26 Kelly Ln · Cranston, RI 02816

$199,000

2 bd · 3.0 ba · 1,344 sqft · Manufactured public records · 29 Days on market

Built 2000 Est $227k · 12% 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 +25.5/30.0
• ARV discount +13.1/15.0
• DSCR +8.5/10.0
• 1% rule +6.5/10.0
• Livability +4.4/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome home to this "EXCELLENT" well-maintained modular Ranch. This home boasts an inviting open layout plus offers comfort, convenience to anyone seeking single-level living. Featuring a Master suite, spacious bedroom and a nice office/den, 2 full bathrooms, Vaulted ceilings throughout, granite counters and connected to all utilities! Step outside to enjoy the "HUGE" rear deck that is set-up for a hot-tub and ideal for relaxing, grilling, or hosting gatherings. Large shed, paved driveway and more! Placed in a quiet area with easy access to local amenities. this home is Perfect for downsizing. Don't miss this opportunity!

Key facts

• Master suite
• Hot-tub setup
• Paved driveway

Tags

• OPEN LAYOUT
• MASTER SUITE
• REAR DECK
• HOT-TUB SETUP
• LARGE SHED
• PAVED DRIVEWAY

Property features AI

Finance

• Financial info: Property has a land lease
• HOA & community: Community amenities include pool, tennis courts, recreation area, nearby shopping and restaurants, public transportation, highway access, and proximity to schools

Exterior

• Parking: No garage; Parking for 5 vehicles
• Utilities: Sewer connected; Water connected; 100 amp electrical service
• Home design: Single-story home; Vinyl siding; Drywall interior; Slab foundation
• Construction: Vinyl siding; Drywall; Slab foundation
• Exterior features: Deck; Outbuilding; Wooded lot

Interior

• Kitchen: Oven; Range; Range hood; Dishwasher; Refrigerator
• Bedrooms: Total rooms: 5
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (gas); Central air conditioning
• Interior features: Cathedral and vaulted ceilings; High ceilings; Skylights; Tub with shower; Cable TV; Storm doors; Thermal windows
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/3.0-bath manufactured listed at $199k.

Deal economics

• At list price, monthly cash flow is $466 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $196k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.2% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Coventry (suburban): math 25% / reading 41% proficiency, ranked #19 of 39 in RI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Alan Shawn Feinstein Ms of Cov (math 18% / reading 31%, grade F, #28 of 57 statewide, top 48%, 974 students, 29% FRL).
• Market conditions: 177 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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 29 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 5 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 $82k; list at $199k implies a 143% gain — meaningful room to come down on a strong offer.

Recommended offer $196,015 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.15% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.04%
• DSCR: 1.45
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $227,136
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Liena Rose Way	0.18mi	3/2.0 (+1)	1,448 (+8%)	22mo	$245,000	$169	51

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: -1.2%
• Equity multiple: 0.95×
• Total profit: $-2,549
• Equity at exit: $29,672

10-year hold

• IRR: 8.5%
• Equity multiple: 1.65×
• Total profit: $36,056
• Equity at exit: $17,206

Cash invested: $55,720 (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 02816

• Active inventory: 177
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,285 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$213 /mo · $2,555/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$480
• Net cashflow: $466

Break-even live

Break-even rent $1,695

Max offer price $199,000

Occupancy floor 75%

Sensitivity live

Price	-10% $579	-5% $522	+0% $466	+5% $410	+10% $353
Rent	-10% $286	-5% $376	+0% $466	+5% $556	+10% $647
Rate	-1.0pp $566	-0.5pp $517	base $466	+0.5pp $415	+1.0pp $362

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Whitman St Coventry, RI	3.0	1.0	1200	$2,850	$2.38	3d	1	1.24mi

Listing history 21 events

1. 2026-06-13
   statusdays on market $199,000 Pending 29 DOM
2. 2026-06-09
   days on market $199,000 Active Under Contract 28 DOM
3. 2026-06-08
   days on market $199,000 Active Under Contract 27 DOM
4. 2026-06-07
   days on market $199,000 Active Under Contract 26 DOM
5. 2026-06-03
   days on market $199,000 Active Under Contract 22 DOM
6. 2026-06-02
   days on market $199,000 Active Under Contract 21 DOM
7. 2026-06-01
   days on market $199,000 Active Under Contract 20 DOM
8. 2026-05-31
   days on market $199,000 Active Under Contract 19 DOM
9. 2026-05-22
   historical Active Under Contract
10. 2026-05-10
    listed $199,000 Active
11. 2026-04-29
    historical
12. 2025-12-09
    listed $239,977 Active
13. 2016-11-08
    price $159,500
14. 2016-11-08
    price $154,900
15. 2006-09-29
    historical
16. 2006-07-25
    listed $159,900
17. 2006-07-12
    historical
18. 2006-04-13
    listed $164,900
19. 2001-05-30
    soldstatus $82,000
20. 2001-04-05
    historical
21. 2001-02-28
    listed $88,000

ⓘ 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: $2,555 · $213/mo
• Projected year-2 tax: $2,899 · $242/mo
• Expected delta: +$344/yr (+$29/mo · 13.5%)

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

Taxation est. · year 1

• Rental income: $27,425
• − Mortgage interest: −$11,147
• − Property taxes: −$2,555
• − Insurance: −$995
• − Repairs & maintenance: −$2,194
• − Management: −$2,194
• − Depreciation: −$5,789
• Taxable income: $2,551
• Est. tax owed @ 24.0%: −$612
• After-tax cash flow: $4,981/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: Coventry
• NCES district ID: 4400210
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $66,277
• Composite: 30.18/100
• National rank: #6317
• State rank: #19 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 90,904 people
• City population: 72,803
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 33,298
• Household income: $101,431
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 667.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 13% Russian 8% Romanian 4%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 1%

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: ▼ -362.74%
• Current HPI: 336.2662
• Rent YoY: —
• 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

+126.1% since first listed

13 events — show timeline

• 2026-05-22 Contingent — RIS
• 2026-05-10 Listed $199,000 RIS
• 2026-04-29 Listing Removed — RIS
• 2025-12-09 Listed $239,977 RIS
• 2016-11-08 Price Changed $154,900 RIS
• 2016-11-08 Price Changed $159,500 RIS
• 2006-09-29 Listing Removed — RIS
• 2006-07-25 Listed $159,900 RIS
• 2006-07-12 Listing Removed — RIS
• 2006-04-13 Listed $164,900 RIS
• 2001-05-30 Sold (MLS) $82,000 RIS
• 2001-04-05 Listing Removed — RIS
• 2001-02-28 Listed $88,000 RIS

Property tax history

+2.6%/yr

Latest (2025): $2,555 · -3.4% YoY. Source: county tax records.