15 A & B Ludlow Rd · Newport East, RI 02842

$550,000

4 bd · 2.0 ba · 1,587 sqft · MultiFamily · 5 Days on market

Built 1954 Good condition 8,336 sqft lot Est $601k · 9% under

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Why this score? — see what drove the C- 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 +18.2/30.0
• ARV discount +11.4/15.0
• DSCR +5.7/10.0
• 1% rule +4.9/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Condition / age +3.8/5.0
• Schools +2.9/10.0
• 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

This side-by-side duplex, situated on a desirable corner lot in a central Middletown location, offers a fantastic investment opportunity or perfect owner-occupied home. One-unit features 2 spacious bedrooms, while the other boasts 3 bedrooms, providing flexibility to accommodate different needs. Both units enjoy single-level living, making them accessible and convenient. Each side has separate gas heating and electric systems to ensure independent control and comfort. Additionally, the property includes a large shed with electricity, adding valuable storage and utility space. This well-located duplex combines practicality with great accessibility to schools, shopping, bus line and more.

Key facts

• 8,336 sq ft lot
• 4 parking spots
• Built 1954

Property features AI

Finance

• Financial info: Tenant pays hot water; Unit rents: Three-bedroom unit currently $1,875; Two-bedroom unit currently $1,650
• HOA & community: Near schools, public transportation, shopping, and sidewalks

Exterior

• Parking: No garage; Four off-street parking spaces
• Utilities: Public water; Public sewer (connected); 100-amp electrical service with circuit breakers
• Home design: Duplex (2-unit building); Single-story; Above-grade finished area about 1,587
• Construction: Drywall and plaster construction; Slab foundation
• Exterior features: Outbuilding; Corner lot; 175' frontage

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: One unit with three bedrooms; One unit with two bedrooms
• Flooring: Laminate; Vinyl
• Bathrooms: Two full bathrooms (total in building) — each unit has one full bathroom
• Heating & cooling: Forced air heating; Gas heating
• Interior features: Storm door(s); Attic storage; Tub/shower
• Laundry & utility: In-unit laundry; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $550k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $489 ($6k/yr) — positive. Per door: $244/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $543k (1.3% below list).
• Recommended offer: $543k (1.3% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#3 in RI, #1,592 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, health & safety A+; Watch: commute F, cost of living F.
• 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; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 94 units permitted in Newport County in 2024 (0 in 5+ unit buildings).
• At $5,430/mo this rent would consume 64% of the median local household income ($102k/yr) (locally 739% 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 $16k 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.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $543,000 (1.3% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 0.99% ✗
• Cap rate: 7.36%
• Cash-on-cash: 3.81%
• DSCR: 1.17
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $601,473
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
22 Ludlow Rd	0.03mi	4/2.0	1,426 (-10%)	1mo	$540,000	$379	81
13 Woolsey Rd	0.17mi	5/2.0 (+1)	1,587 (0%)	17mo	$530,000	$334	73
1 Buck Rd	0.12mi	4/6.5	1,426 (-10%)	12mo	$550,000	$386	49

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 · 5.59% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.72×
• Total profit: $-43,395
• Equity at exit: $82,007

10-year hold

• IRR: 5.2%
• Equity multiple: 1.42×
• Total profit: $65,447
• Equity at exit: $47,554

Cash invested: $154,000 (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: 17.7×

Monthly cashflow live

• Estimated rent: $5,430 high
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$688 /mo · $8,250/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,140
• Net cashflow: $489

Break-even live

Break-even rent $4,811

Max offer price $550,000

Occupancy floor 86%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$2,587
1× unit	3	1	$2,843
Total (2 units)			$5,430

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: $137,500
• Closing costs: $16,500
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8 Constitution Ave Middletown, RI	2.0–3.0	1.5–2.5	1200	$3,999	$3.33	1d	1	0.50mi
10 Reardon Dr Middletown, RI	3.0	1.0	2200	$3,300	$1.50	23d	1	0.56mi
2 Bailey Ter Middletown, RI	3.0	2.5	1947	$5,000	$2.57	4d	1	0.94mi
384 Valley Rd Middletown, RI	4.0	3.0	2048	$4,000	$1.95	23d	1	1.05mi
123 Beacon St Middletown, RI	4.0	3.0	2000	$3,600	$1.80	3d	1	1.06mi
12 Granada Ter Middletown, RI	4.0	2.0	1834	$3,800	$2.07	1d	1	1.09mi
7 Restmere Ter Unit A Middletown, RI	3.0	2.0	1200	$3,800	$3.17	4d	1	1.19mi
1 Collins Ter Middletown, RI	3.0	1.0	1162	$3,400	$2.93	23d	1	1.27mi
41 Dudley Ave Newport, RI	3.0	2.0	1381	$3,450	$2.50	1d	1	1.34mi
2 E BLVD Unit 2 Middletown, RI	3.0	2.0	1344	$3,300	$2.46	23d	1	1.45mi
9 Apthorp Ave #2 Newport, RI	3.0	2.0	1320	$3,500	$2.65	23d	1	1.46mi
7 Boulevard E Middletown, RI	3.0	1.5	1680	$9,000	$5.36	23d	1	1.48mi
52 Bedlow Ave Newport, RI	3.0	2.5	1544	$4,200	$2.72	1d	1	1.50mi

Listing history 4 events

1. 2026-06-13
   statusdays on market $550,000 Pending 5 DOM
2. 2026-06-09
   days on market $550,000 Active 2 DOM
3. 2026-06-08
   remarks 695-char remark
4. 2026-06-08
   listed $550,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥90°F today · 17 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,160
• − Mortgage interest: −$30,809
• − Property taxes: −$8,250
• − Insurance: −$2,750
• − Repairs & maintenance: −$5,213
• − Management: −$5,213
• − Depreciation: −$16,000
• Taxable loss: −$3,074
• Est. tax savings @ 24.0%: +$738
• After-tax cash flow: $6,603/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.

Condition & rehab AI · 10 photos

Good 75/100 Cosmetic rehab

This well-maintained, side-by-side duplex is ready for a fresh coat of paint and some interior updates to maximize its value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace carpet with hardwood — Improves aesthetics and value
• Both Update kitchen appliances — Modernizes the space and attracts buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet with hardwood — Improves aesthetics and value ↑
• Both Update kitchen appliances — Modernizes the space and attracts buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Newport East

• Score: 81/100
• State rank: #3
• US rank: #1592

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newport East, RI
• County: Newport County · 73,957 people
• 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

1 event — show timeline

• 2026-06-08 Listed $550,000 RIS