118 Arnold Ave · Cranston, RI 02905

$874,900

4 bd · 4.0 ba · 3,115 sqft · MultiFamily public records · 15 Days on market

Built 1920 0.31 ac lot Est $611k · 43% over

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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 +24.2/30.0
• DSCR +7.8/10.0
• 1% rule +5.7/10.0
• Livability +4.4/5.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Welcome home to a one-of-a-kind four-unit property in the heart of Edgewood. This stately and timeless residence is filled with charm and character, featuring tall ceilings, picture-frame pine floors, THREE fireplaces, coffered and beamed ceilings, arched hallways, oversized windows, gorgeous trim, and solid paneled doors. Built with exceptional craftsmanship, this home showcases architectural details rarely found today. Updates throughout the seller's ownership include renovated kitchens and bathrooms, ss appliances, rebuilt chimney, fire alarm system, re-sided garage, insulation, plumbing improvements, and five electrical panels. A high-efficiency natural gas-fired indirect heat and hot w

Key facts

• Coffered ceilings
• Three fireplaces
• Tall ceilings

Tags

• FOUR UNIT PROPERTY
• TALL CEILINGS
• THREE FIREPLACES
• COFFERED CEILINGS
• BEAMED CEILINGS
• ARCHED HALLWAYS

Property features AI

Finance

• Financial info: Owner pays hot water; Actual rents reported for units (examples): $1,200; $1,200; $1,400; $1,200
• HOA & community: Community amenities nearby: highway access, marina, pool, public transportation, recreation area, restaurants, shopping, sidewalks

Exterior

• Parking: Detached garage; Two covered garage spaces; Total parking for 10 vehicles
• Utilities: Public water connected; Public sewer connected; Electric with 100 amp service, circuit breakers and separate meters; Sewer connected; Hot water provided (common and individual gas water heaters)
• Home design: Two-story multi-unit property; Combination and stone foundation
• Construction: Vinyl siding; Plaster and drywall interior finishes; Built as multi-unit (4 units)
• Exterior features: Walkable to water; Two buildings on the lot

Interior

• Kitchen: Oven/Range; Dishwasher; Refrigerator
• Bedrooms: Four one-bedroom units (unit sizes ~738 to 820 sq ft)
• Flooring: Hardwood; Vinyl
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Hot water heating; Gas heating; Baseboard heat
• Interior features: Thermal windows; Tub/shower
• Laundry & utility: Washer and dryer included; Common area laundry

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $875k).
• Recommended offer: $862k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 3.2% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+3.5%/yr); 80 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $9,379/mo this rent would consume 179% 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 $6k of loan paydown is wiped out by about $26k 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 15 days — a 2% lower offer ($862k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $861,776 (1.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 1.07% ✓
• Cap rate: 8.69%
• Cash-on-cash: 8.58%
• DSCR: 1.38
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $610,540
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Armington St	0.46mi	4/2.0	3,353 (+8%)	1mo	$550,000	$164	57
127 Columbia Ave	0.09mi	5/3.0 (+1)	3,574 (+15%)	17mo	$700,000	$196	48

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 · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -2.8%
• Equity multiple: 0.89×
• Total profit: $-26,093
• Equity at exit: $130,450

10-year hold

• IRR: 7.3%
• Equity multiple: 1.56×
• Total profit: $138,136
• Equity at exit: $75,645

Cash invested: $244,972 (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: 80
• Price-to-rent: 31.1×

Monthly cashflow live

• Estimated rent: $9,379 medium
• Mortgage (P&I): −$4,588
• Tax from tax record: −$706 /mo · $8,472/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,970
• Net cashflow: $1,751

Break-even live

Break-even rent $7,163

Max offer price $874,900

Occupancy floor 76%

Sensitivity live

Price	-10% $2,246	-5% $1,998	+0% $1,751	+5% $1,503	+10% $1,256
Rent	-10% $1,010	-5% $1,380	+0% $1,751	+5% $2,121	+10% $2,492
Rate	-1.0pp $2,191	-0.5pp $1,973	base $1,751	+0.5pp $1,524	+1.0pp $1,293

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1.5	$9,380
Total (4 units)			$9,379

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: $218,725
• Closing costs: $26,247
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $874,900 Active 15 DOM
2. 2026-06-18
   days on market $874,900 Active 12 DOM
3. 2026-06-17
   days on market $874,900 Active 11 DOM
4. 2026-06-16
   days on market $874,900 Active 10 DOM
5. 2026-06-15
   days on market $874,900 Active 9 DOM
6. 2026-06-13
   days on market $874,900 Active 7 DOM
7. 2026-06-13
   days on market $874,900 Active 6 DOM
8. 2026-06-09
   days on market $874,900 Active 3 DOM
9. 2026-06-08
   days on market $874,900 Active 2 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $874,900 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: $8,472 · $706/mo
• Projected year-2 tax: $11,366 · $947/mo
• Expected delta: +$2,894/yr (+$241/mo · 34.2%)

ⓘ 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 ≥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: $112,548
• − Mortgage interest: −$49,008
• − Property taxes: −$8,472
• − Insurance: −$4,374
• − Repairs & maintenance: −$9,004
• − Management: −$9,004
• − Depreciation: −$25,452
• Taxable income: $7,234
• Est. tax owed @ 24.0%: −$1,736
• After-tax cash flow: $19,273/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: Cranston
• NCES district ID: 4400240
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $60,070
• Composite: 23.36/100
• National rank: #7910
• State rank: #23 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

Amenities B+ Commute A Cost of living C+ Crime A+ Employment A+ Housing A+ Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cranston, RI
• County: Providence County · 548,917 people
• City population: 72,803
• 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

1 event — show timeline

• 2026-06-06 Listed $874,900 RIS

Property tax history

-0.7%/yr

Latest (2025): $8,472 · +2.0% YoY. Source: county tax records.