685 Charles St · Providence, RI 02904

$569,900

24 bd · 3.0 ba · 2,190 sqft · MultiFamily public records · 44 Days on market

Built 1910 4,356 sqft lot $260/sqft · 20% above area Est $626k · 9% under

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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 +23.4/30.0
• ARV discount +11.6/15.0
• DSCR +7.5/10.0
• 1% rule +5.1/10.0
• Rent growth +4.2/5.0
• Livability +4.2/5.0
• 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

WELL MAINTAINED 3 UNIT IN THE NORTH END FEATURES NEW ROOF, NEW MECHANICALS, COIN-OP WASHER & DRYER, PARKING, GREAT INVESTMENT CAN BE PACKAGE WITH 681 CHARLES STREET. SELLER TO HOLD 2ND MORTGAGE

Key facts

• Gas boilers
• Vinyl siding
• Replacement windows

Tags

• THREE FAMILY PROPERTY
• SEPARATELY METERED UTILITIES
• GAS BOILERS
• ARCHITECTURAL SHINGLE ROOF
• VINYL SIDING
• REPLACEMENT WINDOWS

Property features AI

Finance

• Other: Property configured as a 3-unit multi-family (3 total units in one building)

Exterior

• Parking: No garage; Space for 3 vehicles
• Utilities: Sewer connected; Water connected; Electric service ~100 amps
• Home design: Three-story building; Single building containing multiple units
• Construction: Drywall and plaster interior walls; Vinyl siding; Built with a foundation and full basement
• Exterior features: Lot approximately 0.1 acres (4,356 sq ft); Above-grade finished area approximately 2,877

Interior

• Kitchen: Each unit equipped with an eat-in kitchen (EIK); Oven; Range; Refrigerator
• Bedrooms: Three 2-bedroom units (each unit is two-bedroom layout)
• Flooring: Hardwood; Laminate
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Heating present: baseboard, gas, and steam
• Interior features: Tub shower; Full, unfinished basement with interior entry; 17 total rooms
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $570k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $352/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $570k).
• Recommended offer: $553k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 fast (+6.9%/yr); 151 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,778/mo this rent would consume 103% of the median local household income ($67k/yr) (locally 1176% 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 $4k of loan paydown is wiped out by about $17k 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 + 6.9% rent growth), your $160k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($553k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 30y 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 $191k; list at $570k implies a 199% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — 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 $552,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
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 1910 — 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. 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: 1.01% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.95%
• DSCR: 1.35
• GRM: 8.2

CMA / ARV

• ARV (median comp): $626,414
• List price: $569,900
• Delta: -9.02%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.88% rent growth · sell at horizon

5-year hold

• IRR: -0.3%
• Equity multiple: 0.99×
• Total profit: $-1,777
• Equity at exit: $84,974

10-year hold

• IRR: 12.8%
• Equity multiple: 2.18×
• Total profit: $188,588
• Equity at exit: $49,275

Cash invested: $159,572 (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 02904

• Rents YoY: 6.9%
• Active inventory: 151
• Price-to-rent: 24.7×

Monthly cashflow live

• Estimated rent: $5,778 medium
• Mortgage (P&I): −$2,989
• Tax from tax record: −$282 /mo · $3,380/yr
• Insurance: −$237
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,213
• Net cashflow: $1,057

Break-even live

Break-even rent $4,440

Max offer price $569,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,778
Total (3 units)			$5,778

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: $142,475
• Closing costs: $17,097
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $569,900 Active 44 DOM
2. 2026-06-17
   days on market $569,900 Active 43 DOM
3. 2026-06-16
   days on market $569,900 Active 42 DOM
4. 2026-06-15
   days on market $569,900 Active 41 DOM
5. 2026-06-13
   days on market $569,900 Active 39 DOM
6. 2026-06-09
   days on market $569,900 Active 35 DOM
7. 2026-06-08
   days on market $569,900 Active 34 DOM
8. 2026-06-07
   days on market $569,900 Active 33 DOM
9. 2026-06-05
   days on market $569,900 Active 30 DOM
10. 2026-06-03
    days on market $569,900 Active 29 DOM
11. 2026-06-02
    days on market $569,900 Active 28 DOM
12. 2026-06-01
    days on market $569,900 Active 27 DOM
13. 2026-05-31
    days on market $569,900 Active 26 DOM
14. 2026-05-05
    listed $569,900 Active 737-char remark
15. 2019-09-20
    price $279,900 199-char remark

    Show marketing remark (199 chars)

    WELL MAINTAINED 3 UNIT IN THE NORTH END FEATURES NEW ROOF, NEW MECHANICALS, COIN-OP WASHER & DRYER, PARKING, GREAT INVESTMENT CAN BE PACKAGE WITH 681 CHARLES STREET. SELLER TO HOLD 2ND MORTGAGE

16. 2017-08-31
    soldstatus $190,900 Sold

    Show marketing remark (260 chars)

    Turn key fully rented 3 family income producing property. Newer roof, siding, replacement windows, separate electric and gas meters close to highway access, shopping, dining and more!! Tenants enjoy off street parking, well-maintained home and coin-op laundry.

17. 2017-08-31
    soldstatus $190,900

    Show marketing remark (260 chars)

    Turn key fully rented 3 family income producing property. Newer roof, siding, replacement windows, separate electric and gas meters close to highway access, shopping, dining and more!! Tenants enjoy off street parking, well-maintained home and coin-op laundry.

18. 2017-07-12
    status Pending

    Show marketing remark (260 chars)

    Turn key fully rented 3 family income producing property. Newer roof, siding, replacement windows, separate electric and gas meters close to highway access, shopping, dining and more!! Tenants enjoy off street parking, well-maintained home and coin-op laundry.

19. 2017-06-24
    historical Under Contract: Inspection Period

    Show marketing remark (260 chars)

    Turn key fully rented 3 family income producing property. Newer roof, siding, replacement windows, separate electric and gas meters close to highway access, shopping, dining and more!! Tenants enjoy off street parking, well-maintained home and coin-op laundry.

20. 2017-05-25
    listed $189,900 Active

    Show marketing remark (260 chars)

    Turn key fully rented 3 family income producing property. Newer roof, siding, replacement windows, separate electric and gas meters close to highway access, shopping, dining and more!! Tenants enjoy off street parking, well-maintained home and coin-op laundry.

21. 2005-12-01
    soldstatus $270,000 199-char remark

    Show marketing remark (199 chars)

    WELL MAINTAINED 3 UNIT IN THE NORTH END FEATURES NEW ROOF, NEW MECHANICALS, COIN-OP WASHER & DRYER, PARKING, GREAT INVESTMENT CAN BE PACKAGE WITH 681 CHARLES STREET. SELLER TO HOLD 2ND MORTGAGE

22. 2005-12-01
    soldstatus $270,000

    Show marketing remark (199 chars)

    WELL MAINTAINED 3 UNIT IN THE NORTH END FEATURES NEW ROOF, NEW MECHANICALS, COIN-OP WASHER & DRYER, PARKING, GREAT INVESTMENT CAN BE PACKAGE WITH 681 CHARLES STREET. SELLER TO HOLD 2ND MORTGAGE

23. 2005-11-16
    historical 199-char remark

    Show marketing remark (199 chars)

    WELL MAINTAINED 3 UNIT IN THE NORTH END FEATURES NEW ROOF, NEW MECHANICALS, COIN-OP WASHER & DRYER, PARKING, GREAT INVESTMENT CAN BE PACKAGE WITH 681 CHARLES STREET. SELLER TO HOLD 2ND MORTGAGE

24. 2005-09-07
    listed $299,900 199-char remark

    Show marketing remark (199 chars)

    WELL MAINTAINED 3 UNIT IN THE NORTH END FEATURES NEW ROOF, NEW MECHANICALS, COIN-OP WASHER & DRYER, PARKING, GREAT INVESTMENT CAN BE PACKAGE WITH 681 CHARLES STREET. SELLER TO HOLD 2ND MORTGAGE

25. 2001-02-24
    soldstatus $65,000
26. 2000-01-12
    historical
27. 1999-11-23
    listed $66,900
28. 1997-10-15
    soldstatus $73,500
29. 1997-09-11
    historical
30. 1997-07-22
    listed $79,000
31. 1997-06-10
    historical
32. 1996-12-11
    listed $89,000
33. 1989-01-31
    soldstatus $130,000

ⓘ 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: $3,380 · $282/mo
• Projected year-2 tax: $6,335 · $528/mo
• Expected delta: +$2,955/yr (+$246/mo · 87.4%)

ⓘ 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 ≥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: $69,336
• − Mortgage interest: −$31,923
• − Property taxes: −$3,380
• − Insurance: −$2,850
• − Repairs & maintenance: −$5,547
• − Management: −$5,547
• − Depreciation: −$16,579
• Taxable income: $3,511
• Est. tax owed @ 24.0%: −$843
• After-tax cash flow: $11,840/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): 32,531
• Household income: $67,003
• Rent vs Own: 48.3% rent · 51.7% own
• Severe rent burden: 1176.0

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 0.66)
• Race & ethnicity: White 51% Hispanic / Latino 27% Two or more races 16% Black 8% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 7%
• Common ancestry: Lithuanian 7% Russian 6% Romanian 2%
• Foreign-born: 18% · Canada, Jamaica, China
• Languages at home: 64% English-only · Spanish 20% Other Indo-European 5% Other Asian/Pacific 3%

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: ▼ -379.06%
• Current HPI: 363.1386
• Rent YoY: ▲ 6.88%
• 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

+338.4% since first listed

20 events — show timeline

• 2026-05-05 Listed $569,900 RIS
• 2019-09-20 Price Changed $279,900 RIS
• 2017-08-31 Sold (Public Records) $190,900 Public Records
• 2017-08-31 Sold (MLS) $190,900 RIS
• 2017-07-12 Pending — RIS
• 2017-06-24 Contingent — RIS
• 2017-05-25 Listed $189,900 RIS
• 2005-12-01 Sold (Public Records) $270,000 Public Records
• 2005-12-01 Sold (MLS) $270,000 RIS
• 2005-11-16 Listing Removed — RIS
• 2005-09-07 Listed $299,900 RIS
• 2001-02-24 Sold (MLS) $65,000 RIS
• 2000-01-12 Listing Removed — RIS
• 1999-11-23 Listed $66,900 RIS
• 1997-10-15 Sold (MLS) $73,500 RIS
• 1997-09-11 Listing Removed — RIS
• 1997-07-22 Listed $79,000 RIS
• 1997-06-10 Listing Removed — RIS
• 1996-12-11 Listed $89,000 RIS
• 1989-01-31 Sold (Public Records) $130,000 Public Records

Property tax history

-1.6%/yr

Latest (2025): $3,380 · -38.7% YoY. Source: county tax records.