253 Waterman Ave · Providence, RI 02917

$399,999

4 bd · 2.0 ba · 1,879 sqft · MultiFamily public records · 21 Days on market

Built 1920 0.40 ac lot $213/sqft · 29% below area Est $565k · 29% under

---

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).

• ARV discount +15.0/15.0
• Cash flow +13.4/30.0
• Schools +4.2/10.0
• Livability +4.2/5.0
• DSCR +4.0/10.0
• 1% rule +3.4/10.0
• Rent growth +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: 2 units. confirmed

Listing remarks

Rare Opportunity in Smithfield! Affordable two-family home on a double lot - sale includes an additional lot in North Providence. Great rental income potential for investors or owner-occupants. Close to amenitites with excellent highway access. Don't miss this one!

Key facts

• 0.4 acre lot
• 4 parking spots
• Built 1920

Property features AI

Finance

• Financial info: Operating expenses reported: $8,968.96
• HOA & community: Community amenities nearby: golf, highway access, near hospital, public transportation, recreation area, restaurants, shopping

Exterior

• Parking: No garage; Space for 4 vehicles (total)
• Utilities: Public water (connected); Public sewer (connected); Electric service with 100 amp circuit breakers
• Home design: Two-story multifamily building; Single building with two residential units; Above-grade finished area approximately 1,879
• Construction: Vinyl siding; Concrete perimeter and stone foundation
• Exterior features: Property includes multiple lots

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: One 1-bedroom unit; One 3-bedroom unit
• Flooring: Carpet; Laminate
• Bathrooms: Two full bathrooms total (one in each unit)
• Heating & cooling: Hot water baseboard heating (gas)
• Interior features: Finished full basement with interior entry; Common-area laundry
• Laundry & utility: Common-area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $10 ($116/yr) — positive. Per door: $5/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 $335k (16.2% below list).
• Recommended offer: $335k (16.2% below list) — sets the bar for 1% rule.
• Cap rate 6.3% 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.
• Smithfield (suburban): math 37% / reading 55% proficiency, ranked #10 of 39 in RI (top 26%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; only 11% free/reduced lunch — higher-income household profile.
• Market conditions: 72 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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 $3k of loan paydown is wiped out by about $12k 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 21 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y 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 $118k; list at $400k implies a 239% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 68% 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 $335,100 (16.2% 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 1920 — 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. 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?
6. 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?
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: 0.84% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.10%
• DSCR: 1.00
• GRM: 9.9

CMA / ARV

• ARV (median comp): $565,046
• List price: $399,999
• Delta: -29.21%
• Verdict: UNDERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
98 Putnam Pike	0.49mi	4/2.0	1,852 (-1%)	9mo	$550,000	$297	67
7 9 Mathewson St	0.46mi	4/2.0	1,824 (-3%)	18mo	$520,000	$285	58

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: -16.2%
• Equity multiple: 0.43×
• Total profit: $-64,230
• Equity at exit: $59,641

10-year hold

• IRR: -7.8%
• Equity multiple: 0.51×
• Total profit: $-55,249
• Equity at exit: $34,585

Cash invested: $112,000 (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 02917

• Home prices YoY: -32.9%
• Active inventory: 72
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $3,351 high
• Mortgage (P&I): −$2,098
• Tax from tax record: −$373 /mo · $4,480/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$704
• Net cashflow: $10

Break-even live

Break-even rent $3,339

Max offer price $399,999

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,352
Total (2 units)			$3,351

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 S Locust Ave Unit 1 North Providence, RI	3.0	2.0	1288	$2,800	$2.17	2d	1	1.15mi
15 S Locust Ave Unit 1 North Providence, RI	3.0	2.0	1288	$2,800	$2.17	10d	1	1.15mi

Listing history 10 events

1. 2026-06-07
   statusdays on market $399,999 Pending 21 DOM
2. 2026-06-05
   days on market $399,999 Active 20 DOM
3. 2026-06-03
   days on market $399,999 Active 19 DOM
4. 2026-06-02
   days on market $399,999 Active 18 DOM
5. 2026-06-01
   days on market $399,999 Active 17 DOM
6. 2026-05-31
   days on market $399,999 Active 16 DOM
7. 2026-05-11
   status Pending 265-char remark
8. 2026-04-30
   listed $399,999 Active 265-char remark
9. 1998-09-30
   soldstatus $118,000
10. 1998-06-12
    listed $119,900

ⓘ 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: $4,480 · $373/mo
• Projected year-2 tax: $5,500 · $458/mo
• Expected delta: +$1,020/yr (+$85/mo · 22.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 68% 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: $40,212
• − Mortgage interest: −$22,406
• − Property taxes: −$4,480
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,217
• − Management: −$3,217
• − Depreciation: −$11,636
• Taxable loss: −$6,744
• Est. tax savings @ 24.0%: +$1,619
• After-tax cash flow: $1,734/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: Smithfield
• NCES district ID: 4400990
• Math proficiency: 37% ▼ -5.00%
• Reading proficiency: 55% ▼ -3.00%
• Median HH income: $73,180
• Composite: 41.62/100
• National rank: #3433
• State rank: #10 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

• City population: 212,734
• Population (ZIP): 15,068

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 (89%)
• Race & ethnicity: White 89% Hispanic / Latino 5% Asian 3% Two or more races 3% Black 1%
• Hispanic origin (detail): Puerto Rican 2%
• Common ancestry: Lithuanian 8% Russian 6% Romanian 4%
• Foreign-born: 6% · Canada, China
• Languages at home: 90% English-only · Spanish 4% Other Indo-European 3% Other Asian/Pacific 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: ▼ -158.96%
• Current HPI: 324.9271
• 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

+233.6% since first listed

6 events — show timeline

• 2026-06-05 Pending — RIS
• 2026-05-26 Relisted — RIS
• 2026-05-11 Pending — RIS
• 2026-04-30 Listed $399,999 RIS
• 1998-09-30 Sold (Public Records) $118,000 Public Records
• 1998-06-12 Listed $119,900 RIS

Property tax history

+3.6%/yr

Latest (2025): $4,480 · +15.4% YoY. Source: county tax records.