432 Fairview Ave · Warwick, RI 02816

$619,900

5 bd · 5.0 ba · 2,872 sqft · MultiFamily public records · 16 Days on market

Built 1880 0.58 ac lot Est $511k · 21% over

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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 +27.2/30.0
• DSCR +9.4/10.0
• 1% rule +6.8/10.0
• Livability +3.9/5.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

VERY NICE 3 UNIT VICTORIAN. ALL UNITS IN GREAT SHAPE. PORCH NEEDS TO BE REBUILT AND THERE IS A PERMIT IN PLACE AND AN ESTIMATE WILL BE PROVIDED. NO FHA

Key facts

• Eat in kitchen
• Ample paved areas
• Outdoor space

Tags

• TOWNHOUSE STYLE UNITS
• EAT IN KITCHEN
• HIGH CEILINGS
• OUTDOOR SPACE
• CORNER LOT
• AMPLE PAVED AREAS

Property features AI

Finance

• Financial info: Operating expenses listed at $6,000
• HOA & community: Highway access nearby; Near hospital, schools, public transportation and shopping

Exterior

• Parking: Detached garage; 2 covered garage spaces (2-car garage spaces listed); Total of 17 parking spaces
• Utilities: Separate electric meters; 100A and 150A service with circuit breakers; Connected water; Septic tank
• Home design: Multi-family property with 3 units in 2 buildings; 3 total stories; R-20 zoning
• Construction: Wood siding with drywall and plaster interiors; Combination foundation
• Exterior features: Paved driveway; Outbuilding; Corner lot

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Three-bedroom unit (propane heat); One-bedroom unit (electric heat); One-bedroom unit (electric heat)
• Flooring: Hardwood; Laminate; Vinyl; Carpet
• Bathrooms: Three full bathrooms across property; Two half bathrooms across property
• Heating & cooling: Baseboard heating; Electric heating; Propane heating
• Interior features: Interior steps; Tub with shower; Partially finished basement with interior and exterior entry; Common area laundry
• Laundry & utility: Common area laundry; Common and electric water heaters

What this means for you Summary

Snapshot

• This is a 2×5bd/1.5ba + 1×3bd/1ba units multifamily listed at $620k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $591/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $620k).
• Recommended offer: $611k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 3.3% 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: 177 active listings in the ZIP; solid renter incomes; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• At $7,322/mo this rent would consume 87% of the median local household income ($101k/yr) (locally 667% 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.
• Kent County population projected at -14% 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 $174k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($611k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y 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 $400k; list at $620k implies a 55% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 77% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $610,601 (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 1880 — 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: 1.18% ✓
• Cap rate: 9.72%
• Cash-on-cash: 12.25%
• DSCR: 1.54
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $511,216
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4 6 Union St	0.32mi	6/2.5 (+1)	2,576 (-10%)	7mo	$490,000	$190	47
53 Andrews St	0.53mi	5/2.0	3,018 (+5%)	17mo	$485,000	$161	41
21 Anthony St	0.34mi	6/2.0 (+1)	2,512 (-12%)	13mo	$448,000	$178	35
62 Pond St	0.66mi	5/2.0	3,218 (+12%)	7mo	$485,000	$151	32
288 292 Washington St	0.67mi	6/4.0 (+1)	2,682 (-7%)	22mo	$495,000	$185	30
295 Washington St	0.65mi	5/4.0	2,584 (-10%)	24mo	$420,000	$163	29
125 West St	0.65mi	6/2.0 (+1)	2,586 (-10%)	19mo	$490,000	$189	20

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: 1.9%
• Equity multiple: 1.07×
• Total profit: $12,333
• Equity at exit: $92,429

10-year hold

• IRR: 11.4%
• Equity multiple: 1.90×
• Total profit: $155,809
• Equity at exit: $53,598

Cash invested: $173,572 (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: 177
• Price-to-rent: 19.0×

Monthly cashflow live

• Estimated rent: $7,322 medium
• Mortgage (P&I): −$3,251
• Tax from tax record: −$504 /mo · $6,043/yr
• Insurance: −$258
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,538
• Net cashflow: $1,772

Break-even live

Break-even rent $5,079

Max offer price $619,900

Occupancy floor 71%

Sensitivity live

Price	-10% $2,123	-5% $1,947	+0% $1,772	+5% $1,596	+10% $1,421
Rent	-10% $1,193	-5% $1,482	+0% $1,772	+5% $2,061	+10% $2,350
Rate	-1.0pp $2,084	-0.5pp $1,929	base $1,772	+0.5pp $1,611	+1.0pp $1,448

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

Units	Beds	Baths	Est. rent
▸ 2× units	5	1.5	$5,426
1× unit	3	1	$1,897
Total (3 units)			$7,322

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: $154,975
• Closing costs: $18,597
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-03
   status $619,900 Pending 16 DOM
2. 2026-06-02
   days on market $619,900 Active 16 DOM
3. 2026-06-01
   days on market $619,900 Active 15 DOM
4. 2026-05-31
   days on market $619,900 Active 14 DOM
5. 2026-05-06
   listed $619,900 Active
6. 2022-11-30
   soldstatus $400,000 Closed 151-char remark

   Show marketing remark (151 chars)

   VERY NICE 3 UNIT VICTORIAN. ALL UNITS IN GREAT SHAPE. PORCH NEEDS TO BE REBUILT AND THERE IS A PERMIT IN PLACE AND AN ESTIMATE WILL BE PROVIDED. NO FHA

7. 2022-11-30
   soldstatus $400,000

   Show marketing remark (151 chars)

   VERY NICE 3 UNIT VICTORIAN. ALL UNITS IN GREAT SHAPE. PORCH NEEDS TO BE REBUILT AND THERE IS A PERMIT IN PLACE AND AN ESTIMATE WILL BE PROVIDED. NO FHA

8. 2022-10-06
   status Pending 151-char remark

   Show marketing remark (151 chars)

   VERY NICE 3 UNIT VICTORIAN. ALL UNITS IN GREAT SHAPE. PORCH NEEDS TO BE REBUILT AND THERE IS A PERMIT IN PLACE AND AN ESTIMATE WILL BE PROVIDED. NO FHA

9. 2022-09-30
   listed $409,900 Active 151-char remark

   Show marketing remark (151 chars)

   VERY NICE 3 UNIT VICTORIAN. ALL UNITS IN GREAT SHAPE. PORCH NEEDS TO BE REBUILT AND THERE IS A PERMIT IN PLACE AND AN ESTIMATE WILL BE PROVIDED. NO FHA

10. 2018-12-28
    soldstatus $315,000 Sold 472-char remark

    Show marketing remark (472 chars)

    Rare 3,000 sq feet 3 unit victorian. All units are updated + very spacious. 1st floor has 3 beds 2 bath. With partly finished walkout basement for even more living area. 2 one bed units are townhouse style with large open concept living. 1.5 baths + huge bedroom with walk in closets. Large 2 car garage with separate entry loft makes for so much more potential. New septic installed last year! This is a true one of a kind multiple family that you must see to appreciate.

11. 2018-12-28
    soldstatus $315,000

    Show marketing remark (472 chars)

    Rare 3,000 sq feet 3 unit victorian. All units are updated + very spacious. 1st floor has 3 beds 2 bath. With partly finished walkout basement for even more living area. 2 one bed units are townhouse style with large open concept living. 1.5 baths + huge bedroom with walk in closets. Large 2 car garage with separate entry loft makes for so much more potential. New septic installed last year! This is a true one of a kind multiple family that you must see to appreciate.

12. 2018-12-19
    status Pending 472-char remark

    Show marketing remark (472 chars)

    Rare 3,000 sq feet 3 unit victorian. All units are updated + very spacious. 1st floor has 3 beds 2 bath. With partly finished walkout basement for even more living area. 2 one bed units are townhouse style with large open concept living. 1.5 baths + huge bedroom with walk in closets. Large 2 car garage with separate entry loft makes for so much more potential. New septic installed last year! This is a true one of a kind multiple family that you must see to appreciate.

13. 2018-11-21
    historical Under Contract: Inspection Period 472-char remark

    Show marketing remark (472 chars)

    Rare 3,000 sq feet 3 unit victorian. All units are updated + very spacious. 1st floor has 3 beds 2 bath. With partly finished walkout basement for even more living area. 2 one bed units are townhouse style with large open concept living. 1.5 baths + huge bedroom with walk in closets. Large 2 car garage with separate entry loft makes for so much more potential. New septic installed last year! This is a true one of a kind multiple family that you must see to appreciate.

14. 2018-10-25
    listed $329,900 Active 472-char remark

    Show marketing remark (472 chars)

    Rare 3,000 sq feet 3 unit victorian. All units are updated + very spacious. 1st floor has 3 beds 2 bath. With partly finished walkout basement for even more living area. 2 one bed units are townhouse style with large open concept living. 1.5 baths + huge bedroom with walk in closets. Large 2 car garage with separate entry loft makes for so much more potential. New septic installed last year! This is a true one of a kind multiple family that you must see to appreciate.

15. 2015-11-02
    historical
16. 2015-06-08
    price $299,900
17. 2015-05-01
    listed $319,900 Active - New
18. 2003-02-14
    soldstatus $335,000
19. 2003-02-13
    soldstatus $335,000
20. 2002-11-27
    historical
21. 2002-08-05
    listed $369,900
22. 1988-08-26
    soldstatus $155,000

ⓘ 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: $6,043 · $504/mo
• Projected year-2 tax: $8,074 · $673/mo
• Expected delta: +$2,031/yr (+$169/mo · 33.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥95°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% 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: $87,864
• − Mortgage interest: −$34,724
• − Property taxes: −$6,043
• − Insurance: −$3,100
• − Repairs & maintenance: −$7,029
• − Management: −$7,029
• − Depreciation: −$18,033
• Taxable income: $11,906
• Est. tax owed @ 24.0%: −$2,857
• After-tax cash flow: $18,403/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

+299.9% since first listed

18 events — show timeline

• 2026-05-06 Listed $619,900 RIS
• 2022-11-30 Sold (Public Records) $400,000 Public Records
• 2022-11-30 Sold (MLS) $400,000 RIS
• 2022-10-06 Pending — RIS
• 2022-09-30 Listed $409,900 RIS
• 2018-12-28 Sold (Public Records) $315,000 Public Records
• 2018-12-28 Sold (MLS) $315,000 RIS
• 2018-12-19 Pending — RIS
• 2018-11-21 Contingent — RIS
• 2018-10-25 Listed $329,900 RIS
• 2015-11-02 Listing Removed — RIS
• 2015-06-08 Price Changed $299,900 RIS
• 2015-05-01 Listed $319,900 RIS
• 2003-02-14 Sold (Public Records) $335,000 Public Records
• 2003-02-13 Sold (MLS) $335,000 RIS
• 2002-11-27 Listing Removed — RIS
• 2002-08-05 Listed $369,900 RIS
• 1988-08-26 Sold (Public Records) $155,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $6,043 · +1.5% YoY. Source: county tax records.