719 Forest Park · Middletown, RI 02842

$50,000

1 bd · 1.0 ba · 432 sqft · Manufactured public records · 7 Days on market

Built 1980 $898/mo HOA · 38% 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 +3.9/5.0
• Schools +2.9/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Dreaming of owning your own home , or having unlimited access to your own weekend escape in Newport County, this is your chance. Welcome to Forest Park. This Manufactured Home has parking for up to 4 vehicles and two sheds. Forest Park is located minutes from all that Newport and Aquidneck Island Offers. The Beaches are only 4 miles away, grocery and retail shopping is within a mile. The monthly park fees are $861.00. The park does require that all homes be owner occupied. Included in the sale of the property will be the 2 sheds, A 70 inch TV and a fireplace space heater. The buyer will have the option to keep a perfectly fitted storage cabinet, fully functioning fish tank with fish, portable washer/dryer unit, bed frame with under bed storage drawers and a futon couch.

Key facts

• Two outdoor sheds
• Adt security system
• 3 parking spots

Tags

• ADT SECURITY SYSTEM
• TWO OUTDOOR SHEDS
• EASY ACCESS TO NEWPORT

Property features AI

Finance

• Other: Above-grade finished area: 432
• HOA & community: Monthly association fee ($845); Community near schools, public transportation, and restaurants; Has land lease

Exterior

• Parking: No garage; 3 parking spaces (total)
• Utilities: 200+ amp electrical service; Public water; Public sewer
• Home design: Single-story property; Aluminum siding
• Construction: Aluminum siding
• Exterior features: Beach access

Interior

• Kitchen: Oven; Range; Refrigerator
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Baseboard heating (electric)
• Interior features: Laminate flooring; Tub with shower
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath manufactured listed at $50k.

Deal economics

• At list price, monthly cash flow is $608 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $50k).

Location & tenants

• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Middletown (suburban): math 24% / reading 38% proficiency, ranked #20 of 39 in RI (top 51%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.6%/yr); 67 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k 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 + 5.6% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts; this cycle's ask has dropped $7k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 38% of rent.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $50,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 4.70% ✓
• Cap rate: 20.89%
• Cash-on-cash: 52.13%
• DSCR: 3.32
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.59% rent growth · sell at horizon

5-year hold

• IRR: 56.1%
• Equity multiple: 3.68×
• Total profit: $37,505
• Equity at exit: $7,455

10-year hold

• IRR: 63.0%
• Equity multiple: 9.01×
• Total profit: $112,115
• Equity at exit: $4,323

Cash invested: $14,000 (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 02842

• Home prices YoY: -30.6%
• Rents YoY: 5.6%
• Active inventory: 67
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $2,349 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$67 /mo · $802/yr
• Insurance: −$21
• HOA: −$898
• Vacancy / Maint / Mgmt: −$493
• Net cashflow: $608

Break-even live

Break-even rent $1,580

Max offer price $50,000

Occupancy floor 69%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
41 Woodland Dr Unit A Portsmouth, RI	1.0	1.0	275	$2,500	$9.09	2d	1	1.44mi

HOA detail

• Monthly dues: $898 · $10,776/yr

Listing history 18 events

1. 2026-06-18
   days on market $50,000 Active 7 DOM
2. 2026-06-17
   days on market $50,000 Active 6 DOM
3. 2026-06-16
   days on market $50,000 Active 5 DOM
4. 2026-06-15
   days on market $50,000 Active 4 DOM
5. 2026-06-13
   pricedays on marketlisting id $50,000 Active 2 DOM
6. 2026-06-09
   days on market $55,000 Active 63 DOM
7. 2026-06-08
   days on market $55,000 Active 62 DOM
8. 2026-06-07
   days on market $55,000 Active 61 DOM
9. 2026-06-03
   days on market $55,000 Active 57 DOM
10. 2026-06-02
    days on market $55,000 Active 56 DOM
11. 2026-06-01
    days on market $55,000 Active 55 DOM
12. 2026-05-31
    days on market $55,000 Active 54 DOM
13. 2026-05-04
    price $55,000
14. 2026-04-07
    listed $57,000 Active
15. 2025-10-24
    soldstatus $41,500 Closed 781-char remark

    Show marketing remark (781 chars)

    Dreaming of owning your own home , or having unlimited access to your own weekend escape in Newport County, this is your chance. Welcome to Forest Park. This Manufactured Home has parking for up to 4 vehicles and two sheds. Forest Park is located minutes from all that Newport and Aquidneck Island Offers. The Beaches are only 4 miles away, grocery and retail shopping is within a mile. The monthly park fees are $861.00. The park does require that all homes be owner occupied. Included in the sale of the property will be the 2 sheds, A 70 inch TV and a fireplace space heater. The buyer will have the option to keep a perfectly fitted storage cabinet, fully functioning fish tank with fish, portable washer/dryer unit, bed frame with under bed storage drawers and a futon couch.

16. 2025-10-21
    status Pending 781-char remark

    Show marketing remark (781 chars)

    Dreaming of owning your own home , or having unlimited access to your own weekend escape in Newport County, this is your chance. Welcome to Forest Park. This Manufactured Home has parking for up to 4 vehicles and two sheds. Forest Park is located minutes from all that Newport and Aquidneck Island Offers. The Beaches are only 4 miles away, grocery and retail shopping is within a mile. The monthly park fees are $861.00. The park does require that all homes be owner occupied. Included in the sale of the property will be the 2 sheds, A 70 inch TV and a fireplace space heater. The buyer will have the option to keep a perfectly fitted storage cabinet, fully functioning fish tank with fish, portable washer/dryer unit, bed frame with under bed storage drawers and a futon couch.

17. 2025-10-16
    price $44,750 781-char remark

    Show marketing remark (781 chars)

    Dreaming of owning your own home , or having unlimited access to your own weekend escape in Newport County, this is your chance. Welcome to Forest Park. This Manufactured Home has parking for up to 4 vehicles and two sheds. Forest Park is located minutes from all that Newport and Aquidneck Island Offers. The Beaches are only 4 miles away, grocery and retail shopping is within a mile. The monthly park fees are $861.00. The park does require that all homes be owner occupied. Included in the sale of the property will be the 2 sheds, A 70 inch TV and a fireplace space heater. The buyer will have the option to keep a perfectly fitted storage cabinet, fully functioning fish tank with fish, portable washer/dryer unit, bed frame with under bed storage drawers and a futon couch.

18. 2025-09-12
    listed $47,000 Active 781-char remark

    Show marketing remark (781 chars)

    Dreaming of owning your own home , or having unlimited access to your own weekend escape in Newport County, this is your chance. Welcome to Forest Park. This Manufactured Home has parking for up to 4 vehicles and two sheds. Forest Park is located minutes from all that Newport and Aquidneck Island Offers. The Beaches are only 4 miles away, grocery and retail shopping is within a mile. The monthly park fees are $861.00. The park does require that all homes be owner occupied. Included in the sale of the property will be the 2 sheds, A 70 inch TV and a fireplace space heater. The buyer will have the option to keep a perfectly fitted storage cabinet, fully functioning fish tank with fish, portable washer/dryer unit, bed frame with under bed storage drawers and a futon couch.

ⓘ 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: $802 · $67/mo
• Projected year-2 tax: $808 · $67/mo
• Expected delta: +$6/yr (+$1/mo · 0.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

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: $28,194
• − Mortgage interest: −$2,801
• − Property taxes: −$802
• − Insurance: −$250
• − Repairs & maintenance: −$2,255
• − Management: −$2,255
• − HOA: −$10,776
• − Depreciation: −$1,455
• Taxable income: $7,599
• Est. tax owed @ 24.0%: −$1,824
• After-tax cash flow: $5,475/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: Middletown
• NCES district ID: 4400630
• Math proficiency: 24% ▼ -9.00%
• Reading proficiency: 38% ▼ -4.00%
• Median HH income: $66,845
• Composite: 28.59/100
• National rank: #6717
• State rank: #20 of 39 in RI

Livability — Middletown

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

Census & demographics

• Census place: Newport East, RI
• County: Newport County · 73,957 people
• City population: 16,832
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 16,832
• Household income: $101,948
• Rent vs Own: 42.1% rent · 57.9% own
• Severe rent burden: 739.0

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 (79%)
• Race & ethnicity: White 79% Two or more races 8% Hispanic / Latino 7% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Russian 11% Slovak 4% Romanian 3%
• Foreign-born: 9% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Indo-European 5% Spanish 4% Tagalog/Filipino 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: ▼ -164.89%
• Current HPI: 374.2301
• Rent YoY: ▲ 5.59%
• 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

+17.0% since first listed

6 events — show timeline

• 2026-05-04 Price Changed $55,000 RIS
• 2026-04-07 Listed $57,000 RIS
• 2025-10-24 Sold (MLS) $41,500 RIS
• 2025-10-21 Pending — RIS
• 2025-10-16 Price Changed $44,750 RIS
• 2025-09-12 Listed $47,000 RIS

Property tax history

+15.8%/yr

Latest (2025): $802 · +4.7% YoY. Source: county tax records.