23 Richter St · Providence, RI 02908

$649,900

6 bd · 3.0 ba · 3,198 sqft · MultiFamily public records · 5 Days on market

Built 1930 3,049 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 +25.3/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• 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

Excellent Owner-Occupant or Investment Opportunity! Well-maintained 3-family featuring three 2-bedroom, 1-bath units. The first-floor unit has been recently updated with newer appliances, while the second and third-floor units are occupied by long-term tenants. Conveniently located near shopping, restaurants, downtown Providence, major highways, hospitals, and local universities. A great opportunity for investors or owner-occupants seeking income and long-term value.

Key facts

• 3,049 sq ft lot
• 3 parking spots
• Built 1930

Property features AI

Finance

• Other: Total building area 3,198 (unit breakdown not specified); Lot about 0.07 acres
• HOA & community: Not a senior community

Exterior

• Parking: Paved driveway with off-street open parking; 3 open parking spaces (3 total parking spaces)
• Utilities: Public sewer; Public water; 100 Amp electrical service
• Home design: 3-family building (3 units up/down); 3 stories total; 3 levels; Building faces not specified
• Construction: Brick/mortar foundation; Built year from public records (actual year not specified); Lead paint present
• Exterior features: Porch; Garden; City view; Publicly maintained road

Interior

• Kitchen: Kitchen included (appliances not specified)
• Bedrooms: Three separate units (each with bedroom counts not specified)
• Bathrooms: 3 full bathrooms
• Interior features: Living room; Dining room; Kitchen; 18 total rooms
• Laundry & utility: No specific laundry or utility appliances listed

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $489/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Cap rate 9.0% 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 $7,342/mo this rent would consume 121% 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 $4k of loan paydown is wiped out by about $19k 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 $182k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 10 sale attempts since 29y 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 $85k; list at $650k implies a 665% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $649,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.13% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.68%
• DSCR: 1.43
• GRM: 7.4

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $6,780
• Equity at exit: $96,902

10-year hold

• IRR: 12.9%
• Equity multiple: 2.14×
• Total profit: $206,656
• Equity at exit: $56,191

Cash invested: $181,972 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 22.1×

Monthly cashflow live

• Estimated rent: $7,342 high
• Mortgage (P&I): −$3,408
• Tax from tax record: −$654 /mo · $7,846/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,542
• Net cashflow: $1,467

Break-even live

Break-even rent $5,485

Max offer price $649,900

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,341
Total (3 units)			$7,342

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $649,900 Active 5 DOM
2. 2026-06-17
   statusdays on market $649,900 Active 4 DOM
3. 2026-06-16
   days on market $649,900 New 3 DOM
4. 2026-06-15
   days on market $649,900 New 2 DOM
5. 2026-06-13
   remarks 169-char remark

   Show marketing remark (471 chars)

   Excellent Owner-Occupant or Investment Opportunity! Well-maintained 3-family featuring three 2-bedroom, 1-bath units. The first-floor unit has been recently updated with newer appliances, while the second and third-floor units are occupied by long-term tenants. Conveniently located near shopping, restaurants, downtown Providence, major highways, hospitals, and local universities. A great opportunity for investors or owner-occupants seeking income and long-term value.

6. 2026-06-13
   listed $649,900 New 1 DOM

   Show marketing remark (471 chars)

   Excellent Owner-Occupant or Investment Opportunity! Well-maintained 3-family featuring three 2-bedroom, 1-bath units. The first-floor unit has been recently updated with newer appliances, while the second and third-floor units are occupied by long-term tenants. Conveniently located near shopping, restaurants, downtown Providence, major highways, hospitals, and local universities. A great opportunity for investors or owner-occupants seeking income and long-term value.

ⓘ 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: $7,846 · $654/mo
• Projected year-2 tax: $9,220 · $768/mo
• Expected delta: +$1,374/yr (+$114/mo · 17.5%)

ⓘ 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: $88,104
• − Mortgage interest: −$36,405
• − Property taxes: −$7,846
• − Insurance: −$3,250
• − Repairs & maintenance: −$7,048
• − Management: −$7,048
• − Depreciation: −$18,906
• Taxable income: $7,601
• Est. tax owed @ 24.0%: −$1,824
• After-tax cash flow: $15,785/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

+985.0% since first listed

27 events — show timeline

• 2026-06-13 Listed $649,900 MLS PIN
• 2026-06-13 Listed $649,900 RIS
• 2026-05-01 Listing Removed — RIS
• 2026-03-29 Listed $599,900 RIS
• 2026-03-15 Listing Removed — RIS
• 2026-03-12 Price Changed $629,899 RIS
• 2026-01-08 Listed $629,900 RIS
• 2026-01-01 Price Changed $629,900 RIS
• 2025-12-29 Listing Removed — RIS
• 2025-12-20 Price Changed $648,900 RIS
• 2025-11-18 Listing Removed — RIS
• 2025-11-18 Listed $649,900 RIS
• 2025-10-01 Listed $674,900 RIS
• 2019-09-20 Price Changed $44,927 RIS
• 2016-11-08 Price Changed $279,900 RIS
• 2013-12-19 Price Changed $115,000 RIS
• 2009-04-27 Sold (Public Records) $85,000 Public Records
• 2009-04-24 Sold (MLS) $85,000 RIS
• 2009-01-22 Listing Removed — RIS
• 2008-05-26 Listed $210,000 RIS
• 2006-08-06 Listing Removed — RIS
• 2005-08-08 Listed $290,000 RIS
• 1999-02-02 Sold (MLS) $40,000 RIS
• 1998-11-11 Listing Removed — RIS
• 1998-08-06 Listed $49,927 RIS
• 1998-03-27 Listing Removed — RIS
• 1997-09-29 Listed $59,900 RIS

Property tax history

+3.0%/yr

Latest (2025): $7,846 · +23.6% YoY. Source: county tax records.