190 Pinnery Ave · Warwick, RI 02886

$319,000

3 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 53 Days on market

Built 1945 6,970 sqft lot $266/sqft · 17% below area Est $384k · 17% under

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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).

• ARV discount +15.0/15.0
• Cash flow +11.2/30.0
• Livability +3.9/5.0
• DSCR +3.3/10.0
• 1% rule +3.0/10.0
• 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

Perfect for investors!! Welcome to this charming home in Warwick, set in a quiet, established neighborhood. This 3-bedroom, 1-bath residence offers a comfortable layout with great natural flow, perfect for anyone looking to make a space their own. The spacious kitchen features granite countertops and plenty of room for cooking and gathering, while hardwood floors in the living and dining areas add warmth and character. Step outside to an oversized backyard with endless possibilities for entertaining, gardening, or future expansion. With strong bones and a desirable location close to local amenities, this home is full of potential, an excellent opportunity to add value and make it truly your own. Being sold as-is.

Key facts

• Spacious kitchen
• Desirable location
• Granite countertops

Tags

• SPACIOUS KITCHEN
• GRANITE COUNTERTOPS
• HARDWOOD FLOORS
• OVERSIZED BACKYARD
• DESIRABLE LOCATION

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $319k.

Deal economics

• At list price, monthly cash flow is $-125 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $297k (6.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $255k (20.0% below list).
• Recommended offer: $255k (20.0% below list) — sets the bar for 1% rule.
• Cap rate 5.8% 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: Lippitt School (math 12% / reading 27%, grade F, #112 of 167 statewide, top 69%, 247 students, 42% FRL) — zoned schools average 42% FRL vs 26% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 120 active listings in the ZIP; 3 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 $2k of loan paydown is wiped out by about $10k 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 53 days — a 3% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; list at $319k implies a 68% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 77% 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 $255,182 (20.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
3. Built in 1945 — 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 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 5.82%
• Cash-on-cash: -1.68%
• DSCR: 0.93
• GRM: 10.4

CMA / ARV

• ARV (median comp): $384,024
• List price: $319,000
• Delta: -16.93%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
190 Pinnery Ave	0.00mi	3/1.0	1,200 (0%)	0mo	$329,000	$274	100
137 Strawberry Field Rd	0.11mi	3/1.0	1,151 (-4%)	7mo	$372,000	$323	82
150 Bartlett Dr	0.24mi	2/1.0 (-1)	1,248 (+4%)	7mo	$300,000	$240	71
121 Hamilton Ave	0.06mi	3/1.0	1,358 (+13%)	5mo	$385,000	$284	71
38 Parade Rd	0.34mi	2/1.0 (-1)	1,224 (+2%)	6mo	$365,000	$298	71
65 Almy St	0.24mi	3/1.0	1,080 (-10%)	4mo	$390,000	$361	69
68 Everglade Ave	0.54mi	2/1.0 (-1)	1,208 (+1%)	9mo	$425,000	$352	62
130 Brentwood Ave	0.61mi	3/1.0	1,080 (-10%)	1mo	$361,000	$334	54
40 Buttonwoods Ave	0.66mi	3/1.0	1,296 (+8%)	7mo	$400,000	$309	50
77 Adrian St	0.62mi	3/1.0	1,052 (-12%)	7mo	$387,500	$368	44
77 Walker Rd	0.64mi	3/1.0	1,362 (+14%)	8mo	$435,000	$319	41
185 Brentwood Ave	0.69mi	3/1.5	1,348 (+12%)	7mo	$425,000	$315	40

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -19.1%
• Equity multiple: 0.33×
• Total profit: $-59,655
• Equity at exit: $47,564

10-year hold

• IRR: -11.7%
• Equity multiple: 0.30×
• Total profit: $-62,201
• Equity at exit: $27,581

Cash invested: $89,320 (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 02886

• Active inventory: 120
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $2,552 medium
• Mortgage (P&I): −$1,673
• Tax from tax record: −$335 /mo · $4,022/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$536
• Net cashflow: $-125

Break-even live

Break-even rent $2,710

Max offer price $296,915

Occupancy floor 100%

Sensitivity live

Price	-10% $56	-5% $-35	+0% $-125	+5% $-215	+10% $-306
Rent	-10% $-327	-5% $-226	+0% $-125	+5% $-24	+10% $77
Rate	-1.0pp $36	-0.5pp $-44	base $-125	+0.5pp $-208	+1.0pp $-292

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Moccasin Dr Warwick, RI	2.0	1.0	930	$2,350	$2.53	18d	1	0.40mi
168 Main Ave Warwick, RI	2.0	1.0	800	$2,500	$3.12	18d	1	0.60mi
191 Shand Ave Warwick, RI	2.0	1.0	900	$3,000	$3.33	22d	1	0.75mi

Listing history 23 events

1. 2026-06-02
   status $319,000 Pending 53 DOM
2. 2026-06-01
   days on market $319,000 Active Under Contract 53 DOM
3. 2026-05-31
   days on market $319,000 Active Under Contract 52 DOM
4. 2026-05-11
   historical Active Under Contract 725-char remark

   Show marketing remark (725 chars)

   Perfect for investors!! Welcome to this charming home in Warwick, set in a quiet, established neighborhood. This 3-bedroom, 1-bath residence offers a comfortable layout with great natural flow, perfect for anyone looking to make a space their own. The spacious kitchen features granite countertops and plenty of room for cooking and gathering, while hardwood floors in the living and dining areas add warmth and character. Step outside to an oversized backyard with endless possibilities for entertaining, gardening, or future expansion. With strong bones and a desirable location close to local amenities, this home is full of potential, an excellent opportunity to add value and make it truly your own. Being sold as-is.

5. 2026-05-04
   price $319,000 725-char remark

   Show marketing remark (725 chars)

   Perfect for investors!! Welcome to this charming home in Warwick, set in a quiet, established neighborhood. This 3-bedroom, 1-bath residence offers a comfortable layout with great natural flow, perfect for anyone looking to make a space their own. The spacious kitchen features granite countertops and plenty of room for cooking and gathering, while hardwood floors in the living and dining areas add warmth and character. Step outside to an oversized backyard with endless possibilities for entertaining, gardening, or future expansion. With strong bones and a desirable location close to local amenities, this home is full of potential, an excellent opportunity to add value and make it truly your own. Being sold as-is.

6. 2026-04-27
   status Active 725-char remark

   Show marketing remark (725 chars)

   Perfect for investors!! Welcome to this charming home in Warwick, set in a quiet, established neighborhood. This 3-bedroom, 1-bath residence offers a comfortable layout with great natural flow, perfect for anyone looking to make a space their own. The spacious kitchen features granite countertops and plenty of room for cooking and gathering, while hardwood floors in the living and dining areas add warmth and character. Step outside to an oversized backyard with endless possibilities for entertaining, gardening, or future expansion. With strong bones and a desirable location close to local amenities, this home is full of potential, an excellent opportunity to add value and make it truly your own. Being sold as-is.

7. 2026-04-21
   historical Active Under Contract 725-char remark

   Show marketing remark (725 chars)

   Perfect for investors!! Welcome to this charming home in Warwick, set in a quiet, established neighborhood. This 3-bedroom, 1-bath residence offers a comfortable layout with great natural flow, perfect for anyone looking to make a space their own. The spacious kitchen features granite countertops and plenty of room for cooking and gathering, while hardwood floors in the living and dining areas add warmth and character. Step outside to an oversized backyard with endless possibilities for entertaining, gardening, or future expansion. With strong bones and a desirable location close to local amenities, this home is full of potential, an excellent opportunity to add value and make it truly your own. Being sold as-is.

8. 2026-04-09
   listed $349,000 Active 725-char remark

   Show marketing remark (725 chars)

   Perfect for investors!! Welcome to this charming home in Warwick, set in a quiet, established neighborhood. This 3-bedroom, 1-bath residence offers a comfortable layout with great natural flow, perfect for anyone looking to make a space their own. The spacious kitchen features granite countertops and plenty of room for cooking and gathering, while hardwood floors in the living and dining areas add warmth and character. Step outside to an oversized backyard with endless possibilities for entertaining, gardening, or future expansion. With strong bones and a desirable location close to local amenities, this home is full of potential, an excellent opportunity to add value and make it truly your own. Being sold as-is.

9. 2018-11-20
   soldstatus $190,000 Sold 105-char remark

   Show marketing remark (105 chars)

   3 BEDROOM 1 BATH HOME IN QUIET NEIGHBORHOOD. NEW GAS HEATING AND HOT WATER TANK. FRESHLY PAINTED/GRANITE.

10. 2018-09-20
    status Pending 105-char remark

    Show marketing remark (105 chars)

    3 BEDROOM 1 BATH HOME IN QUIET NEIGHBORHOOD. NEW GAS HEATING AND HOT WATER TANK. FRESHLY PAINTED/GRANITE.

11. 2018-09-06
    price $195,900 105-char remark

    Show marketing remark (105 chars)

    3 BEDROOM 1 BATH HOME IN QUIET NEIGHBORHOOD. NEW GAS HEATING AND HOT WATER TANK. FRESHLY PAINTED/GRANITE.

12. 2018-08-22
    price $197,900 105-char remark

    Show marketing remark (105 chars)

    3 BEDROOM 1 BATH HOME IN QUIET NEIGHBORHOOD. NEW GAS HEATING AND HOT WATER TANK. FRESHLY PAINTED/GRANITE.

13. 2018-07-19
    status Active 105-char remark

    Show marketing remark (105 chars)

    3 BEDROOM 1 BATH HOME IN QUIET NEIGHBORHOOD. NEW GAS HEATING AND HOT WATER TANK. FRESHLY PAINTED/GRANITE.

14. 2018-07-10
    status Pending 105-char remark

    Show marketing remark (105 chars)

    3 BEDROOM 1 BATH HOME IN QUIET NEIGHBORHOOD. NEW GAS HEATING AND HOT WATER TANK. FRESHLY PAINTED/GRANITE.

15. 2018-06-30
    listed $199,900 Active 105-char remark

    Show marketing remark (105 chars)

    3 BEDROOM 1 BATH HOME IN QUIET NEIGHBORHOOD. NEW GAS HEATING AND HOT WATER TANK. FRESHLY PAINTED/GRANITE.

16. 2018-06-29
    historical
17. 2018-06-13
    price $204,900
18. 2018-05-21
    listed $209,900 Active
19. 2018-04-20
    soldstatus $125,000 Sold
20. 2018-02-07
    status Pending
21. 2018-02-07
    historical Under Contract: REO Offer Accepted
22. 2018-01-13
    listed $135,900 Active
23. 2001-08-28
    soldstatus $86,000

ⓘ 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: $4,022 · $335/mo
• Projected year-2 tax: $4,611 · $384/mo
• Expected delta: +$589/yr (+$49/mo · 14.6%)

ⓘ 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 ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% 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: $30,622
• − Mortgage interest: −$17,869
• − Property taxes: −$4,022
• − Insurance: −$1,595
• − Repairs & maintenance: −$2,450
• − Management: −$2,450
• − Depreciation: −$9,280
• Taxable loss: −$7,044
• Est. tax savings @ 24.0%: +$1,690
• After-tax cash flow: $190/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): 30,925

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 (85%)
• Race & ethnicity: White 85% Two or more races 6% Hispanic / Latino 5% Asian 4% Black 2%
• Common ancestry: Lithuanian 8% Russian 7% Romanian 3%
• Foreign-born: 7% · Canada
• Languages at home: 91% English-only · Spanish 2% Other Asian/Pacific 2% Other Indo-European 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: ▼ -425.54%
• Current HPI: 350.8111
• 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

+270.9% since first listed

20 events — show timeline

• 2026-05-11 Contingent — RIS
• 2026-05-04 Price Changed $319,000 RIS
• 2026-04-27 Relisted — RIS
• 2026-04-21 Contingent — RIS
• 2026-04-09 Listed $349,000 RIS
• 2018-11-20 Sold (MLS) $190,000 RIS
• 2018-09-20 Pending — RIS
• 2018-09-06 Price Changed $195,900 RIS
• 2018-08-22 Price Changed $197,900 RIS
• 2018-07-19 Relisted — RIS
• 2018-07-10 Pending — RIS
• 2018-06-30 Listed $199,900 RIS
• 2018-06-29 Listing Removed — RIS
• 2018-06-13 Price Changed $204,900 RIS
• 2018-05-21 Listed $209,900 RIS
• 2018-04-20 Sold (MLS) $125,000 RIS
• 2018-02-07 Pending — RIS
• 2018-02-07 Contingent — RIS
• 2018-01-13 Listed $135,900 RIS
• 2001-08-28 Sold (Public Records) $86,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $4,022 · +5.4% YoY. Source: county tax records.