38 Lawrence St · Pawtucket, RI 02860

$715,000

6 bd · 4.0 ba · 3,584 sqft · MultiFamily public records · 10 Days on market

Built 1910 9,000 sqft lot Est $656k · 9% over

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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 +20.2/30.0
• DSCR +6.4/10.0
• 1% rule +4.9/10.0
• Livability +3.6/5.0
• ARV discount +3.4/15.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Schools +1.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Renovated 4 family house in a corner lot with about 10,000 sqft. The property features 3 huge commercial garages with 8x9 garage doors, ideal for someone who has a construction, mechanical or storage business etc. .. The garage has separate heating system and electric meter. 1st floor features 2 apartments with 1 bed, and a bathroom each . The 2nd floor it's completely renovated with 3 bedroom, a nice bathroom, glamorous hardwood floor, brand new appliances, and windows. The 3rd floor is a very spacious apartment with 1 bedroom, a bathroom, with a large living room with high ceiling. The house features updated plumbing, electric, and brand new water tank. The roof is 8 years old. Tenants pay their own utilities. Huge backyard with a spacious driveway for 5+ cars. Close to highways, train station, groceries stores, coffee shops and banks

Key facts

• Air conditioning
• Gas heating system
• Updated bathrooms

Tags

• CORNER LOT
• DETACHED THREE CAR GARAGE
• UPDATED KITCHENS
• UPDATED BATHROOMS
• GAS HEATING SYSTEM
• AIR CONDITIONING

Property features AI

Finance

• Other: Property configured as a 4-unit building (single building); Above-grade finished area reported
• Financial info: Tenant responsible for hot water
• HOA & community: Community offers highway access, nearby schools, public transportation, and shopping

Exterior

• Parking: Detached garage; Three covered spaces (garage); Total of 9 parking spaces
• Utilities: Public water (connected); Public sewer (connected); Electric with circuit breakers and separate meters; Sewer connected; Water connected
• Home design: Three-story building; Vinyl siding; Brick/mortar, combination, and concrete perimeter foundation
• Construction: Built with vinyl siding; Brick/mortar, combination, and concrete perimeter foundation
• Exterior features: Paved driveway; Fenced yard; Corner lot

Interior

• Flooring: Ceramic tile; Hardwood; Laminate
• Bathrooms: Four full bathrooms
• Heating & cooling: Central air conditioning; Heating via baseboard, forced air, gas, and hot water
• Interior features: Ceramic tile, hardwood, and laminate flooring; Full unfinished basement with interior and exterior entry
• Laundry & utility: Common area laundry; Gas water heater and water heater

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 2×1bd/1ba + 1×3bd/1ba units multifamily listed at $715k.

Deal economics

• At list price, monthly cash flow is $903 ($11k/yr) — positive. Per door: $226/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $710k (0.7% below list).
• Recommended offer: $710k (0.7% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 3.8% in Pawtucket — 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 71/100 on livability (#16 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living B+; Watch: employment C-, schools D, amenities F.
• Pawtucket (suburban): math 7% / reading 19% proficiency, ranked #33 of 39 in RI (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.5%/yr); 123 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,099/mo this rent would consume 138% of the median local household income ($62k/yr) (locally 2528% 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.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 24y 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 $350k; list at $715k implies a 104% 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 $709,900 (0.7% below list)

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 1910 — 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 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: 0.99% ✗
• Cap rate: 7.81%
• Cash-on-cash: 5.41%
• DSCR: 1.24
• GRM: 8.4

CMA / ARV

• ARV (on-the-fly): $655,872
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
35 Laurel St	0.13mi	6/3.0	3,312 (-8%)	2mo	$624,000	$188	76
54 Sabin St	0.24mi	6/4.0	3,278 (-8%)	3mo	$600,000	$183	72
208 Sabin St	0.42mi	6/3.0	3,744 (+4%)	0mo	$700,000	$187	69
97 Greene St	0.17mi	7/3.0 (+1)	3,399 (-5%)	8mo	$695,000	$204	68
14 16 Greene St	0.06mi	7/3.0 (+1)	3,343 (-7%)	11mo	$700,000	$209	68
25 Burke St	0.68mi	6/2.0	3,684 (+3%)	3mo	$615,000	$167	54
66 Japonica St	0.37mi	6/3.0	4,026 (+12%)	7mo	$437,000	$109	52
982 984 York Ave	0.70mi	6/4.0	3,206 (-10%)	2mo	$750,000	$234	48
15 John St	0.56mi	7/3.0 (+1)	3,852 (+8%)	10mo	$365,000	$95	44
87 Columbine Ave	0.73mi	6/2.0	3,756 (+5%)	9mo	$480,000	$128	42
118 John St	0.70mi	6/2.0	3,825 (+7%)	8mo	$585,000	$153	42
27 Mccabe Ave	0.73mi	5/3.0 (-1)	3,774 (+5%)	9mo	$591,000	$157	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 · 3.47% rent growth · sell at horizon

5-year hold

• IRR: -7.4%
• Equity multiple: 0.73×
• Total profit: $-55,039
• Equity at exit: $106,609

10-year hold

• IRR: 2.7%
• Equity multiple: 1.20×
• Total profit: $39,915
• Equity at exit: $61,820

Cash invested: $200,200 (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 02860

• Rents YoY: 3.5%
• Active inventory: 123
• Price-to-rent: 32.9×

Monthly cashflow live

• Estimated rent: $7,099 high
• Mortgage (P&I): −$3,750
• Tax from tax record: −$658 /mo · $7,898/yr
• Insurance: −$298
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,491
• Net cashflow: $903

Break-even live

Break-even rent $5,956

Max offer price $715,000

Occupancy floor 82%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,809
▸ 2× units	1	1	$3,282
1× unit	3	1	$2,009
Total (4 units)			$7,099

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: $178,750
• Closing costs: $21,450
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-05-31
   status $715,000 Pending 10 DOM
2. 2026-05-20
   listed $715,000 Active
3. 2019-09-19
   status Pending
4. 2018-12-17
   soldstatus $350,000 Sold 852-char remark

   Show marketing remark (852 chars)

   Renovated 4 family house in a corner lot with about 10,000 sqft. The property features 3 huge commercial garages with 8x9 garage doors, ideal for someone who has a construction, mechanical or storage business etc. .. The garage has separate heating system and electric meter. 1st floor features 2 apartments with 1 bed, and a bathroom each . The 2nd floor it's completely renovated with 3 bedroom, a nice bathroom, glamorous hardwood floor, brand new appliances, and windows. The 3rd floor is a very spacious apartment with 1 bedroom, a bathroom, with a large living room with high ceiling. The house features updated plumbing, electric, and brand new water tank. The roof is 8 years old. Tenants pay their own utilities. Huge backyard with a spacious driveway for 5+ cars. Close to highways, train station, groceries stores, coffee shops and banks

5. 2018-11-30
   soldstatus $350,000 Sold
6. 2018-11-30
   soldstatus $350,000
7. 2018-10-26
   status Under Agreement

   Show marketing remark (852 chars)

   Renovated 4 family house in a corner lot with about 10,000 sqft. The property features 3 huge commercial garages with 8x9 garage doors, ideal for someone who has a construction, mechanical or storage business etc. .. The garage has separate heating system and electric meter. 1st floor features 2 apartments with 1 bed, and a bathroom each . The 2nd floor it's completely renovated with 3 bedroom, a nice bathroom, glamorous hardwood floor, brand new appliances, and windows. The 3rd floor is a very spacious apartment with 1 bedroom, a bathroom, with a large living room with high ceiling. The house features updated plumbing, electric, and brand new water tank. The roof is 8 years old. Tenants pay their own utilities. Huge backyard with a spacious driveway for 5+ cars. Close to highways, train station, groceries stores, coffee shops and banks

8. 2018-10-26
   status Pending 852-char remark

   Show marketing remark (852 chars)

   Renovated 4 family house in a corner lot with about 10,000 sqft. The property features 3 huge commercial garages with 8x9 garage doors, ideal for someone who has a construction, mechanical or storage business etc. .. The garage has separate heating system and electric meter. 1st floor features 2 apartments with 1 bed, and a bathroom each . The 2nd floor it's completely renovated with 3 bedroom, a nice bathroom, glamorous hardwood floor, brand new appliances, and windows. The 3rd floor is a very spacious apartment with 1 bedroom, a bathroom, with a large living room with high ceiling. The house features updated plumbing, electric, and brand new water tank. The roof is 8 years old. Tenants pay their own utilities. Huge backyard with a spacious driveway for 5+ cars. Close to highways, train station, groceries stores, coffee shops and banks

9. 2018-10-11
   price $367,000 852-char remark

   Show marketing remark (852 chars)

   Renovated 4 family house in a corner lot with about 10,000 sqft. The property features 3 huge commercial garages with 8x9 garage doors, ideal for someone who has a construction, mechanical or storage business etc. .. The garage has separate heating system and electric meter. 1st floor features 2 apartments with 1 bed, and a bathroom each . The 2nd floor it's completely renovated with 3 bedroom, a nice bathroom, glamorous hardwood floor, brand new appliances, and windows. The 3rd floor is a very spacious apartment with 1 bedroom, a bathroom, with a large living room with high ceiling. The house features updated plumbing, electric, and brand new water tank. The roof is 8 years old. Tenants pay their own utilities. Huge backyard with a spacious driveway for 5+ cars. Close to highways, train station, groceries stores, coffee shops and banks

10. 2018-10-11
    listed $367,000 New

    Show marketing remark (852 chars)

    Renovated 4 family house in a corner lot with about 10,000 sqft. The property features 3 huge commercial garages with 8x9 garage doors, ideal for someone who has a construction, mechanical or storage business etc. .. The garage has separate heating system and electric meter. 1st floor features 2 apartments with 1 bed, and a bathroom each . The 2nd floor it's completely renovated with 3 bedroom, a nice bathroom, glamorous hardwood floor, brand new appliances, and windows. The 3rd floor is a very spacious apartment with 1 bedroom, a bathroom, with a large living room with high ceiling. The house features updated plumbing, electric, and brand new water tank. The roof is 8 years old. Tenants pay their own utilities. Huge backyard with a spacious driveway for 5+ cars. Close to highways, train station, groceries stores, coffee shops and banks

11. 2018-09-06
    listed $379,000 Active 852-char remark

    Show marketing remark (852 chars)

    Renovated 4 family house in a corner lot with about 10,000 sqft. The property features 3 huge commercial garages with 8x9 garage doors, ideal for someone who has a construction, mechanical or storage business etc. .. The garage has separate heating system and electric meter. 1st floor features 2 apartments with 1 bed, and a bathroom each . The 2nd floor it's completely renovated with 3 bedroom, a nice bathroom, glamorous hardwood floor, brand new appliances, and windows. The 3rd floor is a very spacious apartment with 1 bedroom, a bathroom, with a large living room with high ceiling. The house features updated plumbing, electric, and brand new water tank. The roof is 8 years old. Tenants pay their own utilities. Huge backyard with a spacious driveway for 5+ cars. Close to highways, train station, groceries stores, coffee shops and banks

12. 2017-09-22
    status Pending
13. 2017-09-22
    historical
14. 2017-09-19
    listed $139,000 Active
15. 2016-05-11
    status Pending
16. 2016-05-11
    historical
17. 2016-05-10
    listed $139,000 Active - New
18. 2005-06-15
    soldstatus $362,000
19. 2005-06-14
    soldstatus $363,000
20. 2005-04-25
    historical
21. 2005-03-28
    listed $374,900
22. 2002-07-03
    soldstatus $206,000
23. 2002-07-02
    soldstatus $206,000
24. 2002-05-05
    historical
25. 2002-04-21
    listed $215,000

ⓘ 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: $7,898 · $658/mo
• Projected year-2 tax: $9,776 · $815/mo
• Expected delta: +$1,878/yr (+$157/mo · 23.8%)

ⓘ 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 ≥98°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: $85,188
• − Mortgage interest: −$40,051
• − Property taxes: −$7,898
• − Insurance: −$3,575
• − Repairs & maintenance: −$6,815
• − Management: −$6,815
• − Depreciation: −$20,800
• Taxable loss: −$766
• Est. tax savings @ 24.0%: +$184
• After-tax cash flow: $11,015/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: Pawtucket
• NCES district ID: 4400840
• Math proficiency: 7% ▼ -10.00%
• Reading proficiency: 19% ▼ -5.00%
• Median HH income: $41,838
• Composite: 11.29/100
• National rank: #9718
• State rank: #33 of 39 in RI

Livability — Pawtucket

• Score: 71/100
• State rank: #16
• US rank: #7037

Category grades

Amenities F Commute F 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: Pawtucket, RI
• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 47,818
• Household income: $61,539
• Rent vs Own: 59.2% rent · 40.8% own
• Severe rent burden: 2528.0

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: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: White 40% Hispanic / Latino 29% Two or more races 22% Black 14% Asian 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 9% Dominican 6%
• Common ancestry: Russian 9% Lithuanian 4% Romanian 2%
• Foreign-born: 28% · Canada, Jamaica
• Languages at home: 57% English-only · Spanish 22% Other Indo-European 9% French/Haitian/Cajun 9%

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: ▼ -215.00%
• Current HPI: 355.0152
• Rent YoY: ▲ 3.47%
• 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

+232.6% since first listed

24 events — show timeline

• 2026-05-20 Listed $715,000 RIS
• 2019-09-19 Pending — RIS
• 2018-12-17 Sold (MLS) $350,000 RIS
• 2018-11-30 Sold (Public Records) $350,000 Public Records
• 2018-11-30 Sold (MLS) $350,000 MLS PIN
• 2018-10-26 Pending — MLS PIN
• 2018-10-26 Pending — RIS
• 2018-10-11 Price Changed $367,000 RIS
• 2018-10-11 Listed $367,000 MLS PIN
• 2018-09-06 Listed $379,000 RIS
• 2017-09-22 Pending — RIS
• 2017-09-22 Listing Removed — RIS
• 2017-09-19 Listed $139,000 RIS
• 2016-05-11 Pending — RIS
• 2016-05-11 Listing Removed — RIS
• 2016-05-10 Listed $139,000 RIS
• 2005-06-15 Sold (Public Records) $362,000 Public Records
• 2005-06-14 Sold (MLS) $363,000 RIS
• 2005-04-25 Listing Removed — RIS
• 2005-03-28 Listed $374,900 RIS
• 2002-07-03 Sold (Public Records) $206,000 Public Records
• 2002-07-02 Sold (MLS) $206,000 RIS
• 2002-05-05 Listing Removed — RIS
• 2002-04-21 Listed $215,000 RIS

Property tax history

+5.1%/yr

Latest (2025): $7,898 · +6.6% YoY. Source: county tax records.