60 62 Hendricks St · Central Falls, RI 02863

$629,000

6 bd · 3.0 ba · 2,475 sqft · MultiFamily public records · 11 Days on market

Built 1912 4,356 sqft lot Est $564k · 11% over

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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 +13.0/30.0
• Appreciation +7.3/10.0
• DSCR +3.9/10.0
• Livability +3.3/5.0
• 1% rule +3.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• Schools +0.4/10.0

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

NICE THREE FAMILY NEAR LINCOLN LINE, ALL APARTMENTS IN MOVE IN CONDITION.

Key facts

• 5-year old roof
• Off-street parking
• 4,356 sq ft lot

Tags

• THREE-UNIT MULTIFAMILY
• 5-YEAR OLD ROOF
• OFF-STREET PARKING
• MINUTES FROM THE COMMUTER RAIL

Property features AI

Finance

• Financial info: Property is a 3-unit multifamily building (income property with month-to-month tenants)
• HOA & community: HOA/association fees billed monthly (if applicable); Community amenities include highway access, nearby hospital, schools, public transportation, recreation area, restaurants, shopping and tennis courts

Exterior

• Parking: No garage; Space for 6 vehicles (total)
• Utilities: Sewer connected; Public water connected; Circuit breaker electric service
• Home design: Three-story building; Single building with three residential units
• Construction: Vinyl siding with drywall interior; Brick/mortar foundation; Above-grade finished area approximately 2,714
• Exterior features: Lot approximately 4,356 sq ft; Public transportation and highway access nearby; Near hospital, schools, shopping, restaurants, recreation area and tennis courts

Interior

• Kitchen: Gas water heater
• Bedrooms: Three two-bedroom units (month-to-month)
• Flooring: Hardwood; Laminate
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas baseboard heating
• Interior features: Hardwood and laminate floors; Tub/shower; Full basement with interior entry, partially finished
• Laundry & utility: Utility room

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $629k.

Deal economics

• At list price, monthly cash flow is $-29 ($-346/yr) — negative.
• To cash-flow at today's rent, offer at most $624k (0.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $516k (18.0% below list).
• Recommended offer: $516k (18.0% below list) — sets the bar for 1% rule.
• Cap rate 6.2% vs local median 5.1% in Central Falls — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 66/100 on livability (#21 in RI) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing B; Watch: amenities F, commute F, employment F.
• Central Falls (suburban): math 2% / reading 8% proficiency, ranked #38 of 39 in RI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Ella Risk School (math 2% / reading 12%, grade F, #158 of 167 statewide, top 97%, 430 students, 94% FRL); Calcutt Middle School (math 0% / reading 6%, grade F, #56 of 57 statewide, top 98%, 511 students, 97% FRL); Central Falls Sr High (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 811 students, 97% FRL) — zoned schools average 96% FRL vs 78% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 32 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $33k of equity ($4k loan paydown + $29k appreciation (4.6% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $176k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$53k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 8y 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 $265k; list at $629k implies a 137% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $515,700 (18.0% 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. Built in 1912 — 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. 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 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: 0.82% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.20%
• DSCR: 0.99
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $564,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
584 586 Lonsdale Ave	0.40mi	6/3.0	2,538 (+2%)	5mo	$581,000	$229	73
110 Cleveland St	0.09mi	7/3.0 (+1)	2,623 (+6%)	11mo	$525,000	$200	72
63 Bagley St	0.11mi	7/3.5 (+1)	2,753 (+11%)	1mo	$600,000	$218	69
37 Clifton St	0.39mi	6/2.0	2,520 (+2%)	8mo	$625,000	$248	68
23 Tiffany St	0.17mi	6/3.0	2,161 (-13%)	7mo	$650,000	$301	65
38 Garfield St	0.55mi	7/3.0 (+1)	2,448 (-1%)	7mo	$440,000	$180	62
66 Aetna St	0.38mi	5/4.0 (-1)	2,576 (+4%)	10mo	$580,000	$225	58
16 18 Binford St	0.34mi	6/2.0	2,268 (-8%)	13mo	$565,000	$249	56
96 98 Shawmut Ave	0.60mi	7/3.0 (+1)	2,496 (+1%)	16mo	$540,000	$216	52
534 Lonsdale Ave	0.47mi	5/3.0 (-1)	2,808 (+14%)	8mo	$550,000	$196	44
1032 Smithfield Ave	0.49mi	5/2.5 (-1)	2,143 (-13%)	12mo	$655,000	$306	37
978 Smithfield Ave	0.54mi	5/3.5 (-1)	2,240 (-10%)	18mo	$511,000	$228	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.6%
• Equity multiple: 1.73×
• Total profit: $127,899
• Equity at exit: $340,311

10-year hold

• IRR: 12.9%
• Equity multiple: 3.25×
• Total profit: $395,743
• Equity at exit: $574,405

Cash invested: $176,120 (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 02863

• Home prices YoY: 1.2%
• Active inventory: 32
• Price-to-rent: 30.5×

Monthly cashflow live

• Estimated rent: $5,157 high
• Mortgage (P&I): −$3,299
• Tax from tax record: −$542 /mo · $6,507/yr
• Insurance: −$262
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,083
• Net cashflow: $-29

Break-even live

Break-even rent $5,194

Max offer price $623,904

Occupancy floor 96%

Sensitivity live

Price	-10% $327	-5% $149	+0% $-29	+5% $-207	+10% $-385
Rent	-10% $-436	-5% $-233	+0% $-29	+5% $175	+10% $379
Rate	-1.0pp $288	-0.5pp $131	base $-29	+0.5pp $-192	+1.0pp $-358

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,157
Total (3 units)			$5,157

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: $157,250
• Closing costs: $18,870
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-20
   status Pending
2. 2026-04-09
   listed $629,000 Active
3. 2026-02-09
   historical
4. 2026-01-21
   listed $599,000 Active
5. 2018-08-24
   soldstatus $265,000 Sold 73-char remark

   Show marketing remark (73 chars)

   NICE THREE FAMILY NEAR LINCOLN LINE, ALL APARTMENTS IN MOVE IN CONDITION.

6. 2018-07-27
   status Pending 73-char remark

   Show marketing remark (73 chars)

   NICE THREE FAMILY NEAR LINCOLN LINE, ALL APARTMENTS IN MOVE IN CONDITION.

7. 2018-07-25
   listed $265,900 Active 73-char remark

   Show marketing remark (73 chars)

   NICE THREE FAMILY NEAR LINCOLN LINE, ALL APARTMENTS IN MOVE IN CONDITION.

8. 2018-07-24
   soldstatus $265,000
9. 2009-10-29
   soldstatus $128,000
10. 2007-05-02
    soldstatus $252,000

ⓘ 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: $6,507 · $542/mo
• Projected year-2 tax: $8,380 · $698/mo
• Expected delta: +$1,873/yr (+$156/mo · 28.8%)

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

Taxation est. · year 1

• Rental income: $61,884
• − Mortgage interest: −$35,234
• − Property taxes: −$6,507
• − Insurance: −$3,145
• − Repairs & maintenance: −$4,951
• − Management: −$4,951
• − Depreciation: −$18,298
• Taxable loss: −$11,201
• Est. tax savings @ 24.0%: +$2,688
• After-tax cash flow: $2,342/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: Central Falls
• NCES district ID: 4400120
• Math proficiency: 2% ▼ -6.00%
• Reading proficiency: 8% ▼ -5.00%
• Median HH income: $30,478
• Composite: 3.59/100
• National rank: #10071
• State rank: #38 of 39 in RI

Livability — Central Falls

• Score: 66/100
• State rank: #21
• US rank: #11321

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Central Falls, RI
• County: Providence County · 548,917 people
• City population: 22,701
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 22,701
• Household income: $49,285
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 1380.0

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 Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 29% White 16% Black 8%
• Hispanic origin (detail): Mexican 6% Puerto Rican 15% Dominican 7%
• Common ancestry: Lithuanian 4% Russian 4% Romanian 1%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 29% English-only · Spanish 62% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▲ 4.58%
• Current HPI: 373.2598
• Rent YoY: —
• 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

+149.6% since first listed

10 events — show timeline

• 2026-04-20 Pending — RIS
• 2026-04-09 Listed $629,000 RIS
• 2026-02-09 Listing Removed — RIS
• 2026-01-21 Listed $599,000 RIS
• 2018-08-24 Sold (MLS) $265,000 RIS
• 2018-07-27 Pending — RIS
• 2018-07-25 Listed $265,900 RIS
• 2018-07-24 Sold (Public Records) $265,000 Public Records
• 2009-10-29 Sold (Public Records) $128,000 Public Records
• 2007-05-02 Sold (Public Records) $252,000 Public Records

Property tax history

+6.8%/yr

Latest (2025): $6,507 · -5.1% YoY. Source: county tax records.