15 Judith St · Providence, RI 02909

$574,999

7 bd · 3.0 ba · 2,375 sqft · MultiFamily public records · 5 Days on market

Built 1875 3,920 sqft lot $242/sqft · 36% above area Est $640k · 10% under

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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 +27.9/30.0
• ARV discount +12.1/15.0
• DSCR +9.9/10.0
• 1% rule +6.7/10.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 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

Welcome to 15 Judith Street a renovated, cash-flowing 3-unit brick investment property! This solid brick exterior building features three spacious units, including two 3-bed/1-bath apartments on the 1st and 2nd floors, and a vacant 1-bed/1-bath unit on the 3rd floor perfect for an owner-occupant or investor looking to place a new tenant at market rent! The basement is also finished and can be a 4th unit with buyer due diligence etc. The property underwent renovation in 2017, including: New roof, Updated plumbing and electrical, New heating systems, Replacement & windows! Inside, you'll find beautiful solid hardwood floors! The 1st and 2nd floor tenants are month-to-month occupants w

Key facts

• Updated electrical
• Finished basement
• Solid brick exterior

Tags

• BRICK INVESTMENT PROPERTY
• SOLID BRICK EXTERIOR
• FINISHED BASEMENT
• NEW ROOF
• UPDATED PLUMBING
• UPDATED ELECTRICAL

Property features AI

Finance

• Financial info: Tenants pay hot water
• HOA & community: Community amenities include golf, marina, public transportation access, highway access, and proximity to a hospital

Exterior

• Parking: No garage; 6 total parking spaces
• Utilities: Sewer connected; Water connected; Electric with circuit breakers and separate meters
• Home design: 4 total stories; Single building with 3 total units
• Construction: Brick and drywall construction; Concrete perimeter foundation
• Exterior features: Paved lot

Interior

• Kitchen: Oven; Range; Refrigerator
• Flooring: Ceramic tile; Hardwood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas baseboard heating
• Interior features: Bathtub; Stall shower; Tub/shower combination; Interior steps
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $588/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $575k).
• Cap rate 10.0% 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 (+3.7%/yr); 132 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,745/mo this rent would consume 125% 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 $17k 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 + 3.7% rent growth), your $161k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 14 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 $475k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1875 — 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 $574,999

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 1875 — 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: 1.17% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.15%
• DSCR: 1.59
• GRM: 7.1

CMA / ARV

• ARV (median comp): $639,701
• List price: $574,999
• Delta: -8.55%
• Verdict: FAIR
• Comps: 11 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $23,710
• Equity at exit: $85,734

10-year hold

• IRR: 13.9%
• Equity multiple: 2.14×
• Total profit: $184,086
• Equity at exit: $49,715

Cash invested: $161,000 (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: 21.3×

Monthly cashflow live

• Estimated rent: $6,745 high
• Mortgage (P&I): −$3,015
• Tax from tax record: −$309 /mo · $3,708/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,416
• Net cashflow: $1,765

Break-even live

Break-even rent $4,511

Max offer price $574,999

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$6,744
Total (3 units)			$6,745

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 42 events

1. 2026-05-14
   price $575,000 904-char remark
2. 2026-04-13
   price $585,000 904-char remark
3. 2026-03-23
   listed $599,999 Active 904-char remark
4. 2026-03-18
   historical
5. 2026-02-24
   price $619,000
6. 2026-02-13
   price $625,000
7. 2026-02-13
   price $629,000
8. 2026-01-31
   price $634,999
9. 2026-01-11
   listed $645,000 Active
10. 2024-04-29
    soldstatus $475,000
11. 2024-04-26
    soldstatus $575,000 Closed
12. 2024-03-09
    historical
13. 2024-03-08
    listed $575,000
14. 2024-02-13
    historical
15. 2024-01-30
    listed $575,000 Active
16. 2021-03-01
    soldstatus $359,900
17. 2021-02-26
    soldstatus $359,900 Sold
18. 2021-02-26
    soldstatus $359,900 Closed
19. 2021-01-26
    status Under Agreement
20. 2021-01-25
    status Pending
21. 2021-01-19
    listed $359,900 New
22. 2021-01-19
    listed $359,900 Active
23. 2017-06-08
    historical
24. 2017-05-24
    price $234,900
25. 2017-05-15
    price $244,900
26. 2017-05-15
    status Active
27. 2017-04-17
    historical Active - Under Contract
28. 2017-04-15
    listed $239,900 Active
29. 2016-12-02
    soldstatus $90,300 Sold
30. 2016-10-07
    status Pending
31. 2016-10-04
    historical Active - Under Contract
32. 2016-09-25
    listed $55,000 Active - New
33. 2011-06-27
    historical
34. 2011-06-15
    listed $59,900
35. 2006-06-19
    soldstatus $285,000
36. 2006-06-16
    soldstatus $285,000
37. 2006-06-01
    historical
38. 2005-10-08
    listed $289,900
39. 2003-07-30
    historical
40. 2002-06-13
    listed $169,000
41. 1997-03-05
    historical
42. 1996-09-08
    listed $86,900

ⓘ 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: $3,708 · $309/mo
• Projected year-2 tax: $6,540 · $545/mo
• Expected delta: +$2,832/yr (+$236/mo · 76.4%)

ⓘ 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 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: $80,940
• − Mortgage interest: −$32,209
• − Property taxes: −$3,708
• − Insurance: −$2,875
• − Repairs & maintenance: −$6,475
• − Management: −$6,475
• − Depreciation: −$16,727
• Taxable income: $12,470
• Est. tax owed @ 24.0%: −$2,993
• After-tax cash flow: $18,182/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

+561.7% since first listed

45 events — show timeline

• 2026-05-26 Pending — RIS
• 2026-05-21 Listing Removed — RIS
• 2026-05-21 Listed $574,999 RIS
• 2026-05-14 Price Changed $575,000 RIS
• 2026-04-13 Price Changed $585,000 RIS
• 2026-03-23 Listed $599,999 RIS
• 2026-03-18 Listing Removed — RIS
• 2026-02-24 Price Changed $619,000 RIS
• 2026-02-13 Price Changed $625,000 RIS
• 2026-02-13 Price Changed $629,000 RIS
• 2026-01-31 Price Changed $634,999 RIS
• 2026-01-11 Listed $645,000 RIS
• 2024-04-29 Sold (Public Records) $475,000 Public Records
• 2024-04-26 Sold (MLS) $575,000 RIS
• 2024-03-09 Listing Removed — RIS
• 2024-03-08 Listed $575,000 RIS
• 2024-02-13 Listing Removed — RIS
• 2024-01-30 Listed $575,000 RIS
• 2021-03-01 Sold (Public Records) $359,900 Public Records
• 2021-02-26 Sold (MLS) $359,900 RIS
• 2021-02-26 Sold (MLS) $359,900 MLS PIN
• 2021-01-26 Pending — MLS PIN
• 2021-01-25 Pending — RIS
• 2021-01-19 Listed $359,900 RIS
• 2021-01-19 Listed $359,900 MLS PIN
• 2017-06-08 Listing Removed — RIS
• 2017-05-24 Price Changed $234,900 RIS
• 2017-05-15 Price Changed $244,900 RIS
• 2017-05-15 Relisted — RIS
• 2017-04-17 Contingent — RIS
• 2017-04-15 Listed $239,900 RIS
• 2016-12-02 Sold (MLS) $90,300 RIS
• 2016-10-07 Pending — RIS
• 2016-10-04 Contingent — RIS
• 2016-09-25 Listed $55,000 RIS
• 2011-06-27 Listing Removed — RIS
• 2011-06-15 Listed $59,900 RIS
• 2006-06-19 Sold (Public Records) $285,000 Public Records
• 2006-06-16 Sold (MLS) $285,000 RIS
• 2006-06-01 Listing Removed — RIS
• 2005-10-08 Listed $289,900 RIS
• 2003-07-30 Listing Removed — RIS
• 2002-06-13 Listed $169,000 RIS
• 1997-03-05 Listing Removed — RIS
• 1996-09-08 Listed $86,900 RIS

Property tax history

-1.7%/yr

Latest (2025): $3,708 · -36.2% YoY. Source: county tax records.