270 Woonasquatucket Ave · Providence, RI 02911

$479,000

5 bd · 3.0 ba · 1,464 sqft · MultiFamily public records · 7 Days on market

Built 1905 5,663 sqft lot

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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 +9.4/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.0/5.0
• DSCR +2.6/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

UPDATED 2 FAMILY GREAT FOR INVESTMENT OR STARTER HOME. FULLY APPLIANCED, SEPARATE UTILITIES, COULD USE MINOR WORK, 24 HOUR NOTICE PLEASE!

Key facts

• Ample parking
• Modern kitchen
• Conveniently located

Tags

• RENOVATED TWO-FAMILY HOME
• MODERN KITCHEN
• FINISHED LOWER LEVEL
• AMPLE PARKING
• CONVENIENTLY LOCATED

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $479k.

Deal economics

• At list price, monthly cash flow is $-345 ($-4k/yr) — negative. Per door: $-173/mo.
• To cash-flow at today's rent, offer at most $418k (12.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $354k (26.0% below list).
• Recommended offer: $354k (26.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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.
• North Providence (suburban): math 20% / reading 37% proficiency, ranked #22 of 39 in RI (top 56%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.1%/yr); 74 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $3,544/mo this rent would consume 48% of the median local household income ($89k/yr) (locally 428% 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 $14k 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

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 31y 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 $252k; list at $479k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $354,400 (26.0% 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. 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 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 0.74% ✗
• Cap rate: 5.43%
• Cash-on-cash: -3.09%
• DSCR: 0.86
• GRM: 11.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.14% rent growth · sell at horizon

5-year hold

• IRR: -22.4%
• Equity multiple: 0.23×
• Total profit: $-102,707
• Equity at exit: $71,420

10-year hold

• IRR: -18.7%
• Equity multiple: 0.03×
• Total profit: $-130,222
• Equity at exit: $41,415

Cash invested: $134,120 (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 02911

• Rents YoY: 2.1%
• Active inventory: 74
• Price-to-rent: 22.5×

Monthly cashflow live

• Estimated rent: $3,544 medium
• Mortgage (P&I): −$2,512
• Tax from tax record: −$434 /mo · $5,204/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$744
• Net cashflow: $-345

Break-even live

Break-even rent $3,981

Max offer price $417,980

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,544
Total (2 units)			$3,544

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: $119,750
• Closing costs: $14,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
610 Killingly St #1 Johnston, RI	4.0	2.0	1800	$2,850	$1.58	14d	1	1.07mi

Listing history 18 events

1. 2026-04-22
   status Pending
2. 2026-04-15
   listed $479,000 Active
3. 2019-09-20
   price $67,900 137-char remark

   Show marketing remark (137 chars)

   UPDATED 2 FAMILY GREAT FOR INVESTMENT OR STARTER HOME. FULLY APPLIANCED, SEPARATE UTILITIES, COULD USE MINOR WORK, 24 HOUR NOTICE PLEASE!

4. 2004-11-18
   soldstatus $252,500
5. 2004-11-18
   soldstatus $252,500
6. 2004-11-16
   soldstatus $252,500 169-char remark

   Show marketing remark (169 chars)

   ONE OF A KIND 2 FAMILY IN A GREAT LOCATION, MANY UPDATES ALL NEW WINDOWS, 8 YEAR OLD ROOF, INSIDE FRESHLY PAINTED CLOSE TO COLLEGE, HIGHWAY, & SHOPPING. MUST SEE!!!

7. 2004-10-01
   historical 169-char remark

   Show marketing remark (169 chars)

   ONE OF A KIND 2 FAMILY IN A GREAT LOCATION, MANY UPDATES ALL NEW WINDOWS, 8 YEAR OLD ROOF, INSIDE FRESHLY PAINTED CLOSE TO COLLEGE, HIGHWAY, & SHOPPING. MUST SEE!!!

8. 2004-09-13
   listed $254,900 169-char remark

   Show marketing remark (169 chars)

   ONE OF A KIND 2 FAMILY IN A GREAT LOCATION, MANY UPDATES ALL NEW WINDOWS, 8 YEAR OLD ROOF, INSIDE FRESHLY PAINTED CLOSE TO COLLEGE, HIGHWAY, & SHOPPING. MUST SEE!!!

9. 2002-03-22
   soldstatus $130,000
10. 2002-03-22
    soldstatus $130,000
11. 2002-02-25
    historical
12. 2002-02-10
    listed $124,900
13. 1997-08-08
    soldstatus $68,000 137-char remark

    Show marketing remark (137 chars)

    UPDATED 2 FAMILY GREAT FOR INVESTMENT OR STARTER HOME. FULLY APPLIANCED, SEPARATE UTILITIES, COULD USE MINOR WORK, 24 HOUR NOTICE PLEASE!

14. 1997-08-08
    soldstatus $68,000

    Show marketing remark (137 chars)

    UPDATED 2 FAMILY GREAT FOR INVESTMENT OR STARTER HOME. FULLY APPLIANCED, SEPARATE UTILITIES, COULD USE MINOR WORK, 24 HOUR NOTICE PLEASE!

15. 1997-08-08
    soldstatus $68,000

    Show marketing remark (137 chars)

    UPDATED 2 FAMILY GREAT FOR INVESTMENT OR STARTER HOME. FULLY APPLIANCED, SEPARATE UTILITIES, COULD USE MINOR WORK, 24 HOUR NOTICE PLEASE!

16. 1997-06-26
    historical 137-char remark

    Show marketing remark (137 chars)

    UPDATED 2 FAMILY GREAT FOR INVESTMENT OR STARTER HOME. FULLY APPLIANCED, SEPARATE UTILITIES, COULD USE MINOR WORK, 24 HOUR NOTICE PLEASE!

17. 1996-07-31
    listed $73,000
18. 1995-11-28
    listed $79,000 137-char remark

    Show marketing remark (137 chars)

    UPDATED 2 FAMILY GREAT FOR INVESTMENT OR STARTER HOME. FULLY APPLIANCED, SEPARATE UTILITIES, COULD USE MINOR WORK, 24 HOUR NOTICE PLEASE!

ⓘ 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: $5,204 · $434/mo
• Projected year-2 tax: $6,506 · $542/mo
• Expected delta: +$1,302/yr (+$108/mo · 25.0%)

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

Taxation est. · year 1

• Rental income: $42,528
• − Mortgage interest: −$26,831
• − Property taxes: −$5,204
• − Insurance: −$2,395
• − Repairs & maintenance: −$3,402
• − Management: −$3,402
• − Depreciation: −$13,935
• Taxable loss: −$12,641
• Est. tax savings @ 24.0%: +$3,034
• After-tax cash flow: $-1,111/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: North Providence
• NCES district ID: 4400780
• Math proficiency: 20% ▼ -7.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $50,962
• Composite: 24.99/100
• National rank: #7560
• State rank: #22 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

• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 15,653
• Household income: $89,456
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 428.0

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 White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 15% Black 9% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3% Dominican 4%
• Common ancestry: Lithuanian 11% Romanian 3% Russian 3%
• Foreign-born: 10% · Canada, China
• Languages at home: 80% English-only · Spanish 9% Other Indo-European 2% French/Haitian/Cajun 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: ▼ -227.12%
• Current HPI: 344.312
• Rent YoY: ▲ 2.14%
• 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

+506.3% since first listed

18 events — show timeline

• 2026-04-22 Pending — RIS
• 2026-04-15 Listed $479,000 RIS
• 2019-09-20 Price Changed $67,900 RIS
• 2004-11-18 Sold (Public Records) $252,500 Public Records
• 2004-11-18 Sold (Public Records) $252,500 Public Records
• 2004-11-16 Sold (MLS) $252,500 RIS
• 2004-10-01 Listing Removed — RIS
• 2004-09-13 Listed $254,900 RIS
• 2002-03-22 Sold (Public Records) $130,000 Public Records
• 2002-03-22 Sold (MLS) $130,000 RIS
• 2002-02-25 Listing Removed — RIS
• 2002-02-10 Listed $124,900 RIS
• 1997-08-08 Sold (Public Records) $68,000 Public Records
• 1997-08-08 Sold (MLS) $68,000 RIS
• 1997-08-08 Sold (MLS) $68,000 RIS
• 1997-06-26 Listing Removed — RIS
• 1996-07-31 Listed $73,000 RIS
• 1995-11-28 Listed $79,000 RIS

Property tax history

+2.8%/yr

Latest (2025): $5,204 · +5.8% YoY. Source: county tax records.