16 Ruggles St · Providence, RI 02908

$679,900

9 bd · 3.0 ba · 3,513 sqft · MultiFamily public records · 50 Days on market

Built 1872 3,200 sqft lot

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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 +27.6/30.0
• DSCR +9.7/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 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: 3 units. confirmed

Listing remarks MLS

IMMACULATE ONE OWNER 3 FAMILY, 3 BED EACH, FLOOR SEPARATE UTILITIES, FRESHLY PAINTED SUBJECT TO OWNER FINDING SUITABLE HOUSING.

Key facts

• Separate utilities
• New bathroom
• Vinyl siding

Tags

• HISTORIC SMITH HILL
• PRIVATE PORCHES
• NEW BATHROOM
• VINYL REPLACEMENT WINDOWS
• VINYL SIDING
• SEPARATE UTILITIES

Property features AI

Finance

• Financial info: Tenant pays hot water; Two units are below-market rented at $1,200 each; one unit is vacant
• HOA & community: Community amenities nearby include golf, highway access, hospital proximity, schools, public transportation, recreation area, restaurants, shopping, and sidewalks

Exterior

• Parking: Detached garage; Total of 5 parking spaces with 1 covered space; 1 garage space
• Utilities: Sewer connected; Water connected; Electrical service: 100 amps
• Home design: 3 stories; Single building containing 3 units; Entry level units vary (multi-unit property)
• Construction: Vinyl siding; Combination foundation; Built with multiple stories (3)
• Exterior features: Balcony; Porch; Paved driveway

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Three bedrooms in each unit (3 units total)
• Flooring: Ceramic tile; Wood
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Baseboard heating; Gas heating; Oil heating; Space heater
• Interior features: Thermal windows; Interior steps
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $680k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive. Per door: $678/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $680k).
• Recommended offer: $660k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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 fast (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $8,335/mo this rent would consume 137% of the median local household income ($73k/yr) (locally 1561% 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 $5k of loan paydown is wiped out by about $20k 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.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $190k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($660k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 27y 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 $75k; list at $680k implies a 807% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1872 — 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 $659,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 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 1872 — 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. 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?
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: 1.23% ✓
• Cap rate: 9.88%
• Cash-on-cash: 12.82%
• DSCR: 1.57
• GRM: 6.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 5.3%
• Equity multiple: 1.21×
• Total profit: $40,522
• Equity at exit: $101,375

10-year hold

• IRR: 16.9%
• Equity multiple: 2.54×
• Total profit: $293,431
• Equity at exit: $58,785

Cash invested: $190,372 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 20.4×

Monthly cashflow live

• Estimated rent: $8,335 high
• Mortgage (P&I): −$3,565
• Tax from tax record: −$702 /mo · $8,427/yr
• Insurance: −$283
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,750
• Net cashflow: $2,034

Break-even live

Break-even rent $5,761

Max offer price $679,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$8,334
Total (3 units)			$8,335

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: $169,975
• Closing costs: $20,397
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-05-12
   status Pending
2. 2026-05-12
   status Active
3. 2026-04-24
   status Pending
4. 2026-03-05
   listed $679,900 Active
5. 2025-12-06
   status Active
6. 2025-12-06
   historical
7. 2025-11-07
   status Pending
8. 2025-09-23
   listed $689,900 Active
9. 2000-01-28
   soldstatus $75,000 127-char remark

   Show marketing remark (127 chars)

   IMMACULATE ONE OWNER 3 FAMILY, 3 BED EACH, FLOOR SEPARATE UTILITIES, FRESHLY PAINTED SUBJECT TO OWNER FINDING SUITABLE HOUSING.

10. 1999-12-13
    historical 127-char remark

    Show marketing remark (127 chars)

    IMMACULATE ONE OWNER 3 FAMILY, 3 BED EACH, FLOOR SEPARATE UTILITIES, FRESHLY PAINTED SUBJECT TO OWNER FINDING SUITABLE HOUSING.

11. 1999-11-30
    listed $79,900 127-char remark

    Show marketing remark (127 chars)

    IMMACULATE ONE OWNER 3 FAMILY, 3 BED EACH, FLOOR SEPARATE UTILITIES, FRESHLY PAINTED SUBJECT TO OWNER FINDING SUITABLE HOUSING.

ⓘ 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: $8,427 · $702/mo
• Projected year-2 tax: $9,755 · $813/mo
• Expected delta: +$1,328/yr (+$111/mo · 15.8%)

ⓘ 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 6/10 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: $100,020
• − Mortgage interest: −$38,085
• − Property taxes: −$8,427
• − Insurance: −$3,400
• − Repairs & maintenance: −$8,002
• − Management: −$8,002
• − Depreciation: −$19,779
• Taxable income: $14,326
• Est. tax owed @ 24.0%: −$3,438
• After-tax cash flow: $20,965/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 2%

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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+750.9% since first listed

11 events — show timeline

• 2026-05-12 Pending — RIS
• 2026-05-12 Relisted — RIS
• 2026-04-24 Pending — RIS
• 2026-03-05 Listed $679,900 RIS
• 2025-12-06 Relisted — RIS
• 2025-12-06 Listing Removed — RIS
• 2025-11-07 Pending — RIS
• 2025-09-23 Listed $689,900 RIS
• 2000-01-28 Sold (MLS) $75,000 RIS
• 1999-12-13 Listing Removed — RIS
• 1999-11-30 Listed $79,900 RIS

Property tax history

+3.5%/yr

Latest (2025): $8,427 · +23.1% YoY. Source: county tax records.