52 Erastus St · Providence, RI 02909

$879,000

9 bd · 4.0 ba · 2,986 sqft · MultiFamily public records · 3 Days on market

Built 1914 6,098 sqft lot

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Why this score? — see what drove the C 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 +23.6/30.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 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: 4 units. confirmed

Listing remarks MLS

Large 4 family home in quiet neighborhood! Features many updates throughout including new roof and siding, cabinets/counters, 2 new boilers, new water heaters! Seperate utilities and new electrical panel. Hardwired for fire. Plenty of parking!

Key facts

• Natural light
• Updated bathrooms
• Updated kitchens

Tags

• UPDATED KITCHENS
• UPDATED BATHROOMS
• AMPLE OFF-STREET PARKING
• NATURAL LIGHT

Property features AI

Finance

• Other: Lot size about 0.14 acres
• HOA & community: Community amenities nearby include golf, public transportation, recreation areas, restaurants, and proximity to schools

Exterior

• Parking: No garage; Space for 8 vehicles (total parking)
• Utilities: Sewer connected; Water connected; Electric service with circuit breakers
• Home design: Single building containing 4 residential units; Above-grade finished area approximately 2,986
• Construction: Vinyl siding
• Exterior features: Sewer connected; Water connected

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: 4 full bathrooms
• Flooring: Ceramic tile; Hardwood; Laminate; Vinyl
• Bathrooms: 4 full bathrooms
• Heating & cooling: Gas heating with baseboard systems
• Interior features: Full unfinished basement with interior entry; 16 total rooms; Ceramic tile, hardwood, laminate, and vinyl flooring
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $879k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $415/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $879k).
• Cap rate 8.6% 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 (+3.7%/yr); 132 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $9,217/mo this rent would consume 171% of the median local household income ($65k/yr) (locally 2000% 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 $6k of loan paydown is wiped out by about $26k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 30y 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 $475k; list at $879k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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 $879,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.05% ✓
• Cap rate: 8.56%
• Cash-on-cash: 8.09%
• DSCR: 1.36
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -3.3%
• Equity multiple: 0.88×
• Total profit: $-30,604
• Equity at exit: $131,062

10-year hold

• IRR: 7.1%
• Equity multiple: 1.55×
• Total profit: $135,208
• Equity at exit: $76,000

Cash invested: $246,120 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 31.8×

Monthly cashflow live

• Estimated rent: $9,217 medium
• Mortgage (P&I): −$4,610
• Tax from tax record: −$647 /mo · $7,767/yr
• Insurance: −$366
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,936
• Net cashflow: $1,658

Break-even live

Break-even rent $7,118

Max offer price $879,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$9,216
Total (4 units)			$9,217

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: $219,750
• Closing costs: $26,370
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-18
   days on market $879,000 Active 3 DOM
2. 2026-06-17
   days on market $879,000 Active 2 DOM
3. 2026-06-15
   remarks 699-char remark
4. 2026-06-15
   listed $879,000 Active 1 DOM

ⓘ 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: $7,767 · $647/mo
• Projected year-2 tax: $11,047 · $921/mo
• Expected delta: +$3,280/yr (+$273/mo · 42.2%)

ⓘ 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 71% 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: $110,604
• − Mortgage interest: −$49,238
• − Property taxes: −$7,767
• − Insurance: −$4,395
• − Repairs & maintenance: −$8,848
• − Management: −$8,848
• − Depreciation: −$25,571
• Taxable income: $5,937
• Est. tax owed @ 24.0%: −$1,425
• After-tax cash flow: $18,475/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+935.3% since first listed

28 events — show timeline

• 2026-06-15 Listed $879,000 RIS
• 2025-12-16 Sold (Public Records) $475,000 Public Records
• 2016-06-02 Sold (MLS) $180,000 RIS
• 2016-03-23 Pending — RIS
• 2016-02-24 Contingent — RIS
• 2016-02-17 Price Changed $198,500 RIS
• 2016-01-18 Price Changed $199,000 RIS
• 2015-12-15 Price Changed $199,500 RIS
• 2015-11-30 Price Changed $199,750 RIS
• 2015-11-24 Relisted — RIS
• 2015-11-12 Pending — RIS
• 2015-10-21 Contingent — RIS
• 2015-10-12 Listed $199,900 RIS
• 2013-12-19 Price Changed $160,000 RIS
• 2010-06-29 Listed $77,500 RIS
• 2010-06-28 Sold (MLS) $77,500 RIS
• 2010-06-17 Listing Removed — RIS
• 2010-03-17 Listed $94,900 RIS
• 2010-02-13 Listing Removed — RIS
• 2009-11-14 Listed $99,900 RIS
• 2009-11-12 Listing Removed — RIS
• 2009-09-18 Listed $104,900 RIS
• 2009-08-03 Listing Removed — RIS
• 2009-07-15 Listed $160,000 RIS
• 2009-05-01 Listing Removed — RIS
• 2008-12-15 Listed $190,000 RIS
• 1996-10-26 Listing Removed — RIS
• 1996-04-26 Listed $84,900 RIS

Property tax history

+3.0%/yr

Latest (2025): $7,767 · +20.2% YoY. Source: county tax records.