6101 79 Post Rd

Warwick, RI 02852

$140,000B

2 bd · 1.0 ba · 942 sqft · Built 1986 · Manufactured · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,754/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$137
• HOA: −$510
• Vac / Maint / Mgmt: −$578
• Net cashflow: $794/mo
• Annual: $9,525/yr
• Cap rate: 13.10%
• Cash-on-cash: 24.30%
• DSCR: 2.08
• 1% rule: 1.97%
• Cash to close: $39,200

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $140k. Condition is rated fair.
• At list price, monthly cash flow is $794 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $140k).
• It's been on market 24 days — a 2% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: amenities F.
• North Kingstown (suburban): math 47% / reading 63% proficiency, ranked #5 of 39 in RI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Forest Park El. School (math 67% / reading 67%, grade B+, #5 of 167 statewide, top 3%, 260 students, 16% FRL); Davisville Middle School (math 33% / reading 48%, grade F, #9 of 57 statewide, top 14%, 450 students, 28% FRL); North Kingstown Sr. High (math 55% / reading 83%, grade B, #4 of 58 statewide, top 5%, 1,374 students, 17% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 103 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 311 units permitted in Washington County in 2024 (45 in 5+ unit buildings).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 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 $69k; list at $140k implies a 103% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $39k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 13.1% vs local median 3.3% in Warwick — 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Siding — Weathered and discoloration visible.
• Minor: Landscaping — Shrubs appear somewhat unkempt.
• Minor: Roof — No visible signs of major issues, but may need inspection.