148 Yorktown Rd · North Kingstown, RI 02852

$555,000

4 bd · 2.0 ba · 1,728 sqft · MultiFamily public records · 20 Days on market

Built 1942 6,098 sqft lot Est $446k · 24% over

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Why this score? — see what drove the D+ 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 +21.1/30.0
• DSCR +6.7/10.0
• Schools +5.0/10.0
• 1% rule +4.8/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

* * HIGHEST AND BEST DUE MONDAY 9/12 BY 8 PM * * Rare 2-family at an amazing price. side-by-side duplex. Each townhouse style apartment features 2 bedrooms and a full bath on the upper floor with a large living room and kitchen on first floor. private rear porches, separate basement space with laundry, separate driveways for each apartment, and newer heating systems and hot water tanks make this the perfect home/investment. Rents below market at $950 per unit month to month long term tenants. new septic as of about 5 years ago. This property will meet fha requirements and is fully fire code compliant.

Key facts

• New septic system
• New water heaters
• Updated bathrooms

Tags

• UPDATED KITCHEN
• UPDATED BATHROOMS
• NEW SEPTIC SYSTEM
• NEW ROOF
• NEW WATER HEATERS
• NEWLY CONSTRUCTED DECK

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $555k.

Deal economics

• At list price, monthly cash flow is $788 ($9k/yr) — positive. Per door: $394/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $542k (2.3% below list).
• Recommended offer: $542k (2.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• North Kingstown (suburban): math 47% / reading 63% proficiency, ranked #5 of 39 in RI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 99 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 311 units permitted in Washington County in 2024 (45 in 5+ unit buildings).
• At $5,421/mo this rent would consume 55% of the median local household income ($119k/yr) (locally 505% 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 $4k of loan paydown is wiped out by about $17k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($547k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $355k; list at $555k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $542,100 (2.3% below list)

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 1942 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
6. 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.
7. 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.
8. 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: 0.98% ✗
• Cap rate: 8.00%
• Cash-on-cash: 6.09%
• DSCR: 1.27
• GRM: 8.5

CMA / ARV

• ARV (on-the-fly): $445,824
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 Yorktown Rd	0.17mi	4/2.0	1,728 (0%)	14mo	$445,000	$258	80
9 Saratoga Rd	0.10mi	4/2.0	1,944 (+12%)	17mo	$474,000	$244	60

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.74×
• Total profit: $-39,872
• Equity at exit: $82,752

10-year hold

• IRR: 2.6%
• Equity multiple: 1.19×
• Total profit: $29,389
• Equity at exit: $47,986

Cash invested: $155,400 (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 02852

• Active inventory: 99
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $5,421 medium
• Mortgage (P&I): −$2,910
• Tax from tax record: −$353 /mo · $4,234/yr
• Insurance: −$231
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,138
• Net cashflow: $788

Break-even live

Break-even rent $4,423

Max offer price $555,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$5,420
Total (2 units)			$5,421

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: $138,750
• Closing costs: $16,650
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
25 Mitola Dr Unit 1 North Kingstown, RI	3.0	1.0	1050	$3,100	$2.95	2d	1	0.39mi
231 Seawynds Dr North Kingstown, RI	3.0	2.0	1829	$4,200	$2.30	44d	1	1.15mi

Listing history 11 events

1. 2026-04-25
   status Pending
2. 2026-04-13
   status Active
3. 2026-04-13
   price $555,000
4. 2026-03-06
   status Pending
5. 2026-02-26
   listed $515,000 Active
6. 2022-12-20
   soldstatus $355,000 Closed 611-char remark

   Show marketing remark (611 chars)

   * * HIGHEST AND BEST DUE MONDAY 9/12 BY 8 PM * * Rare 2-family at an amazing price. side-by-side duplex. Each townhouse style apartment features 2 bedrooms and a full bath on the upper floor with a large living room and kitchen on first floor. private rear porches, separate basement space with laundry, separate driveways for each apartment, and newer heating systems and hot water tanks make this the perfect home/investment. Rents below market at $950 per unit month to month long term tenants. new septic as of about 5 years ago. This property will meet fha requirements and is fully fire code compliant.

7. 2022-12-20
   soldstatus $355,000

   Show marketing remark (611 chars)

   * * HIGHEST AND BEST DUE MONDAY 9/12 BY 8 PM * * Rare 2-family at an amazing price. side-by-side duplex. Each townhouse style apartment features 2 bedrooms and a full bath on the upper floor with a large living room and kitchen on first floor. private rear porches, separate basement space with laundry, separate driveways for each apartment, and newer heating systems and hot water tanks make this the perfect home/investment. Rents below market at $950 per unit month to month long term tenants. new septic as of about 5 years ago. This property will meet fha requirements and is fully fire code compliant.

8. 2022-10-07
   historical Active Under Contract 611-char remark

   Show marketing remark (611 chars)

   * * HIGHEST AND BEST DUE MONDAY 9/12 BY 8 PM * * Rare 2-family at an amazing price. side-by-side duplex. Each townhouse style apartment features 2 bedrooms and a full bath on the upper floor with a large living room and kitchen on first floor. private rear porches, separate basement space with laundry, separate driveways for each apartment, and newer heating systems and hot water tanks make this the perfect home/investment. Rents below market at $950 per unit month to month long term tenants. new septic as of about 5 years ago. This property will meet fha requirements and is fully fire code compliant.

9. 2022-10-07
   status Active 611-char remark

   Show marketing remark (611 chars)

   * * HIGHEST AND BEST DUE MONDAY 9/12 BY 8 PM * * Rare 2-family at an amazing price. side-by-side duplex. Each townhouse style apartment features 2 bedrooms and a full bath on the upper floor with a large living room and kitchen on first floor. private rear porches, separate basement space with laundry, separate driveways for each apartment, and newer heating systems and hot water tanks make this the perfect home/investment. Rents below market at $950 per unit month to month long term tenants. new septic as of about 5 years ago. This property will meet fha requirements and is fully fire code compliant.

10. 2022-09-16
    historical Active Under Contract 611-char remark

    Show marketing remark (611 chars)

    * * HIGHEST AND BEST DUE MONDAY 9/12 BY 8 PM * * Rare 2-family at an amazing price. side-by-side duplex. Each townhouse style apartment features 2 bedrooms and a full bath on the upper floor with a large living room and kitchen on first floor. private rear porches, separate basement space with laundry, separate driveways for each apartment, and newer heating systems and hot water tanks make this the perfect home/investment. Rents below market at $950 per unit month to month long term tenants. new septic as of about 5 years ago. This property will meet fha requirements and is fully fire code compliant.

11. 2022-09-07
    listed $329,000 Active 611-char remark

    Show marketing remark (611 chars)

    * * HIGHEST AND BEST DUE MONDAY 9/12 BY 8 PM * * Rare 2-family at an amazing price. side-by-side duplex. Each townhouse style apartment features 2 bedrooms and a full bath on the upper floor with a large living room and kitchen on first floor. private rear porches, separate basement space with laundry, separate driveways for each apartment, and newer heating systems and hot water tanks make this the perfect home/investment. Rents below market at $950 per unit month to month long term tenants. new septic as of about 5 years ago. This property will meet fha requirements and is fully fire code compliant.

ⓘ 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: $4,234 · $353/mo
• Projected year-2 tax: $6,640 · $553/mo
• Expected delta: +$2,406/yr (+$201/mo · 56.8%)

ⓘ 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 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,052
• − Mortgage interest: −$31,089
• − Property taxes: −$4,234
• − Insurance: −$2,775
• − Repairs & maintenance: −$5,204
• − Management: −$5,204
• − Depreciation: −$16,145
• Taxable income: $401
• Est. tax owed @ 24.0%: −$96
• After-tax cash flow: $9,360/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 Kingstown
• NCES district ID: 4400750
• Math proficiency: 47% ▼ -5.00%
• Reading proficiency: 63% ▬ 0.00%
• Median HH income: $80,380
• Composite: 49.77/100
• National rank: #1962
• State rank: #5 of 39 in RI

Livability — North Kingstown

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

Census & demographics

• County: Washington County · 79,886 people
• City population: 23,406
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,406
• Household income: $118,643
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 505.0

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 (89%)
• Race & ethnicity: White 89% Two or more races 6% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 9% Russian 6% Romanian 4%
• Foreign-born: 6% · China, Canada
• Languages at home: 93% English-only · Other Indo-European 2% Other Asian/Pacific 2% Spanish 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: ▼ -548.20%
• Current HPI: 367.4748
• Rent YoY: —
• 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

+68.7% since first listed

11 events — show timeline

• 2026-04-25 Pending — RIS
• 2026-04-13 Relisted — RIS
• 2026-04-13 Price Changed $555,000 RIS
• 2026-03-06 Pending — RIS
• 2026-02-26 Listed $515,000 RIS
• 2022-12-20 Sold (Public Records) $355,000 Public Records
• 2022-12-20 Sold (MLS) $355,000 RIS
• 2022-10-07 Contingent — RIS
• 2022-10-07 Relisted — RIS
• 2022-09-16 Contingent — RIS
• 2022-09-07 Listed $329,000 RIS

Property tax history

+2.1%/yr

Latest (2025): $4,234 · +5.6% YoY. Source: county tax records.