148 150 Suffolk St · Providence, RI 02908

$475,000

15 bd · 9.0 ba · 3,763 sqft · MultiFamily · 7 Days on market

Built 1930 Fair condition 6,970 sqft lot $126/sqft · 31% below area Est $689k · 31% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.5/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.2/5.0
• 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

Fantastic investment opportunity in Providence, RI! This 3-family home offers three 1-bedroom, 1-bathroom units, each providing comfortable living spaces with great potential for owner-occupants or investors alike. The property features a practical layout with bright interiors and plenty of natural light throughout. Off-street parking adds convenience for tenants, making this an attractive rental option in a highly desirable area. Situated in a prime Providence location, the property is close to major highways, restaurants, shops, schools, and everyday amenities, ensuring easy access to everything the city has to offer. Whether you're looking to expand your portfolio or live in one unit while collecting rental income from the others, this property offers excellent flexibility and long-term value. A great opportunity in a strong rental market with consistent demand and endless potential. As-is, cash buyers preferred. Will not qualify for financing.

Key facts

• Natural light
• Off-street parking
• 6,970 sq ft lot

Tags

• OFF-STREET PARKING
• NATURAL LIGHT
• EASY ACCESS TO ROUTE 6

Property features AI

Finance

• Financial info: Property is a 3-unit multi-family (three one-bedroom units)

Exterior

• Parking: No garage; Total of 6 parking spaces
• Utilities: Sewer connected; Water connected; Electric service with circuit breakers
• Home design: Multi-family building with 1 building containing 3 units; Above-grade finished area approximately 3,763
• Construction: Vinyl siding; Wood siding
• Exterior features: Sewer connected; Public water connected

Interior

• Kitchen: Kitchens in each unit (appliances not specified)
• Bedrooms: Three one-bedroom units
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Baseboard heat; Steam heat
• Interior features: Full unfinished basement; Total of 12 rooms
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $475k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $714/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $475k).
• Cap rate 11.7% 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 (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,865/mo this rent would consume 113% of the median local household income ($73k/yr) (locally 1561% 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 $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 ~6 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 $86k; list at $475k implies a 452% 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 $475,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1930 — 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: 1.45% ✓
• Cap rate: 11.70%
• Cash-on-cash: 19.31%
• DSCR: 1.86
• GRM: 5.8

CMA / ARV

• ARV (median comp): $689,141
• List price: $475,000
• Delta: -31.07%
• Verdict: UNDERPRICED
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 14.0%
• Equity multiple: 1.58×
• Total profit: $76,886
• Equity at exit: $70,824

10-year hold

• IRR: 24.6%
• Equity multiple: 3.39×
• Total profit: $318,069
• 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: 161
• Price-to-rent: 16.4×

Monthly cashflow live

• Estimated rent: $6,865 high
• Mortgage (P&I): −$2,491
• Tax est. 1.5%: −$594 /mo · $7,125/yr
• Insurance: −$198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,442
• Net cashflow: $2,141

Break-even live

Break-even rent $4,155

Max offer price $475,000

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,814
1× unit	1	1	$2,051
Total (3 units)			$6,865

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 14 events

1. 2026-05-08
   status Pending 823-char remark
2. 2026-05-01
   listed $475,000 Active 823-char remark
3. 2025-10-13
   status Pending 961-char remark

   Show marketing remark (961 chars)

   Fantastic investment opportunity in Providence, RI! This 3-family home offers three 1-bedroom, 1-bathroom units, each providing comfortable living spaces with great potential for owner-occupants or investors alike. The property features a practical layout with bright interiors and plenty of natural light throughout. Off-street parking adds convenience for tenants, making this an attractive rental option in a highly desirable area. Situated in a prime Providence location, the property is close to major highways, restaurants, shops, schools, and everyday amenities, ensuring easy access to everything the city has to offer. Whether you're looking to expand your portfolio or live in one unit while collecting rental income from the others, this property offers excellent flexibility and long-term value. A great opportunity in a strong rental market with consistent demand and endless potential. As-is, cash buyers preferred. Will not qualify for financing.

4. 2025-10-07
   listed $259,000 Active 961-char remark

   Show marketing remark (961 chars)

   Fantastic investment opportunity in Providence, RI! This 3-family home offers three 1-bedroom, 1-bathroom units, each providing comfortable living spaces with great potential for owner-occupants or investors alike. The property features a practical layout with bright interiors and plenty of natural light throughout. Off-street parking adds convenience for tenants, making this an attractive rental option in a highly desirable area. Situated in a prime Providence location, the property is close to major highways, restaurants, shops, schools, and everyday amenities, ensuring easy access to everything the city has to offer. Whether you're looking to expand your portfolio or live in one unit while collecting rental income from the others, this property offers excellent flexibility and long-term value. A great opportunity in a strong rental market with consistent demand and endless potential. As-is, cash buyers preferred. Will not qualify for financing.

5. 2019-09-20
   price $89,900

   Show marketing remark (159 chars)

   CLASSIC VICTORIAN W/ WRAP AROUND PORCH OVERLOOKING THE CITY. REMODELED STUDIO LOFT ON THE 3RD FLR. NEW HEAT & ELECTRIC SERVICE. TENANTS PAY OWN UTILITIES.

6. 2001-04-26
   soldstatus $86,000

   Show marketing remark (159 chars)

   CLASSIC VICTORIAN W/ WRAP AROUND PORCH OVERLOOKING THE CITY. REMODELED STUDIO LOFT ON THE 3RD FLR. NEW HEAT & ELECTRIC SERVICE. TENANTS PAY OWN UTILITIES.

7. 2001-02-26
   historical

   Show marketing remark (159 chars)

   CLASSIC VICTORIAN W/ WRAP AROUND PORCH OVERLOOKING THE CITY. REMODELED STUDIO LOFT ON THE 3RD FLR. NEW HEAT & ELECTRIC SERVICE. TENANTS PAY OWN UTILITIES.

8. 2000-05-01
   listed $94,900

   Show marketing remark (159 chars)

   CLASSIC VICTORIAN W/ WRAP AROUND PORCH OVERLOOKING THE CITY. REMODELED STUDIO LOFT ON THE 3RD FLR. NEW HEAT & ELECTRIC SERVICE. TENANTS PAY OWN UTILITIES.

9. 2000-04-06
   historical
10. 1999-05-17
    listed $94,900
11. 1998-06-30
    historical
12. 1997-08-10
    historical
13. 1997-01-07
    listed $92,900
14. 1996-08-14
    listed $92,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $82,380
• − Mortgage interest: −$26,607
• − Property taxes: −$7,125
• − Insurance: −$2,375
• − Repairs & maintenance: −$6,590
• − Management: −$6,590
• − Depreciation: −$13,818
• Taxable income: $19,274
• Est. tax owed @ 24.0%: −$4,626
• After-tax cash flow: $21,063/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.

Condition & rehab AI · 5 photos

Fair 45/100 Moderate rehab

This 3-family home in Providence, RI requires moderate rehabilitation to improve its condition and value. Key areas for improvement include exterior siding, painting, flooring, and landscaping.

Repairs flagged

• Major siding — Significant wear and tear
• Major paint — Peeling and chipping
• Major flooring — Worn-out carpet
• Major interior walls — Painted walls show signs of wear

Value-add opportunities

• Both painting and repainting — Enhances curb appeal and interior aesthetics
• Both landscaping — Improves curb appeal and enhances property value
• Both new flooring — Enhances interior aesthetics and comfort
• Rental HVAC maintenance — Ensures comfort and energy efficiency for tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
siding · Significant wear and tear	Major	$15,000–50,000
paint · Peeling and chipping	Major	$15,000–50,000
flooring · Worn-out carpet	Major	$15,000–50,000
interior walls · Painted walls show signs of wear	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both painting and repainting — Enhances curb appeal and interior aesthetics ↑
• Both landscaping — Improves curb appeal and enhances property value ↑
• Both new flooring — Enhances interior aesthetics and comfort ↑
• Rental HVAC maintenance — Ensures comfort and energy efficiency for tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+411.3% since first listed

14 events — show timeline

• 2026-05-08 Pending — RIS
• 2026-05-01 Listed $475,000 RIS
• 2025-10-13 Pending — RIS
• 2025-10-07 Listed $259,000 RIS
• 2019-09-20 Price Changed $89,900 RIS
• 2001-04-26 Sold (MLS) $86,000 RIS
• 2001-02-26 Listing Removed — RIS
• 2000-05-01 Listed $94,900 RIS
• 2000-04-06 Listing Removed — RIS
• 1999-05-17 Listed $94,900 RIS
• 1998-06-30 Listing Removed — RIS
• 1997-08-10 Listing Removed — RIS
• 1997-01-07 Listed $92,900 RIS
• 1996-08-14 Listed $92,900 RIS