147 Parade St · Providence, RI 02907

$575,000

4 bd · 2.0 ba · 1,963 sqft · MultiFamily public records · 10 Days on market

Built 1900 2,614 sqft lot

---

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 +12.1/30.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• DSCR +3.6/10.0
• 1% rule +2.9/10.0
• 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: 2 units. confirmed

Listing remarks

Large 2-family home conveniently located near schools, shopping, restaurants, public transportation, and major highways. This spacious property features oversized bedrooms, with the 1st-floor unit offering 2 bedrooms and 1 full bath, and the townhouse-style 2nd and 3rd-floor unit featuring 4 bedrooms and 1 full bath. Whether you're an owner occupant looking to offset your mortgage with rental income or an investor seeking a solid addition to your portfolio, this property offers excellent potential and plenty of living space throughout.

Key facts

• 2 family home
• Oversized bedrooms
• Conveniently located

Tags

• 2 FAMILY HOME
• CONVENIENTLY LOCATED
• OVERSIZED BEDROOMS

Property features AI

Finance

• Financial info: Operating expenses listed at $1,500
• HOA & community: Near schools, public transportation, restaurants, and shopping

Exterior

• Parking: No garage; Space for 3 vehicles
• Utilities: Public water connected; Public sewer connected; 100 amp electric service
• Home design: Multifamily property with 1 building and 2 total units; Above-grade finished area approximately 3,390
• Construction: Drywall and vinyl siding exterior; Brick/mortar foundation
• Exterior features: Public sewer connection; Public water connection

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Two units: one 4-bedroom unit and one 2-bedroom unit
• Flooring: Ceramic tile; Hardwood
• Bathrooms: Two full bathrooms total (each unit has one full bath)
• Heating & cooling: Forced-air gas heating
• Interior features: Bathtub and tub/shower combination; Stall shower; Ceramic tile and hardwood flooring; Full unfinished interior-entry basement; One fireplace
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $-126 ($-2k/yr) — negative. Per door: $-63/mo.
• To cash-flow at today's rent, offer at most $553k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $455k (20.8% below list).
• Recommended offer: $455k (20.8% below list) — sets the bar for 1% rule.
• Cap rate 6.0% 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 (+15.3%/yr); 62 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,554/mo this rent would consume 104% of the median local household income ($52k/yr) (locally 2189% 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 29y 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 $28k; list at $575k implies a 1954% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $455,400 (20.8% 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. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.79% ✗
• Cap rate: 6.03%
• Cash-on-cash: -0.94%
• DSCR: 0.96
• GRM: 10.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -12.7%
• Equity multiple: 0.52×
• Total profit: $-77,194
• Equity at exit: $85,734

10-year hold

• IRR: 2.3%
• Equity multiple: 1.20×
• Total profit: $31,671
• Equity at exit: $49,715

Cash invested: $161,000 (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 02907

• Home prices YoY: -20.1%
• Rents YoY: 15.3%
• Active inventory: 62
• Price-to-rent: 21.0×

Monthly cashflow live

• Estimated rent: $4,554 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$468 /mo · $5,620/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$956
• Net cashflow: $-126

Break-even live

Break-even rent $4,713

Max offer price $552,809

Occupancy floor 98%

Sensitivity live

Price	-10% $200	-5% $37	+0% $-126	+5% $-288	+10% $-451
Rent	-10% $-485	-5% $-306	+0% $-126	+5% $54	+10% $234
Rate	-1.0pp $164	-0.5pp $21	base $-126	+0.5pp $-275	+1.0pp $-426

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$4,554
Total (2 units)			$4,554

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8 Anthony Ave Unit 1 Providence, RI	3.0	2.0	1400	$2,800	$2.00	16d	1	0.60mi
10 Anthony Ave Unit 2 Providence, RI	3.0	2.0	1400	$2,300	$1.64	0d	1	0.60mi
56 Greenwich St Unit 1 Providence, RI	3.0	2.0	1400	$2,800	$2.00	25d	1	0.62mi
216 Maplewood Ave Cranston, RI	3.0	1.5	1850	$2,200	$1.19	46d	1	1.05mi
1035 Atwells Ave Unit 2 Providence, RI	4.0	2.0	1300	$2,950	$2.27	25d	1	1.47mi

Listing history 7 events

1. 2026-06-21
   days on market $575,000 Active 10 DOM
2. 2026-06-18
   days on market $575,000 Active 7 DOM
3. 2026-06-17
   days on market $575,000 Active 6 DOM
4. 2026-06-16
   days on market $575,000 Active 5 DOM
5. 2026-06-15
   days on market $575,000 Active 4 DOM
6. 2026-06-13
   remarks 541-char remark
7. 2026-06-13
   listed $575,000 Active 2 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: $5,620 · $468/mo
• Projected year-2 tax: $7,496 · $625/mo
• Expected delta: +$1,876/yr (+$156/mo · 33.4%)

ⓘ 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 6/10 Major 7 d/yr ≥97°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: $54,648
• − Mortgage interest: −$32,209
• − Property taxes: −$5,620
• − Insurance: −$2,875
• − Repairs & maintenance: −$4,372
• − Management: −$4,372
• − Depreciation: −$16,727
• Taxable loss: −$11,527
• Est. tax savings @ 24.0%: +$2,766
• After-tax cash flow: $1,259/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): 31,461
• Household income: $52,485
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2189.0

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: Predominantly Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 26% Black 10% White 10% Asian 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 7% Dominican 50%
• Common ancestry: Swiss 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 55% · Canada, Jamaica, Philippines
• Languages at home: 25% English-only · Spanish 67% Other Asian/Pacific 3% 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: ▼ -125.19%
• Current HPI: 498.142
• Rent YoY: ▲ 15.32%
• 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

+2789.4% since first listed

24 events — show timeline

• 2026-06-11 Listed $575,000 RIS
• 2014-04-28 Listing Removed — RIS
• 2014-02-12 Listed $69,000 RIS
• 2013-08-29 Listed $69,000 RIS
• 2013-08-29 Listing Removed — RIS
• 2013-08-06 Listing Removed — RIS
• 2013-07-01 Listed $49,900 RIS
• 2013-06-28 Sold (MLS) $28,000 RIS
• 2013-05-28 Listing Removed — RIS
• 2013-05-24 Listed $27,900 RIS
• 2012-07-25 Listing Removed — RIS
• 2011-12-29 Listed $27,900 RIS
• 2004-04-01 Sold (Public Records) $175,000 Public Records
• 2004-03-31 Sold (MLS) $163,000 RIS
• 2004-02-03 Listing Removed — RIS
• 2003-11-11 Listed $169,000 RIS
• 2001-05-08 Sold (Public Records) $35,000 Public Records
• 2001-03-30 Sold (Public Records) $27,000 Public Records
• 2001-03-30 Sold (MLS) $27,000 RIS
• 2001-03-26 Listing Removed — RIS
• 2001-03-26 Listed $27,900 RIS
• 1997-10-24 Sold (Public Records) $38,500 Public Records
• 1997-07-15 Sold (MLS) $18,500 RIS
• 1997-01-15 Listed $19,900 RIS

Property tax history

+2.9%/yr

Latest (2025): $5,620 · +9.1% YoY. Source: county tax records.