110 Pilgrim Pkwy #11 · Warwick, RI 02888

$214,900

2 bd · 1.0 ba · 798 sqft · Condo public records · 17 Days on market

Built 1970 $269/sqft · 6% above area Est $203k · 6% over $330/mo HOA · 14% of rent

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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 +15.0/30.0
• 1% rule +5.7/10.0
• ARV discount +4.9/15.0
• DSCR +4.6/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SOLD BEFORE PRINT!

Key facts

• Private balcony
• Centrally located
• Updated kitchen

Tags

• UPDATED KITCHEN
• PRIVATE BALCONY
• ASSIGNED PARKING SPACES
• BEAUTIFULLY MAINTAINED GROUNDS
• CENTRALLY LOCATED

Property features AI

Finance

• Financial info: Pets allowed: cats and small dogs (under 25 lbs.)
• HOA & community: Monthly association fee of $330 covering grounds maintenance, parking, and snow removal; Community of 36 units; Community amenities include golf, highway access, nearby schools, public transportation, recreation area, restaurants, and shopping

Exterior

• Parking: Assigned parking (2 spaces), no garage
• Utilities: Sewer connected; Water connected; Electric with circuit breakers
• Home design: Pilgrim Court building; 3 stories; First-floor entry access; Entry level listed as 2
• Construction: Plaster, brick, and vinyl siding construction; Concrete perimeter foundation
• Exterior features: Sprinkler/irrigation system; Paved driveway

Interior

• Kitchen: Eat-in kitchen; Oven; Range; Refrigerator
• Bedrooms: Two bedrooms on the first floor
• Flooring: Laminate flooring; Carpet
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating (electric); Central air conditioning
• Interior features: Tub with shower
• Laundry & utility: Laundry in a common area; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $68 ($815/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $212k (1.5% below list) — sets the bar for market timing.
• Cap rate 6.7% vs local median 3.3% in Warwick — 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 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: amenities F.
• Warwick (urban): math 15% / reading 32% proficiency, ranked #25 of 39 in RI (top 64%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Holliman School (math 17% / reading 37%, grade F, #82 of 167 statewide, top 53%, 282 students, 36% FRL); Pilgrim High School (math 20% / reading 48%, grade F, #29 of 58 statewide, top 49%, 1,147 students, 32% FRL).
• Market conditions: 70 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y 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 $145k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 70% 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 $211,676 (1.5% below list)

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-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: 1.07% ✓
• Cap rate: 6.67%
• Cash-on-cash: 1.35%
• DSCR: 1.06
• GRM: 7.8

CMA / ARV

• ARV (median comp): $203,306
• List price: $214,900
• Delta: 5.70%
• Verdict: FAIR
• Comps: 19 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -14.0%
• Equity multiple: 0.50×
• Total profit: $-30,306
• Equity at exit: $32,042

10-year hold

• IRR: -5.1%
• Equity multiple: 0.67×
• Total profit: $-20,037
• Equity at exit: $18,581

Cash invested: $60,172 (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 02888

• Active inventory: 70
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,293 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$197 /mo · $2,363/yr
• Insurance: −$90
• HOA: −$330
• Vacancy / Maint / Mgmt: −$481
• Net cashflow: $68

Break-even live

Break-even rent $2,207

Max offer price $214,900

Occupancy floor 92%

Sensitivity live

Price	-10% $190	-5% $129	+0% $68	+5% $7	+10% $-54
Rent	-10% $-113	-5% $-23	+0% $68	+5% $158	+10% $249
Rate	-1.0pp $176	-0.5pp $123	base $68	+0.5pp $12	+1.0pp $-44

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
900 Post Rd Warwick, RI	2.0	1.5	990	$2,260	$2.28	6d	1	0.50mi
900 Post Rd Warwick, RI	1.0–2.0	1.0–1.5	815	$2,185	$2.68	3d	6	0.50mi
5 Shippen Ave Warwick, RI	2.0	1.0	1111	$2,500	$2.25	25d	1	0.52mi
0 W Shore Rd Warwick, RI	1.0	1.0	650	$1,550	$2.38	45d	1	0.82mi
135 Park View Ave Warwick, RI	2.0	1.0	912	$2,500	$2.74	3d	1	0.82mi
126 Washington St Unit 1 Warwick, RI	2.0	1.0	840	$2,000	$2.38	19d	1	1.03mi
200 Post Rd #416 Warwick, RI	2.0	1.0	932	$2,500	$2.68	3d	1	1.34mi
200 Post Rd Warwick, RI	1.0–2.0	1.0–1.5	1016	$2,500	$2.46	13d	2	1.34mi
175 Massachusetts Ave #103 Warwick, RI	2.0	1.0	1000	$2,000	$2.00	19d	1	1.36mi
175 Massachusetts Ave #103 Warwick, RI	2.0	1.0	1000	$2,400	$2.40	45d	1	1.36mi
400 Narragansett Pkwy Warwick, RI	2.0	1.0–1.5	776	$2,800	$3.61	25d	2	1.45mi
400 Narragansett Pkwy Unit EI2 Warwick, RI	2.0	1.5	1002	$2,800	$2.79	3d	1	1.46mi

HOA detail condo

• Monthly dues: $330 · $3,960/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 6 events

1. 2026-05-06
   listed $214,900 Active 593-char remark
2. 2004-10-08
   soldstatus $145,000
3. 2001-10-01
   soldstatus $60,000
4. 2001-07-30
   soldstatus $41,900 18-char remark

   Show marketing remark (18 chars)

   SOLD BEFORE PRINT!

5. 2001-03-26
   historical 18-char remark

   Show marketing remark (18 chars)

   SOLD BEFORE PRINT!

6. 2001-02-16
   listed $41,900 18-char remark

   Show marketing remark (18 chars)

   SOLD BEFORE PRINT!

ⓘ 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: $2,363 · $197/mo
• Projected year-2 tax: $2,933 · $244/mo
• Expected delta: +$570/yr (+$47/mo · 24.1%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,513
• − Mortgage interest: −$12,038
• − Property taxes: −$2,363
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,201
• − Management: −$2,201
• − HOA: −$3,960
• − Depreciation: −$6,252
• Taxable loss: −$2,576
• Est. tax savings @ 24.0%: +$618
• After-tax cash flow: $1,433/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: Warwick
• NCES district ID: 4401110
• Math proficiency: 15% ▼ -11.00%
• Reading proficiency: 32% ▼ -7.00%
• Median HH income: $63,420
• Composite: 22.03/100
• National rank: #8203
• State rank: #25 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warwick, RI
• City population: 108,434
• Population (ZIP): 18,951

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (81%)
• Race & ethnicity: White 81% Two or more races 7% Black 6% Hispanic / Latino 6% Asian 1%
• Hispanic origin (detail): Puerto Rican 2% Dominican 2%
• Common ancestry: Russian 10% Lithuanian 6% Romanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 3% Other Indo-European 2% French/Haitian/Cajun 2%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -570.87%
• Current HPI: 371.5696
• 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

+412.9% since first listed

7 events — show timeline

• 2026-05-23 Pending — RIS
• 2026-05-06 Listed $214,900 RIS
• 2004-10-08 Sold (Public Records) $145,000 Public Records
• 2001-10-01 Sold (Public Records) $60,000 Public Records
• 2001-07-30 Sold (MLS) $41,900 RIS
• 2001-03-26 Listing Removed — RIS
• 2001-02-16 Listed $41,900 RIS

Property tax history

+3.1%/yr

Latest (2025): $2,363 · +4.7% YoY. Source: county tax records.