40 Calder St · Providence, RI 02907

$359,900

5 bd · 1.0 ba · 1,035 sqft · SingleFamily public records · 35 Days on market

Built 1972 3,200 sqft lot

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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 +14.4/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• DSCR +4.4/10.0
• Livability +4.2/5.0
• 1% rule +3.2/10.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This is what I would like to call a desirable single family home. Very well maintained, this home features living, kitchen, full bath and 5 bedrooms. Also, vinyl siding on exterior, plenty of parking spaces and close to restaurants, public school, and easy access to route 10. Basement is finished with full bathroom and 3 extra rooms.

Key facts

• Public sewer
• Paved driveway
• Natural gas

Tags

• FINISHED LOWER LEVEL
• LOW MAINTENANCE VINYL SIDING
• PAVED DRIVEWAY
• PUBLIC WATER
• PUBLIC SEWER
• NATURAL GAS

What this means for you Summary

Snapshot

• This is a 5-bed/1.0-bath single-family listed at $360k.

Deal economics

• At list price, monthly cash flow is $74 ($891/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $296k (17.7% below list).
• Recommended offer: $296k (17.7% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.0% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+15.3%/yr); 62 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $2,963/mo this rent would consume 68% 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 $2k of loan paydown is wiped out by about $11k 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

• It's been on market 35 days — a 3% lower offer ($349k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 20y ago; this cycle's ask has dropped $19k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $295k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: 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 $296,333 (17.7% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
2. Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.88%
• DSCR: 1.04
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.9%
• Equity multiple: 0.62×
• Total profit: $-38,023
• Equity at exit: $53,662

10-year hold

• IRR: 4.9%
• Equity multiple: 1.44×
• Total profit: $43,886
• Equity at exit: $31,118

Cash invested: $100,772 (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: 62
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,963 medium
• Mortgage (P&I): −$1,887
• Tax from tax record: −$230 /mo · $2,754/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $74

Break-even live

Break-even rent $2,869

Max offer price $359,900

Occupancy floor 92%

Sensitivity live

Price	-10% $278	-5% $176	+0% $74	+5% $-28	+10% $-130
Rent	-10% $-160	-5% $-43	+0% $74	+5% $191	+10% $308
Rate	-1.0pp $255	-0.5pp $166	base $74	+0.5pp $-19	+1.0pp $-114

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: $89,975
• Closing costs: $10,797
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-04-15
   status Pending
2. 2026-03-23
   price $359,900
3. 2026-03-18
   price $369,900
4. 2026-03-11
   listed $379,000 Active
5. 2023-11-09
   soldstatus $294,900 Closed 335-char remark

   Show marketing remark (335 chars)

   This is what I would like to call a desirable single family home. Very well maintained, this home features living, kitchen, full bath and 5 bedrooms. Also, vinyl siding on exterior, plenty of parking spaces and close to restaurants, public school, and easy access to route 10. Basement is finished with full bathroom and 3 extra rooms.

6. 2023-11-09
   soldstatus $294,900

   Show marketing remark (335 chars)

   This is what I would like to call a desirable single family home. Very well maintained, this home features living, kitchen, full bath and 5 bedrooms. Also, vinyl siding on exterior, plenty of parking spaces and close to restaurants, public school, and easy access to route 10. Basement is finished with full bathroom and 3 extra rooms.

7. 2023-09-25
   status Pending 335-char remark

   Show marketing remark (335 chars)

   This is what I would like to call a desirable single family home. Very well maintained, this home features living, kitchen, full bath and 5 bedrooms. Also, vinyl siding on exterior, plenty of parking spaces and close to restaurants, public school, and easy access to route 10. Basement is finished with full bathroom and 3 extra rooms.

8. 2023-09-13
   listed $284,900 Active 335-char remark

   Show marketing remark (335 chars)

   This is what I would like to call a desirable single family home. Very well maintained, this home features living, kitchen, full bath and 5 bedrooms. Also, vinyl siding on exterior, plenty of parking spaces and close to restaurants, public school, and easy access to route 10. Basement is finished with full bathroom and 3 extra rooms.

9. 2016-11-08
   price $239,900
10. 2013-12-19
    price $30,000
11. 2013-12-19
    price $41,900
12. 2009-05-21
    soldstatus $26,500
13. 2009-05-13
    historical
14. 2009-03-05
    listed $41,900
15. 2009-03-04
    historical
16. 2008-08-15
    listed $49,900
17. 2008-07-30
    soldstatus $153,000
18. 2007-03-30
    historical
19. 2006-11-07
    listed $249,900

ⓘ 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: $2,754 · $230/mo
• Projected year-2 tax: $4,310 · $359/mo
• Expected delta: +$1,556/yr (+$130/mo · 56.5%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% 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: $35,560
• − Mortgage interest: −$20,160
• − Property taxes: −$2,754
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,845
• − Management: −$2,845
• − Depreciation: −$10,470
• Taxable loss: −$5,313
• Est. tax savings @ 24.0%: +$1,275
• After-tax cash flow: $2,166/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

+44.0% since first listed

19 events — show timeline

• 2026-04-15 Pending — RIS
• 2026-03-23 Price Changed $359,900 RIS
• 2026-03-18 Price Changed $369,900 RIS
• 2026-03-11 Listed $379,000 RIS
• 2023-11-09 Sold (Public Records) $294,900 Public Records
• 2023-11-09 Sold (MLS) $294,900 RIS
• 2023-09-25 Pending — RIS
• 2023-09-13 Listed $284,900 RIS
• 2016-11-08 Price Changed $239,900 RIS
• 2013-12-19 Price Changed $30,000 RIS
• 2013-12-19 Price Changed $41,900 RIS
• 2009-05-21 Sold (MLS) $26,500 RIS
• 2009-05-13 Listing Removed — RIS
• 2009-03-05 Listed $41,900 RIS
• 2009-03-04 Listing Removed — RIS
• 2008-08-15 Listed $49,900 RIS
• 2008-07-30 Sold (Public Records) $153,000 Public Records
• 2007-03-30 Listing Removed — RIS
• 2006-11-07 Listed $249,900 RIS

Property tax history

+2.3%/yr

Latest (2025): $2,754 · -28.5% YoY. Source: county tax records.