45 51 Wendell St · Providence, RI 02909

$739,000

6 bd · 3.0 ba · 2,932 sqft · MultiFamily public records · 3 Days on market

Built 1900 6,400 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 +16.0/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Livability +4.2/5.0
• 1% rule +4.0/10.0
• Rent growth +3.4/5.0
• 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: 3 units. confirmed

Listing remarks MLS

1895 HISTORIC PROPERTY IN THE HEART OF THE ARMORY DISTRICT. FEATURES A SIDE HALL PLAN DOUBLE HOUSE. 2 STORY BAY AND SIMPLE COLONIAL REVIVAL ENTRY PORCH, 4 CAR DETACHED GARAGE/6 CAR PARKING SPACES. ALL OFFERS MUST BE ACCOMPANIED BY PRE-APPROVAL LETTER

Key facts

• Custom cabinetry
• Renovated kitchens
• Zoned r-3

Tags

• ZONED R-3
• THREE-FAMILY RESIDENCE
• ORIGINAL HARDWOOD FLOORS
• RENOVATED KITCHENS
• CUSTOM CABINETRY
• GRANITE COUNTERTOPS

Property features AI

Finance

• HOA & community: Highway access; Near schools; Public transportation nearby; Sidewalks

Exterior

• Parking: Detached garage; 4 garage spaces; 8 total parking spaces; 4 covered parking spaces
• Utilities: Sewer connected; Water connected; 100 amp electrical service with circuit breakers
• Home design: 3 stories; Single building with multiple units
• Construction: Plaster and vinyl siding exterior; Combination foundation
• Exterior features: Paved driveway

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: 3 total units in the building
• Flooring: Ceramic tile; Hardwood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Electric and gas heating; Forced air heating
• Interior features: Interior steps; Tub with shower
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $739k.

Deal economics

• At list price, monthly cash flow is $364 ($4k/yr) — positive. Per door: $121/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 $664k (10.2% below list).
• Recommended offer: $664k (10.2% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 (+3.7%/yr); 133 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).
• At $6,635/mo this rent would consume 123% of the median local household income ($65k/yr) (locally 2000% 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 $5k of loan paydown is wiped out by about $22k 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 3 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 $155k; list at $739k implies a 377% 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 $663,500 (10.2% 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 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. 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. 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?
7. 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.
8. 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.
9. 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: 0.90% ✗
• Cap rate: 6.88%
• Cash-on-cash: 2.11%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.56×
• Total profit: $-92,026
• Equity at exit: $110,187

10-year hold

• IRR: -2.2%
• Equity multiple: 0.85×
• Total profit: $-31,420
• Equity at exit: $63,895

Cash invested: $206,920 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 133
• Price-to-rent: 27.8×

Monthly cashflow live

• Estimated rent: $6,635 high
• Mortgage (P&I): −$3,875
• Tax from tax record: −$694 /mo · $8,330/yr
• Insurance: −$308
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,393
• Net cashflow: $364

Break-even live

Break-even rent $6,174

Max offer price $739,000

Occupancy floor 90%

Sensitivity live

Price	-10% $783	-5% $573	+0% $364	+5% $155	+10% $-54
Rent	-10% $-160	-5% $102	+0% $364	+5% $626	+10% $888
Rate	-1.0pp $736	-0.5pp $552	base $364	+0.5pp $173	+1.0pp $-22

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,636
Total (3 units)			$6,635

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: $184,750
• Closing costs: $22,170
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Calef St Unit 16 Cranston, RI	5.0	3.0	3000	$3,500	$1.17	18d	1	1.42mi

Listing history 27 events

1. 2026-05-20
   listed $739,000 Active
2. 2026-03-10
   status Pending
3. 2026-03-10
   historical
4. 2026-03-10
   listed $750,000 Active
5. 2022-06-22
   price $1,675
6. 2019-09-20
   price $285,000 251-char remark

   Show marketing remark (251 chars)

   1895 HISTORIC PROPERTY IN THE HEART OF THE ARMORY DISTRICT. FEATURES A SIDE HALL PLAN DOUBLE HOUSE. 2 STORY BAY AND SIMPLE COLONIAL REVIVAL ENTRY PORCH, 4 CAR DETACHED GARAGE/6 CAR PARKING SPACES. ALL OFFERS MUST BE ACCOMPANIED BY PRE-APPROVAL LETTER

7. 2019-03-21
   soldstatus $155,000 Sold
8. 2019-01-22
   soldstatus $155,000
9. 2018-09-25
   status Pending
10. 2018-09-21
    listed $170,000 Active
11. 2018-08-27
    status Active
12. 2018-08-25
    historical
13. 2017-12-18
    status Pending
14. 2017-12-15
    listed $125,999 Active
15. 2015-11-19
    historical
16. 2015-03-31
    price $83,000
17. 2015-03-27
    listed $93,000 Active - New
18. 2007-06-27
    soldstatus $275,000
19. 2007-06-21
    soldstatus $275,000 251-char remark

    Show marketing remark (251 chars)

    1895 HISTORIC PROPERTY IN THE HEART OF THE ARMORY DISTRICT. FEATURES A SIDE HALL PLAN DOUBLE HOUSE. 2 STORY BAY AND SIMPLE COLONIAL REVIVAL ENTRY PORCH, 4 CAR DETACHED GARAGE/6 CAR PARKING SPACES. ALL OFFERS MUST BE ACCOMPANIED BY PRE-APPROVAL LETTER

20. 2007-05-10
    historical 251-char remark

    Show marketing remark (251 chars)

    1895 HISTORIC PROPERTY IN THE HEART OF THE ARMORY DISTRICT. FEATURES A SIDE HALL PLAN DOUBLE HOUSE. 2 STORY BAY AND SIMPLE COLONIAL REVIVAL ENTRY PORCH, 4 CAR DETACHED GARAGE/6 CAR PARKING SPACES. ALL OFFERS MUST BE ACCOMPANIED BY PRE-APPROVAL LETTER

21. 2007-02-12
    listed $339,900 251-char remark

    Show marketing remark (251 chars)

    1895 HISTORIC PROPERTY IN THE HEART OF THE ARMORY DISTRICT. FEATURES A SIDE HALL PLAN DOUBLE HOUSE. 2 STORY BAY AND SIMPLE COLONIAL REVIVAL ENTRY PORCH, 4 CAR DETACHED GARAGE/6 CAR PARKING SPACES. ALL OFFERS MUST BE ACCOMPANIED BY PRE-APPROVAL LETTER

22. 2004-03-30
    soldstatus $245,000
23. 2004-03-29
    soldstatus $245,000
24. 2004-03-05
    historical
25. 2004-01-26
    listed $259,500
26. 1997-05-12
    soldstatus $80,000
27. 1997-03-11
    listed $42,500

ⓘ 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: $8,330 · $694/mo
• Projected year-2 tax: $10,188 · $849/mo
• Expected delta: +$1,858/yr (+$155/mo · 22.3%)

ⓘ 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 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: $79,620
• − Mortgage interest: −$41,395
• − Property taxes: −$8,330
• − Insurance: −$3,695
• − Repairs & maintenance: −$6,370
• − Management: −$6,370
• − Depreciation: −$21,498
• Taxable loss: −$8,038
• Est. tax savings @ 24.0%: +$1,929
• After-tax cash flow: $6,299/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+1638.8% since first listed

27 events — show timeline

• 2026-05-20 Listed $739,000 RIS
• 2026-03-10 Pending — RIS
• 2026-03-10 Listed $750,000 RIS
• 2026-03-10 Listing Removed — RIS
• 2022-06-22 Price Changed $1,675 RENT.
• 2019-09-20 Price Changed $285,000 RIS
• 2019-03-21 Sold (MLS) $155,000 RIS
• 2019-01-22 Sold (Public Records) $155,000 Public Records
• 2018-09-25 Pending — RIS
• 2018-09-21 Listed $170,000 RIS
• 2018-08-27 Relisted — RIS
• 2018-08-25 Listing Removed — RIS
• 2017-12-18 Pending — RIS
• 2017-12-15 Listed $125,999 RIS
• 2015-11-19 Listing Removed — RIS
• 2015-03-31 Price Changed $83,000 RIS
• 2015-03-27 Listed $93,000 RIS
• 2007-06-27 Sold (Public Records) $275,000 Public Records
• 2007-06-21 Sold (MLS) $275,000 RIS
• 2007-05-10 Listing Removed — RIS
• 2007-02-12 Listed $339,900 RIS
• 2004-03-30 Sold (Public Records) $245,000 Public Records
• 2004-03-29 Sold (MLS) $245,000 RIS
• 2004-03-05 Listing Removed — RIS
• 2004-01-26 Listed $259,500 RIS
• 1997-05-12 Sold (Public Records) $80,000 Public Records
• 1997-03-11 Listed $42,500 RIS

Property tax history

+2.0%/yr

Latest (2025): $8,330 · -1.9% YoY. Source: county tax records.