231 Maple Ave #201 · Newport, RI 02840

$365,000

3 bd · 2.0 ba · 1,120 sqft · Condo public records · 35 Days on market

Built 2005 $520/mo HOA · 16% of rent

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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 +11.7/30.0
• ARV discount +7.5/15.0
• Rent growth +4.8/5.0
• 1% rule +4.1/10.0
• Livability +3.9/5.0
• DSCR +3.4/10.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Make this really sweet, turn-key condo your Newport pied-a-terre or new home. This unit has pretty, natural sunlight with open-concept living in the kitchen and living room which feature beautiful granite counter tops including a great breakfast bar and fireplace. This 3 bedroom, 2 bath condo has a wonderful master bedroom with it's own bath and laundry. Central to everything beautiful Newport has to offer.

Key facts

• Open concept living
• In-suite bathroom
• Closet laundry

Tags

• IN-SUITE BATHROOM
• CLOSET LAUNDRY
• OPEN CONCEPT LIVING
• GRANITE COUNTER TOPS
• BREAKFAST BAR
• ELECTRIC FIREPLACE

Property features AI

Finance

• Other: Below-grade finished area included; Above-grade finished area included; Zoning: R10
• Financial info: Pets allowed (negotiable)
• HOA & community: Monthly association fee of $520.77 covering insurance, grounds maintenance, parking, and trash; Community of 6 units; Community amenities include highway access, public transportation, nearby shopping, restaurants, recreation areas, hospital access, and schools nearby

Exterior

• Parking: Assigned parking (2 spaces), no garage
• Utilities: Public water (connected); Public sewer (connected); 150 amp electric service
• Home design: One-story building; Private first-floor entry
• Construction: Drywall and vinyl siding; Concrete perimeter foundation; Building name: Codduington Point
• Exterior features: Deck; Barbecue; Paved driveway; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator; Exhaust fan; Gas water heater
• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas baseboard heating; Window air conditioning units
• Interior features: Accessible doors and accessible hallways; Furnished; Cable TV; Tub/shower
• Laundry & utility: In-unit washer and dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $365k.

Deal economics

• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $346k (5.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $331k (9.2% below list).
• Recommended offer: $331k (9.2% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.1% in Newport — 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 78/100 on livability (#5 in RI, #2,367 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, cost of living F.
• Newport (suburban): math 10% / reading 20% proficiency, ranked #29 of 39 in RI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+9.3%/yr); 134 active listings in the ZIP; 39 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• At $3,313/mo this rent would consume 46% of the median local household income ($86k/yr) (locally 1294% 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 $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y 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 $195k; list at $365k implies a 87% gain — meaningful room to come down on a strong offer.

Recommended offer $331,254 (9.2% 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. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 0.91% ✗
• Cap rate: 5.94%
• Cash-on-cash: -1.25%
• DSCR: 0.94
• GRM: 9.2

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: -12.4%
• Equity multiple: 0.53×
• Total profit: $-48,261
• Equity at exit: $54,423

10-year hold

• IRR: 3.2%
• Equity multiple: 1.29×
• Total profit: $29,607
• Equity at exit: $31,559

Cash invested: $102,200 (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 02840

• Rents YoY: 9.3%
• Active inventory: 134
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $3,313 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$137 /mo · $1,649/yr
• Insurance: −$152
• HOA: −$520
• Vacancy / Maint / Mgmt: −$696
• Net cashflow: $-107

Break-even live

Break-even rent $3,448

Max offer price $346,152

Occupancy floor 98%

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 39 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
12 Mariner Way Middletown, RI	2.0	2.0	1184	$12,500	$10.56	2d	1	0.10mi
56 Mariner Way Middletown, RI	2.0	2.0	1500	$3,000	$2.00	24d	1	0.12mi
114 Girard Ave #6 Newport, RI	2.0	2.0	1011	$3,400	$3.36	2d	1	0.23mi
66 Girard Ave #324 Newport, RI	2.0	1.5	1312	$2,300	$1.75	19d	1	0.37mi
66 Girard Ave Newport, RI	1.0–2.0	1.0–1.5	1122	$2,300	$2.05	21d	2	0.40mi
16 Race St Unit 2 Middletown, RI	2.0	1.5	950	$2,350	$2.47	24d	1	0.44mi
41 Dudley Ave Newport, RI	3.0	2.0	1381	$3,450	$2.50	2d	1	0.66mi
8 Constitution Ave Middletown, RI	2.0–3.0	1.5–2.5	1200	$3,999	$3.33	2d	1	0.70mi
131 Lake Erie St Middletown, RI	2.0	1.0	780	$2,300	$2.95	2d	1	0.72mi
9 Apthorp Ave #2 Newport, RI	3.0	2.0	1320	$3,500	$2.65	24d	1	0.86mi
28 Thurston Ave #2 Newport, RI	3.0	1.0	1242	$4,000	$3.22	24d	1	0.87mi
61 Malbone Rd Newport, RI	3.0	1.0	1329	$3,500	$2.63	24d	1	0.92mi
11 Russell Ave Unit 2 Newport, RI	3.0	2.0	1050	$3,600	$3.43	14d	1	0.95mi
6 Woolsey Rd Unit A Middletown, RI	2.0	1.0	747	$2,250	$3.01	20d	1	0.96mi
75 Garfield St Newport, RI	3.0	1.5	1066	$3,200	$3.00	3d	1	0.97mi
3 Admiralty Dr Middletown, RI	2.0	1.0	977	$2,262	$2.32	2d	2	0.98mi
7 Restmere Ter Unit A Middletown, RI	3.0	2.0	1200	$3,800	$3.17	4d	1	0.99mi
26 Vernon Ave Newport, RI	2.0	1.5	1003	$4,800	$4.79	2d	1	1.00mi
1 Collins Ter Middletown, RI	3.0	1.0	1162	$3,400	$2.93	24d	1	1.00mi
9 Butler St Newport, RI	2.0	1.0	928	$2,800	$3.02	4d	1	1.13mi
15 Freeborn St Unit 2 Newport, RI	2.0	1.0	1274	$2,675	$2.10	10d	1	1.15mi
82 Van Zandt Ave Newport, RI	3.0	1.5	1263	$3,600	$2.85	4d	1	1.16mi
19 Congdon Ave Newport, RI	3.0	1.5	1225	$3,800	$3.10	4d	1	1.18mi
18 Hall Ave Newport, RI	3.0	2.5	1188	$8,500	$7.15	24d	1	1.21mi
969 W Main Rd Middletown, RI	2.0	1.0	680	$2,400	$3.53	2d	5	1.22mi
351 Boulevard Middletown, RI	2.0	1.0	864	$3,000	$3.47	2d	1	1.22mi
13 Newport Ave Unit 3 Newport, RI	2.0	1.0	750	$2,500	$3.33	4d	1	1.25mi
29 Sherwood Rd Unit 2 Middletown, RI	2.0	1.0	800	$2,800	$3.50	2d	1	1.25mi
11 Eustis Ave Newport, RI	3.0	2.0	1380	$12,000	$8.70	24d	1	1.25mi
2 E BLVD Unit 2 Middletown, RI	3.0	2.0	1344	$3,300	$2.46	24d	1	1.25mi
2 E BLVD Unit 2 Middletown, RI	2.0	2.0	1344	$2,800	$2.08	16d	1	1.25mi
12 Maitland Ct Newport, RI	2.0	1.5	913	$9,000	$9.86	24d	1	1.32mi
2 Lasalle Pl Newport, RI	2.0	1.0	718	$6,450	$8.98	14d	1	1.33mi
6 Gladding Ct Unit 1 Newport, RI	2.0	2.0	1160	$10,000	$8.62	24d	1	1.34mi
5 Cherry St Newport, RI	4.0	2.0	1080	$3,800	$3.52	24d	1	1.43mi
8 Katzman Pl Newport, RI	2.0	1.0	1128	$3,550	$3.15	24d	1	1.45mi
37 Concord Dr Middletown, RI	2.0	1.5	1015	$3,000	$2.96	24d	1	1.46mi
1 Katzman Pl Newport, RI	2.0	1.0	832	$3,250	$3.91	24d	1	1.48mi
5 Stewart St Newport, RI	2.0	2.0	1000	$2,500	$2.50	24d	1	1.49mi

HOA detail condo

• Monthly dues: $520 · $6,240/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $365,000 Active 35 DOM
2. 2026-06-17
   days on market $365,000 Active 34 DOM
3. 2026-06-16
   days on market $365,000 Active 33 DOM
4. 2026-06-15
   days on market $365,000 Active 32 DOM
5. 2026-06-13
   days on market $365,000 Active 30 DOM
6. 2026-06-09
   days on market $365,000 Active 26 DOM
7. 2026-06-08
   days on market $365,000 Active 25 DOM
8. 2026-06-07
   days on market $365,000 Active 24 DOM
9. 2026-06-05
   days on market $365,000 Active 21 DOM
10. 2026-06-03
    days on market $365,000 Active 20 DOM
11. 2026-06-02
    days on market $365,000 Active 19 DOM
12. 2026-06-01
    days on market $365,000 Active 18 DOM
13. 2026-05-31
    days on market $365,000 Active 17 DOM
14. 2026-05-14
    listed $365,000 Active
15. 2020-07-16
    soldstatus $195,000
16. 2020-07-11
    soldstatus $195,000 Closed 410-char remark

    Show marketing remark (410 chars)

    Make this really sweet, turn-key condo your Newport pied-a-terre or new home. This unit has pretty, natural sunlight with open-concept living in the kitchen and living room which feature beautiful granite counter tops including a great breakfast bar and fireplace. This 3 bedroom, 2 bath condo has a wonderful master bedroom with it's own bath and laundry. Central to everything beautiful Newport has to offer.

17. 2020-07-08
    status Pending 410-char remark

    Show marketing remark (410 chars)

    Make this really sweet, turn-key condo your Newport pied-a-terre or new home. This unit has pretty, natural sunlight with open-concept living in the kitchen and living room which feature beautiful granite counter tops including a great breakfast bar and fireplace. This 3 bedroom, 2 bath condo has a wonderful master bedroom with it's own bath and laundry. Central to everything beautiful Newport has to offer.

18. 2020-06-01
    historical Active Under Contract 410-char remark

    Show marketing remark (410 chars)

    Make this really sweet, turn-key condo your Newport pied-a-terre or new home. This unit has pretty, natural sunlight with open-concept living in the kitchen and living room which feature beautiful granite counter tops including a great breakfast bar and fireplace. This 3 bedroom, 2 bath condo has a wonderful master bedroom with it's own bath and laundry. Central to everything beautiful Newport has to offer.

19. 2020-05-27
    listed $195,000 Active 410-char remark

    Show marketing remark (410 chars)

    Make this really sweet, turn-key condo your Newport pied-a-terre or new home. This unit has pretty, natural sunlight with open-concept living in the kitchen and living room which feature beautiful granite counter tops including a great breakfast bar and fireplace. This 3 bedroom, 2 bath condo has a wonderful master bedroom with it's own bath and laundry. Central to everything beautiful Newport has to offer.

20. 2016-04-06
    soldstatus $142,655 Sold 269-char remark

    Show marketing remark (269 chars)

    WOW! This will not last! Built in 2005 this spacious 3BR/2BA condo is the best deal in Newport. Features an open concept kitchen & living room w breakfast bar & fireplace, MBRwBA, in unit laundry & is situated on the 1st floor. Don't wait on this one!

21. 2016-04-06
    soldstatus $142,655

    Show marketing remark (269 chars)

    WOW! This will not last! Built in 2005 this spacious 3BR/2BA condo is the best deal in Newport. Features an open concept kitchen & living room w breakfast bar & fireplace, MBRwBA, in unit laundry & is situated on the 1st floor. Don't wait on this one!

22. 2016-02-03
    status Pending 269-char remark

    Show marketing remark (269 chars)

    WOW! This will not last! Built in 2005 this spacious 3BR/2BA condo is the best deal in Newport. Features an open concept kitchen & living room w breakfast bar & fireplace, MBRwBA, in unit laundry & is situated on the 1st floor. Don't wait on this one!

23. 2016-01-12
    historical Active - Under Contract 269-char remark

    Show marketing remark (269 chars)

    WOW! This will not last! Built in 2005 this spacious 3BR/2BA condo is the best deal in Newport. Features an open concept kitchen & living room w breakfast bar & fireplace, MBRwBA, in unit laundry & is situated on the 1st floor. Don't wait on this one!

24. 2016-01-11
    listed $139,000 Active - New 269-char remark

    Show marketing remark (269 chars)

    WOW! This will not last! Built in 2005 this spacious 3BR/2BA condo is the best deal in Newport. Features an open concept kitchen & living room w breakfast bar & fireplace, MBRwBA, in unit laundry & is situated on the 1st floor. Don't wait on this one!

25. 2013-12-19
    price $134,000
26. 2010-11-10
    soldstatus $115,000
27. 2010-11-09
    soldstatus $115,000
28. 2010-07-07
    historical
29. 2009-09-01
    listed $249,900
30. 2009-03-18
    historical
31. 2008-09-25
    listed $289,900
32. 2006-12-18
    soldstatus $291,500
33. 2006-12-01
    historical
34. 2006-02-15
    listed $339,000

ⓘ 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: $1,649 · $137/mo
• Projected year-2 tax: $3,799 · $317/mo
• Expected delta: +$2,150/yr (+$179/mo · 130.4%)

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

Taxation est. · year 1

• Rental income: $39,750
• − Mortgage interest: −$20,446
• − Property taxes: −$1,649
• − Insurance: −$1,825
• − Repairs & maintenance: −$3,180
• − Management: −$3,180
• − HOA: −$6,240
• − Depreciation: −$10,618
• Taxable loss: −$7,387
• Est. tax savings @ 24.0%: +$1,773
• After-tax cash flow: $493/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: Newport
• NCES district ID: 4400720
• Math proficiency: 10% ▼ -11.00%
• Reading proficiency: 20% ▼ -8.00%
• Median HH income: $59,063
• Composite: 14.6/100
• National rank: #9412
• State rank: #29 of 39 in RI

Livability — Newport

• Score: 78/100
• State rank: #5
• US rank: #2367

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport, RI
• County: Newport County · 73,957 people
• City population: 23,448
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,448
• Household income: $86,250
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1294.0

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Two or more races 9% Black 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Russian 5% Lithuanian 4% Romanian 4%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1340.91%
• Current HPI: 451.3919
• Rent YoY: ▲ 9.32%
• 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

+7.7% since first listed

21 events — show timeline

• 2026-05-14 Listed $365,000 RIS
• 2020-07-16 Sold (Public Records) $195,000 Public Records
• 2020-07-11 Sold (MLS) $195,000 RIS
• 2020-07-08 Pending — RIS
• 2020-06-01 Contingent — RIS
• 2020-05-27 Listed $195,000 RIS
• 2016-04-06 Sold (Public Records) $142,655 Public Records
• 2016-04-06 Sold (MLS) $142,655 RIS
• 2016-02-03 Pending — RIS
• 2016-01-12 Contingent — RIS
• 2016-01-11 Listed $139,000 RIS
• 2013-12-19 Price Changed $134,000 RIS
• 2010-11-10 Sold (Public Records) $115,000 Public Records
• 2010-11-09 Sold (MLS) $115,000 RIS
• 2010-07-07 Listing Removed — RIS
• 2009-09-01 Listed $249,900 RIS
• 2009-03-18 Listing Removed — RIS
• 2008-09-25 Listed $289,900 RIS
• 2006-12-18 Sold (MLS) $291,500 RIS
• 2006-12-01 Listing Removed — RIS
• 2006-02-15 Listed $339,000 RIS

Property tax history

+1.8%/yr

Latest (2025): $1,649 · +3.0% YoY. Source: county tax records.