23 Newton Ave · Westerly, RI 02891

$420,000

8 bd · 3.0 ba · 3,273 sqft · MultiFamily public records · 8 Days on market

Built 1916 0.26 ac lot $128/sqft · at area comps Est $716k · 41% under

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.7/5.0
• Schools +2.6/10.0
• 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

Opportunity knocks at 23 Newton Ave! This spacious multi-family property offers over 3,200 sq ft and is primed for investors or savvy buyers looking to build equity. Featuring three units with flexible 2-3 bedroom layouts, this property has strong income potential once renovated. Located just minutes from downtown Westerly, local shops, restaurants, and parks, the property sits in a desirable, walkable neighborhood with solid rental demand. Property is being sold as-is! Don't miss the chance to transform this value-add property into a high-performing asset in a growing market.

Key facts

• Income potential
• Solid rental demand
• Three units

Tags

• MULTI-FAMILY PROPERTY
• THREE UNITS
• INCOME POTENTIAL
• WALKABLE NEIGHBORHOOD
• SOLID RENTAL DEMAND
• VALUE-ADD PROPERTY

Property features AI

Finance

• Financial info: Multifamily property with three units (investor opportunity)
• HOA & community: Community amenities nearby include highway access, marina, pool, recreation area, tennis courts, sidewalks, shopping, restaurants, and proximity to hospital and schools

Exterior

• Parking: Detached garage; Garage available (2 covered spaces); Total parking for 6 vehicles
• Utilities: Public water connection; Public sewer connection; Sewer connected; Circuit breaker electrical service
• Home design: Multi-unit property with 3 units in 1 building; Above-grade finished area reported
• Construction: Plaster and shingle siding exterior; Concrete perimeter and stone foundation
• Exterior features: Deck; Paved driveway; Paved lot

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: One 2-bedroom unit; Two 3-bedroom units
• Flooring: Ceramic tile; Hardwood; Laminate; Vinyl
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Heating present; Baseboard heating; Electric heating; Gas heating
• Interior features: Interior steps; Tub with shower; Wine cellar; Full, unfinished basement with interior and exterior entry
• Laundry & utility: In-unit laundry; Common area laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $420k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $420k).
• Cap rate 15.3% vs local median 1.8% in Westerly — 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 74/100 on livability (#10 in RI, #4,529 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: cost of living D+, amenities F, commute F.
• Westerly (suburban): math 19% / reading 39% proficiency, ranked #21 of 39 in RI (top 54%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+11.7%/yr); 110 active listings in the ZIP; solid renter incomes; 311 units permitted in Washington County in 2024 (45 in 5+ unit buildings).
• At $7,376/mo this rent would consume 91% of the median local household income ($97k/yr) (locally 577% 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 $13k of value loss. Plan a longer hold.
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $118k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1916 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $420,000

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. Built in 1916 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.76% ✓
• Cap rate: 15.32%
• Cash-on-cash: 32.25%
• DSCR: 2.43
• GRM: 4.7

CMA / ARV

• ARV (median comp): $715,863
• List price: $420,000
• Delta: -41.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
17 Summer St	0.33mi	8/3.0	3,245 (-1%)	8mo	$715,000	$220	76
34 Granite St	0.17mi	9/4.0 (+1)	3,150 (-4%)	9mo	$610,000	$194	70
15 Dixon St	0.17mi	8/3.0	3,600 (+10%)	24mo	$649,000	$180	55

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 32.6%
• Equity multiple: 2.46×
• Total profit: $172,152
• Equity at exit: $62,623

10-year hold

• IRR: 42.2%
• Equity multiple: 5.99×
• Total profit: $586,345
• Equity at exit: $36,314

Cash invested: $117,600 (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 02891

• Home prices YoY: -28.2%
• Rents YoY: 11.7%
• Active inventory: 110
• Price-to-rent: 14.2×

Monthly cashflow live

• Estimated rent: $7,376 high
• Mortgage (P&I): −$2,203
• Tax from tax record: −$290 /mo · $3,474/yr
• Insurance: −$175
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,549
• Net cashflow: $3,160

Break-even live

Break-even rent $3,376

Max offer price $420,000

Occupancy floor 52%

Sensitivity live

Price	-10% $3,398	-5% $3,279	+0% $3,160	+5% $3,041	+10% $2,922
Rent	-10% $2,577	-5% $2,869	+0% $3,160	+5% $3,451	+10% $3,743
Rate	-1.0pp $3,372	-0.5pp $3,267	base $3,160	+0.5pp $3,051	+1.0pp $2,940

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$7,377
Total (3 units)			$7,376

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: $105,000
• Closing costs: $12,600
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-04
   status Pending 584-char remark
2. 2026-04-25
   listed $420,000 Active 584-char remark

ⓘ 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: $3,474 · $290/mo
• Projected year-2 tax: $5,160 · $430/mo
• Expected delta: +$1,686/yr (+$140/mo · 48.5%)

ⓘ 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 2/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥91°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $88,512
• − Mortgage interest: −$23,527
• − Property taxes: −$3,474
• − Insurance: −$2,100
• − Repairs & maintenance: −$7,081
• − Management: −$7,081
• − Depreciation: −$12,218
• Taxable income: $33,031
• Est. tax owed @ 24.0%: −$7,928
• After-tax cash flow: $29,993/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: Westerly
• NCES district ID: 4401170
• Math proficiency: 19% ▼ -19.00%
• Reading proficiency: 39% ▼ -13.00%
• Median HH income: $60,021
• Composite: 26.25/100
• National rank: #7257
• State rank: #21 of 39 in RI

Livability — Westerly

• Score: 74/100
• State rank: #10
• US rank: #4529

Category grades

Amenities F Commute F Cost of living D+ Crime A+ Employment A- Housing A+ Health & safety A+ User ratings B-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Westerly, RI
• County: Washington County · 79,886 people
• City population: 21,587
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 21,587
• Household income: $97,110
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 577.0

Population outlook (Washington County) Hauer SSP2

• Today (2025): 123,856 people
• By 2030: 121,962 · -1.5%
• By 2040: 115,902 · -6.4%
• By 2050: 107,078 · -13.5%
• By 2075: 92,575 · -25.3%
• By 2100: 77,407 · -37.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 5% Romanian 3% Slovak 3%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 2% Chinese 2% Other Indo-European 1%

Political lean MEDSL · Washington

• 2024 margin: D (+15.0) · D 56.4% · R 41.4% · Other 2.3%
• 2008→2024 swing: -24.3pp toward R · 2008: 39.3pp · 2024: 15.0pp
• All cycles: 2024: D+15.0 2020: D+19.4 2016: D+10.0 2012: D+16.8 2008: D+39.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -145.15%
• Current HPI: 369.8844
• Rent YoY: ▲ 11.73%
• 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

+16.7% since first listed

3 events — show timeline

• 2026-06-12 Sold (MLS) $490,000 RIS
• 2026-05-04 Pending — RIS
• 2026-04-25 Listed $420,000 RIS

Property tax history

+2.4%/yr

Latest (2025): $3,474 · +7.6% YoY. Source: county tax records.