188 Mineral Spring Ave · Pawtucket, RI 02860

$649,900

7 bd · 3.0 ba · 2,954 sqft · MultiFamily public records · 50 Days on market

Built 1900 4,000 sqft lot $220/sqft · 50% above area Est $687k · 5% 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).

• Cash flow +14.1/30.0
• ARV discount +9.9/15.0
• DSCR +4.3/10.0
• Livability +3.6/5.0
• Rent growth +3.4/5.0
• 1% rule +3.3/10.0
• 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 (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

good property with finished basement. hardwood floors

Key facts

• 4,000 sq ft lot
• 6 parking spots
• Built 1900

Property features AI

Finance

• Financial info: Operating expenses listed at $9,500
• HOA & community: Nearby amenities include highway access, public transportation, shopping, restaurants, recreation areas, and schools

Exterior

• Parking: No garage; 6 total parking spaces
• Utilities: 100 amp electrical service; Sewer connected to public system; Public water supply
• Home design: Multi-unit property with 3 units in 1 building; 4,686 above-grade finished area
• Construction: Drywall construction
• Exterior features: Public sewer connection; Public water connection

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: 3 total units (multi-unit property) — bedrooms distributed across units
• Flooring: Hardwood
• Bathrooms: 3 full bathrooms
• Heating & cooling: Gas heating with hot water system
• Interior features: Finished full basement with both interior and exterior entry; Hardwood flooring; 15 total rooms (includes bedrooms, bathrooms, family room, kitchen)
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $95 ($1k/yr) — positive. Per door: $32/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 $538k (17.2% below list).
• Recommended offer: $538k (17.2% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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 $5,378/mo this rent would consume 105% 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 $4k of loan paydown is wiped out by about $19k 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

• It's been on market 50 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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 $246k; list at $650k implies a 164% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $537,800 (17.2% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.83% ✗
• Cap rate: 6.47%
• Cash-on-cash: 0.63%
• DSCR: 1.03
• GRM: 10.1

CMA / ARV

• ARV (median comp): $687,024
• List price: $649,900
• Delta: -5.40%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
199 Pawtucket Ave	0.56mi	7/3.0	2,970 (+0%)	6mo	$620,000	$209	68
390 Weeden St	0.26mi	6/3.0 (-1)	2,742 (-7%)	4mo	$611,000	$223	68
580 Lonsdale Ave	0.58mi	7/3.0	2,872 (-3%)	8mo	$560,000	$195	62
23 Carson St	0.23mi	8/3.0 (+1)	2,592 (-12%)	10mo	$600,000	$231	56
230 Pawtucket Ave	0.58mi	6/3.0 (-1)	2,785 (-6%)	7mo	$660,000	$237	52
7 Brown St	0.41mi	6/3.0 (-1)	2,656 (-10%)	8mo	$690,000	$260	52
44 Highland St	0.67mi	8/3.0 (+1)	3,086 (+4%)	9mo	$590,000	$191	48
0 Hazel St	0.65mi	8/4.0 (+1)	2,756 (-7%)	8mo	$735,000	$267	43
584 586 Lonsdale Ave	0.59mi	6/3.0 (-1)	2,538 (-14%)	5mo	$581,000	$229	40
12 14 Fairview Ave	0.70mi	8/4.0 (+1)	3,148 (+7%)	10mo	$600,000	$191	39
18 Fairlawn Ave	0.69mi	8/5.0 (+1)	3,210 (+9%)	8mo	$690,000	$215	34
37 Clifton St	0.59mi	6/2.0 (-1)	2,520 (-15%)	8mo	$625,000	$248	32

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: -14.8%
• Equity multiple: 0.47×
• Total profit: $-96,826
• Equity at exit: $96,902

10-year hold

• IRR: -5.5%
• Equity multiple: 0.63×
• Total profit: $-66,444
• Equity at exit: $56,191

Cash invested: $181,972 (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: 30.2×

Monthly cashflow live

• Estimated rent: $5,378 high
• Mortgage (P&I): −$3,408
• Tax from tax record: −$475 /mo · $5,695/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,129
• Net cashflow: $95

Break-even live

Break-even rent $5,258

Max offer price $649,900

Occupancy floor 93%

Sensitivity live

Price	-10% $463	-5% $279	+0% $95	+5% $-89	+10% $-273
Rent	-10% $-330	-5% $-117	+0% $95	+5% $308	+10% $520
Rate	-1.0pp $422	-0.5pp $260	base $95	+0.5pp $-73	+1.0pp $-245

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$5,379
Total (3 units)			$5,378

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-18
   days on market $649,900 Active 50 DOM
2. 2026-06-17
   days on market $649,900 Active 49 DOM
3. 2026-06-16
   days on market $649,900 Active 48 DOM
4. 2026-06-15
   days on market $649,900 Active 47 DOM
5. 2026-06-13
   days on market $649,900 Active 45 DOM
6. 2026-06-13
   days on market $649,900 Active 44 DOM
7. 2026-06-09
   days on market $649,900 Active 41 DOM
8. 2026-06-08
   days on market $649,900 Active 40 DOM
9. 2026-06-07
   days on market $649,900 Active 39 DOM
10. 2026-06-05
    days on market $649,900 Active 36 DOM
11. 2026-06-03
    days on market $649,900 Active 35 DOM
12. 2026-06-02
    days on market $649,900 Active 34 DOM
13. 2026-06-01
    days on market $649,900 Active 33 DOM
14. 2026-05-31
    days on market $649,900 Active 32 DOM
15. 2026-04-28
    listed $649,900 Active 201-char remark
16. 2019-04-16
    soldstatus $246,000 Sold 53-char remark

    Show marketing remark (53 chars)

    good property with finished basement. hardwood floors

17. 2019-04-15
    soldstatus $255,000
18. 2018-10-30
    status Pending 53-char remark

    Show marketing remark (53 chars)

    good property with finished basement. hardwood floors

19. 2018-05-19
    listed $269,900 Active 53-char remark

    Show marketing remark (53 chars)

    good property with finished basement. hardwood floors

20. 2015-03-28
    historical
21. 2015-02-07
    listed $165,000 Active - New
22. 2013-12-19
    price $130,000
23. 2013-12-19
    price $86,900
24. 2012-04-06
    historical
25. 2012-01-28
    listed $140,000
26. 2011-05-23
    soldstatus $66,000
27. 2011-05-23
    soldstatus $66,000
28. 2011-02-12
    historical
29. 2011-02-12
    historical
30. 2011-01-26
    listed $74,500
31. 2011-01-25
    listed $74,500
32. 2010-12-01
    historical
33. 2010-06-01
    listed $99,900

ⓘ 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: $5,695 · $475/mo
• Projected year-2 tax: $8,144 · $679/mo
• Expected delta: +$2,449/yr (+$204/mo · 43.0%)

ⓘ 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 ≥96°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: $64,536
• − Mortgage interest: −$36,405
• − Property taxes: −$5,695
• − Insurance: −$3,250
• − Repairs & maintenance: −$5,163
• − Management: −$5,163
• − Depreciation: −$18,906
• Taxable loss: −$10,045
• Est. tax savings @ 24.0%: +$2,411
• After-tax cash flow: $3,552/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

+550.6% since first listed

19 events — show timeline

• 2026-04-28 Listed $649,900 RIS
• 2019-04-16 Sold (MLS) $246,000 RIS
• 2019-04-15 Sold (Public Records) $255,000 Public Records
• 2018-10-30 Pending — RIS
• 2018-05-19 Listed $269,900 RIS
• 2015-03-28 Listing Removed — RIS
• 2015-02-07 Listed $165,000 RIS
• 2013-12-19 Price Changed $130,000 RIS
• 2013-12-19 Price Changed $86,900 RIS
• 2012-04-06 Listing Removed — RIS
• 2012-01-28 Listed $140,000 RIS
• 2011-05-23 Sold (MLS) $66,000 RIS
• 2011-05-23 Sold (MLS) $66,000 MLS PIN
• 2011-02-12 Listing Removed — RIS
• 2011-02-12 Listing Removed — MLS PIN
• 2011-01-26 Listed $74,500 RIS
• 2011-01-25 Listed $74,500 MLS PIN
• 2010-12-01 Listing Removed — RIS
• 2010-06-01 Listed $99,900 RIS

Property tax history

+5.6%/yr

Latest (2025): $5,695 · +6.6% YoY. Source: county tax records.