23 Longmont St · Providence, RI 02908

$475,000

6 bd · 3.0 ba · 2,392 sqft · MultiFamily public records · 24 Days on market

Built 1930 3,920 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
• DSCR +10.0/10.0
• 1% rule +8.4/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 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

3 Unit Property FOR SALE "AS IS AS SEEN". Great Structure with Potential for a Owner Occupied or a Investor. 1st & 2nd floor units have 2 beds & 1 bath. 3rd floor has 3 beds & 1 bath. Parking for 5-6 cars. This can be seen by appointment only.

Key facts

• 3,920 sq ft lot
• 5 parking spots
• Built 1930

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $475k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $619/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $475k).
• Recommended offer: $468k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+5.5%/yr); 163 active listings in the ZIP; 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 $14k 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 + 5.5% rent growth), your $133k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($468k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 23y 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 $130k; list at $475k implies a 265% 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, 70% 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 $467,875 (1.5% 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 1930 — 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. 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.
7. 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.
8. 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: 1.34% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.76%
• DSCR: 1.75
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.43×
• Total profit: $57,519
• Equity at exit: $70,824

10-year hold

• IRR: 21.6%
• Equity multiple: 3.05×
• Total profit: $272,270
• Equity at exit: $41,069

Cash invested: $133,000 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 163
• Price-to-rent: 18.6×

Monthly cashflow live

• Estimated rent: $6,371 high
• Mortgage (P&I): −$2,491
• Tax from tax record: −$487 /mo · $5,841/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,338
• Net cashflow: $1,857

Break-even live

Break-even rent $4,020

Max offer price $475,000

Occupancy floor 66%

Sensitivity live

Price	-10% $2,126	-5% $1,992	+0% $1,857	+5% $1,723	+10% $1,589
Rent	-10% $1,354	-5% $1,606	+0% $1,857	+5% $2,109	+10% $2,361
Rate	-1.0pp $2,097	-0.5pp $1,978	base $1,857	+0.5pp $1,734	+1.0pp $1,609

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$6,372
Total (3 units)			$6,371

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: $118,750
• Closing costs: $14,250
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-04-20
   status Pending
2. 2026-03-27
   listed $475,000 Active
3. 2017-11-03
   historical
4. 2017-10-27
   price $189,900
5. 2017-10-25
   listed $199,900 Active
6. 2017-08-15
   historical
7. 2017-08-05
   listed $179,900 Active
8. 2017-07-09
   historical
9. 2017-07-03
   price $189,000
10. 2017-06-10
    listed $199,900 Active
11. 2017-04-25
    historical
12. 2016-12-07
    price $179,000
13. 2016-12-06
    listed $179,600 Active
14. 2016-11-23
    listed $179,600 Active - New
15. 2016-11-19
    soldstatus $130,000 Sold
16. 2016-11-18
    soldstatus $130,000
17. 2016-11-08
    price $299,900
18. 2016-06-16
    historical Active - Under Contract
19. 2016-06-15
    listed $130,000 Active - New
20. 2016-06-12
    historical
21. 2016-01-26
    historical Active - Under Contract
22. 2016-01-11
    listed $119,000 Active - New
23. 2015-11-27
    historical
24. 2015-09-22
    price $119,000
25. 2015-09-22
    historical Active - Under Contract
26. 2015-08-24
    price $139,900
27. 2015-05-26
    listed $149,900 Active - New
28. 2015-05-22
    historical
29. 2015-05-15
    price $150,000
30. 2015-05-06
    listed $169,900 Active - New
31. 2013-11-25
    historical
32. 2013-11-02
    listed $159,900 Active - New
33. 2006-07-05
    historical
34. 2006-01-06
    listed $309,900
35. 2005-07-26
    historical
36. 2005-07-23
    listed $298,500
37. 2003-06-02
    soldstatus $185,000
38. 2003-05-30
    soldstatus $184,900
39. 2003-04-25
    historical
40. 2003-03-27
    listed $184,923

ⓘ 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: $5,841 · $487/mo
• Projected year-2 tax: $6,792 · $566/mo
• Expected delta: +$951/yr (+$79/mo · 16.3%)

ⓘ 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 5/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $76,452
• − Mortgage interest: −$26,607
• − Property taxes: −$5,841
• − Insurance: −$2,375
• − Repairs & maintenance: −$6,116
• − Management: −$6,116
• − Depreciation: −$13,818
• Taxable income: $15,578
• Est. tax owed @ 24.0%: −$3,739
• After-tax cash flow: $18,551/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+156.9% since first listed

40 events — show timeline

• 2026-04-20 Pending — RIS
• 2026-03-27 Listed $475,000 RIS
• 2017-11-03 Listing Removed — RIS
• 2017-10-27 Price Changed $189,900 RIS
• 2017-10-25 Listed $199,900 RIS
• 2017-08-15 Listing Removed — RIS
• 2017-08-05 Listed $179,900 RIS
• 2017-07-09 Listing Removed — RIS
• 2017-07-03 Price Changed $189,000 RIS
• 2017-06-10 Listed $199,900 RIS
• 2017-04-25 Listing Removed — RIS
• 2016-12-07 Price Changed $179,000 RIS
• 2016-12-06 Listed $179,600 RIS
• 2016-11-23 Listed $179,600 RIS
• 2016-11-19 Sold (MLS) $130,000 RIS
• 2016-11-18 Sold (Public Records) $130,000 Public Records
• 2016-11-08 Price Changed $299,900 RIS
• 2016-06-16 Contingent — RIS
• 2016-06-15 Listed $130,000 RIS
• 2016-06-12 Listing Removed — RIS
• 2016-01-26 Contingent — RIS
• 2016-01-11 Listed $119,000 RIS
• 2015-11-27 Listing Removed — RIS
• 2015-09-22 Price Changed $119,000 RIS
• 2015-09-22 Contingent — RIS
• 2015-08-24 Price Changed $139,900 RIS
• 2015-05-26 Listed $149,900 RIS
• 2015-05-22 Listing Removed — RIS
• 2015-05-15 Price Changed $150,000 RIS
• 2015-05-06 Listed $169,900 RIS
• 2013-11-25 Listing Removed — RIS
• 2013-11-02 Listed $159,900 RIS
• 2006-07-05 Listing Removed — RIS
• 2006-01-06 Listed $309,900 RIS
• 2005-07-26 Listing Removed — RIS
• 2005-07-23 Listed $298,500 RIS
• 2003-06-02 Sold (Public Records) $185,000 Public Records
• 2003-05-30 Sold (MLS) $184,900 RIS
• 2003-04-25 Listing Removed — RIS
• 2003-03-27 Listed $184,923 RIS

Property tax history

+0.1%/yr

Latest (2025): $5,841 · +18.8% YoY. Source: county tax records.