58 Read Ave · Coventry, RI 02816

$650,000

4 bd · 3.0 ba · 1,730 sqft · MultiFamily public records · 272 Days on market

Built 1930

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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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• 1% rule +3.2/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 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

Turnkey 3-Family Investment Property! This well-maintained 3-family home is fully rented and ready to generate income from day one. The property features one 1-bedroom unit and two 2-bedroom units, all currently occupied with dependable tenants, including two long-term renters. Recent upgrades ensure years of low-maintenance ownership: Brand new roof Maintenance-free exterior siding & amp; trim Complete electrical system upgrade Additional updates throughout the property Tenants enjoy plenty of off-street parking and a convenient, low-maintenance living environment. With strong rental history and modern improvements, this property is an excellent opportunity for investors or an owner-oc

Key facts

• Recent upgrades
• Off street parking
• Well maintained home

Tags

• WELL MAINTAINED HOME
• FULLY RENTED
• RECENT UPGRADES
• BRAND NEW ROOF
• OFF STREET PARKING
• STRONG RENTAL HISTORY

What this means for you Summary

Snapshot

• This is a 1×1bd/1.0ba + 2×2bd/1.0ba units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $182 ($2k/yr) — positive. Per door: $61/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 $532k (18.2% below list).
• Recommended offer: $532k (18.2% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Coventry (suburban): math 25% / reading 41% proficiency, ranked #19 of 39 in RI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 176 active listings in the ZIP; solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• At $5,320/mo this rent would consume 63% of the median local household income ($101k/yr) (locally 667% 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 $20k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 272 days — a 12% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 30y ago; this cycle's ask is 13% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $200k; list at $650k implies a 225% 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, 74% 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 $532,000 (18.2% below list)

Questions for the listing agent

1. It's been on market 272 days. Have you received any prior offers? Is the seller open to a 18% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.82% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.20%
• DSCR: 1.05
• GRM: 10.2

CMA / ARV

• ARV (on-the-fly): $427,310
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
45 Bates Ave	0.09mi	4/2.0	1,848 (+7%)	4mo	$465,000	$252	77
61 63 Bates Ave	0.06mi	4/2.0	1,824 (+5%)	13mo	$427,000	$234	74
125 Read Ave	0.32mi	4/2.0	1,792 (+4%)	4mo	$415,000	$232	72
134 136 Andrews Ave	0.20mi	4/2.0	1,638 (-5%)	12mo	$357,500	$218	68
33 35 Matteson Ave	0.41mi	4/2.0	1,739 (+0%)	18mo	$430,000	$247	61
15 Mill St	0.35mi	4/2.0	1,586 (-8%)	9mo	$392,000	$247	58
75 Winthrop Ave	0.40mi	4/2.0	1,872 (+8%)	11mo	$385,000	$206	55
509 Washington St	0.38mi	5/2.0 (+1)	1,720 (-1%)	22mo	$395,000	$230	54
34 Sheltra Ave	0.68mi	4/2.0	1,696 (-2%)	11mo	$465,000	$274	52
22 24 Agnes St	0.53mi	4/2.0	1,560 (-10%)	8mo	$420,000	$269	48
156 Read Ave	0.43mi	4/2.0	1,600 (-8%)	21mo	$420,000	$263	46
54 Arthur St	0.60mi	3/2.0 (-1)	1,984 (+15%)	3mo	$440,000	$222	36

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -14.4%
• Equity multiple: 0.48×
• Total profit: $-93,927
• Equity at exit: $96,917

10-year hold

• IRR: -5.8%
• Equity multiple: 0.63×
• Total profit: $-67,690
• Equity at exit: $56,200

Cash invested: $182,000 (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 02816

• Active inventory: 176
• Price-to-rent: 31.9×

Monthly cashflow live

• Estimated rent: $5,320 high
• Mortgage (P&I): −$3,409
• Tax from tax record: −$341 /mo · $4,092/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,117
• Net cashflow: $182

Break-even live

Break-even rent $5,089

Max offer price $650,000

Occupancy floor 92%

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$1,700
▸ 2× units	2	1	$3,620
Total (3 units)			$5,320

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: $162,500
• Closing costs: $19,500
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-03
   days on market $650,000 Active 272 DOM
2. 2026-06-02
   days on market $650,000 Active 271 DOM
3. 2026-06-01
   days on market $650,000 Active 270 DOM
4. 2026-05-31
   days on market $650,000 Active 269 DOM
5. 2026-05-04
   historical
6. 2025-11-14
   listed $575,000 Active
7. 2025-09-02
   listed $650,000 Active
8. 2004-01-07
   soldstatus $200,000
9. 2003-10-14
   historical
10. 2003-07-31
    listed $238,900
11. 2003-06-30
    historical
12. 2003-03-26
    listed $239,900
13. 2002-12-30
    historical
14. 2002-10-19
    listed $219,000
15. 1997-07-10
    soldstatus $68,000
16. 1997-06-02
    soldstatus $51,000
17. 1997-05-30
    soldstatus $51,000
18. 1997-05-14
    historical
19. 1997-04-23
    listed $69,900
20. 1996-07-28
    historical
21. 1996-01-28
    listed $109,900

ⓘ 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: $4,092 · $341/mo
• Projected year-2 tax: $7,343 · $612/mo
• Expected delta: +$3,251/yr (+$271/mo · 79.5%)

ⓘ 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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,840
• − Mortgage interest: −$36,410
• − Property taxes: −$4,092
• − Insurance: −$3,250
• − Repairs & maintenance: −$5,107
• − Management: −$5,107
• − Depreciation: −$18,909
• Taxable loss: −$9,036
• Est. tax savings @ 24.0%: +$2,169
• After-tax cash flow: $4,356/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: Coventry
• NCES district ID: 4400210
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $66,277
• Composite: 30.18/100
• National rank: #6317
• State rank: #19 of 39 in RI

Livability — Coventry

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Kent County · 90,904 people
• City population: 33,298
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 33,298
• Household income: $101,431
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 667.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 13% Russian 8% Romanian 4%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -362.74%
• Current HPI: 336.2662
• Rent YoY: —
• 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

+423.2% since first listed

17 events — show timeline

• 2026-05-04 Listing Removed — RIS
• 2025-11-14 Listed $575,000 RIS
• 2025-09-02 Listed $650,000 Fizber.com
• 2004-01-07 Sold (Public Records) $200,000 Public Records
• 2003-10-14 Listing Removed — RIS
• 2003-07-31 Listed $238,900 RIS
• 2003-06-30 Listing Removed — RIS
• 2003-03-26 Listed $239,900 RIS
• 2002-12-30 Listing Removed — RIS
• 2002-10-19 Listed $219,000 RIS
• 1997-07-10 Sold (Public Records) $68,000 Public Records
• 1997-06-02 Sold (Public Records) $51,000 Public Records
• 1997-05-30 Sold (MLS) $51,000 RIS
• 1997-05-14 Listing Removed — RIS
• 1997-04-23 Listed $69,900 RIS
• 1996-07-28 Listing Removed — RIS
• 1996-01-28 Listed $109,900 RIS

Property tax history

+2.4%/yr

Latest (2025): $4,092 · +1.6% YoY. Source: county tax records.