104 Bates St · Pawtucket, RI 02861

$699,000

9 bd · 4.0 ba · 3,714 sqft · MultiFamily public records · 2 Days on market

Built 1930 4,356 sqft lot Est $646k · 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 +17.9/30.0
• DSCR +5.6/10.0
• 1% rule +4.2/10.0
• Rent growth +3.9/5.0
• ARV discount +3.8/15.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• 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

* * OPEN HOUSES CANCELED * * This well-maintained multi-family features generously sized units with strong rental appeal 9+ bedrooms and 4 bathrooms across 4,514 square feet of living space. Oversized floor plans with 3 beds, 1 bath, and double parlors give tenants the room they expect, setting this property apart from the competition and supporting premium rents. The basement and first floor feature newer high-efficiency Navien heating/hot water systems with natural gas space heaters on the 2nd and 3rd floor. Sale includes an additional adjoining lot, offering flexibility to expand, develop, or simply enjoy the current use of added privacy, green space, and your own fruit trees (peach

Key facts

• Green space
• Added privacy
• Access to transit

Tags

• ADDITIONAL ADJOINING LOT
• ADDED PRIVACY
• GREEN SPACE
• FRUIT TREES
• OFF-STREET PARKING
• ACCESS TO TRANSIT

Property features AI

Finance

• Financial info: Tenant is responsible for hot water; One 3-bedroom unit currently shows actual rent of $2,200 (same for three similar units listed)
• HOA & community: Community provides highway access, nearby schools, public transportation, recreation area, restaurants, and shopping

Exterior

• Parking: No garage; Total of 3 parking spaces
• Utilities: Sewer connected; Water connected; Electric with circuit breakers
• Home design: Three-story building; Above-grade finished area approximately 5,282
• Construction: Vinyl siding with drywall and plaster interior finishes; Concrete perimeter foundation
• Exterior features: Porch; Fenced yard; Multiple lots

Interior

• Kitchen: Kitchens present in units (appliances not specified)
• Bedrooms: Four units total: one 1-bedroom unit (finished basement area); Three 3-bedroom units (each will be vacant at closing)
• Flooring: Carpet; Ceramic tile; Hardwood
• Bathrooms: Four full bathrooms in the building; Each unit includes at least one full bathroom
• Heating & cooling: Heating present; Heating systems include baseboard, forced air, and gas
• Interior features: Bathtub and tub/shower combinations; Stall shower; Full basement with interior entry, partially finished; Total of 23 rooms
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.3-bath units multifamily listed at $699k.

Deal economics

• At list price, monthly cash flow is $585 ($7k/yr) — positive. Per door: $195/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $644k (7.9% below list).
• Recommended offer: $644k (7.9% below list) — sets the bar for 1% rule.
• Cap rate 7.3% vs local median 3.8% in Pawtucket — 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 71/100 on livability (#16 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: employment C-, schools D, amenities F.
• Pawtucket (suburban): math 7% / reading 19% proficiency, ranked #33 of 39 in RI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 95 active listings in the ZIP; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,440/mo this rent would consume 93% of the median local household income ($83k/yr) (locally 891% 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 $21k 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.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $644,000 (7.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.92% ✗
• Cap rate: 7.30%
• Cash-on-cash: 3.59%
• DSCR: 1.16
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $646,236
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
39 John St	0.21mi	9/3.0	4,161 (+12%)	3mo	$660,000	$159	64
29 31 Stearns St	0.33mi	9/3.0	3,336 (-10%)	5mo	$725,000	$217	59
133 Sabin St	0.44mi	9/3.0	3,813 (+3%)	21mo	$665,000	$174	53
95 97 Benefit St	0.09mi	8/4.0 (-1)	3,297 (-11%)	23mo	$680,000	$206	53
86 Webster St	0.22mi	10/4.0 (+1)	4,251 (+14%)	10mo	$715,000	$168	52
116 Coyle Ave	0.19mi	8/3.0 (-1)	3,300 (-11%)	20mo	$575,000	$174	47
5 Stearns St	0.28mi	8/3.0 (-1)	3,192 (-14%)	10mo	$700,000	$219	46
88 90 Darlingdale Ave	0.54mi	8/3.0 (-1)	4,006 (+8%)	11mo	$629,000	$157	44
9 Makin St	0.72mi	9/3.0	3,264 (-12%)	4mo	$647,000	$198	39
21 Locust St	0.48mi	9/3.0	3,204 (-14%)	21mo	$720,000	$225	34
179 Woodbine St	0.52mi	9/3.0	3,174 (-14%)	18mo	$465,000	$147	32
120 122 East St	0.57mi	10/3.0 (+1)	4,064 (+9%)	20mo	$635,000	$156	32

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

Projected returns pro-forma

-3.0% appreciation · 5.57% rent growth · sell at horizon

5-year hold

• IRR: -8.0%
• Equity multiple: 0.70×
• Total profit: $-59,025
• Equity at exit: $104,223

10-year hold

• IRR: 4.4%
• Equity multiple: 1.36×
• Total profit: $70,046
• Equity at exit: $60,437

Cash invested: $195,720 (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 02861

• Rents YoY: 5.6%
• Active inventory: 95
• Price-to-rent: 27.1×

Monthly cashflow live

• Estimated rent: $6,440 high
• Mortgage (P&I): −$3,666
• Tax from tax record: −$546 /mo · $6,547/yr
• Insurance: −$291
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,352
• Net cashflow: $585

Break-even live

Break-even rent $5,699

Max offer price $699,000

Occupancy floor 86%

Sensitivity live

Price	-10% $981	-5% $783	+0% $585	+5% $387	+10% $189
Rent	-10% $76	-5% $331	+0% $585	+5% $840	+10% $1,094
Rate	-1.0pp $937	-0.5pp $763	base $585	+0.5pp $404	+1.0pp $220

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.3	$6,441
Total (3 units)			$6,440

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: $174,750
• Closing costs: $20,970
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-07
   statusdays on market $699,000 Pending 2 DOM
2. 2026-06-05
   remarks 699-char remark
3. 2026-06-05
   listed $699,000 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: $6,547 · $546/mo
• Projected year-2 tax: $8,970 · $748/mo
• Expected delta: +$2,423/yr (+$202/mo · 37.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥98°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: $77,280
• − Mortgage interest: −$39,155
• − Property taxes: −$6,547
• − Insurance: −$3,495
• − Repairs & maintenance: −$6,182
• − Management: −$6,182
• − Depreciation: −$20,335
• Taxable loss: −$4,616
• Est. tax savings @ 24.0%: +$1,108
• After-tax cash flow: $8,130/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: Pawtucket
• NCES district ID: 4400840
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $41,838
• Composite: 11.29/100
• National rank: #9718
• State rank: #33 of 39 in RI

Livability — Pawtucket

• Score: 71/100
• State rank: #16
• US rank: #7037

Category grades

Amenities F Commute F 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: Pawtucket, RI
• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 28,124
• Household income: $83,411
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 891.0

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 0.59)
• Race & ethnicity: White 61% Hispanic / Latino 18% Two or more races 13% Black 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 5% Dominican 4%
• Common ancestry: Russian 11% Lithuanian 10% Romanian 4%
• Foreign-born: 17% · Canada, Jamaica
• Languages at home: 71% English-only · Spanish 13% Other Indo-European 9% 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: ▼ -469.15%
• Current HPI: 313.2295
• Rent YoY: ▲ 5.57%
• 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

1 event — show timeline

• 2026-06-03 Listed $699,000 RIS

Property tax history

+5.0%/yr

Latest (2025): $6,547 · +6.6% YoY. Source: county tax records.