407 Benefit St · Providence, RI 02903

$1,295,000

8 bd · 4.0 ba · 3,648 sqft · MultiFamily public records · 30 Days on market

Built 1784 4,626 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 +19.7/30.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• 1% rule +4.8/10.0
• Appreciation +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

Introducing 407-409 Benefit St, a value-add opportunity in the heart of Brown and RISD's campus. This legal 4-unit property, with additional bonus space, offers exceptional upside for investors whether stabilizing as high-demand student rentals, short term rentals, or a condo conversion. Premier location on the East Side of Providence. Can be delivered vacant at closing. Separate mechanicals, shared laundry, and a large yard. A savvy investor can explore converting the finished bonus space into an ADU.

Key facts

• Separate mechanicals
• Finished bonus space
• Premier location

Tags

• LEGAL 4-UNIT PROPERTY
• BONUS SPACE
• PREMIER LOCATION
• SEPARATE MECHANICALS
• LARGE YARD
• FINISHED BONUS SPACE

Property features AI

Finance

• Other: Four-unit building (one building, four units)

Exterior

• Parking: No garage
• Utilities: Public water; Public sewer (connected); 100 amp electrical service
• Home design: Shingle siding
• Construction: Shingle siding construction; Above-grade finished area about 3,647
• Exterior features: Lot approximately 0.106 acres

Interior

• Kitchen: Gas water heater
• Bedrooms: Total of 14 rooms (includes bedrooms and living spaces)
• Flooring: Hardwood flooring; Vinyl flooring
• Bathrooms: 5 full bathrooms
• Heating & cooling: Baseboard heating; Electric heating; Gas heating; Window air conditioning units
• Interior features: Full unfinished basement with interior and exterior entry; 2 fireplaces
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/5.0-bath units multifamily listed at $1.29M.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $380/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.27M (1.7% below list).
• Recommended offer: $1.27M (1.7% below list) — sets the bar for 1% rule.
• Cap rate 7.7% 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 fast (+4.7%/yr); 55 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $12,725/mo this rent would consume 237% of the median local household income ($64k/yr) (locally 1009% 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 (-1.1%/yr); year-one equity from $9k of loan paydown is wiped out by about $14k 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.
• At projected returns (-1.1% appreciation + 4.7% rent growth), your $363k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($1.28M) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 14y 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 1784 — 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 $1,272,500 (1.7% below list)

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 1784 — 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: 0.98% ✗
• Cap rate: 7.70%
• Cash-on-cash: 5.03%
• DSCR: 1.22
• GRM: 8.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-1.08% appreciation · 4.73% rent growth · sell at horizon

5-year hold

• IRR: 1.0%
• Equity multiple: 1.05×
• Total profit: $16,849
• Equity at exit: $307,332

10-year hold

• IRR: 9.1%
• Equity multiple: 1.92×
• Total profit: $335,286
• Equity at exit: $318,256

Cash invested: $362,600 (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 02903

• Home prices YoY: -0.5%
• Rents YoY: 4.7%
• Active inventory: 55
• Price-to-rent: 33.9×

Monthly cashflow live

• Estimated rent: $12,725 medium
• Mortgage (P&I): −$6,791
• Tax from tax record: −$1,202 /mo · $14,419/yr
• Insurance: −$540
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,672
• Net cashflow: $1,520

Break-even live

Break-even rent $10,800

Max offer price $1,295,000

Occupancy floor 83%

Sensitivity live

Price	-10% $2,254	-5% $1,887	+0% $1,520	+5% $1,154	+10% $787
Rent	-10% $515	-5% $1,018	+0% $1,520	+5% $2,023	+10% $2,526
Rate	-1.0pp $2,173	-0.5pp $1,850	base $1,520	+0.5pp $1,185	+1.0pp $844

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	5	$12,724
Total (4 units)			$12,725

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: $323,750
• Closing costs: $38,850
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $1,295,000 Active 30 DOM
2. 2026-06-17
   days on market $1,295,000 Active 29 DOM
3. 2026-06-16
   days on market $1,295,000 Active 28 DOM
4. 2026-06-15
   days on market $1,295,000 Active 27 DOM
5. 2026-06-13
   days on market $1,295,000 Active 25 DOM
6. 2026-06-09
   days on market $1,295,000 Active 21 DOM
7. 2026-06-08
   days on market $1,295,000 Active 20 DOM
8. 2026-06-07
   days on market $1,295,000 Active 19 DOM
9. 2026-06-05
   days on market $1,295,000 Active 16 DOM
10. 2026-06-03
    days on market $1,295,000 Active 15 DOM
11. 2026-06-02
    days on market $1,295,000 Active 14 DOM
12. 2026-06-01
    days on market $1,295,000 Active 13 DOM
13. 2026-05-31
    days on market $1,295,000 Active 12 DOM
14. 2026-05-19
    historical
15. 2026-05-19
    listed $1,295,000 Active 507-char remark
16. 2026-04-06
    listed $1,395,000 Active
17. 2013-12-15
    historical
18. 2013-11-02
    listed $397,500 Active
19. 2013-08-15
    historical
20. 2013-05-15
    listed $405,000
21. 2013-04-01
    historical
22. 2012-10-03
    listed $430,000

ⓘ 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: $14,419 · $1,202/mo
• Projected year-2 tax: $17,764 · $1,480/mo
• Expected delta: +$3,345/yr (+$279/mo · 23.2%)

ⓘ 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 6/10 Major 7 d/yr ≥97°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: $152,700
• − Mortgage interest: −$72,540
• − Property taxes: −$14,419
• − Insurance: −$6,475
• − Repairs & maintenance: −$12,216
• − Management: −$12,216
• − Depreciation: −$37,673
• Taxable loss: −$2,839
• Est. tax savings @ 24.0%: +$681
• After-tax cash flow: $18,927/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): 11,836
• Household income: $64,476
• Rent vs Own: 75.2% rent · 24.8% own
• Severe rent burden: 1009.0

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: White 63% Hispanic / Latino 14% Asian 13% Black 8% Two or more races 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 3%
• Common ancestry: Lithuanian 6% Russian 3% Romanian 3%
• Foreign-born: 21% · Canada, China, Jamaica
• Languages at home: 70% English-only · Spanish 12% Other Indo-European 8% Chinese 6%

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: ▼ -1.08%
• Current HPI: 241.4152
• Rent YoY: ▲ 4.73%
• 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

+201.2% since first listed

9 events — show timeline

• 2026-05-19 Listed $1,295,000 RIS
• 2026-05-19 Listing Removed — RIS
• 2026-04-06 Listed $1,395,000 RIS
• 2013-12-15 Listing Removed — RIS
• 2013-11-02 Listed $397,500 RIS
• 2013-08-15 Listing Removed — RIS
• 2013-05-15 Listed $405,000 RIS
• 2013-04-01 Listing Removed — RIS
• 2012-10-03 Listed $430,000 RIS

Property tax history

-0.7%/yr

Latest (2025): $14,419 · +5.3% YoY. Source: county tax records.