54 Candace St · Providence, RI 02908

$579,900

6 bd · 3.0 ba · 2,337 sqft · MultiFamily public records · 54 Days on market

Built 1900 3,049 sqft lot $248/sqft · at area comps Est $595k · at est.

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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 +28.6/30.0
• DSCR +10.0/10.0
• ARV discount +8.7/15.0
• 1% rule +7.6/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• 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

Turnkey owner-occupant opportunity in the heart of Providence! This well-maintained 3-family property at 54 Candace Ave offers the perfect blend of income and flexibility for a first-time homebuyer or an investor! Each unit features 2 bedrooms and 1 full bath, providing a total of 6 beds and 3 baths across the property. Unit 1 is currently rented at $1,700/month, giving you immediate income, while Units 2 & 3 are vacant ideal for an owner occupant to move right in and offset their mortgage with rental income. Enjoy the convenience of off-street parking for up to 6 vehicles, a rare find in the area. Whether you're looking to house hack, build equity, or start your investment portfol

Key facts

• Off-street parking
• Income opportunity
• 3,049 sq ft lot

Tags

• OFF-STREET PARKING
• MULTI-FAMILY PROPERTY
• INCOME OPPORTUNITY

Property features AI

Finance

• Financial info: Market rents listed for units (examples provided for income reference)
• HOA & community: Community access to highways, public transportation, schools, and restaurants

Exterior

• Parking: No garage; Total of 6 parking spaces
• Utilities: Sewer connected; Water connected; Electric service 100 amps
• Home design: Three-story multiunit building; Single building containing three units; Above-grade finished area present
• Construction: Plaster construction; Combination foundation; Built-in multiple stories
• Exterior features: Paved driveway

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Three two-bedroom units (market and month-to-month leases)
• Flooring: Hardwood; Laminate; Vinyl
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas hot water heating with baseboard units
• Interior features: Tub with shower
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $580k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $640/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $580k).
• Recommended offer: $563k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 4.0% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+5.5%/yr); 163 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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $162k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 54 days — a 3% lower offer ($563k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 11y 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 $112k; list at $580k implies a 418% 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, 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 $562,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% 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. 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: 1.26% ✓
• Cap rate: 10.27%
• Cash-on-cash: 14.19%
• DSCR: 1.63
• GRM: 6.6

CMA / ARV

• ARV (median comp): $595,385
• List price: $579,900
• Delta: -2.60%
• Verdict: FAIR
• Comps: 7 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 7.2%
• Equity multiple: 1.29×
• Total profit: $46,775
• Equity at exit: $86,465

10-year hold

• IRR: 18.5%
• Equity multiple: 2.71×
• Total profit: $277,849
• Equity at exit: $50,139

Cash invested: $162,372 (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: 163
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $7,278 medium
• Mortgage (P&I): −$3,041
• Tax from tax record: −$547 /mo · $6,563/yr
• Insurance: −$242
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,528
• Net cashflow: $1,920

Break-even live

Break-even rent $4,848

Max offer price $579,900

Occupancy floor 69%

Sensitivity live

Price	-10% $2,248	-5% $2,084	+0% $1,920	+5% $1,756	+10% $1,592
Rent	-10% $1,345	-5% $1,633	+0% $1,920	+5% $2,208	+10% $2,495
Rate	-1.0pp $2,212	-0.5pp $2,068	base $1,920	+0.5pp $1,770	+1.0pp $1,617

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,278
Total (3 units)			$7,278

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: $144,975
• Closing costs: $17,397
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-21
   days on market $579,900 Active 54 DOM
2. 2026-06-18
   days on market $579,900 Active 51 DOM
3. 2026-06-17
   days on market $579,900 Active 50 DOM
4. 2026-06-16
   days on market $579,900 Active 49 DOM
5. 2026-06-15
   days on market $579,900 Active 48 DOM
6. 2026-06-13
   days on market $579,900 Active 46 DOM
7. 2026-06-09
   days on market $579,900 Active 42 DOM
8. 2026-06-08
   days on market $579,900 Active 41 DOM
9. 2026-06-07
   days on market $579,900 Active 40 DOM
10. 2026-06-05
    days on market $579,900 Active 37 DOM
11. 2026-06-03
    days on market $579,900 Active 36 DOM
12. 2026-06-02
    days on market $579,900 Active 35 DOM
13. 2026-06-01
    days on market $579,900 Active 34 DOM
14. 2026-05-31
    days on market $579,900 Active 33 DOM
15. 2026-04-28
    listed $599,900 Active 984-char remark
16. 2023-09-08
    historical
17. 2023-08-17
    listed $549,900 Active
18. 2021-10-07
    historical
19. 2021-10-06
    status Active
20. 2021-08-31
    historical Active Under Contract
21. 2021-07-28
    price $339,900
22. 2021-06-28
    listed $349,900 Active
23. 2016-02-03
    soldstatus $112,000 Sold
24. 2016-02-01
    soldstatus $112,000
25. 2015-12-06
    status Pending
26. 2015-11-18
    listed $115,000 Active - New

ⓘ 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: $6,563 · $547/mo
• Projected year-2 tax: $8,008 · $667/mo
• Expected delta: +$1,445/yr (+$120/mo · 22.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 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: $87,336
• − Mortgage interest: −$32,483
• − Property taxes: −$6,563
• − Insurance: −$2,900
• − Repairs & maintenance: −$6,987
• − Management: −$6,987
• − Depreciation: −$16,870
• Taxable income: $14,547
• Est. tax owed @ 24.0%: −$3,491
• After-tax cash flow: $19,549/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: 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

+404.3% since first listed

13 events — show timeline

• 2026-05-24 Price Changed $579,900 RIS
• 2026-04-28 Listed $599,900 RIS
• 2023-09-08 Listing Removed — RIS
• 2023-08-17 Listed $549,900 RIS
• 2021-10-07 Listing Removed — RIS
• 2021-10-06 Relisted — RIS
• 2021-08-31 Contingent — RIS
• 2021-07-28 Price Changed $339,900 RIS
• 2021-06-28 Listed $349,900 RIS
• 2016-02-03 Sold (MLS) $112,000 RIS
• 2016-02-01 Sold (Public Records) $112,000 Public Records
• 2015-12-06 Pending — RIS
• 2015-11-18 Listed $115,000 RIS

Property tax history

+5.0%/yr

Latest (2025): $6,563 · +24.2% YoY. Source: county tax records.