41 Carter St · Providence, RI 02907

$599,000

6 bd · 3.0 ba · 2,203 sqft · MultiFamily public records · 61 Days on market

Built 1900 3,049 sqft lot $272/sqft · at area comps Est $628k · at est.

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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
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• 1% rule +9.5/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• 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 MLS

Great Owner Occupied or Investment 3 Unit Property. The 1st and 3rd Fl units are ready to be rented or lived in. Laminate Floors throughout, Newer Kitchens with Granite Counters and Newer Cabinets. 2nd Floor needs a little updatig to make a profitable investment. Ceramic Tiled Bathrooms. Parking for 4-5 Cars. Near All Amenities. .. Shopping, Schools, Highways, Restaurants Etc.

Key facts

• Laminate floors
• Newer cabinets
• Newer kitchens

Tags

• LAMINATE FLOORS
• NEWER KITCHENS
• GRANITE COUNTERS
• NEWER CABINETS
• CERAMIC TILED BATHROOMS
• PARKING FOR 4-5 CARS

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $599k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $995/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $599k).
• Recommended offer: $563k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 4.2% in 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 84/100 on livability (#2 in RI, #794 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-, schools F.
• Providence (urban): math 8% / reading 16% proficiency, ranked #34 of 39 in RI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+15.3%/yr); 61 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $8,704/mo this rent would consume 199% of the median local household income ($52k/yr) (locally 2189% 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 + 8.0% rent growth), your $168k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($563k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 27y ago; this cycle's ask has dropped $51k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $599k implies a 933% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 75% 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 $563,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.45% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.35%
• DSCR: 1.95
• GRM: 5.7

CMA / ARV

• ARV (median comp): $627,782
• List price: $599,000
• Delta: -4.58%
• Verdict: FAIR
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 19.2%
• Equity multiple: 1.83×
• Total profit: $138,984
• Equity at exit: $89,313

10-year hold

• IRR: 30.7%
• Equity multiple: 4.43×
• Total profit: $575,044
• Equity at exit: $51,791

Cash invested: $167,720 (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 02907

• Home prices YoY: -20.1%
• Rents YoY: 15.3%
• Active inventory: 61
• Price-to-rent: 17.2×

Monthly cashflow live

• Estimated rent: $8,704 medium
• Mortgage (P&I): −$3,141
• Tax from tax record: −$501 /mo · $6,013/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,828
• Net cashflow: $2,984

Break-even live

Break-even rent $4,926

Max offer price $599,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$8,703
Total (3 units)			$8,704

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: $149,750
• Closing costs: $17,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 Calef St Unit 16 Cranston, RI	5.0	3.0	3000	$3,500	$1.17	16d	1	1.18mi

Listing history 40 events

1. 2026-06-18
   days on market $599,000 Active 61 DOM
2. 2026-06-17
   days on market $599,000 Active 60 DOM
3. 2026-06-16
   days on market $599,000 Active 59 DOM
4. 2026-06-15
   days on market $599,000 Active 58 DOM
5. 2026-06-13
   days on market $599,000 Active 56 DOM
6. 2026-06-09
   days on market $599,000 Active 52 DOM
7. 2026-06-08
   days on market $599,000 Active 51 DOM
8. 2026-06-07
   days on market $599,000 Active 50 DOM
9. 2026-06-05
   days on market $599,000 Active 47 DOM
10. 2026-06-03
    days on market $599,000 Active 46 DOM
11. 2026-06-02
    days on market $599,000 Active 45 DOM
12. 2026-06-01
    days on market $599,000 Active 44 DOM
13. 2026-05-31
    days on market $599,000 Active 43 DOM
14. 2026-04-18
    listed $650,000 Active 379-char remark

    Show marketing remark (379 chars)

    Great Owner Occupied or Investment 3 Unit Property. The 1st and 3rd Fl units are ready to be rented or lived in. Laminate Floors throughout, Newer Kitchens with Granite Counters and Newer Cabinets. 2nd Floor needs a little updatig to make a profitable investment. Ceramic Tiled Bathrooms. Parking for 4-5 Cars. Near All Amenities. .. Shopping, Schools, Highways, Restaurants Etc.

15. 2024-07-28
    historical $1,200
16. 2024-07-19
    listed $1,200
17. 2013-12-19
    price $89,900
18. 2013-12-19
    price $110,000
19. 2013-12-19
    price $29,900
20. 2011-08-19
    historical
21. 2011-02-19
    listed $110,000
22. 2010-12-31
    historical
23. 2010-07-26
    listed $129,900
24. 2009-12-30
    soldstatus $58,000
25. 2009-11-12
    soldstatus $30,000
26. 2009-06-15
    historical
27. 2008-08-15
    soldstatus $209,901
28. 2007-04-16
    listed $161,500
29. 2005-08-10
    historical
30. 2005-07-26
    soldstatus $242,000
31. 2005-07-26
    soldstatus $242,000
32. 2005-07-08
    listed $249,000
33. 2005-07-06
    historical
34. 2005-06-02
    listed $249,000
35. 2002-04-25
    soldstatus $125,000
36. 2001-04-27
    soldstatus $58,000
37. 2001-03-29
    soldstatus $25,000
38. 1999-07-19
    historical
39. 1999-05-01
    listed $34,900
40. 1989-02-22
    soldstatus $91,000

ⓘ 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: $6,013 · $501/mo
• Projected year-2 tax: $7,888 · $657/mo
• Expected delta: +$1,875/yr (+$156/mo · 31.2%)

ⓘ 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 ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 75% 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: $104,448
• − Mortgage interest: −$33,553
• − Property taxes: −$6,013
• − Insurance: −$2,995
• − Repairs & maintenance: −$8,356
• − Management: −$8,356
• − Depreciation: −$17,425
• Taxable income: $27,750
• Est. tax owed @ 24.0%: −$6,660
• After-tax cash flow: $29,151/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: Providence
• NCES district ID: 4400900
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 16% ▼ -2.00%
• Median HH income: $38,197
• Composite: 10.12/100
• National rank: #9803
• State rank: #34 of 39 in RI

Livability — Providence

• Score: 84/100
• State rank: #2
• US rank: #794

Category grades

Amenities A+ Commute A+ 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: Providence, RI
• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 31,461
• Household income: $52,485
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2189.0

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 Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 26% Black 10% White 10% Asian 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 7% Dominican 50%
• Common ancestry: Swiss 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 55% · Canada, Jamaica, Philippines
• Languages at home: 25% English-only · Spanish 67% Other Asian/Pacific 3% French/Haitian/Cajun 1%

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: ▼ -125.19%
• Current HPI: 498.142
• Rent YoY: ▲ 15.32%
• 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

+614.3% since first listed

27 events — show timeline

• 2026-04-18 Listed $650,000 RIS
• 2024-07-28 Rental Removed $1,200 APPFOLIO
• 2024-07-19 Listed for Rent $1,200 APPFOLIO
• 2013-12-19 Price Changed $89,900 RIS
• 2013-12-19 Price Changed $110,000 RIS
• 2013-12-19 Price Changed $29,900 RIS
• 2011-08-19 Listing Removed — RIS
• 2011-02-19 Listed $110,000 RIS
• 2010-12-31 Listing Removed — RIS
• 2010-07-26 Listed $129,900 RIS
• 2009-12-30 Sold (Public Records) $58,000 Public Records
• 2009-11-12 Sold (Public Records) $30,000 Public Records
• 2009-06-15 Listing Removed — RIS
• 2008-08-15 Sold (Public Records) $209,901 Public Records
• 2007-04-16 Listed $161,500 RIS
• 2005-08-10 Listing Removed — RIS
• 2005-07-26 Sold (Public Records) $242,000 Public Records
• 2005-07-26 Sold (Public Records) $242,000 Public Records
• 2005-07-08 Listed $249,000 RIS
• 2005-07-06 Listing Removed — RIS
• 2005-06-02 Listed $249,000 RIS
• 2002-04-25 Sold (Public Records) $125,000 Public Records
• 2001-04-27 Sold (Public Records) $58,000 Public Records
• 2001-03-29 Sold (Public Records) $25,000 Public Records
• 1999-07-19 Listing Removed — RIS
• 1999-05-01 Listed $34,900 RIS
• 1989-02-22 Sold (Public Records) $91,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $6,013 · +13.2% YoY. Source: county tax records.