32 Judith St · Providence, RI 02909

$635,000

7 bd · 4.0 ba · 2,275 sqft · MultiFamily public records · 77 Days on market

Built 1859 3,049 sqft lot $279/sqft · 34% above area Est $635k · at est.

---

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 +17.1/30.0
• ARV discount +7.5/15.0
• DSCR +5.3/10.0
• Livability +4.2/5.0
• 1% rule +3.7/10.0
• Rent growth +3.4/5.0
• 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: 2 units. confirmed

Listing remarks MLS

* * Price Reduction * * * Calling all Investors and owner-occupants alike: this exceptional three-unit property in Providence's Silver Lake area offers the potential to become a four-unit property. Left Side: The first floor (1L) features an occupied two-bedroom unit. The second floor (2L) is a vacant, newly renovated two-bedroom unit ideal for an owner-occupant. The third floor (3L) offers great potential to be converted into a third three-bedroom unit. Right Side (1R): A spacious, newly renovated three-bedroom townhouse-style apartment (only one room is currently rented). Located on a dead-end street with ample on-street parking. The property features new energy-efficient heating systems and 100-amp electrical panels in great condition. The basement is large with washer/dryer hookups and significant potential if finished. Tenants are month-to-month leases, providing flexibility for new owners to obtain market rents ($1900-$2200/unit). Nice size back yard. Utilities are paid separately by tenants. Don't miss out to own great potential low maintenance revenue producing property. Message listing agent to schedule showing.

Key facts

• Three unit property
• Large basement
• Four unit potential

Tags

• THREE UNIT PROPERTY
• FOUR UNIT POTENTIAL
• NEWLY RENOVATED UNIT
• TOWNHOUSE STYLE APARTMENT
• 100 AMP ELECTRICAL PANELS
• LARGE BASEMENT

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/?-bath units multifamily listed at $635k.

Deal economics

• At list price, monthly cash flow is $446 ($5k/yr) — positive. Per door: $223/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 $551k (13.3% below list).
• Recommended offer: $551k (13.3% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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 (+3.7%/yr); 133 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,506/mo this rent would consume 102% of the median local household income ($65k/yr) (locally 2000% 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 $19k 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 77 days — a 6% lower offer ($597k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $455k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1859 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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 $550,600 (13.3% below list)

Questions for the listing agent

1. It's been on market 77 days. Have you received any prior offers? Is the seller open to a 13% 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 1859 — 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. 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?
9. 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.
10. 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.
11. 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: 0.87% ✗
• Cap rate: 7.13%
• Cash-on-cash: 3.01%
• DSCR: 1.13
• GRM: 9.6

CMA / ARV

• ARV (median comp): $635,105
• List price: $635,000
• Delta: -0.02%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-70,941
• Equity at exit: $94,681

10-year hold

• IRR: -0.8%
• Equity multiple: 0.94×
• Total profit: $-10,325
• Equity at exit: $54,903

Cash invested: $177,800 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 133
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $5,506 medium
• Mortgage (P&I): −$3,330
• Tax from tax record: −$310 /mo · $3,715/yr
• Insurance: −$265
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,156
• Net cashflow: $446

Break-even live

Break-even rent $4,942

Max offer price $635,000

Occupancy floor 87%

Sensitivity live

Price	-10% $805	-5% $625	+0% $446	+5% $266	+10% $86
Rent	-10% $11	-5% $228	+0% $446	+5% $663	+10% $881
Rate	-1.0pp $765	-0.5pp $607	base $446	+0.5pp $281	+1.0pp $114

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	—	$5,506
Total (2 units)			$5,506

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: $158,750
• Closing costs: $19,050
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $635,000 Active 77 DOM
2. 2026-06-18
   days on market $635,000 Active 74 DOM
3. 2026-06-17
   days on market $635,000 Active 73 DOM
4. 2026-06-16
   days on market $635,000 Active 72 DOM
5. 2026-06-15
   days on market $635,000 Active 71 DOM
6. 2026-06-13
   days on market $635,000 Active 69 DOM
7. 2026-06-09
   days on market $635,000 Active 65 DOM
8. 2026-06-08
   days on market $635,000 Active 64 DOM
9. 2026-06-07
   days on market $635,000 Active 63 DOM
10. 2026-06-05
    days on market $635,000 Active 60 DOM
11. 2026-06-03
    days on market $635,000 Active 59 DOM
12. 2026-06-02
    days on market $635,000 Active 58 DOM
13. 2026-06-01
    days on market $635,000 Active 57 DOM
14. 2026-05-31
    days on market $635,000 Active 56 DOM
15. 2026-05-12
    price $635,000 1145-char remark

    Show marketing remark (1145 chars)

    * * Price Reduction * * * Calling all Investors and owner-occupants alike: this exceptional three-unit property in Providence's Silver Lake area offers the potential to become a four-unit property. Left Side: The first floor (1L) features an occupied two-bedroom unit. The second floor (2L) is a vacant, newly renovated two-bedroom unit ideal for an owner-occupant. The third floor (3L) offers great potential to be converted into a third three-bedroom unit. Right Side (1R): A spacious, newly renovated three-bedroom townhouse-style apartment (only one room is currently rented). Located on a dead-end street with ample on-street parking. The property features new energy-efficient heating systems and 100-amp electrical panels in great condition. The basement is large with washer/dryer hookups and significant potential if finished. Tenants are month-to-month leases, providing flexibility for new owners to obtain market rents ($1900-$2200/unit). Nice size back yard. Utilities are paid separately by tenants. Don't miss out to own great potential low maintenance revenue producing property. Message listing agent to schedule showing.

16. 2026-04-05
    listed $655,000 Active 1145-char remark

    Show marketing remark (1145 chars)

    * * Price Reduction * * * Calling all Investors and owner-occupants alike: this exceptional three-unit property in Providence's Silver Lake area offers the potential to become a four-unit property. Left Side: The first floor (1L) features an occupied two-bedroom unit. The second floor (2L) is a vacant, newly renovated two-bedroom unit ideal for an owner-occupant. The third floor (3L) offers great potential to be converted into a third three-bedroom unit. Right Side (1R): A spacious, newly renovated three-bedroom townhouse-style apartment (only one room is currently rented). Located on a dead-end street with ample on-street parking. The property features new energy-efficient heating systems and 100-amp electrical panels in great condition. The basement is large with washer/dryer hookups and significant potential if finished. Tenants are month-to-month leases, providing flexibility for new owners to obtain market rents ($1900-$2200/unit). Nice size back yard. Utilities are paid separately by tenants. Don't miss out to own great potential low maintenance revenue producing property. Message listing agent to schedule showing.

17. 2023-08-24
    soldstatus $455,000 Closed 749-char remark

    Show marketing remark (749 chars)

    Investors take notice! Come check out this 3 unit property with potential to become a four unit in the Silver Lake area of Providence. This property is on a dead end street with plenty of on-street parking. Off-street parking is not available for this property. New energy efficient heating systems, electrical panels are 100 amp and in great shape. Tenants currently occupying all units with month-to-month leases. Utilities are paid separately by tenants. There are washer and dryer hook ups in the basement which is very large with great potential if it were to be finished. Current rental income is approximately $50,400 annually minus real estate taxes and water/sewer bill. This is a chance to own an income generating property in the city!

18. 2023-08-24
    soldstatus $455,000

    Show marketing remark (749 chars)

    Investors take notice! Come check out this 3 unit property with potential to become a four unit in the Silver Lake area of Providence. This property is on a dead end street with plenty of on-street parking. Off-street parking is not available for this property. New energy efficient heating systems, electrical panels are 100 amp and in great shape. Tenants currently occupying all units with month-to-month leases. Utilities are paid separately by tenants. There are washer and dryer hook ups in the basement which is very large with great potential if it were to be finished. Current rental income is approximately $50,400 annually minus real estate taxes and water/sewer bill. This is a chance to own an income generating property in the city!

19. 2023-06-25
    historical Active Under Contract 749-char remark

    Show marketing remark (749 chars)

    Investors take notice! Come check out this 3 unit property with potential to become a four unit in the Silver Lake area of Providence. This property is on a dead end street with plenty of on-street parking. Off-street parking is not available for this property. New energy efficient heating systems, electrical panels are 100 amp and in great shape. Tenants currently occupying all units with month-to-month leases. Utilities are paid separately by tenants. There are washer and dryer hook ups in the basement which is very large with great potential if it were to be finished. Current rental income is approximately $50,400 annually minus real estate taxes and water/sewer bill. This is a chance to own an income generating property in the city!

20. 2023-06-15
    listed $420,000 Active 749-char remark

    Show marketing remark (749 chars)

    Investors take notice! Come check out this 3 unit property with potential to become a four unit in the Silver Lake area of Providence. This property is on a dead end street with plenty of on-street parking. Off-street parking is not available for this property. New energy efficient heating systems, electrical panels are 100 amp and in great shape. Tenants currently occupying all units with month-to-month leases. Utilities are paid separately by tenants. There are washer and dryer hook ups in the basement which is very large with great potential if it were to be finished. Current rental income is approximately $50,400 annually minus real estate taxes and water/sewer bill. This is a chance to own an income generating property in the city!

21. 2021-11-05
    soldstatus $268,000 Closed
22. 2021-07-29
    status Pending
23. 2021-07-27
    historical Active Under Contract
24. 2021-07-22
    price $269,900
25. 2021-06-22
    listed $279,900 Active

ⓘ 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: $3,715 · $310/mo
• Projected year-2 tax: $7,033 · $586/mo
• Expected delta: +$3,318/yr (+$276/mo · 89.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% 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 71% 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: $66,072
• − Mortgage interest: −$35,570
• − Property taxes: −$3,715
• − Insurance: −$3,175
• − Repairs & maintenance: −$5,286
• − Management: −$5,286
• − Depreciation: −$18,473
• Taxable loss: −$5,432
• Est. tax savings @ 24.0%: +$1,304
• After-tax cash flow: $6,650/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+126.9% since first listed

11 events — show timeline

• 2026-05-12 Price Changed $635,000 RIS
• 2026-04-05 Listed $655,000 RIS
• 2023-08-24 Sold (Public Records) $455,000 Public Records
• 2023-08-24 Sold (MLS) $455,000 RIS
• 2023-06-25 Contingent — RIS
• 2023-06-15 Listed $420,000 RIS
• 2021-11-05 Sold (MLS) $268,000 RIS
• 2021-07-29 Pending — RIS
• 2021-07-27 Contingent — RIS
• 2021-07-22 Price Changed $269,900 RIS
• 2021-06-22 Listed $279,900 RIS

Property tax history

-0.1%/yr

Latest (2025): $3,715 · -32.7% YoY. Source: county tax records.