27 Gillen Ave Unit 207B · Pawtucket, RI 02904

$185,000

2 bd · 1.0 ba · 744 sqft · Condo public records · 18 Days on market

Built 1987 $354/mo HOA · 18% of rent

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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 +13.4/30.0
• ARV discount +7.5/15.0
• 1% rule +5.4/10.0
• Rent growth +4.2/5.0
• DSCR +4.0/10.0
• Livability +3.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this spacious 2 bed 1 bath condo. This one level unit needs very little to make it perfect. Heat / Hot Water / Sewer & Water are included in the monthly condo fee. The condo has a very functional open floor plan and 2 large bedrooms. Very convenient location close to all amenities and major highways.

Key facts

• Bright open layout
• In building laundry
• Unassigned parking

Tags

• BRIGHT OPEN LAYOUT
• IN BUILDING LAUNDRY
• UNASSIGNED PARKING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $-62 ($-749/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (6.0% below list).
• Meets the 1% rule at list price ($2k rent vs $185k).
• Recommended offer: $174k (6.0% below list) — sets the bar for cash-flow.
• Cap rate 6.3% 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.
• North Providence (suburban): math 20% / reading 37% proficiency, ranked #22 of 39 in RI (top 56%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising fast (+6.9%/yr); 151 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• This rent runs 34% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 18 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 29y 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 $130k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk; 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 $173,975 (6.0% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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: 1.04% ✓
• Cap rate: 6.32%
• Cash-on-cash: 0.09%
• DSCR: 1.00
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.88% rent growth · sell at horizon

5-year hold

• IRR: -13.3%
• Equity multiple: 0.50×
• Total profit: $-25,955
• Equity at exit: $27,584

10-year hold

• IRR: 1.7%
• Equity multiple: 1.15×
• Total profit: $7,752
• Equity at exit: $15,995

Cash invested: $51,800 (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 02904

• Rents YoY: 6.9%
• Active inventory: 151
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $1,919 high
• Mortgage (P&I): −$970
• Tax from tax record: −$111 /mo · $1,331/yr
• Insurance: −$77
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$354
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $-62

Break-even live

Break-even rent $1,998

Max offer price $173,975

Occupancy floor 98%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
866 Weeden St Pawtucket, RI	2.0	1.0	725	$1,800	$2.48	43d	1	0.70mi
10 Josephine St North Providence, RI	2.0	1.0	712	$1,975	$2.77	3d	2	0.72mi
10 Josephine St North Providence, RI	2.0	1.0	712	$1,900	$2.67	43d	2	0.72mi
10 Josephine St #310 North Providence, RI	2.0	1.0	712	$2,000	$2.81	2d	1	0.72mi
396 Weeden St Pawtucket, RI	1.0–2.0	1.0	700	$2,195	$3.14	3d	4	1.36mi

HOA detail condo

• Monthly dues: $354 · $4,248/yr
• Likely covers: watersewer
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 21 events

1. 2026-04-06
   status Pending
2. 2026-03-19
   listed $185,000 Active
3. 2026-03-05
   historical
4. 2026-01-29
   listed $190,000 Active
5. 2024-06-28
   soldstatus $130,000 Closed 318-char remark

   Show marketing remark (318 chars)

   Welcome to this spacious 2 bed 1 bath condo. This one level unit needs very little to make it perfect. Heat / Hot Water / Sewer & Water are included in the monthly condo fee. The condo has a very functional open floor plan and 2 large bedrooms. Very convenient location close to all amenities and major highways.

6. 2024-06-27
   soldstatus $410,000
7. 2024-06-05
   status Pending 318-char remark

   Show marketing remark (318 chars)

   Welcome to this spacious 2 bed 1 bath condo. This one level unit needs very little to make it perfect. Heat / Hot Water / Sewer & Water are included in the monthly condo fee. The condo has a very functional open floor plan and 2 large bedrooms. Very convenient location close to all amenities and major highways.

8. 2024-05-29
   listed $134,900 Active 318-char remark

   Show marketing remark (318 chars)

   Welcome to this spacious 2 bed 1 bath condo. This one level unit needs very little to make it perfect. Heat / Hot Water / Sewer & Water are included in the monthly condo fee. The condo has a very functional open floor plan and 2 large bedrooms. Very convenient location close to all amenities and major highways.

9. 2024-05-29
   historical

   Show marketing remark (318 chars)

   Welcome to this spacious 2 bed 1 bath condo. This one level unit needs very little to make it perfect. Heat / Hot Water / Sewer & Water are included in the monthly condo fee. The condo has a very functional open floor plan and 2 large bedrooms. Very convenient location close to all amenities and major highways.

10. 2024-05-20
    historical Active Under Contract
11. 2024-05-06
    price $144,900
12. 2024-05-06
    listed $149,900 Active
13. 2024-05-06
    historical
14. 2024-04-09
    listed $149,900 Active
15. 2005-05-29
    historical
16. 2005-05-09
    listed $89,900
17. 2005-04-26
    historical
18. 2005-03-21
    listed $84,900
19. 1998-05-26
    soldstatus $23,000
20. 1998-05-15
    historical
21. 1997-11-04
    listed $24,900

ⓘ 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: $1,331 · $111/mo
• Projected year-2 tax: $2,173 · $181/mo
• Expected delta: +$842/yr (+$70/mo · 63.3%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 98% 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: $23,031
• − Mortgage interest: −$10,363
• − Property taxes: −$1,331
• − Insurance: −$1,722
• − Repairs & maintenance: −$1,842
• − Management: −$1,842
• − HOA: −$4,248
• − Depreciation: −$5,382
• Taxable loss: −$3,700
• Est. tax savings @ 24.0%: +$888
• After-tax cash flow: $139/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: North Providence
• NCES district ID: 4400780
• Math proficiency: 20% ▼ -7.00%
• Reading proficiency: 37% ▼ -6.00%
• Median HH income: $50,962
• Composite: 24.99/100
• National rank: #7560
• State rank: #22 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

• County: Providence County · 548,917 people
• City population: 75,942
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 32,531
• Household income: $67,003
• Rent vs Own: 48.3% rent · 51.7% own
• Severe rent burden: 1176.0

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: Diverse neighborhood (Simpson 0.66)
• Race & ethnicity: White 51% Hispanic / Latino 27% Two or more races 16% Black 8% Asian 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 6% Dominican 7%
• Common ancestry: Lithuanian 7% Russian 6% Romanian 2%
• Foreign-born: 18% · Canada, Jamaica, China
• Languages at home: 64% English-only · Spanish 20% Other Indo-European 5% Other Asian/Pacific 3%

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: ▼ -379.06%
• Current HPI: 363.1386
• Rent YoY: ▲ 6.88%
• 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

+643.0% since first listed

21 events — show timeline

• 2026-04-06 Pending — RIS
• 2026-03-19 Listed $185,000 RIS
• 2026-03-05 Listing Removed — RIS
• 2026-01-29 Listed $190,000 RIS
• 2024-06-28 Sold (MLS) $130,000 RIS
• 2024-06-27 Sold (Public Records) $410,000 Public Records
• 2024-06-05 Pending — RIS
• 2024-05-29 Listing Removed — RIS
• 2024-05-29 Listed $134,900 RIS
• 2024-05-20 Contingent — RIS
• 2024-05-06 Price Changed $144,900 RIS
• 2024-05-06 Listing Removed — RIS
• 2024-05-06 Listed $149,900 RIS
• 2024-04-09 Listed $149,900 RIS
• 2005-05-29 Listing Removed — RIS
• 2005-05-09 Listed $89,900 RIS
• 2005-04-26 Listing Removed — RIS
• 2005-03-21 Listed $84,900 RIS
• 1998-05-26 Sold (MLS) $23,000 RIS
• 1998-05-15 Listing Removed — RIS
• 1997-11-04 Listed $24,900 RIS

Property tax history

+1.1%/yr

Latest (2025): $1,331 · +5.9% YoY. Source: county tax records.