56 Barton St · Providence, RI 02909

$875,000

6 bd · 3.0 ba · 2,313 sqft · MultiFamily public records · 18 Days on market

Built 1930 2,800 sqft lot

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Why this score? — see what drove the F 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 +10.7/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• DSCR +3.1/10.0
• 1% rule +2.5/10.0
• 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: 3 units. confirmed

Listing remarks MLS

This property must be sold with MLS#1334090.. .Great Investment property on the West Side of Providence. Here's your chance to own two-3 Unit Multi-Family homes, one right next to the other. All 3 units are fully rented and always are! Parking off street, washer/dryer in the basement, great hardwood flooring, well maintained. Close to all Providence has to offer. .. dining, shopping and employment opportunities are a bike ride or walking distance for your tenants! Conventional or Cash offers only.

Key facts

• Quiet street
• Three story building
• Off-street parking

Tags

• LEGAL THREE-FAMILY PROPERTY
• THREE STORY BUILDING
• REPLACEMENT WINDOWS
• OFF-STREET PARKING
• WASHER DRYER IN BASEMENT
• QUIET STREET

Property features AI

Finance

• Other: Property used as a three-unit multifamily with individual unit rents reported ($1,850; $2,150; $2,150)
• Financial info: Operating expenses reported: $10,309

Exterior

• Parking: No garage; Total of 4 parking spaces
• Utilities: Public water; Public sewer (connected); Electrical service: 100 amp
• Home design: Clapboard exterior; Multi-unit property with 1 building and 3 total units; Above-grade finished area approximately 2,335
• Construction: Clapboard construction; Brick/mortar and combination foundation
• Exterior features: Lot approximately 0.064 acres; Zoned R-4

Interior

• Kitchen: No individual appliance list provided (gas water heater noted separately)
• Bedrooms: Three 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Hardwood
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Baseboard heating; Gas heating; Hot water heating; Space heater; Window cooling units
• Interior features: Hardwood flooring; Full unfinished basement with interior entry
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $-417 ($-5k/yr) — negative. Per door: $-139/mo.
• To cash-flow at today's rent, offer at most $801k (8.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $659k (24.7% below list).
• Recommended offer: $659k (24.7% below list) — sets the bar for 1% rule.
• Cap rate 5.7% 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 (+3.7%/yr); 132 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,593/mo this rent would consume 122% 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 $6k of loan paydown is wiped out by about $26k 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

• It's been on market 18 days — a 2% lower offer ($862k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 12y 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 $560k; list at $875k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $659,300 (24.7% 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 1930 — 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: 0.75% ✗
• Cap rate: 5.72%
• Cash-on-cash: -2.04%
• DSCR: 0.91
• GRM: 11.1

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: -19.0%
• Equity multiple: 0.33×
• Total profit: $-163,946
• Equity at exit: $130,465

10-year hold

• IRR: -10.4%
• Equity multiple: 0.35×
• Total profit: $-158,691
• Equity at exit: $75,654

Cash invested: $245,000 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 32.0×

Monthly cashflow live

• Estimated rent: $6,593 high
• Mortgage (P&I): −$4,589
• Tax from tax record: −$672 /mo · $8,064/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,385
• Net cashflow: $-417

Break-even live

Break-even rent $7,120

Max offer price $801,387

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,558
1× unit	1	1	$2,036
Total (3 units)			$6,593

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-13
   days on market $875,000 Active 18 DOM
2. 2026-06-09
   days on market $875,000 Active 14 DOM
3. 2026-06-08
   days on market $875,000 Active 13 DOM
4. 2026-06-07
   days on market $875,000 Active 12 DOM
5. 2026-06-05
   days on market $875,000 Active 9 DOM
6. 2026-06-03
   days on market $875,000 Active 8 DOM
7. 2026-06-02
   days on market $875,000 Active 7 DOM
8. 2026-06-01
   days on market $875,000 Active 6 DOM
9. 2026-05-31
   days on market $875,000 Active 5 DOM
10. 2026-05-26
    listed $875,000 Active
11. 2023-06-15
    soldstatus $560,000 Closed 502-char remark

    Show marketing remark (502 chars)

    This property must be sold with MLS#1334090.. .Great Investment property on the West Side of Providence. Here's your chance to own two-3 Unit Multi-Family homes, one right next to the other. All 3 units are fully rented and always are! Parking off street, washer/dryer in the basement, great hardwood flooring, well maintained. Close to all Providence has to offer. .. dining, shopping and employment opportunities are a bike ride or walking distance for your tenants! Conventional or Cash offers only.

12. 2023-06-15
    soldstatus $560,000

    Show marketing remark (502 chars)

    This property must be sold with MLS#1334090.. .Great Investment property on the West Side of Providence. Here's your chance to own two-3 Unit Multi-Family homes, one right next to the other. All 3 units are fully rented and always are! Parking off street, washer/dryer in the basement, great hardwood flooring, well maintained. Close to all Providence has to offer. .. dining, shopping and employment opportunities are a bike ride or walking distance for your tenants! Conventional or Cash offers only.

13. 2023-04-29
    status Pending 502-char remark

    Show marketing remark (502 chars)

    This property must be sold with MLS#1334090.. .Great Investment property on the West Side of Providence. Here's your chance to own two-3 Unit Multi-Family homes, one right next to the other. All 3 units are fully rented and always are! Parking off street, washer/dryer in the basement, great hardwood flooring, well maintained. Close to all Providence has to offer. .. dining, shopping and employment opportunities are a bike ride or walking distance for your tenants! Conventional or Cash offers only.

14. 2023-04-25
    listed $575,000 Active 502-char remark

    Show marketing remark (502 chars)

    This property must be sold with MLS#1334090.. .Great Investment property on the West Side of Providence. Here's your chance to own two-3 Unit Multi-Family homes, one right next to the other. All 3 units are fully rented and always are! Parking off street, washer/dryer in the basement, great hardwood flooring, well maintained. Close to all Providence has to offer. .. dining, shopping and employment opportunities are a bike ride or walking distance for your tenants! Conventional or Cash offers only.

15. 2022-02-19
    status Pending
16. 2022-02-19
    historical
17. 2022-02-05
    historical Active Under Contract
18. 2021-10-21
    listed $575,000 Active
19. 2016-02-02
    soldstatus $159,000
20. 2015-07-15
    soldstatus $110,000 Sold
21. 2015-07-15
    soldstatus $110,000
22. 2015-06-30
    status Pending
23. 2015-05-05
    status Contingent - Pending Short Sale Approval
24. 2015-05-04
    historical
25. 2014-12-23
    historical Contingent - Pending Short Sale Approval
26. 2014-12-17
    status Active - Back on Market
27. 2014-12-03
    listed $105,000
28. 2014-12-03
    historical

ⓘ 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: $8,064 · $672/mo
• Projected year-2 tax: $11,163 · $930/mo
• Expected delta: +$3,099/yr (+$258/mo · 38.4%)

ⓘ 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 5/10 Major 7 d/yr ≥96°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: $79,116
• − Mortgage interest: −$49,014
• − Property taxes: −$8,064
• − Insurance: −$4,375
• − Repairs & maintenance: −$6,329
• − Management: −$6,329
• − Depreciation: −$25,455
• Taxable loss: −$20,450
• Est. tax savings @ 24.0%: +$4,908
• After-tax cash flow: $-93/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

+733.3% since first listed

19 events — show timeline

• 2026-05-26 Listed $875,000 RIS
• 2023-06-15 Sold (Public Records) $560,000 Public Records
• 2023-06-15 Sold (MLS) $560,000 RIS
• 2023-04-29 Pending — RIS
• 2023-04-25 Listed $575,000 RIS
• 2022-02-19 Pending — RIS
• 2022-02-19 Listing Removed — RIS
• 2022-02-05 Contingent — RIS
• 2021-10-21 Listed $575,000 RIS
• 2016-02-02 Sold (Public Records) $159,000 Public Records
• 2015-07-15 Sold (Public Records) $110,000 Public Records
• 2015-07-15 Sold (MLS) $110,000 RIS
• 2015-06-30 Pending — RIS
• 2015-05-05 Relisted — RIS
• 2015-05-04 Listing Removed — RIS
• 2014-12-23 Contingent — RIS
• 2014-12-17 Relisted — RIS
• 2014-12-03 Listed $105,000 RIS
• 2014-12-03 Listing Removed — RIS

Property tax history

+2.7%/yr

Latest (2025): $8,064 · -3.3% YoY. Source: county tax records.