156 Lincoln Ave · Central Falls, RI 02863

$820,000

13 bd · 6.0 ba · 4,930 sqft · MultiFamily public records · 67 Days on market

Built 1920 3,920 sqft lot $166/sqft · 40% above area Est $707k · 16% 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 +22.3/30.0
• Appreciation +7.3/10.0
• DSCR +7.1/10.0
• 1% rule +5.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +0.4/10.0
• ARV discount +0.3/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

This massive, fully rented legal 4-family offers a turnkey investment opportunity with a total of 13 bedrooms and significant income potential. The property features a versatile unit mix (ranging from 2 to 4 bedrooms), a detached 2-car garage for extra revenue, and ample off-street parking. Maintained for longevity, the building is up to fire code and boasts a newer roof, replacement windows, vinyl siding, and classic porches. Additionally, the basement provides extra finished space with two rooms and two full bathrooms, offering rare flexibility for a high-density asset.

Key facts

• Newer roof
• Legal 4-family
• Replacement windows

Tags

• LEGAL 4-FAMILY
• TURNKEY INVESTMENT OPPORTUNITY
• DETACHED 2-CAR GARAGE
• AMPLE OFF-STREET PARKING
• NEWER ROOF
• REPLACEMENT WINDOWS

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $820k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $338/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $820k).
• Recommended offer: $771k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 5.1% in Central Falls — 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 66/100 on livability (#21 in RI) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A, housing B; Watch: schools F, amenities F, commute F.
• Central Falls (suburban): math 2% / reading 8% proficiency, ranked #38 of 39 in RI (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 32 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($6k loan paydown + $38k appreciation (4.6% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $230k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 67 days — a 6% lower offer ($771k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y 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 $700k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $770,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 67 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 8.27%
• Cash-on-cash: 7.07%
• DSCR: 1.31
• GRM: 8.2

CMA / ARV

• ARV (median comp): $707,335
• List price: $820,000
• Delta: 15.93%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
145 147 Hedley Ave	0.29mi	12/4.5 (-1)	4,740 (-4%)	15mo	$626,000	$132	57
128 130 Summer St	0.42mi	12/4.0 (-1)	4,448 (-10%)	1mo	$750,000	$169	51
234 Central St	0.46mi	12/4.0 (-1)	5,430 (+10%)	2mo	$890,000	$164	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

4.58% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 17.9%
• Equity multiple: 2.11×
• Total profit: $255,224
• Equity at exit: $443,649

10-year hold

• IRR: 18.3%
• Equity multiple: 4.08×
• Total profit: $706,841
• Equity at exit: $748,827

Cash invested: $229,600 (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 02863

• Home prices YoY: 1.2%
• Active inventory: 32
• Price-to-rent: 32.6×

Monthly cashflow live

• Estimated rent: $8,380 high
• Mortgage (P&I): −$4,300
• Tax from tax record: −$626 /mo · $7,515/yr
• Insurance: −$342
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,760
• Net cashflow: $1,352

Break-even live

Break-even rent $6,668

Max offer price $820,000

Occupancy floor 79%

Sensitivity live

Price	-10% $1,816	-5% $1,584	+0% $1,352	+5% $1,120	+10% $888
Rent	-10% $690	-5% $1,021	+0% $1,352	+5% $1,683	+10% $2,014
Rate	-1.0pp $1,765	-0.5pp $1,561	base $1,352	+0.5pp $1,140	+1.0pp $923

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$8,380
Total (4 units)			$8,380

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: $205,000
• Closing costs: $24,600
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-21
   days on market $820,000 Active 67 DOM
2. 2026-06-18
   days on market $820,000 Active 64 DOM
3. 2026-06-17
   days on market $820,000 Active 63 DOM
4. 2026-06-16
   days on market $820,000 Active 62 DOM
5. 2026-06-15
   days on market $820,000 Active 61 DOM
6. 2026-06-13
   days on market $820,000 Active 59 DOM
7. 2026-06-13
   days on market $820,000 Active 58 DOM
8. 2026-06-09
   days on market $820,000 Active 55 DOM
9. 2026-06-08
   days on market $820,000 Active 54 DOM
10. 2026-06-07
    days on market $820,000 Active 53 DOM
11. 2026-06-05
    days on market $820,000 Active 50 DOM
12. 2026-06-03
    days on market $820,000 Active 49 DOM
13. 2026-06-02
    days on market $820,000 Active 48 DOM
14. 2026-06-01
    days on market $820,000 Active 47 DOM
15. 2026-05-31
    days on market $820,000 Active 46 DOM
16. 2026-04-15
    listed $850,000 Active 578-char remark

    Show marketing remark (578 chars)

    This massive, fully rented legal 4-family offers a turnkey investment opportunity with a total of 13 bedrooms and significant income potential. The property features a versatile unit mix (ranging from 2 to 4 bedrooms), a detached 2-car garage for extra revenue, and ample off-street parking. Maintained for longevity, the building is up to fire code and boasts a newer roof, replacement windows, vinyl siding, and classic porches. Additionally, the basement provides extra finished space with two rooms and two full bathrooms, offering rare flexibility for a high-density asset.

17. 2024-02-22
    soldstatus $699,900 Closed 357-char remark

    Show marketing remark (357 chars)

    Fully rented huge legal 4 family. Up to fire code. Extra income for garage - 2 car garage. Plenty of parking. First floor 3 bedrooms, second and third floor are 4 bedrooms and fourth floor is 2 bedrooms. Extra finished (but not used) space in the basement. two finished rooms and two full bathrooms. Vinyl sided, replacement windows and newer roof. Porches.

18. 2024-02-22
    soldstatus $699,900

    Show marketing remark (357 chars)

    Fully rented huge legal 4 family. Up to fire code. Extra income for garage - 2 car garage. Plenty of parking. First floor 3 bedrooms, second and third floor are 4 bedrooms and fourth floor is 2 bedrooms. Extra finished (but not used) space in the basement. two finished rooms and two full bathrooms. Vinyl sided, replacement windows and newer roof. Porches.

19. 2024-01-02
    status Pending 357-char remark

    Show marketing remark (357 chars)

    Fully rented huge legal 4 family. Up to fire code. Extra income for garage - 2 car garage. Plenty of parking. First floor 3 bedrooms, second and third floor are 4 bedrooms and fourth floor is 2 bedrooms. Extra finished (but not used) space in the basement. two finished rooms and two full bathrooms. Vinyl sided, replacement windows and newer roof. Porches.

20. 2023-12-11
    status Active 357-char remark

    Show marketing remark (357 chars)

    Fully rented huge legal 4 family. Up to fire code. Extra income for garage - 2 car garage. Plenty of parking. First floor 3 bedrooms, second and third floor are 4 bedrooms and fourth floor is 2 bedrooms. Extra finished (but not used) space in the basement. two finished rooms and two full bathrooms. Vinyl sided, replacement windows and newer roof. Porches.

21. 2023-11-17
    status Pending 357-char remark

    Show marketing remark (357 chars)

    Fully rented huge legal 4 family. Up to fire code. Extra income for garage - 2 car garage. Plenty of parking. First floor 3 bedrooms, second and third floor are 4 bedrooms and fourth floor is 2 bedrooms. Extra finished (but not used) space in the basement. two finished rooms and two full bathrooms. Vinyl sided, replacement windows and newer roof. Porches.

22. 2023-11-08
    listed $699,900 Active 357-char remark

    Show marketing remark (357 chars)

    Fully rented huge legal 4 family. Up to fire code. Extra income for garage - 2 car garage. Plenty of parking. First floor 3 bedrooms, second and third floor are 4 bedrooms and fourth floor is 2 bedrooms. Extra finished (but not used) space in the basement. two finished rooms and two full bathrooms. Vinyl sided, replacement windows and newer roof. Porches.

23. 2016-11-08
    price $289,900
24. 2013-12-19
    price $59,400
25. 2009-12-11
    soldstatus $51,000
26. 2009-11-01
    historical
27. 2009-09-04
    listed $64,350
28. 2007-04-16
    soldstatus $350,000
29. 2007-02-22
    historical
30. 2006-10-21
    listed $299,900
31. 2006-09-20
    historical
32. 2006-03-22
    listed $319,900
33. 2004-03-30
    historical
34. 2003-09-24
    listed $290,900
35. 2003-03-04
    soldstatus $225,000
36. 2001-08-22
    soldstatus $175,000
37. 1998-07-27
    soldstatus $95,000
38. 1998-06-18
    soldstatus $30,000
39. 1989-06-21
    soldstatus $135,000

ⓘ 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: $7,515 · $626/mo
• Projected year-2 tax: $10,440 · $870/mo
• Expected delta: +$2,926/yr (+$244/mo · 38.9%)

ⓘ 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 ≥96°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: $100,560
• − Mortgage interest: −$45,933
• − Property taxes: −$7,515
• − Insurance: −$4,100
• − Repairs & maintenance: −$8,045
• − Management: −$8,045
• − Depreciation: −$23,855
• Taxable income: $3,068
• Est. tax owed @ 24.0%: −$736
• After-tax cash flow: $15,489/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: Central Falls
• NCES district ID: 4400120
• Math proficiency: 2% ▼ -6.00%
• Reading proficiency: 8% ▼ -5.00%
• Median HH income: $30,478
• Composite: 3.59/100
• National rank: #10071
• State rank: #38 of 39 in RI

Livability — Central Falls

• Score: 66/100
• State rank: #21
• US rank: #11321

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Central Falls, RI
• County: Providence County · 548,917 people
• City population: 22,701
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 22,701
• Household income: $49,285
• Rent vs Own: 74.4% rent · 25.6% own
• Severe rent burden: 1380.0

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: Predominantly Hispanic (69%)
• Race & ethnicity: Hispanic / Latino 69% Two or more races 29% White 16% Black 8%
• Hispanic origin (detail): Mexican 6% Puerto Rican 15% Dominican 7%
• Common ancestry: Lithuanian 4% Russian 4% Romanian 1%
• Foreign-born: 40% · Canada, Jamaica
• Languages at home: 29% English-only · Spanish 62% Other Indo-European 5% French/Haitian/Cajun 3%

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: ▲ 4.58%
• Current HPI: 373.2598
• Rent YoY: —
• 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

+529.6% since first listed

24 events — show timeline

• 2026-04-15 Listed $850,000 RIS
• 2024-02-22 Sold (Public Records) $699,900 Public Records
• 2024-02-22 Sold (MLS) $699,900 RIS
• 2024-01-02 Pending — RIS
• 2023-12-11 Relisted — RIS
• 2023-11-17 Pending — RIS
• 2023-11-08 Listed $699,900 RIS
• 2016-11-08 Price Changed $289,900 RIS
• 2013-12-19 Price Changed $59,400 RIS
• 2009-12-11 Sold (MLS) $51,000 RIS
• 2009-11-01 Listing Removed — RIS
• 2009-09-04 Listed $64,350 RIS
• 2007-04-16 Sold (Public Records) $350,000 Public Records
• 2007-02-22 Listing Removed — RIS
• 2006-10-21 Listed $299,900 RIS
• 2006-09-20 Listing Removed — RIS
• 2006-03-22 Listed $319,900 RIS
• 2004-03-30 Listing Removed — RIS
• 2003-09-24 Listed $290,900 RIS
• 2003-03-04 Sold (Public Records) $225,000 Public Records
• 2001-08-22 Sold (Public Records) $175,000 Public Records
• 1998-07-27 Sold (Public Records) $95,000 Public Records
• 1998-06-18 Sold (Public Records) $30,000 Public Records
• 1989-06-21 Sold (Public Records) $135,000 Public Records

Property tax history

+5.6%/yr

Latest (2025): $7,515 · +11.2% YoY. Source: county tax records.