49 51 Wealth Ave · Providence, RI 02908

$689,900

6 bd · 3.0 ba · 2,920 sqft · MultiFamily public records · 47 Days on market

Built 1910 3,485 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
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 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

Renovated 3-family property near Federal Hill, the WaterFire Arts Center, and minutes from major highways, offering 5 total bedrooms across three spacious units. The first and second floors feature double parlors, well-appointed kitchens with scullery space, and abundant natural light. The third-floor 1-bedroom unit provides a tranquil oasis with a Japanese soaking tub and 12-inch walk-in rain shower. New Navien heating system on first floor unit. Lead certificates valid for all 3 units.

Key facts

• Japanese soaking tub
• Renovated property
• Double parlors

Tags

• RENOVATED PROPERTY
• DOUBLE PARLORS
• WELL-APPOINTED KITCHENS
• SCULLERY SPACE
• ABUNDANT NATURAL LIGHT
• JAPANESE SOAKING TUB

Property features AI

Finance

• Financial info: Three-unit multifamily property (investor interest)
• HOA & community: Community amenities nearby: golf, highway access, near hospital, public transportation, shopping, sidewalks

Exterior

• Parking: No garage; Eight total off-street parking spaces
• Utilities: Sewer connected; Public water connected; Circuit breaker electric
• Home design: Three-story building; Single building containing three units; Above-grade finished area approximately 4,088
• Construction: Combination foundation
• Exterior features: Porch; Paved driveway; Fenced yard

Interior

• Kitchen: Dishwasher; Oven; Range; Microwave; Refrigerator; Electric and gas water heaters
• Bedrooms: Three rental units: one 1-bedroom unit and two 2-bedroom units
• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Heating present: baseboard, gas, and steam
• Interior features: Bathtub; Stall shower; Tub/shower combination; Full unfinished basement with interior entry
• Laundry & utility: Common area laundry; Washer; Dryer; Water heater(s) included

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $690k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $993/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $690k).
• Recommended offer: $669k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.5% 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 (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $9,118/mo this rent would consume 150% of the median local household income ($73k/yr) (locally 1561% 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 $5k of loan paydown is wiped out by about $21k 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 + 5.5% rent growth), your $193k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($669k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 30y 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 $240k; list at $690k implies a 187% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% 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 $669,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.32% ✓
• Cap rate: 11.48%
• Cash-on-cash: 18.51%
• DSCR: 1.82
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 12.8%
• Equity multiple: 1.52×
• Total profit: $100,899
• Equity at exit: $102,866

10-year hold

• IRR: 23.4%
• Equity multiple: 3.23×
• Total profit: $431,207
• Equity at exit: $59,650

Cash invested: $193,172 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $9,118 medium
• Mortgage (P&I): −$3,618
• Tax from tax record: −$318 /mo · $3,820/yr
• Insurance: −$287
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,915
• Net cashflow: $2,980

Break-even live

Break-even rent $5,346

Max offer price $689,900

Occupancy floor 62%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$9,117
Total (3 units)			$9,118

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: $172,475
• Closing costs: $20,697
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-04-23
   historical Active Under Contract
2. 2026-04-10
   listed $689,900 Active
3. 2026-01-14
   historical
4. 2025-12-23
   historical Active Under Contract
5. 2025-12-12
   listed $699,999 Active
6. 2023-04-24
   soldstatus $240,000
7. 2016-11-08
   price $144,900
8. 2016-11-08
   price $169,900
9. 2008-08-21
   soldstatus $105,000
10. 2008-05-02
    historical
11. 2008-03-24
    listed $134,900
12. 2008-03-20
    historical
13. 2007-11-13
    listed $154,900
14. 2007-10-10
    historical
15. 2007-06-25
    listed $179,900
16. 2005-12-30
    historical
17. 2005-07-01
    listed $332,900
18. 2003-12-30
    soldstatus $190,000
19. 2001-07-23
    soldstatus $96,000
20. 2001-02-28
    soldstatus $74,000
21. 2001-01-26
    historical
22. 2001-01-24
    listed $79,900
23. 1996-10-15
    soldstatus $73,000
24. 1996-04-12
    listed $78,850

ⓘ 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: $3,820 · $318/mo
• Projected year-2 tax: $7,533 · $628/mo
• Expected delta: +$3,713/yr (+$309/mo · 97.2%)

ⓘ 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 6/10 Major 7 d/yr ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $109,416
• − Mortgage interest: −$38,645
• − Property taxes: −$3,820
• − Insurance: −$3,450
• − Repairs & maintenance: −$8,753
• − Management: −$8,753
• − Depreciation: −$20,070
• Taxable income: $25,925
• Est. tax owed @ 24.0%: −$6,222
• After-tax cash flow: $29,532/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+775.0% since first listed

24 events — show timeline

• 2026-04-23 Contingent — RIS
• 2026-04-10 Listed $689,900 RIS
• 2026-01-14 Listing Removed — RIS
• 2025-12-23 Contingent — RIS
• 2025-12-12 Listed $699,999 RIS
• 2023-04-24 Sold (Public Records) $240,000 Public Records
• 2016-11-08 Price Changed $169,900 RIS
• 2016-11-08 Price Changed $144,900 RIS
• 2008-08-21 Sold (MLS) $105,000 RIS
• 2008-05-02 Listing Removed — RIS
• 2008-03-24 Listed $134,900 RIS
• 2008-03-20 Listing Removed — RIS
• 2007-11-13 Listed $154,900 RIS
• 2007-10-10 Listing Removed — RIS
• 2007-06-25 Listed $179,900 RIS
• 2005-12-30 Listing Removed — RIS
• 2005-07-01 Listed $332,900 RIS
• 2003-12-30 Sold (Public Records) $190,000 Public Records
• 2001-07-23 Sold (Public Records) $96,000 Public Records
• 2001-02-28 Sold (MLS) $74,000 RIS
• 2001-01-26 Listing Removed — RIS
• 2001-01-24 Listed $79,900 RIS
• 1996-10-15 Sold (MLS) $73,000 RIS
• 1996-04-12 Listed $78,850 RIS

Property tax history

-0.8%/yr

Latest (2025): $3,820 · -36.0% YoY. Source: county tax records.