1 Blueberry Heights Way

Greene, RI 02817

$179,900C+

2 bd · 1.0 ba · 924 sqft · Built 2005 · Manufactured · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,477/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$243
• HOA: −$325
• Vac / Maint / Mgmt: −$520
• Net cashflow: $445/mo
• Annual: $5,341/yr
• Cap rate: 9.26%
• Cash-on-cash: 10.60%
• DSCR: 1.47
• 1% rule: 1.38%
• Cash to close: $50,372

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $180k.
• At list price, monthly cash flow is $445 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#25 in RI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living C-, schools D+, amenities F.
• Exeter-West Greenwich (rural): math 39% / reading 48% proficiency, ranked #11 of 39 in RI (top 28%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 22 active listings in the ZIP; high-income renter base; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 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 $90k; list at $180k implies a 100% gain — meaningful room to come down on a strong offer.
• Cap rate 9.3% vs local median 2.7% in Greene — 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

• 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.