18 Standish Ave

Cranston, RI 02920

$575,000C+

6 bd · 3.0 ba · 3,200 sqft · Built 1920 · MultiFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,525/mo
• Mortgage (P&I): −$3,015
• Tax + insurance: −$727
• HOA: −$0
• Vac / Maint / Mgmt: −$1,370
• Net cashflow: $1,413/mo
• Annual: $16,953/yr
• Cap rate: 9.24%
• Cash-on-cash: 10.53%
• DSCR: 1.47
• 1% rule: 1.13%
• Cash to close: $161,000

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $575k.
• At list price, monthly cash flow is $1k ($17k/yr) — positive. Per door: $471/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $575k).
• It's been on market 76 days — a 6% lower offer ($540k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $540k (6.0% below list) — sets the bar for market timing.
• 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.
• Location reads 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Arlington School (math 2% / reading 12%, grade F, #158 of 167 statewide, top 97%, 206 students, 63% FRL); Hugh B. Bain Middle School (math 6% / reading 12%, grade F, #46 of 57 statewide, top 80%, 561 students, 68% FRL); Cranston High School East (math 14% / reading 40%, grade F, #34 of 58 statewide, top 58%, 1,499 students, 59% FRL) — zoned schools average 63% FRL vs 33% district-wide (30 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.4%/yr); 127 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• 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.
• Cap rate 9.2% vs local median 3.2% in Cranston — 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.
• At $6,525/mo this rent would consume 97% of the median local household income ($81k/yr) (locally 985% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.