48 Plenty St · Warwick, RI 02889

$419,000

3 bd · 1.0 ba · 1,008 sqft · SingleFamily public records · 7 Days on market

Built 1973 7,841 sqft lot Est $377k · 11% over

---

Why this score? — see what drove the F 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 +7.1/30.0
• Livability +3.9/5.0
• ARV discount +2.5/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 1% rule +1.6/10.0
• DSCR +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

MINT 4 BED, 2 BATH RANCH, FAMILY ROOM, OFFICE & DINING W/ SLIDERS TO PATIO. FAMILY ROOM W/ SURPRISE FEATURE. CENTRAL AIR, FENCED, DEAD END, MUST SEE!! IN -LAW.

Key facts

• Fenced backyard
• Finished lower level
• 7,841 sq ft lot

Tags

• WALKING DISTANCE TO SCHOOLS
• FINISHED LOWER LEVEL
• ADDITIONAL STORAGE ROOM
• PRIVATE OUTDOOR-ONLY ACCESS
• FENCED BACKYARD
• QUICK ACCESS TO HIGHWAYS

Property features AI

Finance

• HOA & community: Community amenities include golf, marina, pool, recreation area, public transportation, restaurants and shopping

Exterior

• Parking: No garage; Two off-street parking spaces
• Utilities: Sewer connected; Water connected; 100 amp electric service
• Home design: Single-story home; Drywall and vinyl siding construction; Concrete perimeter foundation
• Construction: Drywall exterior; Vinyl siding
• Exterior features: Patio; Paved driveway; Fenced yard; Beach access; Water access

Interior

• Kitchen: Eat-in kitchen; Oven; Range; Refrigerator
• Bedrooms: Three bedrooms on the first floor; One bedroom on the lower level
• Flooring: Ceramic tile; Vinyl; Carpet
• Bathrooms: Two full bathrooms
• Heating & cooling: Forced air heating (gas); Central air conditioning
• Interior features: Bathtub; Stall shower; Tub/shower combo; Interior steps
• Laundry & utility: Washer/dryer area on the first floor; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $419k.

Deal economics

• At list price, monthly cash flow is $-590 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $315k (24.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (34.2% below list).
• Recommended offer: $276k (34.2% below list) — sets the bar for 1% rule.
• Cap rate 4.6% vs local median 3.7% in Warwick — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• 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: schools D+, amenities F.
• Warwick (urban): math 15% / reading 32% proficiency, ranked #25 of 39 in RI (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 120 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $225k; list at $419k implies a 86% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 75% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $275,821 (34.2% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1973 — 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 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?
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: 0.66% ✗
• Cap rate: 4.60%
• Cash-on-cash: -6.03%
• DSCR: 0.73
• GRM: 12.7

CMA / ARV

• ARV (on-the-fly): $376,992
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 Kenneth Ave	0.17mi	3/1.0	960 (-5%)	8mo	$363,000	$378	77
73 Custer St	0.47mi	3/1.0	960 (-5%)	7mo	$405,000	$422	64
52 Hazard Ave	0.69mi	3/1.5	1,017 (+1%)	2mo	$380,000	$374	62
266 Vineyard Rd	0.67mi	3/1.0	984 (-2%)	3mo	$415,000	$422	62
75 Northup St	0.34mi	2/1.0 (-1)	1,104 (+10%)	3mo	$330,000	$299	61
171 Canfield Ave	0.35mi	3/1.0	857 (-15%)	0mo	$290,000	$338	58
3 Sheffield St	0.53mi	3/1.0	930 (-8%)	9mo	$340,000	$366	55
245 Trent Ave	0.70mi	2/1.0 (-1)	964 (-4%)	1mo	$385,000	$399	54
201 Hollis Ave	0.61mi	2/1.0 (-1)	940 (-7%)	3mo	$335,000	$356	53
83 85 Ottawa Ave	0.74mi	3/2.0	1,061 (+5%)	3mo	$399,000	$376	50
49 Cottage Grove Ave	0.67mi	3/1.5	1,124 (+12%)	10mo	$350,000	$311	39
163 Reynolds Ave	0.53mi	2/1.0 (-1)	859 (-15%)	10mo	$296,500	$345	37

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -26.7%
• Equity multiple: 0.10×
• Total profit: $-105,502
• Equity at exit: $62,474

10-year hold

• IRR: -24.1%
• Equity multiple: -0.20×
• Total profit: $-140,394
• Equity at exit: $36,227

Cash invested: $117,320 (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 02889

• Active inventory: 120
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $2,758 high
• Mortgage (P&I): −$2,197
• Tax from tax record: −$397 /mo · $4,764/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$579
• Net cashflow: $-590

Break-even live

Break-even rent $3,505

Max offer price $314,795

Occupancy floor —

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: $104,750
• Closing costs: $12,570
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 Coburn St Warwick, RI	3.0	2.0	1416	$3,395	$2.40	1d	1	0.53mi
191 Shand Ave Warwick, RI	2.0	1.0	900	$3,000	$3.33	20d	1	0.60mi
185 Ottawa Ave Warwick, RI	2.0	2.0	928	$2,450	$2.64	23d	1	0.70mi
72 Sayles Ave Warwick, RI	3.0	1.5	1500	$3,000	$2.00	1d	1	0.88mi
5 Moccasin Dr Warwick, RI	2.0	1.0	930	$2,350	$2.53	17d	1	1.03mi
292 Samuel Gorton Ave Warwick, RI	2.0	1.0	816	$1,900	$2.33	11d	1	1.43mi
168 Main Ave Warwick, RI	2.0	1.0	800	$2,500	$3.12	17d	1	1.48mi

Listing history 5 events

1. 2026-05-17
   listed $419,000 Active
2. 2004-07-20
   soldstatus $225,000
3. 2004-07-19
   soldstatus $224,900 165-char remark

   Show marketing remark (165 chars)

   MINT 4 BED, 2 BATH RANCH, FAMILY ROOM, OFFICE & DINING W/ SLIDERS TO PATIO. FAMILY ROOM W/ SURPRISE FEATURE. CENTRAL AIR, FENCED, DEAD END, MUST SEE!! IN -LAW.

4. 2004-04-27
   historical 165-char remark

   Show marketing remark (165 chars)

   MINT 4 BED, 2 BATH RANCH, FAMILY ROOM, OFFICE & DINING W/ SLIDERS TO PATIO. FAMILY ROOM W/ SURPRISE FEATURE. CENTRAL AIR, FENCED, DEAD END, MUST SEE!! IN -LAW.

5. 2004-04-15
   listed $224,900 165-char remark

   Show marketing remark (165 chars)

   MINT 4 BED, 2 BATH RANCH, FAMILY ROOM, OFFICE & DINING W/ SLIDERS TO PATIO. FAMILY ROOM W/ SURPRISE FEATURE. CENTRAL AIR, FENCED, DEAD END, MUST SEE!! IN -LAW.

ⓘ 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: $4,764 · $397/mo
• Projected year-2 tax: $5,797 · $483/mo
• Expected delta: +$1,033/yr (+$86/mo · 21.7%)

ⓘ 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 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,099
• − Mortgage interest: −$23,471
• − Property taxes: −$4,764
• − Insurance: −$2,095
• − Repairs & maintenance: −$2,648
• − Management: −$2,648
• − Depreciation: −$12,189
• Taxable loss: −$14,716
• Est. tax savings @ 24.0%: +$3,532
• After-tax cash flow: $-3,547/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: Warwick
• NCES district ID: 4401110
• Math proficiency: 15% ▼ -11.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $63,420
• Composite: 22.03/100
• National rank: #8203
• State rank: #25 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

Amenities F Commute A+ Cost of living B- Crime A+ Employment A Housing A+ Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warwick, RI
• City population: 108,434
• Population (ZIP): 27,533

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 7% Two or more races 7% Black 2% Asian 2%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2% Dominican 2%
• Common ancestry: Lithuanian 10% Russian 9% Romanian 4%
• Foreign-born: 6% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 2% French/Haitian/Cajun 1%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -493.61%
• Current HPI: 398.7453
• Rent YoY: —
• Metro: —
• 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

+86.3% since first listed

5 events — show timeline

• 2026-05-17 Listed $419,000 RIS
• 2004-07-20 Sold (Public Records) $225,000 Public Records
• 2004-07-19 Sold (MLS) $224,900 RIS
• 2004-04-27 Listing Removed — RIS
• 2004-04-15 Listed $224,900 RIS

Property tax history

+3.3%/yr

Latest (2025): $4,764 · +4.5% YoY. Source: county tax records.