301 Lot 66 Bulgarmarsh Rd · Tiverton, RI 02878

$149,000

2 bd · 1.0 ba · 924 sqft · Manufactured public records · 9 Days on market

Built 1976 27 ac lot Est $150k · at est. $295/mo HOA · 12% of rent

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.7/15.0
• Schools +3.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to highly desirable Dadson Estates in beautiful Tiverton, RI! Conveniently located near highway access, shopping, dining, and popular local amenities, yet tucked away within a quiet and peaceful community setting, this location cannot be beat! This 2-bedroom, 1 full bathroom home offers 924 square feet of comfortable living space, including a spacious eat-in kitchen and functional layout ready for its next owner's vision. Major updates include an upgraded electrical panel, newer windows, and updated flooring. This home presents a wonderful opportunity for affordable homeownership and serves as the perfect blank slate to make your own. Offering a valuable path to homeownership at a m

Key facts

• Highway access
• Shopping
• Local amenities

Tags

• HIGHWAY ACCESS
• SHOPPING
• DINING
• LOCAL AMENITIES
• QUIET COMMUNITY SETTING
• SPACIOUS EAT-IN KITCHEN

Property features AI

Finance

• Other: Land lease present
• HOA & community: Monthly association fee of $295; Community features: golf, highway access, marina, pool, public transportation, recreation area, restaurants, shopping, tennis courts, near hospital, near schools

Exterior

• Parking: No garage; Space for 2 vehicles
• Utilities: Electric: 100 amp service with circuit breakers; Septic system; Connected water
• Home design: Single-story home; Entry level: First floor
• Construction: Drywall interior; Aluminum and vinyl siding; Slab foundation
• Exterior features: Large lot (27.04 acres); R40 zoning; Access to community amenities including golf, marina, pool, tennis courts, recreation areas, restaurants, shopping and public transportation

Interior

• Kitchen: Eat-in kitchen; Refrigerator; Oven; Range; Dishwasher
• Bedrooms: Two bedrooms on the first floor
• Flooring: Vinyl
• Bathrooms: One full bathroom on the first floor
• Heating & cooling: Forced air heating (oil)
• Interior features: Vinyl flooring; Tub with shower
• Laundry & utility: Washer; Dryer; Water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $149k.

Deal economics

• At list price, monthly cash flow is $650 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• Cap rate 11.5% vs local median 3.5% in Tiverton — 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 61/100 on livability (#28 in RI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment A-; Watch: schools C-, cost of living D+, amenities F.
• Tiverton (rural): math 35% / reading 49% proficiency, ranked #14 of 39 in RI (top 36%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 91 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 94 units permitted in Newport County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• Newport County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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 $62k; list at $149k implies a 138% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% 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 $149,000

Questions for the listing agent

1. Built in 1976 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.60% ✓
• Cap rate: 11.52%
• Cash-on-cash: 18.69%
• DSCR: 1.83
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $149,688
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 Bulgarmarsh Rd Unit L 29	0.00mi	2/1.0	840 (-9%)	18mo	$136,000	$162	70

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: 10.5%
• Equity multiple: 1.42×
• Total profit: $17,389
• Equity at exit: $22,216

10-year hold

• IRR: 19.7%
• Equity multiple: 2.66×
• Total profit: $69,062
• Equity at exit: $12,883

Cash invested: $41,720 (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 02878

• Home prices YoY: -23.3%
• Active inventory: 91
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $2,378 medium
• Mortgage (P&I): −$781
• Tax from tax record: −$90 /mo · $1,082/yr
• Insurance: −$62
• HOA: −$295
• Vacancy / Maint / Mgmt: −$499
• Net cashflow: $650

Break-even live

Break-even rent $1,555

Max offer price $149,000

Occupancy floor 68%

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: $37,250
• Closing costs: $4,470
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
14 William Barton Dr Tiverton, RI	2.0	1.0	700	$2,500	$3.57	43d	1	0.15mi

HOA detail

• Monthly dues: $295 · $3,540/yr
• Likely covers: electric

Listing history 10 events

1. 2026-05-18
   listed $149,000 Active
2. 2016-11-08
   price $89,000
3. 2013-12-19
   price $60,000
4. 2009-06-29
   soldstatus $62,500
5. 2009-05-15
   historical
6. 2009-04-13
   listed $69,900
7. 2009-04-13
   historical
8. 2008-10-10
   listed $75,000
9. 2008-09-29
   historical
10. 2007-07-03
    listed $92,000

ⓘ 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: $1,082 · $90/mo
• Projected year-2 tax: $1,755 · $146/mo
• Expected delta: +$673/yr (+$56/mo · 62.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% 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: $28,530
• − Mortgage interest: −$8,346
• − Property taxes: −$1,082
• − Insurance: −$745
• − Repairs & maintenance: −$2,282
• − Management: −$2,282
• − HOA: −$3,540
• − Depreciation: −$4,335
• Taxable income: $5,918
• Est. tax owed @ 24.0%: −$1,420
• After-tax cash flow: $6,375/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: Tiverton
• NCES district ID: 4401050
• Math proficiency: 35% ▼ -6.00%
• Reading proficiency: 49% ▬ 0.00%
• Median HH income: $67,472
• Composite: 37.77/100
• National rank: #4347
• State rank: #14 of 39 in RI

Livability — Tiverton

• Score: 61/100
• State rank: #28
• US rank: #17481

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Newport County · 73,957 people
• City population: 16,189
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 16,189
• Household income: $106,036
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 201.0

Population outlook (Newport County) Hauer SSP2

• Today (2025): 81,198 people
• By 2030: 79,518 · -2.1%
• By 2040: 75,581 · -6.9%
• By 2050: 71,801 · -11.6%
• By 2075: 64,618 · -20.4%
• By 2100: 56,724 · -30.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2%
• Common ancestry: Russian 30% Lithuanian 15% Romanian 4%
• Foreign-born: 7% · Canada
• Languages at home: 92% English-only · Other Indo-European 5% Spanish 2% French/Haitian/Cajun 1%

Political lean MEDSL · Newport

• 2024 margin: Strong D (+25.5) · D 61.6% · R 36.1% · Other 2.2%
• 2008→2024 swing: +2.2pp toward D · 2008: 23.3pp · 2024: 25.5pp
• All cycles: 2024: D+25.5 2020: D+29.8 2016: D+19.4 2012: D+17.7 2008: D+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -110.16%
• Current HPI: 362.7711
• 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

+62.0% since first listed

10 events — show timeline

• 2026-05-18 Listed $149,000 RIS
• 2016-11-08 Price Changed $89,000 RIS
• 2013-12-19 Price Changed $60,000 RIS
• 2009-06-29 Sold (MLS) $62,500 MLS PIN
• 2009-05-15 Listing Removed — MLS PIN
• 2009-04-13 Listing Removed — RIS
• 2009-04-13 Listed $69,900 MLS PIN
• 2008-10-10 Listed $75,000 RIS
• 2008-09-29 Listing Removed — RIS
• 2007-07-03 Listed $92,000 RIS

Property tax history

+7.6%/yr

Latest (2024): $1,082 · +22.7% YoY. Source: county tax records.