84 Saint Paul St · North Smithfield, RI 02896

$579,000

8 bd · 3.0 ba · 3,417 sqft · MultiFamily public records · 116 Days on market

Built 1900 10,454 sqft lot $169/sqft · 6% below area Est $574k · at est.

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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 +22.6/30.0
• DSCR +7.2/10.0
• ARV discount +7.1/15.0
• 1% rule +5.3/10.0
• Schools +4.2/10.0
• 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 MLS

Three-family property offering strong value-add potential in desirable North Smithfield. This classic 1900 multi-family features two spacious 3-bedroom, 1-bath units, each with washer and dryer connections, plus a unique loft-style 2-bedroom, 1-bath third unit. With a desirable unit mix and flexible heating systems (oil and gas), this property presents an excellent opportunity for investors looking to renovate, increase rents, and build equity. Ideal for owner-occupants seeking rental income or investors expanding their portfolio. Conveniently located with easy access to major routes connecting Rhode Island, Massachusetts, and Connecticut, this property offers long-term upside in a strong commuter location. Priced to reflect condition and ready for its next chapter. * * Tenants and pets on premises * *

Key facts

• Loft-style apartment
• 0.24 acre lot
• 6 parking spots

Tags

• LOFT-STYLE APARTMENT
• OIL AND GAS HEATING SYSTEMS
• CLASSIC MULTI-FAMILY POTENTIAL

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $579k.

Deal economics

• At list price, monthly cash flow is $982 ($12k/yr) — positive. Per door: $327/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $579k).
• Recommended offer: $527k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• North Smithfield (suburban): math 36% / reading 56% proficiency, ranked #8 of 39 in RI (top 20%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 12% free/reduced lunch — higher-income household profile.
• Market conditions: 62 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 $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.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 21y 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 $94k; list at $579k implies a 516% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $526,890 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — 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. 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: 1.03% ✓
• Cap rate: 8.33%
• Cash-on-cash: 7.27%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

• ARV (median comp): $573,592
• List price: $579,000
• Delta: 0.94%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -5.2%
• Equity multiple: 0.81×
• Total profit: $-31,314
• Equity at exit: $86,331

10-year hold

• IRR: 4.5%
• Equity multiple: 1.33×
• Total profit: $53,044
• Equity at exit: $50,061

Cash invested: $162,120 (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 02896

• Home prices YoY: -31.5%
• Active inventory: 62
• Price-to-rent: 24.2×

Monthly cashflow live

• Estimated rent: $5,989 high
• Mortgage (P&I): −$3,036
• Tax from tax record: −$471 /mo · $5,655/yr
• Insurance: −$241
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,258
• Net cashflow: $982

Break-even live

Break-even rent $4,745

Max offer price $579,000

Occupancy floor 79%

Sensitivity live

Price	-10% $1,310	-5% $1,146	+0% $982	+5% $819	+10% $655
Rent	-10% $509	-5% $746	+0% $982	+5% $1,219	+10% $1,456
Rate	-1.0pp $1,274	-0.5pp $1,130	base $982	+0.5pp $832	+1.0pp $680

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,988
Total (3 units)			$5,989

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: $144,750
• Closing costs: $17,370
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-01
   days on market $579,000 Active 116 DOM
2. 2026-05-31
   days on market $579,000 Active 115 DOM
3. 2026-03-06
   price $579,000 815-char remark

   Show marketing remark (815 chars)

   Three-family property offering strong value-add potential in desirable North Smithfield. This classic 1900 multi-family features two spacious 3-bedroom, 1-bath units, each with washer and dryer connections, plus a unique loft-style 2-bedroom, 1-bath third unit. With a desirable unit mix and flexible heating systems (oil and gas), this property presents an excellent opportunity for investors looking to renovate, increase rents, and build equity. Ideal for owner-occupants seeking rental income or investors expanding their portfolio. Conveniently located with easy access to major routes connecting Rhode Island, Massachusetts, and Connecticut, this property offers long-term upside in a strong commuter location. Priced to reflect condition and ready for its next chapter. * * Tenants and pets on premises * *

4. 2026-02-02
   listed $599,000 Active 815-char remark

   Show marketing remark (815 chars)

   Three-family property offering strong value-add potential in desirable North Smithfield. This classic 1900 multi-family features two spacious 3-bedroom, 1-bath units, each with washer and dryer connections, plus a unique loft-style 2-bedroom, 1-bath third unit. With a desirable unit mix and flexible heating systems (oil and gas), this property presents an excellent opportunity for investors looking to renovate, increase rents, and build equity. Ideal for owner-occupants seeking rental income or investors expanding their portfolio. Conveniently located with easy access to major routes connecting Rhode Island, Massachusetts, and Connecticut, this property offers long-term upside in a strong commuter location. Priced to reflect condition and ready for its next chapter. * * Tenants and pets on premises * *

5. 2016-11-08
   price $329,900
6. 2016-11-08
   price $319,900
7. 2016-09-16
   soldstatus $94,000 Sold
8. 2016-07-29
   status Pending
9. 2016-07-12
   listed $99,900 Active - New
10. 2016-07-11
    historical
11. 2016-06-18
    price $119,900
12. 2016-06-01
    price $129,900
13. 2016-04-30
    listed $134,900 Active - New
14. 2010-01-24
    historical
15. 2008-09-19
    listed $239,000
16. 2007-05-03
    historical
17. 2006-05-03
    listed $359,000
18. 2006-03-15
    soldstatus $305,000
19. 2006-03-15
    soldstatus $305,000
20. 2006-03-15
    soldstatus $305,000
21. 2006-03-15
    soldstatus $305,000
22. 2006-01-24
    historical
23. 2005-12-23
    historical
24. 2005-12-13
    listed $299,900
25. 2005-12-12
    listed $299,900
26. 2005-08-03
    historical
27. 2005-07-07
    historical
28. 2005-07-07
    listed $324,900
29. 2005-04-08
    listed $349,900
30. 2004-04-21
    soldstatus $204,000

ⓘ 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: $5,655 · $471/mo
• Projected year-2 tax: $7,546 · $629/mo
• Expected delta: +$1,891/yr (+$158/mo · 33.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $71,868
• − Mortgage interest: −$32,433
• − Property taxes: −$5,655
• − Insurance: −$2,895
• − Repairs & maintenance: −$5,749
• − Management: −$5,749
• − Depreciation: −$16,844
• Taxable income: $2,542
• Est. tax owed @ 24.0%: −$610
• After-tax cash flow: $11,179/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: North Smithfield
• NCES district ID: 4400810
• Math proficiency: 36% ▼ -14.00%
• Reading proficiency: 56% ▼ -6.00%
• Median HH income: $76,012
• Composite: 41.87/100
• National rank: #3374
• State rank: #8 of 39 in RI

Livability — North Smithfield

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

Census & demographics

• City population: 355
• Population (ZIP): 11,683

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: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 3% Two or more races 2%
• Common ancestry: Lithuanian 23% Russian 6% Romanian 5%
• Foreign-born: 4% · Canada, Jamaica
• Languages at home: 93% English-only · French/Haitian/Cajun 2% Spanish 1% Russian/Polish/Slavic 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: ▼ -135.81%
• Current HPI: 295.1705
• Rent YoY: —
• Metro: —
• 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

+183.8% since first listed

28 events — show timeline

• 2026-03-06 Price Changed $579,000 RIS
• 2026-02-02 Listed $599,000 RIS
• 2016-11-08 Price Changed $319,900 RIS
• 2016-11-08 Price Changed $329,900 RIS
• 2016-09-16 Sold (MLS) $94,000 RIS
• 2016-07-29 Pending — RIS
• 2016-07-12 Listed $99,900 RIS
• 2016-07-11 Listing Removed — RIS
• 2016-06-18 Price Changed $119,900 RIS
• 2016-06-01 Price Changed $129,900 RIS
• 2016-04-30 Listed $134,900 RIS
• 2010-01-24 Listing Removed — RIS
• 2008-09-19 Listed $239,000 RIS
• 2007-05-03 Listing Removed — RIS
• 2006-05-03 Listed $359,000 RIS
• 2006-03-15 Sold (Public Records) $305,000 Public Records
• 2006-03-15 Sold (Public Records) $305,000 Public Records
• 2006-03-15 Sold (MLS) $305,000 RIS
• 2006-03-15 Sold (MLS) $305,000 MLS PIN
• 2006-01-24 Listing Removed — MLS PIN
• 2005-12-23 Listing Removed — RIS
• 2005-12-13 Listed $299,900 MLS PIN
• 2005-12-12 Listed $299,900 RIS
• 2005-08-03 Listing Removed — RIS
• 2005-07-07 Listed $324,900 RIS
• 2005-07-07 Listing Removed — RIS
• 2005-04-08 Listed $349,900 RIS
• 2004-04-21 Sold (Public Records) $204,000 Public Records

Property tax history

+3.5%/yr

Latest (2025): $5,655 · +34.3% YoY. Source: county tax records.