20 Henry St · Cranston, RI 02905

$525,000

3 bd · 2.0 ba · 2,330 sqft · MultiFamily public records · 28 Days on market

Built 1920 5,000 sqft lot $225/sqft · 6% below area Est $558k · 6% under

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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 +13.6/30.0
• ARV discount +10.2/15.0
• Livability +4.4/5.0
• DSCR +4.1/10.0
• Rent growth +3.4/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 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

Welcome to 20-22 Henry Street in historic Edgewood! This spacious home is filled with character and charm starting from it's grand staircase to high ceilings and crown moldings. 1st Floor has fully applianced eat-in kitchen, living room and 2 bedrooms. 2nd floor with fully applianced eat-in-kitchen, 2 bedrooms and small space for 3rd bedroom or home office. This home has been freshly painted throughout with modern colors, newer roof, heating, updated hot water heater. New windows, laundry in basement and fenced in backyard.

Key facts

• Front porch
• High ceilings
• 5,000 sq ft lot

Tags

• FRONT PORCH
• HIGH CEILINGS
• ARCHITECTURAL DETAILS
• QUIET DEAD-END STREET
• NEAR ROGER WILLIAMS PARK
• NEAR EDGEWOOD YACHT CLUB

Property features AI

Finance

• HOA & community: Nearby highway access, hospital, schools, public transportation, recreation area, restaurants, and shopping

Exterior

• Parking: No garage; Space for 4 vehicles (total)
• Utilities: Public water (connected); Public sewer (connected); Electric service ~100 amps
• Home design: Two-story building; Single building with 2 units; Above-grade finished area approximately 2,330
• Construction: Shingle siding with drywall and plaster interior; Combination foundation with concrete perimeter
• Exterior features: Porch; Paved driveway; Lot about 5,000 sq ft (0.1148 acres); Zoned B1

Interior

• Kitchen: Dishwasher; Oven; Range; Range hood; Refrigerator; Gas water heater
• Bedrooms: Two-bedroom unit (Unit 1); One-bedroom unit (Unit 2)
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Gas heating
• Interior features: Tub/shower; Full, unfinished basement; Storage room; Utility room; Total of 10 rooms
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $31 ($375/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $436k (16.9% below list).
• Recommended offer: $436k (16.9% below list) — sets the bar for 1% rule.
• Cap rate 6.4% vs local median 3.2% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Edgewood Highland (math 8% / reading 22%, grade F, #128 of 167 statewide, top 80%, 302 students, 50% FRL); Park View Middle School (math 9% / reading 28%, grade F, #34 of 57 statewide, top 59%, 701 students, 55% FRL); Cranston High School East (math 14% / reading 40%, grade F, #34 of 58 statewide, top 58%, 1,499 students, 59% FRL) — zoned schools average 55% FRL vs 33% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 79 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,361/mo this rent would consume 83% of the median local household income ($63k/yr) (locally 1220% 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 $16k 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

• It's been on market 28 days — a 2% lower offer ($517k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 10y 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.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $436,100 (16.9% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.83% ✗
• Cap rate: 6.36%
• Cash-on-cash: 0.26%
• DSCR: 1.01
• GRM: 10.0

CMA / ARV

• ARV (median comp): $558,291
• List price: $525,000
• Delta: -5.96%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
20 Henry St	0.00mi	3/2.0	2,330 (0%)	0mo	$525,000	$225	100
58 Cliffdale Ave	0.19mi	4/2.0 (+1)	2,236 (-4%)	9mo	$645,000	$288	72
114 Norwood Ave	0.57mi	4/2.0 (+1)	2,292 (-2%)	6mo	$540,000	$236	61
103 105 Grand Ave	0.65mi	4/2.0 (+1)	2,080 (-11%)	12mo	$636,000	$306	36
5 Lakeside Ave	0.69mi	4/2.0 (+1)	2,652 (+14%)	4mo	$460,000	$173	36

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 · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -15.4%
• Equity multiple: 0.45×
• Total profit: $-81,163
• Equity at exit: $78,279

10-year hold

• IRR: -6.2%
• Equity multiple: 0.59×
• Total profit: $-60,164
• Equity at exit: $45,392

Cash invested: $147,000 (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 02905

• Rents YoY: 3.5%
• Active inventory: 79
• Price-to-rent: 20.6×

Monthly cashflow live

• Estimated rent: $4,361 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$442 /mo · $5,304/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$916
• Net cashflow: $31

Break-even live

Break-even rent $4,321

Max offer price $525,000

Occupancy floor 94%

Sensitivity live

Price	-10% $328	-5% $180	+0% $31	+5% $-117	+10% $-266
Rent	-10% $-313	-5% $-141	+0% $31	+5% $204	+10% $376
Rate	-1.0pp $296	-0.5pp $165	base $31	+0.5pp $-105	+1.0pp $-243

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

Units	Beds	Baths	Est. rent
1× unit	1	0.5	$2,124
1× unit	2	0.5	$2,237
Total (2 units)			$4,361

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: $131,250
• Closing costs: $15,750
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Talbot Mnr Cranston, RI	3.0	2.0	1940	$2,500	$1.29	4d	1	0.61mi
1124 Narragansett Blvd Cranston, RI	3.0	2.5	1922	$4,500	$2.34	3d	1	0.82mi
67 Ocean Ave Cranston, RI	3.0	1.5	1780	$4,000	$2.25	13d	1	1.00mi

Listing history 13 events

1. 2026-06-02
   statusdays on market $525,000 Pending 28 DOM
2. 2026-06-01
   days on market $525,000 Active Under Contract 27 DOM
3. 2026-05-31
   days on market $525,000 Active Under Contract 26 DOM
4. 2026-05-14
   historical Active Under Contract 751-char remark
5. 2026-04-30
   listed $525,000 Active 751-char remark
6. 2021-03-10
   soldstatus $331,900 Closed 529-char remark

   Show marketing remark (529 chars)

   Welcome to 20-22 Henry Street in historic Edgewood! This spacious home is filled with character and charm starting from it's grand staircase to high ceilings and crown moldings. 1st Floor has fully applianced eat-in kitchen, living room and 2 bedrooms. 2nd floor with fully applianced eat-in-kitchen, 2 bedrooms and small space for 3rd bedroom or home office. This home has been freshly painted throughout with modern colors, newer roof, heating, updated hot water heater. New windows, laundry in basement and fenced in backyard.

7. 2021-03-08
   soldstatus $331,900
8. 2021-01-21
   historical Active Under Contract 529-char remark

   Show marketing remark (529 chars)

   Welcome to 20-22 Henry Street in historic Edgewood! This spacious home is filled with character and charm starting from it's grand staircase to high ceilings and crown moldings. 1st Floor has fully applianced eat-in kitchen, living room and 2 bedrooms. 2nd floor with fully applianced eat-in-kitchen, 2 bedrooms and small space for 3rd bedroom or home office. This home has been freshly painted throughout with modern colors, newer roof, heating, updated hot water heater. New windows, laundry in basement and fenced in backyard.

9. 2021-01-18
   listed $319,900 Active 529-char remark

   Show marketing remark (529 chars)

   Welcome to 20-22 Henry Street in historic Edgewood! This spacious home is filled with character and charm starting from it's grand staircase to high ceilings and crown moldings. 1st Floor has fully applianced eat-in kitchen, living room and 2 bedrooms. 2nd floor with fully applianced eat-in-kitchen, 2 bedrooms and small space for 3rd bedroom or home office. This home has been freshly painted throughout with modern colors, newer roof, heating, updated hot water heater. New windows, laundry in basement and fenced in backyard.

10. 2016-07-28
    soldstatus $171,000 Sold

    Show marketing remark (169 chars)

    Edgewood best deal in town! Great investment or owner occupied. Legal 2 family can be used as single family. New windows and roof, being sold in as is condition. No FHA.

11. 2016-07-28
    soldstatus $171,000

    Show marketing remark (169 chars)

    Edgewood best deal in town! Great investment or owner occupied. Legal 2 family can be used as single family. New windows and roof, being sold in as is condition. No FHA.

12. 2016-06-01
    historical Active - Under Contract

    Show marketing remark (169 chars)

    Edgewood best deal in town! Great investment or owner occupied. Legal 2 family can be used as single family. New windows and roof, being sold in as is condition. No FHA.

13. 2016-05-25
    listed $164,900 Active - New

    Show marketing remark (169 chars)

    Edgewood best deal in town! Great investment or owner occupied. Legal 2 family can be used as single family. New windows and roof, being sold in as is condition. No FHA.

ⓘ 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: $5,304 · $442/mo
• Projected year-2 tax: $6,931 · $578/mo
• Expected delta: +$1,627/yr (+$136/mo · 30.7%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $52,332
• − Mortgage interest: −$29,408
• − Property taxes: −$5,304
• − Insurance: −$2,625
• − Repairs & maintenance: −$4,187
• − Management: −$4,187
• − Depreciation: −$15,273
• Taxable loss: −$8,651
• Est. tax savings @ 24.0%: +$2,076
• After-tax cash flow: $2,452/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: Cranston
• NCES district ID: 4400240
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $60,070
• Composite: 23.36/100
• National rank: #7910
• State rank: #23 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cranston, RI
• County: Providence County · 548,917 people
• City population: 72,803
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 25,012
• Household income: $62,908
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 1220.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% White 38% Black 15% Two or more races 15% Asian 3%
• Hispanic origin (detail): Puerto Rican 5% Dominican 30%
• Common ancestry: Russian 4% Lithuanian 3% Romanian 2%
• Foreign-born: 30% · Canada, China
• Languages at home: 57% English-only · Spanish 34% Other Indo-European 4% French/Haitian/Cajun 1%

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: ▼ -396.84%
• Current HPI: 387.2525
• Rent YoY: ▲ 3.45%
• 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

+218.4% since first listed

12 events — show timeline

• 2026-06-15 Sold (MLS) $525,000 RIS
• 2026-06-02 Pending — RIS
• 2026-05-14 Contingent — RIS
• 2026-04-30 Listed $525,000 RIS
• 2021-03-10 Sold (MLS) $331,900 RIS
• 2021-03-08 Sold (Public Records) $331,900 Public Records
• 2021-01-21 Contingent — RIS
• 2021-01-18 Listed $319,900 RIS
• 2016-07-28 Sold (Public Records) $171,000 Public Records
• 2016-07-28 Sold (MLS) $171,000 RIS
• 2016-06-01 Contingent — RIS
• 2016-05-25 Listed $164,900 RIS

Property tax history

+2.9%/yr

Latest (2025): $5,304 · +2.0% YoY. Source: county tax records.