65 Ridge Rd Unit P37 · Newport, RI 02840

$3,500

1 bd · 2.0 ba · 700 sqft · Condo · 595 Days on market

Built 1983 $109/mo HOA · 4% of rent

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.8/5.0
• Livability +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

TIMESHARE WEEK. .. SPRING IN NEWPORT! Enjoy the City by the Sea when its not so overly crowded- Week 13., Drive or Bike the beautiful Ocean Drive and take advantage of all the fantastic downtown Newport amenities. A Serene location at OCEANCLIFF I and II, this Waterview Unit (P37) is a single level corner unit with private deck and fabulous sunsets overlooking Narragansett Bay. There is an open floor plan for ample living-dining area with fireplace and applianced kitchen. The private bedroom with seating area has its own full bath and there's a queen sleeper sofa in the living room to accommodate two additional guests with second bath and shower. Oceancliff has many amenities including

Key facts

• $109 HOA
• 100 parking spots
• Community pool

Property features AI

Finance

• Financial info: Pets not allowed
• HOA & community: Annual association fee (paid annually); Association covers cable TV, electricity, gas, heat, HVAC, hot water, insurance, internet, laundry, grounds maintenance, parking, pest control, pools, recreation facilities, sewer, snow removal, security, trash, and water; Association amenities include business center, indoor pool, pool, restaurant, concierge, and garden area; Community features: business center, concierge, golf access, marina, on-site maintenance, pool, public transportation access, recreation area, restaurant, shopping, tennis courts

Exterior

• Parking: No garage; unassigned parking (100 total spaces)
• Security: Fencing for security; On-site maintenance and concierge services (community amenities)
• Utilities: Underground utilities; Circuit breaker electrical system; Water service subject to tap fee
• Home design: Building name: OCEANCLIFF I AND II; 2-story building; Private entry with first-floor access; Has a view
• Construction: Plaster, shingle siding, and wood siding construction; Concrete perimeter foundation
• Exterior features: Deck; Patio; Outbuilding; Private, secluded waterfront setting (oceanfront, walk to water)

Interior

• Kitchen: Microwave; Refrigerator
• Bedrooms: Total rooms: 3
• Flooring: Ceramic tile; Vinyl; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric forced-air heating; Central air conditioning; Gas fireplace (zero clearance)
• Interior features: Thermal windows; Storm door(s); Stall shower and tub/shower; Cable TV; Furnished
• Laundry & utility: Common area laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/2.0-bath condo listed at $4k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $4k).
• Recommended offer: $3k (12.0% below list) — sets the bar for market timing.
• Cap rate 674.2% vs local median 2.1% in Newport — 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 78/100 on livability (#5 in RI, #2,367 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, commute A+, health & safety A+; Watch: schools D-, cost of living F.
• Newport (suburban): math 10% / reading 20% proficiency, ranked #29 of 39 in RI (top 74%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+9.3%/yr); 134 active listings in the ZIP; solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($86k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $24 of loan paydown is wiped out by about $105 of value loss. Plan a longer hold.
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $980 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 595 days — a 12% lower offer ($3k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $3,080 (12.0% below list)

Questions for the listing agent

1. It's been on market 595 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
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: 75.27% ✓
• Cap rate: 674.17%
• Cash-on-cash: 2385.26%
• DSCR: 107.13
• GRM: 0.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 141.34×
• Total profit: $137,529
• Equity at exit: $522

10-year hold

• IRR: —
• Equity multiple: 351.32×
• Total profit: $343,312
• Equity at exit: $303

Cash invested: $980 (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 02840

• Rents YoY: 9.3%
• Active inventory: 134
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $2,634 medium
• Mortgage (P&I): −$18
• Tax est. 1.5%: −$4 /mo · $52/yr
• Insurance: −$1
• HOA: −$109
• Vacancy / Maint / Mgmt: −$553
• Net cashflow: $1,948

Break-even live

Break-even rent $169

Max offer price $3,500

Occupancy floor 21%

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: $875
• Closing costs: $105
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $109 · $1,308/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $3,500 Active 595 DOM
2. 2026-06-17
   days on market $3,500 Active 594 DOM
3. 2026-06-16
   days on market $3,500 Active 593 DOM
4. 2026-06-15
   days on market $3,500 Active 592 DOM
5. 2026-06-13
   days on market $3,500 Active 590 DOM
6. 2026-06-09
   days on market $3,500 Active 586 DOM
7. 2026-06-08
   days on market $3,500 Active 585 DOM
8. 2026-06-07
   days on market $3,500 Active 584 DOM
9. 2026-06-05
   days on market $3,500 Active 581 DOM
10. 2026-06-03
    days on market $3,500 Active 580 DOM
11. 2026-06-02
    days on market $3,500 Active 579 DOM
12. 2026-06-01
    days on market $3,500 Active 578 DOM
13. 2026-05-31
    days on market $3,500 Active 577 DOM
14. 2026-01-30
    price $3,500
15. 2026-01-03
    status Active
16. 2026-01-03
    price $3,000
17. 2025-12-31
    historical
18. 2024-10-28
    listed $3,500 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌡 Heat 5/10 Major
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,612
• − Mortgage interest: −$196
• − Property taxes: −$52
• − Insurance: −$18
• − Repairs & maintenance: −$2,529
• − Management: −$2,529
• − HOA: −$1,308
• − Depreciation: −$102
• Taxable income: $24,879
• Est. tax owed @ 24.0%: −$5,971
• After-tax cash flow: $17,405/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: Newport
• NCES district ID: 4400720
• Math proficiency: 10% ▼ -11.00%
• Reading proficiency: 20% ▼ -8.00%
• Median HH income: $59,063
• Composite: 14.6/100
• National rank: #9412
• State rank: #29 of 39 in RI

Livability — Newport

• Score: 78/100
• State rank: #5
• US rank: #2367

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport, RI
• County: Newport County · 73,957 people
• City population: 23,448
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 23,448
• Household income: $86,250
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 1294.0

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (74%)
• Race & ethnicity: White 74% Hispanic / Latino 11% Two or more races 9% Black 7% Asian 3%
• Hispanic origin (detail): Puerto Rican 6%
• Common ancestry: Russian 5% Lithuanian 4% Romanian 4%
• Foreign-born: 8% · Canada, China
• Languages at home: 90% English-only · Spanish 6% Other Indo-European 2% Russian/Polish/Slavic 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -1340.91%
• Current HPI: 451.3919
• Rent YoY: ▲ 9.32%
• 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

+0.0% since first listed

5 events — show timeline

• 2026-01-30 Price Changed $3,500 RIS
• 2026-01-03 Relisted — RIS
• 2026-01-03 Price Changed $3,000 RIS
• 2025-12-31 Listing Removed — RIS
• 2024-10-28 Listed $3,500 RIS