72 Academy Ave · Providence, RI 02908

$625,000

6 bd · 3.0 ba · 3,360 sqft · MultiFamily public records · 37 Days on market

Built 1920 3,049 sqft lot $186/sqft · 25% above area Est $700k · 11% under

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Why this score? — see what drove the B- 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 +26.8/30.0
• ARV discount +12.3/15.0
• DSCR +9.2/10.0
• 1% rule +6.9/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• 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 MLS

INVESTORS TAKE NOTICE!! OR MAKE THIS YOUR HOME. EITHER WAY A GREAT INVESTMENT! THIRD FLOOR FRESHLY PAINTED, REFINISHED FLOORS, REDONE BATH AND PANTRY. ALL SEPARATE UTILITIES. UPDATED ELECTRIC, INSULATED WINDOWS, NEWER HOT WATER TANKS, BOILERS AND FORCED AIR HEATING SYSTEMS ONLY 5 YEARS OLD. COMES WITH COIN OPERATED WASHER AND DRYER. CLOSE TO HIGHWAY, TRAIN, DOWNTOWN, SCHOOLS AND STORES. EVERYTHING YOU COULD WANT IS WAITING FOR YOU. VERY NICE PROPERTY!

Key facts

• Off street parking
• Tree lined streets
• 3,049 sq ft lot

Tags

• STRONG RENTAL POTENTIAL
• OFF STREET PARKING
• TREE LINED STREETS
• MINUTES TO PROVIDENCE COLLEGE
• CLOSE TO RHODE ISLAND COLLEGE
• LOCAL DINING FAVORITES

Property features AI

Finance

• Other: Above-grade finished area reported
• Financial info: Property configured as a 3-unit multifamily (three 2-bedroom, 1-bath units); Unit rents listed: $1,500; $1,550; $1,500

Exterior

• Parking: No garage; Two off-street parking spaces
• Utilities: Sewer connected; Public water connected; Circuit breaker electrical service
• Home design: Single building containing three units; Multiple-story dwelling (total above-grade finished area listed)
• Construction: Brick and vinyl siding construction
• Exterior features: Brick and vinyl siding exterior; Sewer connected; Public water connected

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Three 2-bedroom units
• Flooring: Hardwood; Vinyl
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Forced air heating; Gas heating
• Interior features: Hardwood and vinyl flooring; Full, unfinished basement with interior entry
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $625k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $553/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $625k).
• Recommended offer: $606k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 4.2% 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-, schools F.
• 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.
• Market conditions: Rents rising fast (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,432/mo this rent would consume 122% of the median local household income ($73k/yr) (locally 1561% 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 $4k of loan paydown is wiped out by about $19k 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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $175k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($606k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 21y 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 $190k; list at $625k implies a 229% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk; 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 $606,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.19% ✓
• Cap rate: 9.59%
• Cash-on-cash: 11.76%
• DSCR: 1.52
• GRM: 7.0

CMA / ARV

• ARV (median comp): $699,927
• List price: $625,000
• Delta: -10.70%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 3.4%
• Equity multiple: 1.13×
• Total profit: $23,290
• Equity at exit: $93,190

10-year hold

• IRR: 15.1%
• Equity multiple: 2.36×
• Total profit: $237,877
• Equity at exit: $54,039

Cash invested: $175,000 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $7,432 high
• Mortgage (P&I): −$3,278
• Tax from tax record: −$619 /mo · $7,423/yr
• Insurance: −$260
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,561
• Net cashflow: $1,659

Break-even live

Break-even rent $5,332

Max offer price $625,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,431
Total (3 units)			$7,432

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: $156,250
• Closing costs: $18,750
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $625,000 Active 37 DOM
2. 2026-06-17
   days on market $625,000 Active 36 DOM
3. 2026-06-16
   days on market $625,000 Active 35 DOM
4. 2026-06-15
   days on market $625,000 Active 34 DOM
5. 2026-06-13
   days on market $625,000 Active 32 DOM
6. 2026-06-09
   days on market $625,000 Active 28 DOM
7. 2026-06-08
   days on market $625,000 Active 27 DOM
8. 2026-06-07
   days on market $625,000 Active 26 DOM
9. 2026-06-05
   days on market $625,000 Active 23 DOM
10. 2026-06-03
    days on market $625,000 Active 22 DOM
11. 2026-06-02
    days on market $625,000 Active 21 DOM
12. 2026-06-01
    days on market $625,000 Active 20 DOM
13. 2026-05-31
    days on market $625,000 Active 19 DOM
14. 2026-05-12
    listed $650,000 Active 789-char remark
15. 2024-11-04
    historical $1,550
16. 2024-10-09
    listed $1,550
17. 2018-04-03
    soldstatus $190,000 Sold 455-char remark

    Show marketing remark (455 chars)

    INVESTORS TAKE NOTICE!! OR MAKE THIS YOUR HOME. EITHER WAY A GREAT INVESTMENT! THIRD FLOOR FRESHLY PAINTED, REFINISHED FLOORS, REDONE BATH AND PANTRY. ALL SEPARATE UTILITIES. UPDATED ELECTRIC, INSULATED WINDOWS, NEWER HOT WATER TANKS, BOILERS AND FORCED AIR HEATING SYSTEMS ONLY 5 YEARS OLD. COMES WITH COIN OPERATED WASHER AND DRYER. CLOSE TO HIGHWAY, TRAIN, DOWNTOWN, SCHOOLS AND STORES. EVERYTHING YOU COULD WANT IS WAITING FOR YOU. VERY NICE PROPERTY!

18. 2018-02-27
    soldstatus $190,000
19. 2018-02-01
    historical Under Contract: Inspection Period 455-char remark

    Show marketing remark (455 chars)

    INVESTORS TAKE NOTICE!! OR MAKE THIS YOUR HOME. EITHER WAY A GREAT INVESTMENT! THIRD FLOOR FRESHLY PAINTED, REFINISHED FLOORS, REDONE BATH AND PANTRY. ALL SEPARATE UTILITIES. UPDATED ELECTRIC, INSULATED WINDOWS, NEWER HOT WATER TANKS, BOILERS AND FORCED AIR HEATING SYSTEMS ONLY 5 YEARS OLD. COMES WITH COIN OPERATED WASHER AND DRYER. CLOSE TO HIGHWAY, TRAIN, DOWNTOWN, SCHOOLS AND STORES. EVERYTHING YOU COULD WANT IS WAITING FOR YOU. VERY NICE PROPERTY!

20. 2018-01-18
    listed $209,900 Active 455-char remark

    Show marketing remark (455 chars)

    INVESTORS TAKE NOTICE!! OR MAKE THIS YOUR HOME. EITHER WAY A GREAT INVESTMENT! THIRD FLOOR FRESHLY PAINTED, REFINISHED FLOORS, REDONE BATH AND PANTRY. ALL SEPARATE UTILITIES. UPDATED ELECTRIC, INSULATED WINDOWS, NEWER HOT WATER TANKS, BOILERS AND FORCED AIR HEATING SYSTEMS ONLY 5 YEARS OLD. COMES WITH COIN OPERATED WASHER AND DRYER. CLOSE TO HIGHWAY, TRAIN, DOWNTOWN, SCHOOLS AND STORES. EVERYTHING YOU COULD WANT IS WAITING FOR YOU. VERY NICE PROPERTY!

21. 2013-12-19
    price $72,900

    Show marketing remark (141 chars)

    Large brick front 3 family with detached 2 car garage! Needs rehab, inspections for informational purposes only, sold as is! See attachments.

22. 2013-06-06
    historical
23. 2013-04-12
    listed $149,900
24. 2009-07-29
    soldstatus $65,000

    Show marketing remark (141 chars)

    Large brick front 3 family with detached 2 car garage! Needs rehab, inspections for informational purposes only, sold as is! See attachments.

25. 2009-03-13
    historical

    Show marketing remark (141 chars)

    Large brick front 3 family with detached 2 car garage! Needs rehab, inspections for informational purposes only, sold as is! See attachments.

26. 2009-02-05
    listed $78,900

    Show marketing remark (141 chars)

    Large brick front 3 family with detached 2 car garage! Needs rehab, inspections for informational purposes only, sold as is! See attachments.

27. 2008-10-27
    soldstatus $93,500
28. 2006-06-02
    soldstatus $350,000
29. 2006-01-24
    soldstatus $295,000
30. 2005-09-16
    historical
31. 2005-08-24
    listed $310,000
32. 2004-10-13
    soldstatus $265,000

ⓘ 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: $7,423 · $619/mo
• Projected year-2 tax: $8,805 · $734/mo
• Expected delta: +$1,382/yr (+$115/mo · 18.6%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥96°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: $89,184
• − Mortgage interest: −$35,010
• − Property taxes: −$7,423
• − Insurance: −$3,792
• − Repairs & maintenance: −$7,135
• − Management: −$7,135
• − Depreciation: −$18,182
• Taxable income: $10,509
• Est. tax owed @ 24.0%: −$2,522
• After-tax cash flow: $17,388/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 2%

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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+135.8% since first listed

20 events — show timeline

• 2026-05-28 Price Changed $625,000 RIS
• 2026-05-12 Listed $650,000 RIS
• 2024-11-04 Rental Removed $1,550 RENTALBEAST
• 2024-10-09 Listed for Rent $1,550 RENTALBEAST
• 2018-04-03 Sold (MLS) $190,000 RIS
• 2018-02-27 Sold (Public Records) $190,000 Public Records
• 2018-02-01 Contingent — RIS
• 2018-01-18 Listed $209,900 RIS
• 2013-12-19 Price Changed $72,900 RIS
• 2013-06-06 Listing Removed — RIS
• 2013-04-12 Listed $149,900 RIS
• 2009-07-29 Sold (MLS) $65,000 RIS
• 2009-03-13 Listing Removed — RIS
• 2009-02-05 Listed $78,900 RIS
• 2008-10-27 Sold (Public Records) $93,500 Public Records
• 2006-06-02 Sold (Public Records) $350,000 Public Records
• 2006-01-24 Sold (Public Records) $295,000 Public Records
• 2005-09-16 Listing Removed — RIS
• 2005-08-24 Listed $310,000 RIS
• 2004-10-13 Sold (Public Records) $265,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $7,423 · +15.0% YoY. Source: county tax records.