17 Padelford Ave · East Providence, RI 02915

$450,000

2 bd · 2.0 ba · 1,104 sqft · MultiFamily public records · 22 Days on market

Built 1920 5,000 sqft lot

---

Why this score? — see what drove the F 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 +8.7/30.0
• ARV discount +7.5/15.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• 1% rule +2.3/10.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

This rare and charming two-family log cabin beautifully blends rustic warmth with everyday convenience, offering space, privacy, and remarkable potential all right in the heart of Riverside. Just one block from the East Bay Bike Path and Borealis Coffee Company, and a pleasant stroll to the Crescent Park Carousel, Riverside Library, and Sabin Point Park with its boat launch, the location truly enhances the lifestyle this home provides. Set on nearly a quarter acre, the oversized, fully fenced lot features two driveways, a young above-ground pool, and two storage sheds an ideal setup for comfort, recreation, and flexibility. Each unit offers one bedroom, with the first-floor unit showcasing a spacious back living room lined with sliders that open onto a deck, offering peaceful, tree-framed viewpoints of the surrounding landscape. Inside, you'll find abundant storage throughout, a partially finished basement, and a newer heating system, ensuring both practicality and peace of mind. Whether you're an owner-occupant looking to offset your mortgage or an investor seeking a distinctive opportunity, this property delivers something truly special. Property is being sold in as-is condition.

Key facts

• Two-family log cabin
• East bay bike path
• 5,000 sq ft lot

Tags

• TWO-FAMILY LOG CABIN
• REMODELED FIRST-FLOOR UNIT
• SPACIOUS REAR LIVING ROOM
• PEACEFUL WOODED VIEWS
• EAST BAY BIKE PATH
• BOREALIS COFFEE COMPANY

Property features AI

Finance

• Financial info: Owner pays hot water
• HOA & community: Community amenities: golf, marina, pool, public transportation, recreation area, restaurant, shopping, tennis courts, near schools

Exterior

• Parking: No garage; 5 parking spaces (total)
• Utilities: 200+ amp electric service; Public water; Public sewer
• Home design: 2 stories
• Construction: Wood siding
• Exterior features: Deck

Interior

• Kitchen: Water heater (appliance listed)
• Bedrooms: 7 total rooms (includes bedrooms and living spaces)
• Flooring: Carpet; Ceramic tile; Laminate; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Hot water heating; Oil heating; Zoned heating
• Interior features: Skylights; Storm doors; Bathroom rough-in; Partially finished walk-out basement; Partial basement
• Laundry & utility: Laundry in unit; Common area laundry

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $-379 ($-5k/yr) — negative. Per door: $-190/mo.
• To cash-flow at today's rent, offer at most $383k (14.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $327k (27.4% below list).
• Recommended offer: $327k (27.4% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.2% in East 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 74/100 on livability (#12 in RI, #4,784 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• East Providence (suburban): math 18% / reading 31% proficiency, ranked #26 of 39 in RI (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 61 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $3,268/mo this rent would consume 46% of the median local household income ($84k/yr) (locally 427% 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 $3k of loan paydown is wiped out by about $14k 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.

Negotiation context

• It's been on market 22 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 77% 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 $326,800 (27.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.73% ✗
• Cap rate: 5.28%
• Cash-on-cash: -3.61%
• DSCR: 0.84
• GRM: 11.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.57% rent growth · sell at horizon

5-year hold

• IRR: -25.0%
• Equity multiple: 0.17×
• Total profit: $-104,904
• Equity at exit: $67,096

10-year hold

• IRR: -29.6%
• Equity multiple: -0.22×
• Total profit: $-153,097
• Equity at exit: $38,908

Cash invested: $126,000 (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 02915

• Rents YoY: 0.6%
• Active inventory: 61
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $3,268 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$413 /mo · $4,961/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$686
• Net cashflow: $-379

Break-even live

Break-even rent $3,748

Max offer price $383,040

Occupancy floor —

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,268
Total (2 units)			$3,268

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9 Turner Ave Unit 2 Riverside, RI	3.0	2.0	1358	$2,600	$1.91	2d	1	0.22mi
35 Bullocks Point Ave Unit 6B Riverside, RI	2.0	1.5	895	$2,400	$2.68	44d	1	0.31mi
21 Bullocks Point Ave Unit 1347756P Riverside, RI	2.0	2.0	893	$4,002	$4.48	44d	1	0.35mi
3421 Pawtucket Ave Unit 2 Riverside, RI	2.0	1.0	967	$1,800	$1.86	44d	1	0.50mi
99 Cove St Unit 99 Riverside, RI	2.0	1.0	1008	$2,500	$2.48	11d	1	0.84mi
50 Village Grn S #2 Riverside, RI	2.0	1.0	900	$2,000	$2.22	4d	1	0.90mi
3192 Pawtucket Ave Riverside, RI	2.0	1.0	1441	$2,200	$1.53	44d	1	0.94mi
125 Village Grn N East Providence, RI	1.0–3.0	1.0–2.0	961	$2,485	$2.59	2d	34	0.95mi
10 Wampanoag Trl Unit 2 Riverside, RI	2.0	2.0	1004	$2,875	$2.86	3d	1	1.46mi
2919 Pawtucket Ave Unit 2 Riverside, RI	2.0	1.0	1300	$1,950	$1.50	17d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $450,000 Active 22 DOM
2. 2026-06-17
   days on market $450,000 Active 21 DOM
3. 2026-06-16
   days on market $450,000 Active 20 DOM
4. 2026-06-15
   days on market $450,000 Active 19 DOM
5. 2026-06-13
   days on market $450,000 Active 17 DOM
6. 2026-06-13
   days on market $450,000 Active 16 DOM
7. 2026-06-09
   days on market $450,000 Active 13 DOM
8. 2026-06-08
   days on market $450,000 Active 12 DOM
9. 2026-06-07
   days on market $450,000 Active 11 DOM
10. 2026-06-03
    days on market $450,000 Active 7 DOM
11. 2026-06-02
    days on market $450,000 Active 6 DOM
12. 2026-06-01
    days on market $450,000 Active 5 DOM
13. 2026-05-31
    days on market $450,000 Active 4 DOM
14. 2026-05-27
    listed $450,000 Active
15. 2026-03-24
    soldstatus $515,000
16. 2025-12-23
    soldstatus $425,000 Closed 1200-char remark

    Show marketing remark (1200 chars)

    This rare and charming two-family log cabin beautifully blends rustic warmth with everyday convenience, offering space, privacy, and remarkable potential all right in the heart of Riverside. Just one block from the East Bay Bike Path and Borealis Coffee Company, and a pleasant stroll to the Crescent Park Carousel, Riverside Library, and Sabin Point Park with its boat launch, the location truly enhances the lifestyle this home provides. Set on nearly a quarter acre, the oversized, fully fenced lot features two driveways, a young above-ground pool, and two storage sheds an ideal setup for comfort, recreation, and flexibility. Each unit offers one bedroom, with the first-floor unit showcasing a spacious back living room lined with sliders that open onto a deck, offering peaceful, tree-framed viewpoints of the surrounding landscape. Inside, you'll find abundant storage throughout, a partially finished basement, and a newer heating system, ensuring both practicality and peace of mind. Whether you're an owner-occupant looking to offset your mortgage or an investor seeking a distinctive opportunity, this property delivers something truly special. Property is being sold in as-is condition.

17. 2025-12-23
    soldstatus $425,000

    Show marketing remark (1200 chars)

    This rare and charming two-family log cabin beautifully blends rustic warmth with everyday convenience, offering space, privacy, and remarkable potential all right in the heart of Riverside. Just one block from the East Bay Bike Path and Borealis Coffee Company, and a pleasant stroll to the Crescent Park Carousel, Riverside Library, and Sabin Point Park with its boat launch, the location truly enhances the lifestyle this home provides. Set on nearly a quarter acre, the oversized, fully fenced lot features two driveways, a young above-ground pool, and two storage sheds an ideal setup for comfort, recreation, and flexibility. Each unit offers one bedroom, with the first-floor unit showcasing a spacious back living room lined with sliders that open onto a deck, offering peaceful, tree-framed viewpoints of the surrounding landscape. Inside, you'll find abundant storage throughout, a partially finished basement, and a newer heating system, ensuring both practicality and peace of mind. Whether you're an owner-occupant looking to offset your mortgage or an investor seeking a distinctive opportunity, this property delivers something truly special. Property is being sold in as-is condition.

18. 2025-12-13
    status Pending 1200-char remark

    Show marketing remark (1200 chars)

    This rare and charming two-family log cabin beautifully blends rustic warmth with everyday convenience, offering space, privacy, and remarkable potential all right in the heart of Riverside. Just one block from the East Bay Bike Path and Borealis Coffee Company, and a pleasant stroll to the Crescent Park Carousel, Riverside Library, and Sabin Point Park with its boat launch, the location truly enhances the lifestyle this home provides. Set on nearly a quarter acre, the oversized, fully fenced lot features two driveways, a young above-ground pool, and two storage sheds an ideal setup for comfort, recreation, and flexibility. Each unit offers one bedroom, with the first-floor unit showcasing a spacious back living room lined with sliders that open onto a deck, offering peaceful, tree-framed viewpoints of the surrounding landscape. Inside, you'll find abundant storage throughout, a partially finished basement, and a newer heating system, ensuring both practicality and peace of mind. Whether you're an owner-occupant looking to offset your mortgage or an investor seeking a distinctive opportunity, this property delivers something truly special. Property is being sold in as-is condition.

19. 2025-12-09
    listed $425,000 Active 1200-char remark

    Show marketing remark (1200 chars)

    This rare and charming two-family log cabin beautifully blends rustic warmth with everyday convenience, offering space, privacy, and remarkable potential all right in the heart of Riverside. Just one block from the East Bay Bike Path and Borealis Coffee Company, and a pleasant stroll to the Crescent Park Carousel, Riverside Library, and Sabin Point Park with its boat launch, the location truly enhances the lifestyle this home provides. Set on nearly a quarter acre, the oversized, fully fenced lot features two driveways, a young above-ground pool, and two storage sheds an ideal setup for comfort, recreation, and flexibility. Each unit offers one bedroom, with the first-floor unit showcasing a spacious back living room lined with sliders that open onto a deck, offering peaceful, tree-framed viewpoints of the surrounding landscape. Inside, you'll find abundant storage throughout, a partially finished basement, and a newer heating system, ensuring both practicality and peace of mind. Whether you're an owner-occupant looking to offset your mortgage or an investor seeking a distinctive opportunity, this property delivers something truly special. Property is being sold in as-is condition.

ⓘ 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: $4,961 · $413/mo
• Projected year-2 tax: $6,148 · $512/mo
• Expected delta: +$1,187/yr (+$99/mo · 23.9%)

ⓘ 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 5/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% 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: $39,216
• − Mortgage interest: −$25,207
• − Property taxes: −$4,961
• − Insurance: −$2,250
• − Repairs & maintenance: −$3,137
• − Management: −$3,137
• − Depreciation: −$13,091
• Taxable loss: −$12,567
• Est. tax savings @ 24.0%: +$3,016
• After-tax cash flow: $-1,532/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: East Providence
• NCES district ID: 4400330
• Math proficiency: 18% ▼ -8.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $51,011
• Composite: 21.69/100
• National rank: #8274
• State rank: #26 of 39 in RI

Livability — East Providence

• Score: 74/100
• State rank: #12
• US rank: #4784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Providence, RI
• County: Providence County · 548,917 people
• City population: 38,586
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 16,752
• Household income: $84,414
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 427.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 7% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Russian 17% Lithuanian 10% Slovak 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 85% English-only · Other Indo-European 6% Spanish 5% French/Haitian/Cajun 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: ▼ -422.21%
• Current HPI: 362.8313
• Rent YoY: ▲ 0.57%
• 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

+5.9% since first listed

6 events — show timeline

• 2026-05-27 Listed $450,000 RIS
• 2026-03-24 Sold (Public Records) $515,000 Public Records
• 2025-12-23 Sold (Public Records) $425,000 Public Records
• 2025-12-23 Sold (MLS) $425,000 RIS
• 2025-12-13 Pending — RIS
• 2025-12-09 Listed $425,000 RIS

Property tax history

+1.5%/yr

Latest (2025): $4,961 · +20.4% YoY. Source: county tax records.