60 Spring St · Cumberland Hill, RI 02838

$685,000

14 bd · 5.0 ba · 6,310 sqft · MultiFamily public records · 13 Days on market

Built 1900 6,024 sqft lot

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +8.4/10.0
• ARV discount +7.5/15.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Large 5-unit in the Manville area of Lincoln. Vinyl sided with replacement windows. Oversized units with high ceilings, some with vaulted ceilings and skylights. Newer kitchens and baths. Gas furnaces. Hardwired fire alarm system. Laundry room with 2 sets of coin-op machines. Garage rented separately. P and L and rent roll available upon request.

Key facts

• Vinyl sided
• Oversized units
• High ceilings

Tags

• VINYL SIDED
• REPLACEMENT WINDOWS
• OVERSIZED UNITS
• HIGH CEILINGS
• VAULTED CEILINGS
• SKYLIGHTS

What this means for you Summary

Snapshot

• This is a 5 × 3-bed/0.8-bath units multifamily listed at $685k.

Deal economics

• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $888/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $685k).
• Cap rate 14.1% vs local median 3.3% in Cumberland Hill — 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 74/100 on livability (#11 in RI, #4,666 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Lincoln (suburban): math 38% / reading 48% proficiency, ranked #13 of 39 in RI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $51k of equity ($5k loan paydown + $47k appreciation (6.8% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $192k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$82k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $289k; list at $685k implies a 137% 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, 66% 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 $685,000

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 1900 — 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: 1.66% ✓
• Cap rate: 14.07%
• Cash-on-cash: 27.77%
• DSCR: 2.24
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

6.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.2%
• Equity multiple: 3.68×
• Total profit: $514,328
• Equity at exit: $466,552

10-year hold

• IRR: 36.8%
• Equity multiple: 7.70×
• Total profit: $1,284,385
• Equity at exit: $878,968

Cash invested: $191,800 (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 02838

• Home prices YoY: 1.7%
• Active inventory: 21
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $11,354 high
• Mortgage (P&I): −$3,592
• Tax from tax record: −$653 /mo · $7,835/yr
• Insurance: −$285
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,384
• Net cashflow: $4,439

Break-even live

Break-even rent $5,735

Max offer price $685,000

Occupancy floor 56%

Sensitivity live

Price	-10% $4,827	-5% $4,633	+0% $4,439	+5% $4,245	+10% $4,051
Rent	-10% $3,542	-5% $3,991	+0% $4,439	+5% $4,888	+10% $5,336
Rate	-1.0pp $4,784	-0.5pp $4,613	base $4,439	+0.5pp $4,262	+1.0pp $4,081

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

Units	Beds	Baths	Est. rent
▸ 5× units	3	0.8	$11,355
Total (5 units)			$11,354

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: $171,250
• Closing costs: $20,550
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-05-04
   status Pending 348-char remark

   Show marketing remark (348 chars)

   Large 5-unit in the Manville area of Lincoln. Vinyl sided with replacement windows. Oversized units with high ceilings, some with vaulted ceilings and skylights. Newer kitchens and baths. Gas furnaces. Hardwired fire alarm system. Laundry room with 2 sets of coin-op machines. Garage rented separately. P and L and rent roll available upon request.

2. 2026-04-21
   listed $685,000 Active 348-char remark

   Show marketing remark (348 chars)

   Large 5-unit in the Manville area of Lincoln. Vinyl sided with replacement windows. Oversized units with high ceilings, some with vaulted ceilings and skylights. Newer kitchens and baths. Gas furnaces. Hardwired fire alarm system. Laundry room with 2 sets of coin-op machines. Garage rented separately. P and L and rent roll available upon request.

3. 2017-03-16
   soldstatus $288,888
4. 2005-04-11
   soldstatus $405,000

ⓘ 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: $7,835 · $653/mo
• Projected year-2 tax: $9,500 · $792/mo
• Expected delta: +$1,665/yr (+$139/mo · 21.3%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% 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: $136,248
• − Mortgage interest: −$38,371
• − Property taxes: −$7,835
• − Insurance: −$3,425
• − Repairs & maintenance: −$10,900
• − Management: −$10,900
• − Depreciation: −$19,927
• Taxable income: $44,890
• Est. tax owed @ 24.0%: −$10,774
• After-tax cash flow: $42,496/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: Lincoln
• NCES district ID: 4400570
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $69,500
• Composite: 38.81/100
• National rank: #4115
• State rank: #13 of 39 in RI

Livability — Cumberland Hill

• Score: 74/100
• State rank: #11
• US rank: #4666

Category grades

Amenities F Commute F Cost of living C Crime A+ Employment A+ Housing A+ Health & safety B- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,007

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Asian 2%
• Common ancestry: Lithuanian 22% Russian 17% Scotch-Irish 4%
• Foreign-born: 5% · South Korea, Canada, Jamaica
• Languages at home: 82% English-only · French/Haitian/Cajun 12% Russian/Polish/Slavic 3% Spanish 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: ▲ 6.82%
• Current HPI: 411.3952
• 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

+69.1% since first listed

4 events — show timeline

• 2026-05-04 Pending — RIS
• 2026-04-21 Listed $685,000 RIS
• 2017-03-16 Sold (Public Records) $288,888 Public Records
• 2005-04-11 Sold (Public Records) $405,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $7,835 · -3.0% YoY. Source: county tax records.