43 Plymouth Rd

Warwick, RI 02818

$299,900D+

3 bd · 1.0 ba · 1,008 sqft · Built 1935 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,738/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$500
• HOA: −$0
• Vac / Maint / Mgmt: −$575
• Net cashflow: $90/mo
• Annual: $1,084/yr
• Cap rate: 6.65%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• 1% rule: 0.91%
• Cash to close: $83,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $300k. Condition is rated poor.
• At list price, monthly cash flow is $90 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $274k (8.7% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $274k (8.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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: Cedar Hill School (math 27% / reading 47%, grade F, #52 of 167 statewide, top 33%, 310 students, 16% 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 25% FRL track the district average.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.1%/yr); 132 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• Cap rate 6.7% 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.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — need replacement
• Major: bathroom fixtures — need replacement
• Major: flooring — need replacement
• Major: exterior paint — peeling and in poor condition
• Major: interior paint — peeling and in poor condition
• Major: HVAC system — dated and likely inefficient