194 Gano St · Providence, RI 02906

$849,900

4 bd · 2.0 ba · 2,112 sqft · MultiFamily public records · 57 Days on market

Built 1900 4,960 sqft lot $402/sqft · 47% above area Est $579k · 47% over

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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 +20.6/30.0
• DSCR +6.5/10.0
• 1% rule +4.6/10.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

GREAT PROPERTY IN COLLEGE DISTRICT 3 CAR GARAGE AND AMPLE PARKING

Key facts

• 4,960 sq ft lot
• 3 garage spots
• Built 1900

Tags

• SPACIOUS LIVING AREAS
• ABUNDANT NATURAL LIGHT
• CLASSIC ARCHITECTURAL DETAILS

Property features AI

Finance

• Other: Property is marketed as a multifamily (two-unit) investment
• Financial info: Operating expense listed at $7,000; One unit currently shows actual rent of $1,675; other unit to be vacant
• HOA & community: No HOA information specified; Community offers highway access, nearby hospital, schools, public transportation, restaurants, and shopping

Exterior

• Parking: Detached garage; 3 garage spaces; Total of 8 parking spaces (3 covered)
• Security: No security features specified
• Utilities: Sewer connected; Water connected; Electric with circuit breakers
• Home design: 3-story multifamily building; Single building with 2 total residential units; Above-grade finished area approximately 2,112
• Construction: Shingle siding construction
• Exterior features: Paved driveway

Interior

• Kitchen: Gas water heater (appliance listed)
• Bedrooms: Two 2-bedroom units
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas hot water baseboard heating
• Interior features: Full, unfinished basement with interior and exterior entry; 11 total rooms
• Laundry & utility: Washer/dryer not specified

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $850k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $812k (4.5% below list).
• Recommended offer: $812k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.9% vs local median 4.0% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+7.5%/yr); 147 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $25k 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 + 7.5% rent growth), your $238k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($824k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 30y 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 $115k; list at $850k implies a 639% 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, 70% 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 $811,800 (4.5% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.96% ✗
• Cap rate: 7.89%
• Cash-on-cash: 5.71%
• DSCR: 1.25
• GRM: 8.7

CMA / ARV

• ARV (median comp): $578,960
• List price: $849,900
• Delta: 46.80%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
13 Central Ave	0.70mi	4/2.0	2,054 (-3%)	6mo	$470,000	$229	57
55 Potter St	0.72mi	4/2.0	2,000 (-5%)	18mo	$540,000	$270	43

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 7.46% rent growth · sell at horizon

5-year hold

• IRR: -3.0%
• Equity multiple: 0.88×
• Total profit: $-27,812
• Equity at exit: $126,723

10-year hold

• IRR: 10.8%
• Equity multiple: 2.00×
• Total profit: $238,911
• Equity at exit: $73,484

Cash invested: $237,972 (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 02906

• Rents YoY: 7.5%
• Active inventory: 147
• Price-to-rent: 26.2×

Monthly cashflow live

• Estimated rent: $8,118 high
• Mortgage (P&I): −$4,457
• Tax from tax record: −$470 /mo · $5,644/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,705
• Net cashflow: $1,132

Break-even live

Break-even rent $6,685

Max offer price $849,900

Occupancy floor 81%

Sensitivity live

Price	-10% $1,613	-5% $1,372	+0% $1,132	+5% $891	+10% $651
Rent	-10% $490	-5% $811	+0% $1,132	+5% $1,452	+10% $1,773
Rate	-1.0pp $1,560	-0.5pp $1,348	base $1,132	+0.5pp $912	+1.0pp $688

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$8,118
Total (3 units)			$8,118

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: $212,475
• Closing costs: $25,497
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
98 Butler Ave Providence, RI	4.0	2.0	1890	$5,000	$2.65	5d	1	0.26mi
160 Fort St East Providence, RI	3.0	2.0	2468	$2,950	$1.20	25d	1	1.13mi

Listing history 22 events

1. 2026-06-21
   days on market $849,900 Active 57 DOM
2. 2026-06-18
   days on market $849,900 Active 54 DOM
3. 2026-06-17
   days on market $849,900 Active 53 DOM
4. 2026-06-16
   days on market $849,900 Active 52 DOM
5. 2026-06-15
   days on market $849,900 Active 51 DOM
6. 2026-06-13
   days on market $849,900 Active 49 DOM
7. 2026-06-09
   days on market $849,900 Active 45 DOM
8. 2026-06-08
   days on market $849,900 Active 44 DOM
9. 2026-06-07
   days on market $849,900 Active 43 DOM
10. 2026-06-05
    days on market $849,900 Active 40 DOM
11. 2026-06-03
    days on market $849,900 Active 39 DOM
12. 2026-06-02
    days on market $849,900 Active 38 DOM
13. 2026-06-01
    days on market $849,900 Active 37 DOM
14. 2026-05-31
    days on market $849,900 Active 36 DOM
15. 2026-04-25
    listed $849,900 Active 886-char remark
16. 2019-09-20
    price $119,900 65-char remark

    Show marketing remark (65 chars)

    GREAT PROPERTY IN COLLEGE DISTRICT 3 CAR GARAGE AND AMPLE PARKING

17. 1998-05-19
    soldstatus $115,000
18. 1998-05-18
    soldstatus $115,000 65-char remark

    Show marketing remark (65 chars)

    GREAT PROPERTY IN COLLEGE DISTRICT 3 CAR GARAGE AND AMPLE PARKING

19. 1998-03-02
    historical 65-char remark

    Show marketing remark (65 chars)

    GREAT PROPERTY IN COLLEGE DISTRICT 3 CAR GARAGE AND AMPLE PARKING

20. 1997-03-08
    listed $129,900 65-char remark

    Show marketing remark (65 chars)

    GREAT PROPERTY IN COLLEGE DISTRICT 3 CAR GARAGE AND AMPLE PARKING

21. 1996-11-21
    historical
22. 1996-05-21
    listed $130,000

ⓘ 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: $5,644 · $470/mo
• Projected year-2 tax: $9,749 · $812/mo
• Expected delta: +$4,105/yr (+$342/mo · 72.7%)

ⓘ 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 ≥98°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $97,416
• − Mortgage interest: −$47,608
• − Property taxes: −$5,644
• − Insurance: −$4,250
• − Repairs & maintenance: −$7,793
• − Management: −$7,793
• − Depreciation: −$24,724
• Taxable loss: −$396
• Est. tax savings @ 24.0%: +$95
• After-tax cash flow: $13,677/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): 26,380
• Household income: $103,050
• Rent vs Own: 48.5% rent · 51.5% own
• Severe rent burden: 1567.0

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 (72%)
• Race & ethnicity: White 72% Asian 11% Hispanic / Latino 8% Two or more races 8% Black 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Lithuanian 6% Romanian 5% Scotch-Irish 4%
• Foreign-born: 17% · Canada, China, South Korea
• Languages at home: 80% English-only · Other Indo-European 6% Spanish 5% Chinese 3%

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: ▼ -792.46%
• Current HPI: 355.3795
• Rent YoY: ▲ 7.46%
• 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

+553.8% since first listed

8 events — show timeline

• 2026-04-25 Listed $849,900 RIS
• 2019-09-20 Price Changed $119,900 RIS
• 1998-05-19 Sold (Public Records) $115,000 Public Records
• 1998-05-18 Sold (MLS) $115,000 RIS
• 1998-03-02 Listing Removed — RIS
• 1997-03-08 Listed $129,900 RIS
• 1996-11-21 Listing Removed — RIS
• 1996-05-21 Listed $130,000 RIS

Property tax history

-4.1%/yr

Latest (2025): $5,644 · -45.9% YoY. Source: county tax records.