60 Colwell Rd · Smithfield, RI 02828

$499,900

3 bd · 2.0 ba · 2,497 sqft · MultiFamily public records · 9 Days on market

Built 1830 1.84 ac 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 +28.0/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +4.2/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 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

Opportunity to own one of Smithfield's historic two-family homes, beautifully situated on a 1.84-acre corner lot. Built in 1830, this property offers timeless charm and character, featuring multiple fireplaces, wide pine plank flooring and thoughtful modern updates throughout. The first-floor unit boasts over 1,300 square feet of living space, including 3 bedrooms, 2 fireplaces, a spacious living room, a large eat-in kitchen, an updated full bath and a convenient laundry area. The second-floor unit features over 1,100 square feet, an updated eat-in kitchen, 2 bedrooms, a cozy sitting room and a generous sized living room. Additional highlights include a full walk-up attic and full basement

Key facts

• 1.84 acre lot
• 4 parking spots
• Community pool

Property features AI

Finance

• Financial info: Operating expenses listed: $6,069 (multi-family operating expense)
• HOA & community: Community amenities nearby: golf, pool, tennis courts, recreation area, public transportation, restaurants, shopping, highway access, schools

Exterior

• Parking: No garage; Space for 4 vehicles (total)
• Utilities: Private well water; Cesspool sewer; Electric service with 100 amps, circuit breakers and separate meters
• Home design: Two-story building; Fixer condition
• Construction: Plaster interior walls; Shingle siding; Wood siding; Stone foundation; Built as multi-unit (2 units in 1 building)
• Exterior features: Corner lot; Outbuilding

Interior

• Kitchen: Oven; Range; Dishwasher; Refrigerator
• Bedrooms: Two-bedroom unit; Three-bedroom unit
• Flooring: Hardwood; Wood; Ceramic tile; Carpet
• Bathrooms: Two full bathrooms (total); Each unit has one full bathroom
• Heating & cooling: Oil-fired heating with baseboard radiation; Window cooling units
• Interior features: Attic with permanent attic stairs; Storage room; Interior steps; Bathtub; Tub/shower; Storm windows; Storm doors; Unfinished full basement with interior and exterior entry
• Laundry & utility: Washer and dryer included; Common-area laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $500k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $781/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $500k).

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Smithfield (suburban): math 37% / reading 55% proficiency, ranked #10 of 39 in RI (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: 23 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k 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 (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1830 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $499,900

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 1830 — 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. 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.
6. 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.
7. 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: 1.24% ✓
• Cap rate: 10.04%
• Cash-on-cash: 13.39%
• DSCR: 1.60
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 3.4%
• Equity multiple: 1.13×
• Total profit: $18,527
• Equity at exit: $74,537

10-year hold

• IRR: 13.0%
• Equity multiple: 2.03×
• Total profit: $144,353
• Equity at exit: $43,222

Cash invested: $139,972 (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 02828

• Active inventory: 23
• Price-to-rent: 13.4×

Monthly cashflow live

• Estimated rent: $6,200 medium
• Mortgage (P&I): −$2,622
• Tax from tax record: −$506 /mo · $6,069/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,302
• Net cashflow: $1,562

Break-even live

Break-even rent $4,222

Max offer price $499,900

Occupancy floor 70%

Sensitivity live

Price	-10% $1,845	-5% $1,704	+0% $1,562	+5% $1,421	+10% $1,279
Rent	-10% $1,073	-5% $1,318	+0% $1,562	+5% $1,807	+10% $2,052
Rate	-1.0pp $1,814	-0.5pp $1,690	base $1,562	+0.5pp $1,433	+1.0pp $1,301

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$6,200
Total (2 units)			$6,200

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: $124,975
• Closing costs: $14,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3 Wentworth Ave Chepachet, RI	2.0	2.5	3040	$3,500	$1.15	11d	1	1.19mi

Listing history 7 events

1. 2026-06-21
   days on market $499,900 Active 9 DOM
2. 2026-06-18
   days on market $499,900 Active 6 DOM
3. 2026-06-17
   days on market $499,900 Active 5 DOM
4. 2026-06-16
   days on market $499,900 Active 4 DOM
5. 2026-06-15
   days on market $499,900 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $499,900 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: $6,069 · $506/mo
• Projected year-2 tax: $7,109 · $592/mo
• Expected delta: +$1,040/yr (+$87/mo · 17.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $74,400
• − Mortgage interest: −$28,002
• − Property taxes: −$6,069
• − Insurance: −$2,500
• − Repairs & maintenance: −$5,952
• − Management: −$5,952
• − Depreciation: −$14,543
• Taxable income: $11,383
• Est. tax owed @ 24.0%: −$2,732
• After-tax cash flow: $16,017/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: Smithfield
• NCES district ID: 4400990
• Math proficiency: 37% ▼ -5.00%
• Reading proficiency: 55% ▼ -3.00%
• Median HH income: $73,180
• Composite: 41.62/100
• National rank: #3433
• State rank: #10 of 39 in RI

Livability — Smithfield

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Population (ZIP): 7,058

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 White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 5% Black 2%
• Hispanic origin (detail): Puerto Rican 3% Dominican 2%
• Common ancestry: Lithuanian 15% Russian 7% Romanian 3%
• Foreign-born: 3% · Canada
• Languages at home: 93% English-only · Spanish 3% French/Haitian/Cajun 2% Other Indo-European 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: ▼ -395.83%
• Current HPI: 336.5889
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-06-13 Listed $499,900 RIS

Property tax history

+2.5%/yr

Latest (2025): $6,069 · +21.3% YoY. Source: county tax records.