90 Mapleville Main St

Burrillville, RI 02839

$499,000B-

3 bd · 3.0 ba · 2,193 sqft · Built 1900 · MultiFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,414/mo
• Mortgage (P&I): −$2,617
• Tax + insurance: −$604
• HOA: −$0
• Vac / Maint / Mgmt: −$1,137
• Net cashflow: $1,056/mo
• Annual: $12,670/yr
• Cap rate: 8.83%
• Cash-on-cash: 9.07%
• DSCR: 1.40
• 1% rule: 1.08%
• Cash to close: $139,720

Investor read

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $499k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $352/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $499k).
• It's been on market 75 days — a 6% lower offer ($469k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $469k (6.0% below list) — sets the bar for market timing.
• In year one you build about $15k of equity ($3k loan paydown + $12k appreciation (2.4% local appreciation)).
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Burrillville (suburban): math 14% / reading 29% proficiency, ranked #27 of 39 in RI (top 69%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 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).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (2.4% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 59% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?