23 Paradis Ave · Woonsocket, RI 02895

$599,900

9 bd · 4.0 ba · 3,600 sqft · MultiFamily public records · 28 Days on market

Built 1900 3,485 sqft lot Est $583k · at est.

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Why this score? — see what drove the C+ 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 +27.9/30.0
• DSCR +9.9/10.0
• 1% rule +6.9/10.0
• ARV discount +6.2/15.0
• Rent growth +4.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• 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

Estimated Payment $1,683 Per Month. * 20% Down 30-Year fixed mortgage rate of 4.3% with an APR of 4.25% for those who qualify. * Taxes insurance not included. * Rates As of 03/14/12. __________________________________________________________________________________________________________ SOLD BEFORE PRINT!

Key facts

• Multi family
• Heating system
• Bernon district

Tags

• HEATING SYSTEM
• MULTI FAMILY
• BERNON DISTRICT

Property features AI

Finance

• Other: Lot size about 0.08 acres (3,485 sq ft)
• Financial info: Four residential units total in one building; Unit rents provided for three units: $1,750; $1,200; $1,095 (one 3-bedroom unit recently vacated)

Exterior

• Parking: No garage
• Utilities: Public water (connected); Public sewer (connected); Electric service at 100 amps
• Home design: 4-story multifamily building; Above-grade finished area approximately 4,453
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; R4 zoning

Interior

• Kitchen: Gas water heater
• Bedrooms: Four 3-bedroom units; One 2-bedroom unit
• Flooring: Hardwood
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Forced air heating (gas)
• Interior features: Hardwood flooring; Attic access; Storage space; Full basement with exterior and interior entry, partially finished
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/1.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $461/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $600k).
• Recommended offer: $591k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.0% vs local median 3.1% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Woonsocket (suburban): math 5% / reading 14% proficiency, ranked #37 of 39 in RI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.2%/yr); 165 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,142/mo this rent would consume 140% of the median local household income ($61k/yr) (locally 2658% 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 $18k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $168k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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 $425k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% 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 $590,901 (1.5% 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 1900 — 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. 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.
7. 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.
8. 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: 1.19% ✓
• Cap rate: 9.98%
• Cash-on-cash: 13.17%
• DSCR: 1.59
• GRM: 7.0

CMA / ARV

• ARV (on-the-fly): $583,200
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
342 344 Paradis Ave	0.30mi	9/3.0	3,621 (+1%)	10mo	$480,000	$133	73
172 Park Ave	0.12mi	8/3.0 (-1)	3,252 (-10%)	11mo	$635,000	$195	60
190 Crawford St	0.20mi	8/4.0 (-1)	4,140 (+15%)	3mo	$670,000	$162	58
663 Bernon St	0.12mi	8/4.0 (-1)	4,036 (+12%)	17mo	$530,000	$131	55
75 W Park Pl	0.32mi	8/4.0 (-1)	3,383 (-6%)	20mo	$530,000	$157	53
635 Park Ave	0.46mi	8/4.0 (-1)	3,114 (-14%)	1mo	$570,465	$183	50
113 Transit St	0.67mi	8/4.0 (-1)	3,221 (-10%)	19mo	$562,000	$174	30
118 Church St	0.59mi	9/3.0	4,058 (+13%)	21mo	$570,000	$140	30
186 High St	0.57mi	8/4.0 (-1)	4,044 (+12%)	23mo	$585,000	$145	29
126 Earle St	0.69mi	8/5.0 (-1)	3,092 (-14%)	22mo	$610,000	$197	17

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.3%
• Equity multiple: 1.34×
• Total profit: $57,802
• Equity at exit: $89,447

10-year hold

• IRR: 21.3%
• Equity multiple: 3.22×
• Total profit: $372,830
• Equity at exit: $51,868

Cash invested: $167,972 (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 02895

• Rents YoY: 9.2%
• Active inventory: 165
• Price-to-rent: 28.0×

Monthly cashflow live

• Estimated rent: $7,142 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$403 /mo · $4,841/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,500
• Net cashflow: $1,843

Break-even live

Break-even rent $4,809

Max offer price $599,900

Occupancy floor 69%

Sensitivity live

Price	-10% $2,182	-5% $2,013	+0% $1,843	+5% $1,673	+10% $1,503
Rent	-10% $1,279	-5% $1,561	+0% $1,843	+5% $2,125	+10% $2,407
Rate	-1.0pp $2,145	-0.5pp $1,995	base $1,843	+0.5pp $1,687	+1.0pp $1,529

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

Units	Beds	Baths	Est. rent
▸ 4× units	3	1	$7,144
Total (4 units)			$7,142

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-03
   statusdays on market $599,900 Pending 28 DOM
2. 2026-06-02
   days on market $599,900 Active Under Contract 27 DOM
3. 2026-06-01
   days on market $599,900 Active Under Contract 26 DOM
4. 2026-05-31
   days on market $599,900 Active Under Contract 25 DOM
5. 2026-05-12
   historical Active Under Contract
6. 2026-05-06
   listed $599,900 Active
7. 2023-10-28
   historical $1,395
8. 2023-10-15
   listed $1,395
9. 2022-04-22
   soldstatus $425,000 Closed 314-char remark

   Show marketing remark (314 chars)

   Estimated Payment $1,683 Per Month. * 20% Down 30-Year fixed mortgage rate of 4.3% with an APR of 4.25% for those who qualify. * Taxes insurance not included. * Rates As of 03/14/12. __________________________________________________________________________________________________________ SOLD BEFORE PRINT!

10. 2022-04-22
    soldstatus $425,000

    Show marketing remark (314 chars)

    Estimated Payment $1,683 Per Month. * 20% Down 30-Year fixed mortgage rate of 4.3% with an APR of 4.25% for those who qualify. * Taxes insurance not included. * Rates As of 03/14/12. __________________________________________________________________________________________________________ SOLD BEFORE PRINT!

11. 2022-03-14
    listed $425,000 314-char remark

    Show marketing remark (314 chars)

    Estimated Payment $1,683 Per Month. * 20% Down 30-Year fixed mortgage rate of 4.3% with an APR of 4.25% for those who qualify. * Taxes insurance not included. * Rates As of 03/14/12. __________________________________________________________________________________________________________ SOLD BEFORE PRINT!

12. 2022-03-14
    historical 314-char remark

    Show marketing remark (314 chars)

    Estimated Payment $1,683 Per Month. * 20% Down 30-Year fixed mortgage rate of 4.3% with an APR of 4.25% for those who qualify. * Taxes insurance not included. * Rates As of 03/14/12. __________________________________________________________________________________________________________ SOLD BEFORE PRINT!

ⓘ 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: $4,841 · $403/mo
• Projected year-2 tax: $7,310 · $609/mo
• Expected delta: +$2,469/yr (+$206/mo · 51.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $85,704
• − Mortgage interest: −$33,604
• − Property taxes: −$4,841
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,856
• − Management: −$6,856
• − Depreciation: −$17,452
• Taxable income: $13,095
• Est. tax owed @ 24.0%: −$3,143
• After-tax cash flow: $18,971/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: Woonsocket
• NCES district ID: 4401200
• Math proficiency: 5% ▼ -7.00%
• Reading proficiency: 14% ▼ -2.00%
• Median HH income: $37,757
• Composite: 8.01/100
• National rank: #9923
• State rank: #37 of 39 in RI

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woonsocket, RI
• County: Providence County · 548,917 people
• City population: 43,521
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 43,521
• Household income: $61,059
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2658.0

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 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 18% Asian 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 15% Dominican 4%
• Common ancestry: Lithuanian 13% Romanian 3% Russian 3%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 17% Other Asian/Pacific 4% Other Indo-European 4%

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: ▼ -431.80%
• Current HPI: 357.8858
• Rent YoY: ▲ 9.15%
• 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

+41.2% since first listed

8 events — show timeline

• 2026-05-12 Contingent — RIS
• 2026-05-06 Listed $599,900 RIS
• 2023-10-28 Rental Removed $1,395 APPFOLIO
• 2023-10-15 Listed for Rent $1,395 APPFOLIO
• 2022-04-22 Sold (Public Records) $425,000 Public Records
• 2022-04-22 Sold (MLS) $425,000 RIS
• 2022-03-14 Listing Removed — RIS
• 2022-03-14 Listed $425,000 RIS

Property tax history

+1.9%/yr

Latest (2025): $4,841 · +7.9% YoY. Source: county tax records.