23 Lane B Ln · Coventry, RI 02816

$119,900

2 bd · 1.0 ba · 806 sqft · Manufactured public records · 52 Days on market

Built 1976 $457/mo HOA · 21% of rent

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Check out this 2-bedroom, 1-bath mobile home located in the sought-after Ramblewood Estates community in Coventry. Offering easy single-level living, this home will benefit from some TLC and cosmetic updates. This home is fully equipped with all major appliances and features central air, replacement windows, and a forced hot-air heating system with a newer oil tank for added peace of mind. Enjoy the screened-in porch perfect for relaxing on warm evenings. Situated in a quiet, friendly neighborhood with easy access to shopping, dining, and major highways, this property is in a prime location. Park approval is required. Appraisal report is available. Selling "AS IS" subject to proba

Key facts

• Vinyl siding
• Single-level living
• Central air

Tags

• RAMBLEWOOD ESTATES COMMUNITY
• SINGLE-LEVEL LIVING
• CENTRAL AIR
• REPLACEMENT WINDOWS
• VINYL SIDING
• FORCED HOT-AIR HEATING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $487 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Coventry (suburban): math 25% / reading 41% proficiency, ranked #19 of 39 in RI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 176 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 26y 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 $25k; list at $120k implies a 380% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.
• Climate carrying-cost: major wind risk, 70% 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.

Recommended offer $116,303 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 1.83% ✓
• Cap rate: 11.17%
• Cash-on-cash: 17.41%
• DSCR: 1.77
• GRM: 4.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.0%
• Equity multiple: 1.35×
• Total profit: $11,883
• Equity at exit: $17,877

10-year hold

• IRR: 18.3%
• Equity multiple: 2.53×
• Total profit: $51,472
• Equity at exit: $10,367

Cash invested: $33,572 (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 02816

• Active inventory: 176
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,196 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$112 /mo · $1,340/yr
• Insurance: −$50
• HOA: −$457
• Vacancy / Maint / Mgmt: −$461
• Net cashflow: $487

Break-even live

Break-even rent $1,579

Max offer price $119,900

Occupancy floor 73%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Woodland Dr Coventry, RI	1.0	1.0	634	$1,690	$2.67	1d	1	0.81mi
1 Patriot Way West Greenwich, RI	1.0–2.0	1.0–2.5	1237	$3,650	$2.95	1d	16	1.34mi

HOA detail

• Monthly dues: $457 · $5,484/yr

Listing history 15 events

1. 2026-04-19
   status Pending
2. 2026-03-29
   historical Active Under Contract
3. 2026-02-26
   listed $119,900 Active
4. 2019-12-21
   historical
5. 2019-12-01
   listed $86,000 Active
6. 2019-11-27
   listed $79,900 Active
7. 2019-11-27
   historical
8. 2018-12-20
   historical
9. 2018-10-22
   price $59,900
10. 2018-10-06
    listed $64,900 Active
11. 2013-09-13
    soldstatus $25,000
12. 2013-09-13
    soldstatus $25,000
13. 2013-08-03
    historical
14. 2013-07-14
    listed $25,000
15. 2000-04-19
    listed $32,700

ⓘ 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: $1,340 · $112/mo
• Projected year-2 tax: $1,647 · $137/mo
• Expected delta: +$307/yr (+$26/mo · 22.9%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,346
• − Mortgage interest: −$6,716
• − Property taxes: −$1,340
• − Insurance: −$600
• − Repairs & maintenance: −$2,108
• − Management: −$2,108
• − HOA: −$5,484
• − Depreciation: −$3,488
• Taxable income: $4,503
• Est. tax owed @ 24.0%: −$1,081
• After-tax cash flow: $4,764/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: Coventry
• NCES district ID: 4400210
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $66,277
• Composite: 30.18/100
• National rank: #6317
• State rank: #19 of 39 in RI

Livability — Coventry

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Kent County · 90,904 people
• City population: 33,298
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 33,298
• Household income: $101,431
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 667.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 13% Russian 8% Romanian 4%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -362.74%
• Current HPI: 336.2662
• 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

+266.7% since first listed

15 events — show timeline

• 2026-04-19 Pending — RIS
• 2026-03-29 Contingent — RIS
• 2026-02-26 Listed $119,900 RIS
• 2019-12-21 Listing Removed — RIS
• 2019-12-01 Listed $86,000 RIS
• 2019-11-27 Listing Removed — RIS
• 2019-11-27 Listed $79,900 RIS
• 2018-12-20 Listing Removed — RIS
• 2018-10-22 Price Changed $59,900 RIS
• 2018-10-06 Listed $64,900 RIS
• 2013-09-13 Sold (Public Records) $25,000 Public Records
• 2013-09-13 Sold (MLS) $25,000 RIS
• 2013-08-03 Listing Removed — RIS
• 2013-07-14 Listed $25,000 RIS
• 2000-04-19 Listed $32,700 RIS

Property tax history

+7.9%/yr

Latest (2025): $1,340 · +1.6% YoY. Source: county tax records.