231 Lowell Ave · Providence, RI 02909

$550,000

4 bd · 2.0 ba · 1,620 sqft · MultiFamily public records · 17 Days on market

Built 1930 5,000 sqft lot $340/sqft · 16% above area Est $561k · at est.

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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 +15.2/30.0
• ARV discount +8.4/15.0
• DSCR +4.7/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 1% rule +3.3/10.0
• 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

This amazing 2-Family Home offers a great opportunity for owner occupant or investors alike. Featuring spacious units, a partially finished basement with additional usable space, a long driveway and a generous backyard perfect for entertaining. Conveniently located near parks, schools, shopping, restaurants, and local amenities.

Key facts

• Near schools
• 2-family home
• Long driveway

Tags

• 2-FAMILY HOME
• PARTIALLY FINISHED BASEMENT
• LONG DRIVEWAY
• GENEROUS BACKYARD
• NEAR PARKS
• NEAR SCHOOLS

Property features AI

Finance

• Financial info: Property contains 2 residential units; Unit 1 actual rent: $1,650; Unit 2 actual rent: $1,800

Exterior

• Parking: Detached garage; Total of 5 parking spaces (1 covered)
• Utilities: Sewer connected; Water connected; 100 amp electric service
• Home design: Two-unit building (single building)
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.1148 acres

Interior

• Bedrooms: Two 2-bedroom units (each unit has 2 bedrooms)
• Flooring: Vinyl
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Gas heating; Hot water/steam heating
• Interior features: Partially finished full basement with interior entry; Vinyl flooring
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $192 ($2k/yr) — positive. Per door: $96/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 $455k (17.3% below list).
• Recommended offer: $455k (17.3% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.1% 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-, schools F.
• 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.
• Market conditions: Rents rising (+3.7%/yr); 132 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $4,547/mo this rent would consume 84% 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 $16k 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 17 days — a 2% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y 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 $425k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — 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 $454,700 (17.3% 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 1930 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 0.83% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.49%
• DSCR: 1.07
• GRM: 10.1

CMA / ARV

• ARV (median comp): $561,137
• List price: $550,000
• Delta: -1.98%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.3%
• Equity multiple: 0.52×
• Total profit: $-73,960
• Equity at exit: $82,007

10-year hold

• IRR: -3.5%
• Equity multiple: 0.76×
• Total profit: $-36,371
• 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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 20.2×

Monthly cashflow live

• Estimated rent: $4,547 high
• Mortgage (P&I): −$2,884
• Tax from tax record: −$287 /mo · $3,444/yr
• Insurance: −$229
• HOA: −$0
• Vacancy / Maint / Mgmt: −$955
• Net cashflow: $192

Break-even live

Break-even rent $4,304

Max offer price $550,000

Occupancy floor 91%

Sensitivity live

Price	-10% $503	-5% $347	+0% $192	+5% $36	+10% $-120
Rent	-10% $-168	-5% $12	+0% $192	+5% $371	+10% $551
Rate	-1.0pp $469	-0.5pp $332	base $192	+0.5pp $49	+1.0pp $-96

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,546
Total (2 units)			$4,547

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 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
29 Dunford St Unit 2 Providence, RI	3.0	2.0	1116	$2,400	$2.15	25d	1	0.57mi
1035 Atwells Ave Unit 2 Providence, RI	4.0	2.0	1300	$2,950	$2.27	25d	1	0.77mi
216 Maplewood Ave Cranston, RI	3.0	1.5	1850	$2,200	$1.19	45d	1	1.03mi
610 Killingly St #1 Johnston, RI	4.0	2.0	1800	$2,850	$1.58	15d	1	1.05mi
42 Dante Ave Johnston, RI	4.0	1.5	1993	$3,000	$1.51	45d	1	1.13mi
25 Devereux St #316 Providence, RI	3.0	1.5	1400	$2,300	$1.64	3d	1	1.42mi
90 Rowley St Providence, RI	3.0	1.5	1352	$3,500	$2.59	3d	1	1.43mi

Listing history 33 events

1. 2026-06-05
   status $550,000 Pending 17 DOM
2. 2026-06-03
   days on market $550,000 Active 17 DOM
3. 2026-06-02
   days on market $550,000 Active 16 DOM
4. 2026-06-01
   days on market $550,000 Active 15 DOM
5. 2026-05-31
   days on market $550,000 Active 14 DOM
6. 2026-05-15
   status Pending 330-char remark
7. 2026-05-06
   listed $550,000 Active 330-char remark
8. 2026-04-24
   historical
9. 2025-07-28
   price $510,000
10. 2025-01-31
    price $520,000
11. 2025-01-28
    price $525,000
12. 2025-01-10
    historical
13. 2025-01-09
    price $550,000
14. 2025-01-09
    listed $1,900 Active
15. 2025-01-09
    listed $500,000
16. 2024-01-02
    soldstatus $425,000 Closed
17. 2023-10-31
    status Pending
18. 2023-10-16
    historical Active Under Contract
19. 2023-09-21
    listed $450,000 Active
20. 2020-04-30
    soldstatus $275,000 Closed
21. 2020-04-15
    status Pending
22. 2019-12-06
    listed $279,900 Active
23. 2019-09-20
    price $249,900
24. 2018-04-10
    soldstatus $228,000
25. 2016-02-16
    soldstatus $151,000
26. 2013-11-02
    listed Contingent - Pending Short Sale Approval
27. 2013-09-27
    soldstatus $60,800 Sold
28. 2013-09-27
    soldstatus $60,800
29. 2006-09-01
    soldstatus $240,000
30. 2006-08-31
    soldstatus $240,000
31. 2006-07-31
    historical
32. 2006-01-14
    listed $269,999
33. 2002-04-05
    soldstatus $70,000

ⓘ 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: $3,444 · $287/mo
• Projected year-2 tax: $6,204 · $517/mo
• Expected delta: +$2,760/yr (+$230/mo · 80.2%)

ⓘ 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 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: $54,564
• − Mortgage interest: −$30,809
• − Property taxes: −$3,444
• − Insurance: −$2,750
• − Repairs & maintenance: −$4,365
• − Management: −$4,365
• − Depreciation: −$16,000
• Taxable loss: −$7,169
• Est. tax savings @ 24.0%: +$1,721
• After-tax cash flow: $4,021/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

+685.7% since first listed

32 events — show timeline

• 2026-06-16 Pending — RIS
• 2026-06-15 Relisted — RIS
• 2026-06-03 Pending — RIS
• 2026-05-25 Relisted — RIS
• 2026-05-15 Pending — RIS
• 2026-05-06 Listed $550,000 RIS
• 2026-04-24 Listing Removed — RIS
• 2025-07-28 Price Changed $510,000 RIS
• 2025-01-31 Price Changed $520,000 RIS
• 2025-01-28 Price Changed $525,000 RIS
• 2025-01-10 Listing Removed — RIS
• 2025-01-09 Price Changed $550,000 RIS
• 2025-01-09 Listed $500,000 RIS
• 2025-01-09 Listed $1,900 RIS
• 2024-01-02 Sold (MLS) $425,000 RIS
• 2023-10-31 Pending — RIS
• 2023-10-16 Contingent — RIS
• 2023-09-21 Listed $450,000 RIS
• 2020-04-30 Sold (MLS) $275,000 RIS
• 2020-04-15 Pending — RIS
• 2019-12-06 Listed $279,900 RIS
• 2019-09-20 Price Changed $249,900 RIS
• 2018-04-10 Sold (Public Records) $228,000 Public Records
• 2016-02-16 Sold (Public Records) $151,000 Public Records
• 2013-11-02 Listed — RIS
• 2013-09-27 Sold (Public Records) $60,800 Public Records
• 2013-09-27 Sold (MLS) $60,800 RIS
• 2006-09-01 Sold (Public Records) $240,000 Public Records
• 2006-08-31 Sold (MLS) $240,000 RIS
• 2006-07-31 Listing Removed — RIS
• 2006-01-14 Listed $269,999 RIS
• 2002-04-05 Sold (Public Records) $70,000 Public Records

Property tax history

-1.5%/yr

Latest (2025): $3,444 · -39.6% YoY. Source: county tax records.