73 Wainwright St · Providence, RI 02908

$322,500

4 bd · 2.0 ba · 1,160 sqft · SingleFamily public records · 51 Days on market

Built 1930 3,338 sqft lot

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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 +17.0/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

This 2 family home in Providence offers incredible potential for buyers seeking a project with strong upside. Featuring 4 bedrooms and 2 full bathrooms total, the property provides a spacious layout ready to be reimagined with the right vision and updates. While it is in need of TLC, the home's solid structure and desirable location make it a promising investment opportunity. Situated in a great area of Providence, it offers easy access to major highways, local amenities, shopping, and dining perfect for commuters and anyone looking for convenience. Off-street parking adds extra value and everyday practicality. A fantastic chance to customize a home or build your portfolio in a growing

Key facts

• Easy access
• Desirable location
• Growing neighborhood

Tags

• SOLID STRUCTURE
• DESIRABLE LOCATION
• EASY ACCESS
• OFF-STREET PARKING
• GROWING NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $322k.

Deal economics

• At list price, monthly cash flow is $220 ($3k/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 $290k (10.1% below list).
• Recommended offer: $290k (10.1% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 4.0% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+5.5%/yr); 164 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $2,899/mo this rent would consume 48% 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 $2k of loan paydown is wiped out by about $10k 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 51 days — a 3% lower offer ($313k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 25y 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 1930 — 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 $289,897 (10.1% below list)

Questions for the listing agent

1. It's been on market 51 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.90% ✗
• Cap rate: 7.11%
• Cash-on-cash: 2.92%
• DSCR: 1.13
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.2%
• Equity multiple: 0.66×
• Total profit: $-30,981
• Equity at exit: $48,086

10-year hold

• IRR: 3.1%
• Equity multiple: 1.25×
• Total profit: $22,535
• Equity at exit: $27,884

Cash invested: $90,300 (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: 164
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,899 high
• Mortgage (P&I): −$1,691
• Tax from tax record: −$245 /mo · $2,941/yr
• Insurance: −$134
• HOA: −$0
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $220

Break-even live

Break-even rent $2,621

Max offer price $322,500

Occupancy floor 87%

Sensitivity live

Price	-10% $402	-5% $311	+0% $220	+5% $128	+10% $37
Rent	-10% $-10	-5% $105	+0% $220	+5% $334	+10% $449
Rate	-1.0pp $382	-0.5pp $302	base $220	+0.5pp $136	+1.0pp $51

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: $80,625
• Closing costs: $9,675
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
160 Cumberland St Providence, RI	3.0	2.0	1212	$3,000	$2.48	0d	1	0.06mi
23 Concannon St Providence, RI	3.0	2.0	1484	$2,700	$1.82	26d	1	0.19mi
788 Academy Ave Unit 2 Providence, RI	3.0	1.0	1100	$2,500	$2.27	26d	1	0.54mi
729 Academy Ave Providence, RI	3.0	1.0	1261	$2,395	$1.90	19d	1	0.59mi
1189 Smith St Providence, RI	3.0	1.5	1112	$2,400	$2.16	26d	1	0.80mi
270 Langdon St Unit 1 Providence, RI	3.0	1.0	1189	$2,300	$1.93	14d	1	0.84mi
14 Eaton St Providence, RI	3.0	1.0	1350	$2,550	$1.89	6d	1	0.84mi
38 Tyndall Ave Providence, RI	4.0	2.0	1500	$3,500	$2.33	21d	1	0.86mi
191 Russo St Unit 1 Providence, RI	4.0	2.0	1500	$3,000	$2.00	0d	1	0.88mi
26 Tyndall Ave Providence, RI	3.0	1.0	1500	$2,625	$1.75	0d	1	0.89mi
44 Hall St Unit 2 Providence, RI	3.0	2.0	1200	$2,850	$2.38	26d	1	1.03mi
162 Urban Ave #3 North Providence, RI	3.0	1.0	900	$1,850	$2.06	46d	1	1.30mi
26 Beach St North Providence, RI	3.0	1.0	1366	$3,000	$2.20	4d	1	1.41mi

Listing history 10 events

1. 2026-02-25
   status Pending
2. 2026-01-27
   price $322,500
3. 2026-01-16
   price $325,000
4. 2026-01-05
   listed $335,000 Active
5. 2025-12-23
   historical
6. 2025-12-16
   price $339,900
7. 2025-11-27
   listed $350,000 Active
8. 2016-11-08
   price $138,000
9. 2002-04-30
   historical
10. 2001-09-05
    listed $143,500

ⓘ 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: $2,941 · $245/mo
• Projected year-2 tax: $4,099 · $342/mo
• Expected delta: +$1,158/yr (+$96/mo · 39.4%)

ⓘ 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 · 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: $34,788
• − Mortgage interest: −$18,065
• − Property taxes: −$2,941
• − Insurance: −$1,612
• − Repairs & maintenance: −$2,783
• − Management: −$2,783
• − Depreciation: −$9,382
• Taxable loss: −$2,779
• Est. tax savings @ 24.0%: +$667
• After-tax cash flow: $3,301/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

+124.7% since first listed

10 events — show timeline

• 2026-02-25 Pending — RIS
• 2026-01-27 Price Changed $322,500 RIS
• 2026-01-16 Price Changed $325,000 RIS
• 2026-01-05 Listed $335,000 RIS
• 2025-12-23 Listing Removed — RIS
• 2025-12-16 Price Changed $339,900 RIS
• 2025-11-27 Listed $350,000 RIS
• 2016-11-08 Price Changed $138,000 RIS
• 2002-04-30 Listing Removed — RIS
• 2001-09-05 Listed $143,500 RIS

Property tax history

-2.9%/yr

Latest (2025): $2,941 · -30.6% YoY. Source: county tax records.