9 11 Southern St · Cranston, RI 02920

$565,000

4 bd · 2.0 ba · 1,956 sqft · MultiFamily public records · 161 Days on market

Built 1920 6,534 sqft lot Est $526k · 7% over ↓ 12% since listing

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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 +8.7/30.0
• Livability +4.4/5.0
• ARV discount +4.2/15.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Schools +2.3/10.0
• 1% rule +2.0/10.0
• 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

Incredible investment opportunity in Cranston! This 2-family home offers two spacious units, each featuring 2 bedrooms and 1 full bathroom. Both units include oversized living rooms, plus an additional room that could easily be converted into another bedroom, providing flexible living arrangements. The basement offers great potential to be finished for added space, while the attic already features a skylight with views of downtown and the possibility of being transformed into even more living area. A detached 3-car garage is on the property, needing just a bit of TLC to be restored, along with extra off-street parking for convenience. Lot is private and wooded. The home is well located near

Key facts

• Two spacious units
• Skylight with views
• 6,534 sq ft lot

Tags

• TWO SPACIOUS UNITS
• OVERSIZED LIVING ROOMS
• SKYLIGHT WITH VIEWS
• DETACHED 3-CAR GARAGE
• EXTRA OFF-STREET PARKING
• PRIVATE AND WOODED LOT

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $565k.

Deal economics

• At list price, monthly cash flow is $-480 ($-6k/yr) — negative. Per door: $-240/mo.
• To cash-flow at today's rent, offer at most $480k (15.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $396k (30.0% below list).
• Recommended offer: $396k (30.0% below list) — sets the bar for 1% rule.
• Cap rate 5.3% 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: George J. Peters School (math 12% / reading 32%, grade F, #106 of 167 statewide, top 66%, 273 students, 52% FRL); Hugh B. Bain Middle School (math 6% / reading 12%, grade F, #46 of 57 statewide, top 80%, 561 students, 68% FRL); Cranston High School West (math 31% / reading 58%, grade F, #17 of 58 statewide, top 33%, 1,715 students, 28% FRL) — zoned schools average 49% FRL vs 33% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+2.4%/yr); 127 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 60% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $3,955/mo this rent would consume 59% of the median local household income ($81k/yr) (locally 985% 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.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($497k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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, 71% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $395,500 (30.0% 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. It's been on market 161 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.70% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.64%
• DSCR: 0.84
• GRM: 11.9

CMA / ARV

• ARV (on-the-fly): $526,164
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1354 Cranston St	0.25mi	5/2.0 (+1)	2,016 (+3%)	2mo	$580,000	$288	77
1470 1468 Cranston St	0.12mi	4/2.0	1,988 (+2%)	23mo	$535,000	$269	72
175 177 Florida Ave	0.28mi	3/2.0 (-1)	1,900 (-3%)	8mo	$566,000	$298	70
13 14 Pine St	0.33mi	4/2.0	1,782 (-9%)	2mo	$480,000	$269	68
9 St. Mary's Dr	0.16mi	4/2.0	1,773 (-9%)	12mo	$505,000	$285	67
157 159 Jordan Ave	0.61mi	4/3.0	1,904 (-3%)	2mo	$610,000	$320	61
105 Princess Ave	0.40mi	5/2.0 (+1)	1,847 (-6%)	10mo	$605,000	$328	58
761 Dyer Ave	0.24mi	5/3.5 (+1)	1,663 (-15%)	2mo	$360,000	$216	52
90 92 Loretta St	0.62mi	4/3.0	1,986 (+2%)	16mo	$465,000	$234	51
749 Dyer Ave	0.25mi	4/2.5	1,663 (-15%)	23mo	$325,000	$195	42
598 Laurel Hill Ave	0.73mi	3/2.0 (-1)	1,800 (-8%)	9mo	$455,000	$253	40
51 Maple St	0.41mi	4/3.0	1,663 (-15%)	22mo	$400,000	$241	34

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 · 2.42% rent growth · sell at horizon

5-year hold

• IRR: -23.0%
• Equity multiple: 0.21×
• Total profit: $-124,559
• Equity at exit: $84,243

10-year hold

• IRR: -19.1%
• Equity multiple: 0.00×
• Total profit: $-157,662
• Equity at exit: $48,851

Cash invested: $158,200 (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 02920

• Rents YoY: 2.4%
• Active inventory: 127
• Price-to-rent: 23.8×

Monthly cashflow live

• Estimated rent: $3,955 high
• Mortgage (P&I): −$2,963
• Tax from tax record: −$406 /mo · $4,876/yr
• Insurance: −$235
• HOA: −$0
• Vacancy / Maint / Mgmt: −$831
• Net cashflow: $-480

Break-even live

Break-even rent $4,563

Max offer price $480,167

Occupancy floor —

Sensitivity live

Price	-10% $-160	-5% $-320	+0% $-480	+5% $-640	+10% $-800
Rent	-10% $-793	-5% $-636	+0% $-480	+5% $-324	+10% $-168
Rate	-1.0pp $-196	-0.5pp $-337	base $-480	+0.5pp $-627	+1.0pp $-776

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,956
Total (2 units)			$3,955

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: $141,250
• Closing costs: $16,950
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
718 Dyer Ave Cranston, RI	3.0	1.5	1233	$1,900	$1.54	25d	1	0.32mi
718 Dyer Ave Cranston, RI	3.0	1.5	1250	$1,900	$1.52	19d	1	0.32mi
1303 Cranston St Unit 1 Cranston, RI	3.0	1.0	1356	$2,750	$2.03	45d	1	0.39mi
216 Maplewood Ave Cranston, RI	3.0	1.5	1850	$2,200	$1.19	45d	1	1.19mi
101 Woodland Ave Cranston, RI	3.0	1.0	1416	$3,295	$2.33	45d	1	1.34mi

Listing history 11 events

1. 2026-04-08
   status Pending
2. 2026-03-16
   status Active
3. 2026-03-03
   status Pending
4. 2025-12-03
   price $565,000
5. 2025-10-15
   listed $578,900 Active
6. 2025-10-15
   historical
7. 2025-09-08
   listed $579,000 Active
8. 2025-09-06
   historical
9. 2025-06-14
   listed $579,000 Active
10. 2025-06-06
    historical
11. 2024-10-25
    listed $645,000 Active

ⓘ 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: $4,876 · $406/mo
• Projected year-2 tax: $7,043 · $587/mo
• Expected delta: +$2,167/yr (+$181/mo · 44.4%)

ⓘ 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 · 16 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: $47,460
• − Mortgage interest: −$31,649
• − Property taxes: −$4,876
• − Insurance: −$2,825
• − Repairs & maintenance: −$3,797
• − Management: −$3,797
• − Depreciation: −$16,436
• Taxable loss: −$15,920
• Est. tax savings @ 24.0%: +$3,821
• After-tax cash flow: $-1,942/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): 37,155
• Household income: $80,717
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 985.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 18% Two or more races 8% Asian 7% Black 7%
• Hispanic origin (detail): Puerto Rican 4% Dominican 6%
• Common ancestry: Lithuanian 6% Russian 5% Slovak 2%
• Foreign-born: 16% · Canada, China
• Languages at home: 73% English-only · Spanish 15% Other Indo-European 5% 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: ▼ -449.22%
• Current HPI: 334.2336
• Rent YoY: ▲ 2.42%
• 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

-12.4% since first listed

11 events — show timeline

• 2026-04-08 Pending — RIS
• 2026-03-16 Relisted — RIS
• 2026-03-03 Pending — RIS
• 2025-12-03 Price Changed $565,000 RIS
• 2025-10-15 Listing Removed — RIS
• 2025-10-15 Listed $578,900 RIS
• 2025-09-08 Listed $579,000 RIS
• 2025-09-06 Listing Removed — RIS
• 2025-06-14 Listed $579,000 RIS
• 2025-06-06 Listing Removed — RIS
• 2024-10-25 Listed $645,000 RIS

Property tax history

+2.5%/yr

Latest (2025): $4,876 · +2.0% YoY. Source: county tax records.