310 Orms St · Providence, RI 02908

$575,000

6 bd · 3.0 ba · 3,348 sqft · MultiFamily public records · 37 Days on market

Built 1895 3,485 sqft lot $172/sqft · 12% below area Est $650k · 12% 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 +29.3/30.0
• ARV discount +12.7/15.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Large 3-family in the heart of Smith Hill with amazing views of downtown and the state capitol. Each unit is very large (approx 1100 sq ft) and includes a double parlor with two bedrooms and a full bath. These double-parlor apartments could easily be converted to 3 bedrooms. The first floor apartment is newly renovated with new kitchen, bath, flooring, windows etc. .; vacant and ready for you to owner occupy or rent for estimated $1450 per month or more. The 2nd and 3rd floors are occupied tenants at will. The first and 2nd floors have forced air heating systems and the 3rd floor utilizes a space heater. Tenants pay own utilities. This great home has a newer roof, some new windows, new hot water tank, front porches removed and repaired, new vinyl siding on front of home. This home does not have off-street parking but plenty of on-street parking in the area because vacant lot adjacent to home. This property will meet FHA standards and is fully fire code compliant with hardwired smokes and cos. Room for value-add by increasing bedroom count, improving hallways, basement etc.

Key facts

• Natural light
• Spacious kitchens
• Spacious units

Tags

• SPACIOUS UNITS
• BRIGHT AND AIRY LAYOUT
• SPACIOUS KITCHENS
• NATURAL LIGHT
• GENEROUSLY SIZED BEDROOMS

Property features AI

Finance

• Financial info: Operating expenses reported at $18,732
• HOA & community: Community access to highway, nearby restaurants and shopping

Exterior

• Parking: No garage; Space for 6 vehicles (total)
• Utilities: Public water; Public sewer (connected); 200+ amp electric service
• Home design: Single building containing 3 units; Above-grade finished area approximately 3,348
• Construction: Shingle siding; Wood siding
• Exterior features: Front porch

Interior

• Flooring: Hardwood; Vinyl
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating; Gas heating
• Interior features: Hardwood flooring; Vinyl flooring; Full unfinished basement with interior entry
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $575k).
• Recommended offer: $558k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.5% 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 $7,439/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 $17k 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 $161k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $375k; list at $575k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: 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 $557,750 (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. Built in 1895 — 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 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?
5. 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.
6. 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.
7. 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: 1.29% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.04%
• DSCR: 1.67
• GRM: 6.4

CMA / ARV

• ARV (median comp): $650,067
• List price: $575,000
• Delta: -11.55%
• Verdict: UNDERPRICED
• Comps: 6 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 8.4%
• Equity multiple: 1.34×
• Total profit: $54,266
• Equity at exit: $85,734

10-year hold

• IRR: 19.6%
• Equity multiple: 2.83×
• Total profit: $294,346
• Equity at exit: $49,715

Cash invested: $161,000 (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: 19.3×

Monthly cashflow live

• Estimated rent: $7,439 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$604 /mo · $7,245/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,562
• Net cashflow: $2,018

Break-even live

Break-even rent $4,884

Max offer price $575,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,440
Total (3 units)			$7,439

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $575,000 Active 37 DOM
2. 2026-06-17
   days on market $575,000 Active 36 DOM
3. 2026-06-16
   pricedays on market $575,000 Active 35 DOM
4. 2026-06-15
   days on market $584,900 Active 34 DOM
5. 2026-06-13
   days on market $584,900 Active 32 DOM
6. 2026-06-09
   days on market $584,900 Active 28 DOM
7. 2026-06-08
   days on market $584,900 Active 27 DOM
8. 2026-06-07
   days on market $584,900 Active 26 DOM
9. 2026-06-05
   days on market $584,900 Active 23 DOM
10. 2026-06-03
    days on market $584,900 Active 22 DOM
11. 2026-06-02
    days on market $584,900 Active 21 DOM
12. 2026-06-01
    days on market $584,900 Active 20 DOM
13. 2026-05-31
    days on market $584,900 Active 19 DOM
14. 2026-05-12
    listed $584,900 Active 1474-char remark
15. 2025-02-28
    status Pending
16. 2025-02-28
    historical
17. 2025-02-17
    price $499,900
18. 2025-01-28
    listed $519,900 Active
19. 2022-08-15
    soldstatus $375,000 Closed

    Show marketing remark (1089 chars)

    Large 3-family in the heart of Smith Hill with amazing views of downtown and the state capitol. Each unit is very large (approx 1100 sq ft) and includes a double parlor with two bedrooms and a full bath. These double-parlor apartments could easily be converted to 3 bedrooms. The first floor apartment is newly renovated with new kitchen, bath, flooring, windows etc. .; vacant and ready for you to owner occupy or rent for estimated $1450 per month or more. The 2nd and 3rd floors are occupied tenants at will. The first and 2nd floors have forced air heating systems and the 3rd floor utilizes a space heater. Tenants pay own utilities. This great home has a newer roof, some new windows, new hot water tank, front porches removed and repaired, new vinyl siding on front of home. This home does not have off-street parking but plenty of on-street parking in the area because vacant lot adjacent to home. This property will meet FHA standards and is fully fire code compliant with hardwired smokes and cos. Room for value-add by increasing bedroom count, improving hallways, basement etc.

20. 2022-08-15
    soldstatus $375,000

    Show marketing remark (1089 chars)

    Large 3-family in the heart of Smith Hill with amazing views of downtown and the state capitol. Each unit is very large (approx 1100 sq ft) and includes a double parlor with two bedrooms and a full bath. These double-parlor apartments could easily be converted to 3 bedrooms. The first floor apartment is newly renovated with new kitchen, bath, flooring, windows etc. .; vacant and ready for you to owner occupy or rent for estimated $1450 per month or more. The 2nd and 3rd floors are occupied tenants at will. The first and 2nd floors have forced air heating systems and the 3rd floor utilizes a space heater. Tenants pay own utilities. This great home has a newer roof, some new windows, new hot water tank, front porches removed and repaired, new vinyl siding on front of home. This home does not have off-street parking but plenty of on-street parking in the area because vacant lot adjacent to home. This property will meet FHA standards and is fully fire code compliant with hardwired smokes and cos. Room for value-add by increasing bedroom count, improving hallways, basement etc.

21. 2022-07-26
    status Pending

    Show marketing remark (1089 chars)

    Large 3-family in the heart of Smith Hill with amazing views of downtown and the state capitol. Each unit is very large (approx 1100 sq ft) and includes a double parlor with two bedrooms and a full bath. These double-parlor apartments could easily be converted to 3 bedrooms. The first floor apartment is newly renovated with new kitchen, bath, flooring, windows etc. .; vacant and ready for you to owner occupy or rent for estimated $1450 per month or more. The 2nd and 3rd floors are occupied tenants at will. The first and 2nd floors have forced air heating systems and the 3rd floor utilizes a space heater. Tenants pay own utilities. This great home has a newer roof, some new windows, new hot water tank, front porches removed and repaired, new vinyl siding on front of home. This home does not have off-street parking but plenty of on-street parking in the area because vacant lot adjacent to home. This property will meet FHA standards and is fully fire code compliant with hardwired smokes and cos. Room for value-add by increasing bedroom count, improving hallways, basement etc.

22. 2022-07-12
    historical Active Under Contract

    Show marketing remark (1089 chars)

    Large 3-family in the heart of Smith Hill with amazing views of downtown and the state capitol. Each unit is very large (approx 1100 sq ft) and includes a double parlor with two bedrooms and a full bath. These double-parlor apartments could easily be converted to 3 bedrooms. The first floor apartment is newly renovated with new kitchen, bath, flooring, windows etc. .; vacant and ready for you to owner occupy or rent for estimated $1450 per month or more. The 2nd and 3rd floors are occupied tenants at will. The first and 2nd floors have forced air heating systems and the 3rd floor utilizes a space heater. Tenants pay own utilities. This great home has a newer roof, some new windows, new hot water tank, front porches removed and repaired, new vinyl siding on front of home. This home does not have off-street parking but plenty of on-street parking in the area because vacant lot adjacent to home. This property will meet FHA standards and is fully fire code compliant with hardwired smokes and cos. Room for value-add by increasing bedroom count, improving hallways, basement etc.

23. 2022-06-30
    price $379,000

    Show marketing remark (1089 chars)

    Large 3-family in the heart of Smith Hill with amazing views of downtown and the state capitol. Each unit is very large (approx 1100 sq ft) and includes a double parlor with two bedrooms and a full bath. These double-parlor apartments could easily be converted to 3 bedrooms. The first floor apartment is newly renovated with new kitchen, bath, flooring, windows etc. .; vacant and ready for you to owner occupy or rent for estimated $1450 per month or more. The 2nd and 3rd floors are occupied tenants at will. The first and 2nd floors have forced air heating systems and the 3rd floor utilizes a space heater. Tenants pay own utilities. This great home has a newer roof, some new windows, new hot water tank, front porches removed and repaired, new vinyl siding on front of home. This home does not have off-street parking but plenty of on-street parking in the area because vacant lot adjacent to home. This property will meet FHA standards and is fully fire code compliant with hardwired smokes and cos. Room for value-add by increasing bedroom count, improving hallways, basement etc.

24. 2022-05-31
    listed $389,000 Active

    Show marketing remark (1089 chars)

    Large 3-family in the heart of Smith Hill with amazing views of downtown and the state capitol. Each unit is very large (approx 1100 sq ft) and includes a double parlor with two bedrooms and a full bath. These double-parlor apartments could easily be converted to 3 bedrooms. The first floor apartment is newly renovated with new kitchen, bath, flooring, windows etc. .; vacant and ready for you to owner occupy or rent for estimated $1450 per month or more. The 2nd and 3rd floors are occupied tenants at will. The first and 2nd floors have forced air heating systems and the 3rd floor utilizes a space heater. Tenants pay own utilities. This great home has a newer roof, some new windows, new hot water tank, front porches removed and repaired, new vinyl siding on front of home. This home does not have off-street parking but plenty of on-street parking in the area because vacant lot adjacent to home. This property will meet FHA standards and is fully fire code compliant with hardwired smokes and cos. Room for value-add by increasing bedroom count, improving hallways, basement etc.

25. 2021-12-16
    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: $7,245 · $604/mo
• Projected year-2 tax: $8,309 · $692/mo
• Expected delta: +$1,064/yr (+$89/mo · 14.7%)

ⓘ 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 6/10 Major 7 d/yr ≥97°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: $89,268
• − Mortgage interest: −$32,209
• − Property taxes: −$7,245
• − Insurance: −$2,875
• − Repairs & maintenance: −$7,141
• − Management: −$7,141
• − Depreciation: −$16,727
• Taxable income: $15,929
• Est. tax owed @ 24.0%: −$3,823
• After-tax cash flow: $20,394/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

+117.0% since first listed

13 events — show timeline

• 2026-06-16 Price Changed $575,000 RIS
• 2026-05-12 Listed $584,900 RIS
• 2025-02-28 Pending — RIS
• 2025-02-28 Listing Removed — RIS
• 2025-02-17 Price Changed $499,900 RIS
• 2025-01-28 Listed $519,900 RIS
• 2022-08-15 Sold (Public Records) $375,000 Public Records
• 2022-08-15 Sold (MLS) $375,000 RIS
• 2022-07-26 Pending — RIS
• 2022-07-12 Contingent — RIS
• 2022-06-30 Price Changed $379,000 RIS
• 2022-05-31 Listed $389,000 RIS
• 2021-12-16 Sold (Public Records) $265,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $7,245 · +22.8% YoY. Source: county tax records.