live

• Estimated rent: $4,189 high
• Mortgage (P&I): −$2,727
• Tax from tax record: −$372 /mo · $4,469/yr
• Insurance: −$217
• HOA: −$0
• Vacancy / Maint / Mgmt: −$880
• Net cashflow: $-7

Break-even live

Break-even rent $4,197

Max offer price $518,815

Occupancy floor 95%

Sensitivity live

Price	-10% $288	-5% $140	+0% $-7	+5% $-154	+10% $-301
Rent	-10% $-338	-5% $-172	+0% $-7	+5% $159	+10% $324
Rate	-1.0pp $255	-0.5pp $126	base $-7	+0.5pp $-141	+1.0pp $-279

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$4,188
Total (2 units)			$4,189

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: $130,000
• Closing costs: $15,600
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
96 Shawmut Ave Unit 98 Central Falls, RI	4.0	1.5	1398	$2,700	$1.93	21d	1	0.43mi
14 Courtland St Unit 3 Central Falls, RI	4.0	1.0	1240	$1,950	$1.57	12d	1	0.90mi
14 Courtland St Unit 2 Central Falls, RI	3.0	1.0	1240	$1,850	$1.49	12d	1	0.90mi
14 Carpenter St Unit 1 Cumberland, RI	4.0	1.0	1467	$2,850	$1.94	3d	1	1.06mi
46 Mary St Pawtucket, RI	3.0	2.0	1600	$2,250	$1.41	45d	1	1.27mi
171 N Bend St Unit 1 Pawtucket, RI	3.0	2.0	1352	$2,450	$1.81	3d	1	1.35mi
40 Olney Ave Lincoln, RI	4.0	3.0	2443	$3,600	$1.47	3d	1	1.48mi

Listing history 8 events

1. 2026-06-21
   days on market $520,000 Active 10 DOM
2. 2026-06-18
   days on market $520,000 Active 7 DOM
3. 2026-06-17
   days on market $520,000 Active 6 DOM
4. 2026-06-16
   days on market $520,000 Active 5 DOM
5. 2026-06-15
   days on market $520,000 Active 4 DOM
6. 2026-06-13
   days on market $520,000 Active 2 DOM
7. 2026-06-13
   remarks 395-char remark
8. 2026-06-13
   listed $520,000 Active 1 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: $4,469 · $372/mo
• Projected year-2 tax: $6,472 · $539/mo
• Expected delta: +$2,004/yr (+$167/mo · 44.8%)

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

Taxation est. · year 1

• Rental income: $50,268
• − Mortgage interest: −$29,128
• − Property taxes: −$4,469
• − Insurance: −$2,600
• − Repairs & maintenance: −$4,021
• − Management: −$4,021
• − Depreciation: −$15,127
• Taxable loss: −$9,099
• Est. tax savings @ 24.0%: +$2,184
• After-tax cash flow: $2,103/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

+700.0% since first listed

26 events — show timeline

• 2026-06-11 Listed $520,000 RIS
• 2016-02-22 Sold (MLS) $60,500 RIS
• 2016-02-19 Sold (Public Records) $60,500 Public Records
• 2016-02-18 Contingent — RIS
• 2016-01-12 Price Changed $91,000 RIS
• 2015-12-09 Price Changed $93,000 RIS
• 2015-11-16 Price Changed $95,000 RIS
• 2015-11-13 Price Changed $96,000 RIS
• 2015-11-03 Price Changed $99,000 RIS
• 2015-10-09 Listed $101,000 RIS
• 2015-10-08 Listing Removed — RIS
• 2015-09-11 Price Changed $115,500 RIS
• 2015-07-10 Price Changed $119,500 RIS
• 2015-04-16 Listed $119,999 RIS
• 2015-04-16 Listing Removed — RIS
• 2015-04-16 Listed $119,000 RIS
• 2008-10-03 Sold (Public Records) $240,000 Public Records
• 2008-08-12 Listing Removed — RIS
• 2008-04-18 Listed $190,000 RIS
• 2004-09-02 Sold (Public Records) $203,000 Public Records
• 2004-09-02 Sold (MLS) $203,000 RIS
• 2004-07-07 Listing Removed — RIS
• 2004-05-06 Listed $204,900 RIS
• 2003-10-28 Listing Removed — RIS
• 2003-09-11 Listed $135,000 RIS
• 1999-11-01 Sold (Public Records) $65,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $4,469 · +5.7% YoY. Source: county tax records.