37 Central St · Cumberland Hill, RI 02838

$549,900

6 bd · 3.0 ba · 4,764 sqft · MultiFamily · 17 Days on market

Built 1900 4,792 sqft lot Est $386k · 43% over

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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
• 1% rule +8.5/10.0
• Appreciation +8.4/10.0
• Schools +3.9/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Well-maintained 3-family property offering a strong investment opportunity in desirable Lincoln. The building features three 2-bedroom units, providing consistent rental demand and a well-balanced unit mix. The first and third-floor units have been updated, while the remaining unit offers value-add potential for future improvement. The property is fully rented, delivering immediate income with additional upside through continued updates and rental growth. This offering is part of a unique portfolio consisting of three separate 3-family properties (9 total units) that share a common parking area. Each property is individually deeded and being marketed separately; however, the seller is requi

Key facts

• 4,792 sq ft lot
• 2 parking spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $550k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $693/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $550k).
• Recommended offer: $542k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.8% vs local median 3.3% in Cumberland Hill — 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 74/100 on livability (#11 in RI, #4,666 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F.
• Lincoln (suburban): math 38% / reading 48% proficiency, ranked #13 of 39 in RI (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 21 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• In year one you build about $41k of equity ($4k loan paydown + $37k appreciation (6.8% local appreciation)).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (6.8% appreciation + 3.0% rent growth), your $154k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$66k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 7y 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 $207k; list at $550k implies a 166% 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, 66% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $541,651 (1.5% 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 1900 — 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: 1.35% ✓
• Cap rate: 10.83%
• Cash-on-cash: 16.20%
• DSCR: 1.72
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $385,884
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
52 Spring St	0.09mi	6/3.5	5,050 (+6%)	23mo	$410,000	$81	64

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

Projected returns pro-forma

6.82% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 30.5%
• Equity multiple: 3.07×
• Total profit: $318,405
• Equity at exit: $374,536

10-year hold

• IRR: 27.9%
• Equity multiple: 6.37×
• Total profit: $827,341
• Equity at exit: $705,612

Cash invested: $153,972 (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 02838

• Home prices YoY: 1.7%
• Active inventory: 21
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $7,442 medium
• Mortgage (P&I): −$2,884
• Tax est. 1.5%: −$687 /mo · $8,248/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,563
• Net cashflow: $2,079

Break-even live

Break-even rent $4,810

Max offer price $549,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,443
Total (3 units)			$7,442

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: $137,475
• Closing costs: $16,497
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-04-13
   status Pending
2. 2026-03-27
   listed $549,900 Active
3. 2021-11-03
   status Pending
4. 2021-11-02
   historical
5. 2021-08-31
   status Active
6. 2021-08-06
   status Pending
7. 2021-07-21
   price $325,000
8. 2021-07-18
   status Active
9. 2021-06-30
   status Pending
10. 2021-06-18
    listed $329,900 Active
11. 2021-06-12
    historical
12. 2021-05-04
    price $350,000
13. 2021-03-29
    listed $375,000 Active
14. 2020-07-01
    soldstatus $207,000 Closed
15. 2020-06-14
    historical Active Under Contract
16. 2020-06-10
    listed $259,900 Active
17. 2020-06-01
    historical
18. 2020-03-01
    listed $269,937 Active
19. 2019-12-20
    status Pending
20. 2019-12-19
    historical
21. 2019-12-06
    listed $269,937 Active

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 66% 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: $89,304
• − Mortgage interest: −$30,803
• − Property taxes: −$8,248
• − Insurance: −$2,750
• − Repairs & maintenance: −$7,144
• − Management: −$7,144
• − Depreciation: −$15,997
• Taxable income: $17,217
• Est. tax owed @ 24.0%: −$4,132
• After-tax cash flow: $20,815/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: Lincoln
• NCES district ID: 4400570
• Math proficiency: 38% ▼ -8.00%
• Reading proficiency: 48% ▼ -2.00%
• Median HH income: $69,500
• Composite: 38.81/100
• National rank: #4115
• State rank: #13 of 39 in RI

Livability — Cumberland Hill

• Score: 74/100
• State rank: #11
• US rank: #4666

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Population (ZIP): 4,007

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 (83%)
• Race & ethnicity: White 83% Two or more races 8% Asian 2%
• Common ancestry: Lithuanian 22% Russian 17% Scotch-Irish 4%
• Foreign-born: 5% · South Korea, Canada, Jamaica
• Languages at home: 82% English-only · French/Haitian/Cajun 12% Russian/Polish/Slavic 3% Spanish 2%

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: ▲ 6.82%
• Current HPI: 411.3952
• Rent YoY: —
• Metro: —
• 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

+103.7% since first listed

21 events — show timeline

• 2026-04-13 Pending — RIS
• 2026-03-27 Listed $549,900 RIS
• 2021-11-03 Pending — RIS
• 2021-11-02 Listing Removed — RIS
• 2021-08-31 Relisted — RIS
• 2021-08-06 Pending — RIS
• 2021-07-21 Price Changed $325,000 RIS
• 2021-07-18 Relisted — RIS
• 2021-06-30 Pending — RIS
• 2021-06-18 Listed $329,900 RIS
• 2021-06-12 Listing Removed — RIS
• 2021-05-04 Price Changed $350,000 RIS
• 2021-03-29 Listed $375,000 RIS
• 2020-07-01 Sold (MLS) $207,000 RIS
• 2020-06-14 Contingent — RIS
• 2020-06-10 Listed $259,900 RIS
• 2020-06-01 Listing Removed — RIS
• 2020-03-01 Listed $269,937 RIS
• 2019-12-20 Pending — RIS
• 2019-12-19 Listing Removed — RIS
• 2019-12-06 Listed $269,937 RIS