32 Lane E · Warwick, RI 02816

$155,000

2 bd · 2.0 ba · 924 sqft · Manufactured public records · 4 Days on market

Built 1987 $447/mo HOA · 20% of rent

---

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 +23.5/30.0
• 1% rule +9.3/10.0
• DSCR +7.6/10.0
• ARV discount +7.5/15.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Cozy 2-Bedroom Home with Low Monthly Costs! Looking for a comfortable and affordable home? Look no further! This charming 2-bedroom, 2-bathroom home is perfect for you. Enjoy the convenience of a full-sized kitchen with a dining area, perfect for entertaining guests and cooking. A dedicated laundry room adds to your everyday comfort. The covered deck and carport are a must have! Best of all, your monthly expenses are covered by a low monthly land fee of $447! This includes water, septic maintenance, trash removal, and taxes on the land. Don't miss out on this opportunity to own a hassle-free home.

Key facts

• Covered deck
• Low hoa fees
• Well maintained home

Tags

• WELL MAINTAINED HOME
• DESIGNATED LAUNDRY ROOM
• OVERSIZED CAR PORT
• COVERED DECK
• GENEROUSLY SIZED SHED
• LOW HOA FEES

Property features AI

Finance

• Other: Annual taxes listed (not included per instructions)
• Financial info: Property has a land lease
• HOA & community: Monthly association fee of $447; Community amenities include golf, highway access, nearby schools, public transportation, recreation area, restaurants, and shopping

Exterior

• Parking: 2 covered parking spaces; 3 total parking spaces; Carport; 2-car garage
• Utilities: Sewer connected; 100 amp electrical service; Water available via tap fee
• Home design: Single-story home; Vinyl siding
• Construction: Vinyl siding construction; Slab foundation; Built with 1 story
• Exterior features: Public sewer connection; Water tap fee

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Refrigerator
• Bedrooms: Total rooms: 4
• Flooring: Laminate; Carpet
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Kerosene heating; Central air conditioning
• Interior features: Skylights; Dry bar; Tub with shower; Cable TV
• Laundry & utility: Washer; Dryer; Electric water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath manufactured listed at $155k.

Deal economics

• At list price, monthly cash flow is $290 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 8.5% vs local median 3.7% in Warwick — 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 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: schools D+, amenities F.
• Coventry (suburban): math 25% / reading 41% proficiency, ranked #19 of 39 in RI (top 49%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 176 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 471 units permitted in Kent County in 2024 (240 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 $5k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: HOA is 20% of rent.
• Climate carrying-cost: major wind risk, 70% 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 $155,000

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
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: 1.43% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.03%
• DSCR: 1.36
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -3.9%
• Equity multiple: 0.85×
• Total profit: $-6,349
• Equity at exit: $23,111

10-year hold

• IRR: 6.0%
• Equity multiple: 1.45×
• Total profit: $19,398
• Equity at exit: $13,402

Cash invested: $43,400 (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 02816

• Active inventory: 176
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $2,219 medium
• Mortgage (P&I): −$813
• Tax from tax record: −$138 /mo · $1,662/yr
• Insurance: −$65
• HOA: −$447
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $290

Break-even live

Break-even rent $1,852

Max offer price $155,000

Occupancy floor 82%

Sensitivity live

Price	-10% $378	-5% $334	+0% $290	+5% $246	+10% $203
Rent	-10% $115	-5% $203	+0% $290	+5% $378	+10% $466
Rate	-1.0pp $368	-0.5pp $330	base $290	+0.5pp $250	+1.0pp $209

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20 Woodland Dr Coventry, RI	1.0	1.0	634	$1,690	$2.67	2d	1	0.70mi
1 Patriot Way West Greenwich, RI	1.0–2.0	1.0–2.5	1237	$3,650	$2.95	2d	16	1.36mi

HOA detail

• Monthly dues: $447 · $5,364/yr
• Likely covers: watertrash

Listing history 11 events

1. 2026-05-26
   listed $155,000 Active
2. 2024-09-06
   soldstatus $155,000 Closed 610-char remark

   Show marketing remark (610 chars)

   Cozy 2-Bedroom Home with Low Monthly Costs! Looking for a comfortable and affordable home? Look no further! This charming 2-bedroom, 2-bathroom home is perfect for you. Enjoy the convenience of a full-sized kitchen with a dining area, perfect for entertaining guests and cooking. A dedicated laundry room adds to your everyday comfort. The covered deck and carport are a must have! Best of all, your monthly expenses are covered by a low monthly land fee of $447! This includes water, septic maintenance, trash removal, and taxes on the land. Don't miss out on this opportunity to own a hassle-free home.

3. 2024-09-06
   soldstatus $155,000

   Show marketing remark (610 chars)

   Cozy 2-Bedroom Home with Low Monthly Costs! Looking for a comfortable and affordable home? Look no further! This charming 2-bedroom, 2-bathroom home is perfect for you. Enjoy the convenience of a full-sized kitchen with a dining area, perfect for entertaining guests and cooking. A dedicated laundry room adds to your everyday comfort. The covered deck and carport are a must have! Best of all, your monthly expenses are covered by a low monthly land fee of $447! This includes water, septic maintenance, trash removal, and taxes on the land. Don't miss out on this opportunity to own a hassle-free home.

4. 2024-08-19
   status Pending 610-char remark

   Show marketing remark (610 chars)

   Cozy 2-Bedroom Home with Low Monthly Costs! Looking for a comfortable and affordable home? Look no further! This charming 2-bedroom, 2-bathroom home is perfect for you. Enjoy the convenience of a full-sized kitchen with a dining area, perfect for entertaining guests and cooking. A dedicated laundry room adds to your everyday comfort. The covered deck and carport are a must have! Best of all, your monthly expenses are covered by a low monthly land fee of $447! This includes water, septic maintenance, trash removal, and taxes on the land. Don't miss out on this opportunity to own a hassle-free home.

5. 2024-08-12
   listed $150,000 Active 610-char remark

   Show marketing remark (610 chars)

   Cozy 2-Bedroom Home with Low Monthly Costs! Looking for a comfortable and affordable home? Look no further! This charming 2-bedroom, 2-bathroom home is perfect for you. Enjoy the convenience of a full-sized kitchen with a dining area, perfect for entertaining guests and cooking. A dedicated laundry room adds to your everyday comfort. The covered deck and carport are a must have! Best of all, your monthly expenses are covered by a low monthly land fee of $447! This includes water, septic maintenance, trash removal, and taxes on the land. Don't miss out on this opportunity to own a hassle-free home.

6. 2005-06-07
   soldstatus $98,000 153-char remark

   Show marketing remark (153 chars)

   COME JOIN THE ASSOCIATION OWNED COMMUNITY AT RAMBLEWOOD FULLY APPLICANCED, CENTRAL AIR, DECK, SHED, FULL LAUNDRY CONVENIENT TO ALL AMENITIES. A MUST SEE!

7. 2005-04-30
   historical 153-char remark

   Show marketing remark (153 chars)

   COME JOIN THE ASSOCIATION OWNED COMMUNITY AT RAMBLEWOOD FULLY APPLICANCED, CENTRAL AIR, DECK, SHED, FULL LAUNDRY CONVENIENT TO ALL AMENITIES. A MUST SEE!

8. 2005-04-25
   listed $99,900 153-char remark

   Show marketing remark (153 chars)

   COME JOIN THE ASSOCIATION OWNED COMMUNITY AT RAMBLEWOOD FULLY APPLICANCED, CENTRAL AIR, DECK, SHED, FULL LAUNDRY CONVENIENT TO ALL AMENITIES. A MUST SEE!

9. 2003-04-30
   soldstatus $70,000
10. 2003-04-03
    historical
11. 2003-03-07
    listed $78,500

ⓘ 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: $1,662 · $138/mo
• Projected year-2 tax: $2,094 · $175/mo
• Expected delta: +$432/yr (+$36/mo · 26.0%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,632
• − Mortgage interest: −$8,682
• − Property taxes: −$1,662
• − Insurance: −$775
• − Repairs & maintenance: −$2,131
• − Management: −$2,131
• − HOA: −$5,364
• − Depreciation: −$4,509
• Taxable income: $1,378
• Est. tax owed @ 24.0%: −$331
• After-tax cash flow: $3,153/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: Coventry
• NCES district ID: 4400210
• Math proficiency: 25% ▼ -10.00%
• Reading proficiency: 41% ▼ -10.00%
• Median HH income: $66,277
• Composite: 30.18/100
• National rank: #6317
• State rank: #19 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 90,904 people
• City population: 108,434
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 33,298
• Household income: $101,431
• Rent vs Own: 19.0% rent · 81.0% own
• Severe rent burden: 667.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 6% Hispanic / Latino 5% Asian 1%
• Common ancestry: Lithuanian 13% Russian 8% Romanian 4%
• Foreign-born: 3% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% French/Haitian/Cajun 1%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -362.74%
• Current HPI: 336.2662
• 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

+97.5% since first listed

11 events — show timeline

• 2026-05-26 Listed $155,000 RIS
• 2024-09-06 Sold (Public Records) $155,000 Public Records
• 2024-09-06 Sold (MLS) $155,000 RIS
• 2024-08-19 Pending — RIS
• 2024-08-12 Listed $150,000 RIS
• 2005-06-07 Sold (MLS) $98,000 RIS
• 2005-04-30 Listing Removed — RIS
• 2005-04-25 Listed $99,900 RIS
• 2003-04-30 Sold (MLS) $70,000 RIS
• 2003-04-03 Listing Removed — RIS
• 2003-03-07 Listed $78,500 RIS

Property tax history

+5.7%/yr

Latest (2025): $1,662 · +1.6% YoY. Source: county tax records.