89 Adelaide Ave · Warwick, RI 02886

$425,000

4 bd · 4.0 ba · 1,754 sqft · MultiFamily public records · 5 Days on market

Built 1890 0.47 ac lot Est $468k · 9% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +11.7/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 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 MLS

Make money with this one. .. .. great four unit investment! Being sold "As Is" and way below assessement value - subject to zoning and building approval.

Key facts

• Four 1-bedroom units
• Fully gutted unit
• Lot separation

Tags

• OVERSIZED LOT
• A-7 ZONING
• FOUR 1-BEDROOM UNITS
• FULLY GUTTED UNIT
• COMPLETE RENOVATION
• LOT SEPARATION

Property features AI

Finance

• Other: Zoning: A7
• Financial info: Operating expenses reported: $21,476
• HOA & community: Community amenities nearby: golf, highway access, hospital, public transportation, restaurants, shopping

Exterior

• Parking: No garage; Four parking spaces (total)
• Utilities: Public water; Public sewer (connected); Sewer assessments applicable; Electric: 100 amps, circuit breakers, separate meters
• Home design: Two-story building; One building with multiple units
• Construction: Drywall and plaster interior walls; Vinyl siding; Stone foundation
• Exterior features: Paved driveway; Fenced yard

Interior

• Kitchen: Oven; Range; Refrigerator
• Flooring: Carpet; Vinyl
• Bathrooms: Four full bathrooms
• Heating & cooling: Heating present; Baseboard heating; Central heating; Gas heating; Hot water heating; Oil heating
• Interior features: Interior steps; Tub/shower
• Laundry & utility: Tankless water heater; Water heater

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $8k ($91k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($13k rent vs $425k).
• Cap rate 27.8% vs local median 3.3% in Warwick — 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 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: amenities F.
• Warwick (urban): math 15% / reading 32% proficiency, ranked #25 of 39 in RI (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Scott School (math 27% / reading 42%, grade F, #56 of 167 statewide, top 39%, 207 students, 33% FRL); Winman Middle School (math 12% / reading 22%, grade F, #35 of 57 statewide, top 62%, 725 students, 29% FRL); Toll Gate High School (math 23% / reading 50%, grade F, #25 of 58 statewide, top 42%, 1,188 students, 30% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: 120 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 471 units permitted in Kent County in 2024 (240 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 $13k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $119k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 18y 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 $80k; list at $425k implies a 431% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $425,000

Questions for the listing agent

1. Built in 1890 — 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. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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.
5. 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.
6. 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: 3.13% ✓
• Cap rate: 27.81%
• Cash-on-cash: 76.85%
• DSCR: 4.42
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $468,318
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
89 Adelaide Ave	0.00mi	4/4.0	1,624 (-7%)	0mo	$436,000	$268	87
7 Blossom St	0.12mi	4/2.0	1,824 (+4%)	9mo	$487,000	$267	72
11 9 Ivy St	0.48mi	5/2.5 (+1)	1,716 (-2%)	9mo	$500,000	$291	56
7 Prospect Hill Ave	0.32mi	4/2.0	1,674 (-5%)	18mo	$375,000	$224	54
865 Providence St	0.69mi	5/2.0 (+1)	1,798 (+2%)	18mo	$200,000	$111	35

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: 76.8%
• Equity multiple: 4.50×
• Total profit: $416,707
• Equity at exit: $63,369

10-year hold

• IRR: 80.5%
• Equity multiple: 9.31×
• Total profit: $988,563
• Equity at exit: $36,746

Cash invested: $119,000 (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 02886

• Active inventory: 120
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $13,284 medium
• Mortgage (P&I): −$2,229
• Tax from tax record: −$467 /mo · $5,605/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,790
• Net cashflow: $7,621

Break-even live

Break-even rent $3,637

Max offer price $425,000

Occupancy floor 38%

Sensitivity live

Price	-10% $7,862	-5% $7,742	+0% $7,621	+5% $7,501	+10% $7,381
Rent	-10% $6,572	-5% $7,097	+0% $7,621	+5% $8,146	+10% $8,671
Rate	-1.0pp $7,835	-0.5pp $7,730	base $7,621	+0.5pp $7,511	+1.0pp $7,399

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$13,284
Total (4 units)			$13,284

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
76 Crossland Rd West Warwick, RI	3.0	1.0	2160	$3,200	$1.48	13d	1	0.71mi

Listing history 5 events

1. 2026-05-22
   listed $425,000 Active
2. 2013-12-19
   price $99,000 164-char remark

   Show marketing remark (164 chars)

   Make money with this one. .. .. great four unit investment! Being sold "As Is" and way below assessement value - subject to zoning and building approval.

3. 2010-05-07
   soldstatus $80,000 164-char remark

   Show marketing remark (164 chars)

   Make money with this one. .. .. great four unit investment! Being sold "As Is" and way below assessement value - subject to zoning and building approval.

4. 2009-10-07
   historical 164-char remark

   Show marketing remark (164 chars)

   Make money with this one. .. .. great four unit investment! Being sold "As Is" and way below assessement value - subject to zoning and building approval.

5. 2008-09-17
   listed $199,000 164-char remark

   Show marketing remark (164 chars)

   Make money with this one. .. .. great four unit investment! Being sold "As Is" and way below assessement value - subject to zoning and building approval.

ⓘ 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: $5,605 · $467/mo
• Projected year-2 tax: $6,266 · $522/mo
• Expected delta: +$661/yr (+$55/mo · 11.8%)

ⓘ 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 6/10 Major 74% 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: $159,408
• − Mortgage interest: −$23,807
• − Property taxes: −$5,605
• − Insurance: −$2,125
• − Repairs & maintenance: −$12,753
• − Management: −$12,753
• − Depreciation: −$12,364
• Taxable income: $90,002
• Est. tax owed @ 24.0%: −$21,601
• After-tax cash flow: $69,857/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: Warwick
• NCES district ID: 4401110
• Math proficiency: 15% ▼ -11.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $63,420
• Composite: 22.03/100
• National rank: #8203
• State rank: #25 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warwick, RI
• City population: 108,434
• Population (ZIP): 30,925

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 5% Asian 4% Black 2%
• Common ancestry: Lithuanian 8% Russian 7% Romanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 2%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -425.54%
• Current HPI: 350.8111
• 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

+113.6% since first listed

5 events — show timeline

• 2026-05-22 Listed $425,000 RIS
• 2013-12-19 Price Changed $99,000 RIS
• 2010-05-07 Sold (MLS) $80,000 RIS
• 2009-10-07 Listing Removed — RIS
• 2008-09-17 Listed $199,000 RIS

Property tax history

+2.5%/yr

Latest (2025): $5,605 · +14.5% YoY. Source: county tax records.