221 State St · Bristol, RI 02809

$629,000

6 bd · 3.0 ba · 2,468 sqft · MultiFamily public records · 41 Days on market

Built 1925 1,961 sqft lot Est $750k · 16% under

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Why this score? — see what drove the C+ 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 +23.4/30.0
• ARV discount +14.8/15.0
• DSCR +7.5/10.0
• 1% rule +5.2/10.0
• Rent growth +4.5/5.0
• Schools +3.4/10.0
• Livability +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: 3 units. confirmed

Listing remarks

Three-Family Opportunity in Bristol. Offered for the first time in over 80 years, this well-located three-family home presents a rare opportunity for investors or owner-occupants alike. Long held by the same family, this property offers solid fundamentals and the chance to add value over time. Ideally situated just a short distance to Unity Park, the town common, and downtown Bristol, with its array of restaurants, shops and museums. The second floor unit features three bedrooms, one full bathroom , the first and third floor features two bedrooms, one full bathroom and functional layouts with good natural light. The first floor unit has two private entrances and includes a sunroom, providi

Key facts

• Private entrances
• Sunroom
• 1,961 sq ft lot

Tags

• THREE FAMILY OPPORTUNITY
• SHORT DISTANCE TO UNITY PARK
• PRIVATE ENTRANCES
• SUNROOM
• DESIRABLE IN TOWN LOCATION

Property features AI

Finance

• Financial info: Property configured as three income units (two 2-bedrooms and one 3-bedroom); One unit reported rent: $1,000 (lease)
• HOA & community: Community amenities include nearby schools, public transportation, recreation area, restaurant, tennis courts, and sidewalks

Exterior

• Parking: No garage; Two off-street parking spaces (total)
• Utilities: Sewer connected; Water connected; Electrical service: 100 amp
• Home design: Multi-unit building (3 units) in one building; 3 stories
• Construction: Plaster and vinyl siding exterior
• Exterior features: Corner lot; Near public transportation; Sidewalks; Nearby recreation area, restaurants, and tennis courts

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Property contains multiple units: two 2-bedroom units and one 3-bedroom unit
• Flooring: Hardwood; Laminate; Carpet
• Bathrooms: Three full bathrooms total; Each unit includes one full bathroom
• Heating & cooling: Heating present; Gas heating; Hot water heating; Oil heating
• Interior features: Storm windows; Storm doors; Tub with shower
• Laundry & utility: Utility room; Gas water heater; Water heater (rented option noted)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $629k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $387/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $629k).
• Recommended offer: $610k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• Bristol Warren (suburban): math 28% / reading 49% proficiency, ranked #18 of 39 in RI (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+8.2%/yr); 80 active listings in the ZIP; solid renter incomes; 29 units permitted in Bristol County in 2024 (0 in 5+ unit buildings).
• At $6,405/mo this rent would consume 79% of the median local household income ($98k/yr) (locally 649% 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 $19k of value loss. Plan a longer hold.
• Bristol County population projected at -12% 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 $176k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($610k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 19y 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.

Risks & watch-outs

• Watch-outs: built in 1925 — 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 $610,130 (3.0% below list)

Questions for the listing agent

1. It's been on market 41 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 1925 — 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. 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: 1.02% ✓
• Cap rate: 8.51%
• Cash-on-cash: 7.90%
• DSCR: 1.35
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $750,272
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2 Chilton St	0.23mi	7/4.0 (+1)	2,436 (-1%)	2mo	$740,000	$304	77
30 Catherine St	0.25mi	6/3.0	2,574 (+4%)	7mo	$770,000	$299	76
32 Pearse Ave	0.25mi	5/3.0 (-1)	2,464 (-0%)	20mo	$558,000	$226	66
34 Central	0.37mi	5/2.0 (-1)	2,522 (+2%)	7mo	$640,000	$254	64
17 Prospect St	0.22mi	6/3.0	2,652 (+8%)	23mo	$650,000	$245	58
156 Mount Hope Ave	0.32mi	6/2.0	2,260 (-8%)	20mo	$725,000	$321	50
282 Thames St	0.48mi	5/3.0 (-1)	2,676 (+8%)	16mo	$850,000	$318	45
260 Hope St	0.48mi	5/3.0 (-1)	2,682 (+9%)	18mo	$825,000	$308	43

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: 0.8%
• Equity multiple: 1.03×
• Total profit: $5,616
• Equity at exit: $93,786

10-year hold

• IRR: 14.7%
• Equity multiple: 2.44×
• Total profit: $253,347
• Equity at exit: $54,384

Cash invested: $176,120 (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 02809

• Home prices YoY: -30.2%
• Rents YoY: 8.2%
• Active inventory: 80
• Price-to-rent: 24.6×

Monthly cashflow live

• Estimated rent: $6,405 high
• Mortgage (P&I): −$3,299
• Tax from tax record: −$340 /mo · $4,074/yr
• Insurance: −$262
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,345
• Net cashflow: $1,160

Break-even live

Break-even rent $4,937

Max offer price $629,000

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,405
Total (3 units)			$6,405

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: $157,250
• Closing costs: $18,870
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $629,000 Active 41 DOM
2. 2026-06-17
   days on market $629,000 Active 40 DOM
3. 2026-06-16
   pricedays on market $629,000 Active 39 DOM
4. 2026-06-15
   days on market $659,000 Active 38 DOM
5. 2026-06-13
   days on market $659,000 Active 36 DOM
6. 2026-06-13
   days on market $659,000 Active 35 DOM
7. 2026-06-09
   days on market $659,000 Active 32 DOM
8. 2026-06-08
   days on market $659,000 Active 31 DOM
9. 2026-06-07
   days on market $659,000 Active 30 DOM
10. 2026-06-05
    days on market $659,000 Active 27 DOM
11. 2026-06-03
    days on market $659,000 Active 26 DOM
12. 2026-06-02
    days on market $659,000 Active 25 DOM
13. 2026-06-01
    days on market $659,000 Active 24 DOM
14. 2026-05-31
    days on market $659,000 Active 23 DOM
15. 2026-05-08
    listed $659,000 Active
16. 2016-11-08
    price $309,900
17. 2013-12-19
    price $204,900
18. 2013-09-30
    historical
19. 2012-07-25
    listed $269,900
20. 2008-07-11
    historical
21. 2007-11-23
    listed $320,000

ⓘ 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: $4,074 · $340/mo
• Projected year-2 tax: $7,163 · $597/mo
• Expected delta: +$3,089/yr (+$257/mo · 75.8%)

ⓘ 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 ≥95°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: $76,860
• − Mortgage interest: −$35,234
• − Property taxes: −$4,074
• − Insurance: −$3,145
• − Repairs & maintenance: −$6,149
• − Management: −$6,149
• − Depreciation: −$18,298
• Taxable income: $3,811
• Est. tax owed @ 24.0%: −$915
• After-tax cash flow: $13,003/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: Bristol Warren
• NCES district ID: 4400065
• Math proficiency: 28% ▼ -13.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $59,144
• Composite: 34.05/100
• National rank: #5306
• State rank: #18 of 39 in RI

Livability — Bristol

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

Census & demographics

• County: Bristol County · 33,364 people
• City population: 22,220
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 22,220
• Household income: $97,764
• Rent vs Own: 33.9% rent · 66.1% own
• Severe rent burden: 649.0

Population outlook (Bristol County) Hauer SSP2

• Today (2025): 49,175 people
• By 2030: 48,295 · -1.8%
• By 2040: 45,652 · -7.2%
• By 2050: 43,093 · -12.4%
• By 2075: 38,508 · -21.7%
• By 2100: 34,809 · -29.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Hispanic / Latino 3% Asian 1% Black 1%
• Common ancestry: Russian 17% Lithuanian 6% Romanian 3%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · Other Indo-European 9% Spanish 1% Tagalog/Filipino 1%

Political lean MEDSL · Bristol

• 2024 margin: Strong D (+26.4) · D 62.1% · R 35.7% · Other 2.2%
• 2008→2024 swing: -0.4pp no change · 2008: 26.8pp · 2024: 26.4pp
• All cycles: 2024: D+26.4 2020: D+29.2 2016: D+22.8 2012: D+23.3 2008: D+26.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -162.42%
• Current HPI: 374.7149
• Rent YoY: ▲ 8.15%
• 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

+105.9% since first listed

7 events — show timeline

• 2026-05-08 Listed $659,000 RIS
• 2016-11-08 Price Changed $309,900 RIS
• 2013-12-19 Price Changed $204,900 RIS
• 2013-09-30 Listing Removed — RIS
• 2012-07-25 Listed $269,900 RIS
• 2008-07-11 Listing Removed — RIS
• 2007-11-23 Listed $320,000 RIS

Property tax history

+3.9%/yr

Latest (2024): $4,074 · +3.4% YoY. Source: county tax records.