12 Quince St · Providence, RI 02905

$600,000

14 bd · 2.0 ba · 2,100 sqft · MultiFamily public records · 10 Days on market

Built 1900 2,614 sqft lot

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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 +15.9/30.0
• ARV discount +7.5/15.0
• DSCR +4.9/10.0
• Livability +4.2/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Here we have a quaint 2-family residents nestled in the vibrant south side of providence with a first floor and a 2nd, 3rd floor townhouse style apartment offering a unique blend of historic charm and modern convenience in a diverse and multicultural setting with and urban feel, close to markets, local shops, restaurants, highway access and transportation. This home has on-demand heating, plumbing and electrical upgrades. Off street parking accommodates 4. Perfect for investors looking to add to their portfolio or first-time home buyer.

Key facts

• Updated kitchen
• Off-street parking
• 2,614 sq ft lot

Tags

• UPDATED KITCHEN
• NEWER NAVIEN HEATING SYSTEM
• OFF-STREET PARKING
• EASY ACCESS TO AMENITIES

Property features AI

Finance

• Financial info: Property is a two-unit investment with one 4-bedroom unit leased through August 2026

Exterior

• Parking: No garage; Four off-street parking spaces
• Utilities: 100 amp electrical service with circuit breakers; Public water; Public sewer
• Home design: Two-story multifamily building (2 units, 1 building)
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.06 acres (2,614 sq ft); Two-story building; Above-grade finished area about 2,100

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: One 4-bedroom unit (lease ends August 2026); One 2-bedroom unit
• Flooring: Hardwood; Laminate
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas baseboard heating
• Interior features: Hardwood and laminate flooring; Full unfinished basement with interior and exterior entry
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $286 ($3k/yr) — positive. Per door: $143/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 $502k (16.4% below list).
• Recommended offer: $502k (16.4% below list) — sets the bar for 1% rule.
• Cap rate 6.9% 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 (+3.5%/yr); 75 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,015/mo this rent would consume 96% of the median local household income ($63k/yr) (locally 1220% 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 $18k 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

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 9 sale attempts since 25y 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 $476k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $501,500 (16.4% 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 1900 — 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: 6.87%
• Cash-on-cash: 2.04%
• DSCR: 1.09
• GRM: 10.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -12.6%
• Equity multiple: 0.54×
• Total profit: $-76,940
• Equity at exit: $89,462

10-year hold

• IRR: -3.1%
• Equity multiple: 0.79×
• Total profit: $-34,961
• Equity at exit: $51,877

Cash invested: $168,000 (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 02905

• Rents YoY: 3.5%
• Active inventory: 75
• Price-to-rent: 19.9×

Monthly cashflow live

• Estimated rent: $5,015 medium
• Mortgage (P&I): −$3,146
• Tax from tax record: −$279 /mo · $3,352/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,053
• Net cashflow: $286

Break-even live

Break-even rent $4,653

Max offer price $600,000

Occupancy floor 89%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,016
Total (2 units)			$5,015

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-06-18
   days on market $600,000 Active 10 DOM
2. 2026-06-17
   days on market $600,000 Active 9 DOM
3. 2026-06-16
   days on market $600,000 Active 8 DOM
4. 2026-06-15
   days on market $600,000 Active 7 DOM
5. 2026-06-13
   days on market $600,000 Active 5 DOM
6. 2026-06-09
   remarks 699-char remark
7. 2026-06-09
   listed $600,000 Active 1 DOM

ⓘ 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: $3,352 · $279/mo
• Projected year-2 tax: $6,566 · $547/mo
• Expected delta: +$3,214/yr (+$268/mo · 95.9%)

ⓘ 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 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $60,180
• − Mortgage interest: −$33,609
• − Property taxes: −$3,352
• − Insurance: −$3,000
• − Repairs & maintenance: −$4,814
• − Management: −$4,814
• − Depreciation: −$17,455
• Taxable loss: −$6,865
• Est. tax savings @ 24.0%: +$1,648
• After-tax cash flow: $5,080/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): 25,012
• Household income: $62,908
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 1220.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% White 38% Black 15% Two or more races 15% Asian 3%
• Hispanic origin (detail): Puerto Rican 5% Dominican 30%
• Common ancestry: Russian 4% Lithuanian 3% Romanian 2%
• Foreign-born: 30% · Canada, China
• Languages at home: 57% English-only · Spanish 34% Other Indo-European 4% French/Haitian/Cajun 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: ▼ -396.84%
• Current HPI: 387.2525
• Rent YoY: ▲ 3.45%
• 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

+446.0% since first listed

25 events — show timeline

• 2026-06-08 Listed $600,000 RIS
• 2024-06-04 Sold (Public Records) $476,000 Public Records
• 2024-06-03 Sold (MLS) $476,000 RIS
• 2024-03-14 Pending — RIS
• 2024-02-29 Listed $420,000 RIS
• 2017-12-19 Sold (Public Records) $195,000 Public Records
• 2017-12-19 Sold (MLS) $194,900 RIS
• 2017-11-17 Pending — RIS
• 2017-10-13 Contingent — RIS
• 2017-09-21 Listed $189,900 RIS
• 2016-12-26 Listing Removed — RIS
• 2016-07-29 Listed $149,900 RIS
• 2015-06-24 Sold (MLS) $58,695 RIS
• 2015-03-28 Pending — RIS
• 2015-02-26 Listed $54,900 RIS
• 2013-12-19 Price Changed $54,900 RIS
• 2011-10-05 Listing Removed — RIS
• 2011-05-17 Listed $69,900 RIS
• 2011-04-03 Listing Removed — RIS
• 2010-09-03 Listed $69,900 RIS
• 2005-09-16 Listing Removed — RIS
• 2005-08-09 Listed $259,900 RIS
• 2002-08-06 Listing Removed — RIS
• 2001-10-01 Sold (Public Records) $90,000 Public Records
• 2001-07-30 Listed $109,900 RIS

Property tax history

+0.7%/yr

Latest (2025): $3,352 · -42.0% YoY. Source: county tax records.