246 Sackett St · Providence, RI 02907

$439,000

8 bd · 3.0 ba · 3,488 sqft · MultiFamily public records · 4 Days on market

Built 1920 5,000 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• 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: 3 units. confirmed

Listing remarks

Investors Only Sold As-Is. A rare opportunity you don't want to miss. This large, solid home is priced well below its assessed value and sits in a great location. Currently generating strong rental income. This property can be converted into a 3-family home, unlocking significant long-term value. Soaring ceilings, good condition throughout, a large front porch, and a peaceful fenced backyard. Fire alarm system. Cash or private lender preferred due to current use. Property is being sold strictly as-is seller is very motivated and open to all offers. Don't miss this one.

Key facts

• Fire alarm system
• 3-family home
• Large front porch

Tags

• GREAT LOCATION
• STRONG RENTAL INCOME
• 3-FAMILY HOME
• LARGE FRONT PORCH
• PEACEFUL FENCED BACKYARD
• FIRE ALARM SYSTEM

Property features AI

Finance

• Other: Property appears offered as a multi-family investment (3 units across 3 buildings)
• Financial info: Operating expenses reported at $84,000; Unit rents reported: $5,700; $1,500; $1,500
• HOA & community: No HOA information provided

Exterior

• Parking: No garage; Space for 4 vehicles (total)
• Security: No security details provided
• Utilities: Public water; Public sewer; Electric service: 100 amps
• Home design: Multi-unit property with 3 buildings; Total of 3 residential units
• Construction: Vinyl siding
• Exterior features: Lot approximately 0.1148 acres; Lot area approximately 5,000 sq ft; Above-grade finished area listed (2,488)

Interior

• Kitchen: No specific kitchen appliance list provided
• Bedrooms: Three-bedroom units (two units); Two-bedroom unit (one unit)
• Flooring: Plywood; Vinyl
• Bathrooms: Five full bathrooms total across the property; Unit breakdown: one unit with 1 full bath, one unit with 2 full baths, one unit with 2 full baths
• Heating & cooling: Gas heating
• Interior features: Plywood and vinyl flooring; Electric water heater
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.7-bath units multifamily listed at $439k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $891/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $439k).
• Cap rate 13.6% vs local median 4.2% 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 fast (+15.3%/yr); 61 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,987/mo this rent would consume 160% of the median local household income ($52k/yr) (locally 2189% 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 $3k of loan paydown is wiped out by about $13k 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 + 8.0% rent growth), your $123k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 8y 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 $130k; list at $439k implies a 238% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $439,000

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 1920 — 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. 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: 1.59% ✓
• Cap rate: 13.60%
• Cash-on-cash: 26.09%
• DSCR: 2.16
• GRM: 5.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 25.2%
• Equity multiple: 2.11×
• Total profit: $135,969
• Equity at exit: $65,456

10-year hold

• IRR: 35.8%
• Equity multiple: 5.11×
• Total profit: $505,570
• Equity at exit: $37,957

Cash invested: $122,920 (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 02907

• Home prices YoY: -20.1%
• Rents YoY: 15.3%
• Active inventory: 61
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $6,987 high
• Mortgage (P&I): −$2,302
• Tax from tax record: −$362 /mo · $4,350/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,467
• Net cashflow: $2,672

Break-even live

Break-even rent $3,605

Max offer price $439,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.7	$6,987
Total (3 units)			$6,987

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-05-08
   status Pending
2. 2026-05-06
   historical Active Under Contract
3. 2026-05-03
   listed $439,000 Active
4. 2025-12-19
   status Pending
5. 2025-12-19
   historical
6. 2025-12-17
   status Active
7. 2025-12-11
   status Pending
8. 2025-09-24
   price $479,000
9. 2025-08-04
   listed $495,000 Active
10. 2021-12-09
    historical
11. 2021-09-17
    price $345,500
12. 2021-09-10
    price $359,900
13. 2021-08-05
    listed $369,900 Active
14. 2018-04-27
    status Pending
15. 2018-04-27
    soldstatus $130,000 Sold
16. 2018-04-26
    soldstatus $130,000
17. 2018-03-08
    historical Under Contract: Soliciting Back-up Offers
18. 2018-02-22
    listed $149,900 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: $4,350 · $362/mo
• Projected year-2 tax: $5,753 · $479/mo
• Expected delta: +$1,403/yr (+$117/mo · 32.2%)

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

Taxation est. · year 1

• Rental income: $83,844
• − Mortgage interest: −$24,591
• − Property taxes: −$4,350
• − Insurance: −$2,195
• − Repairs & maintenance: −$6,708
• − Management: −$6,708
• − Depreciation: −$12,771
• Taxable income: $26,522
• Est. tax owed @ 24.0%: −$6,365
• After-tax cash flow: $25,700/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): 31,461
• Household income: $52,485
• Rent vs Own: 63.7% rent · 36.3% own
• Severe rent burden: 2189.0

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 Hispanic (70%)
• Race & ethnicity: Hispanic / Latino 70% Two or more races 26% Black 10% White 10% Asian 5% Native American 2%
• Hispanic origin (detail): Puerto Rican 7% Dominican 50%
• Common ancestry: Swiss 1% Lithuanian 1% Hispanic 1%
• Foreign-born: 55% · Canada, Jamaica, Philippines
• Languages at home: 25% English-only · Spanish 67% Other Asian/Pacific 3% French/Haitian/Cajun 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: ▼ -125.19%
• Current HPI: 498.142
• Rent YoY: ▲ 15.32%
• 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

+192.9% since first listed

18 events — show timeline

• 2026-05-08 Pending — RIS
• 2026-05-06 Contingent — RIS
• 2026-05-03 Listed $439,000 RIS
• 2025-12-19 Pending — RIS
• 2025-12-19 Listing Removed — RIS
• 2025-12-17 Relisted — RIS
• 2025-12-11 Pending — RIS
• 2025-09-24 Price Changed $479,000 RIS
• 2025-08-04 Listed $495,000 RIS
• 2021-12-09 Listing Removed — RIS
• 2021-09-17 Price Changed $345,500 RIS
• 2021-09-10 Price Changed $359,900 RIS
• 2021-08-05 Listed $369,900 RIS
• 2018-04-27 Pending — RIS
• 2018-04-27 Sold (MLS) $130,000 RIS
• 2018-04-26 Sold (Public Records) $130,000 Public Records
• 2018-03-08 Contingent — RIS
• 2018-02-22 Listed $149,900 RIS

Property tax history

-0.2%/yr

Latest (2025): $4,350 · -27.0% YoY. Source: county tax records.