584 Armistice Blvd · Pawtucket, RI 02861

$584,000

5 bd · 3.0 ba · 2,040 sqft · MultiFamily public records · 8 Days on market

Built 1968 5,000 sqft lot Est $571k · at est.

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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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +6.5/15.0
• Rent growth +3.9/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• 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

Solid 3-family with a strong rental history and lead safe certificates already in place. Two units feature updated kitchens with new countertops, and all 3 kitchens are sizable enough to accommodate casual dining areas. Several interiors offer hardwood floors, refreshed finishes, and comfortable living spaces with a mix of updated flooring and generously sized bedrooms. Rear parking for up to 5 vehicles. Current rents are below market, offering excellent upside potential for investors or owner-occupants. Conveniently located near highways, commuter rail, shopping, and everyday amenities. Multiple offers - Highest and best due by Sunday 5/31 at Noon. Final Showings Saturday

Key facts

• Parking in the rear
• Updated kitchens
• Hardwood floors

Tags

• UPDATED KITCHENS
• GRANITE
• HARDWOOD FLOORS
• PARKING IN THE REAR
• STRONG RENTAL HISTORY
• LEAD SAFE CERTIFICATES

Property features AI

Finance

• Financial info: Property contains three income-producing units; reported actual rents include $1,200 for one 2-bedroom unit and $700 for the 1-bedroom unit
• HOA & community: Community provides highway access, nearby hospital, public transportation, recreation area, restaurants, shopping and sidewalks

Exterior

• Parking: No garage; Five off-street parking spaces
• Utilities: Sewer connected; Public water connected; 100 amp electric service
• Home design: Brick construction; Three-story building; Single building containing three units
• Construction: Brick exterior
• Exterior features: Fenced lot; Lot approximately 5,000 sq ft

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: Three rental units: two 2-bedroom units and one 1-bedroom unit
• Flooring: Hardwood; Laminate; Vinyl; Carpet
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas baseboard heating
• Interior features: Storm windows; Tub with shower; Partially finished full basement with walk-out access
• Laundry & utility: Water heater

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $584k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $640/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $584k).
• Cap rate 10.2% vs local median 3.8% in Pawtucket — 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 71/100 on livability (#16 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: employment C-, schools D, amenities F.
• Pawtucket (suburban): math 7% / reading 19% proficiency, ranked #33 of 39 in RI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+5.6%/yr); 93 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,285/mo this rent would consume 105% of the median local household income ($83k/yr) (locally 891% 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 $18k 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 + 5.6% rent growth), your $164k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $208k; list at $584k implies a 181% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $584,000

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 1968 — 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 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?
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: 1.25% ✓
• Cap rate: 10.24%
• Cash-on-cash: 14.09%
• DSCR: 1.63
• GRM: 6.7

CMA / ARV

• ARV (on-the-fly): $571,200
• Comps found: 11

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
605 607 Armistice Blvd	0.06mi	4/3.0 (-1)	2,093 (+3%)	21mo	$600,000	$287	71
84 Bellevue Ave	0.40mi	6/3.0 (+1)	2,128 (+4%)	5mo	$650,000	$305	65
75 Slater Park Ave	0.19mi	6/2.0 (+1)	1,976 (-3%)	20mo	$550,000	$278	60
784 York Ave	0.57mi	6/3.0 (+1)	1,980 (-3%)	4mo	$555,000	$280	60
126 Suffolk Ave	0.61mi	4/2.0 (-1)	2,080 (+2%)	4mo	$500,000	$240	55
203 205 Bucklin St	0.73mi	4/2.0 (-1)	2,036 (-0%)	12mo	$520,000	$255	47
121 Brookdale Blvd	0.44mi	6/2.0 (+1)	1,904 (-7%)	20mo	$595,000	$313	43
358 360 Orient Ave	0.61mi	6/2.0 (+1)	2,260 (+11%)	6mo	$665,000	$294	40
39 Bellevue Ave	0.35mi	4/2.0 (-1)	2,345 (+15%)	16mo	$495,000	$211	36
183 Grand Ave	0.47mi	4/2.0 (-1)	1,854 (-9%)	23mo	$525,000	$283	35
219 221 Bucklin St	0.72mi	6/2.0 (+1)	2,240 (+10%)	24mo	$600,000	$268	22

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 · 5.57% rent growth · sell at horizon

5-year hold

• IRR: 7.1%
• Equity multiple: 1.29×
• Total profit: $46,924
• Equity at exit: $87,076

10-year hold

• IRR: 18.5%
• Equity multiple: 2.72×
• Total profit: $281,797
• Equity at exit: $50,494

Cash invested: $163,520 (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 02861

• Rents YoY: 5.6%
• Active inventory: 93
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $7,285 medium
• Mortgage (P&I): −$3,063
• Tax from tax record: −$530 /mo · $6,358/yr
• Insurance: −$243
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,530
• Net cashflow: $1,919

Break-even live

Break-even rent $4,855

Max offer price $584,000

Occupancy floor 69%

Sensitivity live

Price	-10% $2,250	-5% $2,085	+0% $1,919	+5% $1,754	+10% $1,589
Rent	-10% $1,344	-5% $1,632	+0% $1,919	+5% $2,207	+10% $2,495
Rate	-1.0pp $2,214	-0.5pp $2,068	base $1,919	+0.5pp $1,768	+1.0pp $1,614

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$7,284
Total (3 units)			$7,285

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: $146,000
• Closing costs: $17,520
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
97 Wendell St Pawtucket, RI	4.0	2.0	1680	$3,000	$1.79	3d	1	1.20mi
38 Pine St Seekonk, MA	4.0	1.0	1488	$3,000	$2.02	45d	1	1.36mi

Listing history 5 events

1. 2026-06-02
   statusdays on market $584,000 Pending 8 DOM
2. 2026-06-01
   days on market $584,000 Active 7 DOM
3. 2026-05-31
   days on market $584,000 Active 6 DOM
4. 2026-05-01
   listed $584,000 Active
5. 2018-06-20
   soldstatus $208,000

ⓘ 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: $6,358 · $530/mo
• Projected year-2 tax: $7,939 · $662/mo
• Expected delta: +$1,581/yr (+$132/mo · 24.9%)

ⓘ 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 ≥98°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: $87,420
• − Mortgage interest: −$32,713
• − Property taxes: −$6,358
• − Insurance: −$2,920
• − Repairs & maintenance: −$6,994
• − Management: −$6,994
• − Depreciation: −$16,989
• Taxable income: $14,453
• Est. tax owed @ 24.0%: −$3,469
• After-tax cash flow: $19,564/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: Pawtucket
• NCES district ID: 4400840
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $41,838
• Composite: 11.29/100
• National rank: #9718
• State rank: #33 of 39 in RI

Livability — Pawtucket

• Score: 71/100
• State rank: #16
• US rank: #7037

Category grades

Amenities F Commute F 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: Pawtucket, RI
• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 28,124
• Household income: $83,411
• Rent vs Own: 33.3% rent · 66.7% own
• Severe rent burden: 891.0

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 0.59)
• Race & ethnicity: White 61% Hispanic / Latino 18% Two or more races 13% Black 10% Asian 2%
• Hispanic origin (detail): Puerto Rican 5% Dominican 4%
• Common ancestry: Russian 11% Lithuanian 10% Romanian 4%
• Foreign-born: 17% · Canada, Jamaica
• Languages at home: 71% English-only · Spanish 13% Other Indo-European 9% 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: ▼ -469.15%
• Current HPI: 313.2295
• Rent YoY: ▲ 5.57%
• 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

+180.8% since first listed

2 events — show timeline

• 2026-05-01 Listed $584,000 RIS
• 2018-06-20 Sold (Public Records) $208,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $6,358 · +6.6% YoY. Source: county tax records.