128 Rugby St · Providence, RI 02905

$619,000

6 bd · 2.0 ba · 2,276 sqft · MultiFamily public records · 9 Days on market

Built 2020 4,248 sqft lot $272/sqft · 65% above area Est $580k · 7% over

---

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 +15.2/30.0
• DSCR +4.7/10.0
• ARV discount +4.5/15.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Built in 2020, this well-maintained multi-family property at 128 Rugby St features two modern residential units with contemporary finishes and efficient layouts. The fully fenced yard offers added privacy and security, while multiple off-street parking spaces located at the rear of the building provide convenience for residents and guests. Ideal for both investors and owner-occupants, the property includes newer construction benefits with updated systems, low-maintenance living, and excellent rental potential. Conveniently located near local amenities, schools, dining, and major commuter routes, this turnkey opportunity combines modern style with strong income-producing possibilities in a d

Key facts

• Updated systems
• Fully fenced yard
• Off-street parking

Tags

• MULTI-FAMILY PROPERTY
• MODERN RESIDENTIAL UNITS
• FULLY FENCED YARD
• OFF-STREET PARKING
• NEWER CONSTRUCTION BENEFITS
• UPDATED SYSTEMS

Property features AI

Finance

• Other: Two residential units (total of 2 units); Above-grade finished area reported
• HOA & community: Community amenities nearby include golf, marina, pool, public transportation, recreation area, restaurants, shopping, tennis courts, highway access, and proximity to hospital and schools

Exterior

• Parking: No garage; Space for 4 vehicles
• Utilities: Public water; Public sewer (connected); Separate electric meters; Circuit breaker electrical
• Home design: Two-story building; Single building with two units; Zoned residential
• Construction: Drywall and plaster interior walls; Vinyl siding; Concrete perimeter foundation
• Exterior features: Deck; Porch; Paved driveway; Fenced yard; Paved lot

Interior

• Kitchen: Dishwasher; Microwave; Oven; Range; Range hood; Refrigerator; Electric water heater
• Bedrooms: Two 3-bedroom units (one 3-bedroom unit on each level)
• Flooring: Ceramic tile; Vinyl
• Bathrooms: Two full bathrooms (one full bathroom per unit)
• Heating & cooling: Forced-air gas heating; Central air conditioning
• Interior features: Interior steps; Tub with shower
• Laundry & utility: In-unit laundry; Utility room; Storage room

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $619k.

Deal economics

• At list price, monthly cash flow is $214 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $516k (16.6% below list).
• Recommended offer: $516k (16.6% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.0% in Providence — 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 84/100 on livability (#2 in RI, #794 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: employment C-.
• Providence (urban): math 8% / reading 16% proficiency, ranked #34 of 39 in RI (top 87%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising (+3.5%/yr); 79 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,165/mo this rent would consume 99% of the median local household income ($63k/yr) (locally 1220% 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

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 6y 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 $370k; list at $619k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 74% 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 $516,500 (16.6% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
3. 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?
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 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: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• GRM: 10.0

CMA / ARV

• ARV (median comp): $580,000
• List price: $619,000
• Delta: 6.72%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -13.5%
• Equity multiple: 0.51×
• Total profit: $-84,506
• Equity at exit: $92,295

10-year hold

• IRR: -4.0%
• Equity multiple: 0.73×
• Total profit: $-47,026
• Equity at exit: $53,520

Cash invested: $173,320 (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 02905

• Rents YoY: 3.5%
• Active inventory: 79
• Price-to-rent: 20.0×

Monthly cashflow live

• Estimated rent: $5,165 medium
• Mortgage (P&I): −$3,246
• Tax from tax record: −$362 /mo · $4,349/yr
• Insurance: −$258
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,085
• Net cashflow: $214

Break-even live

Break-even rent $4,894

Max offer price $619,000

Occupancy floor 91%

Sensitivity live

Price	-10% $564	-5% $389	+0% $214	+5% $39	+10% $-136
Rent	-10% $-194	-5% $10	+0% $214	+5% $418	+10% $622
Rate	-1.0pp $526	-0.5pp $371	base $214	+0.5pp $54	+1.0pp $-110

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$5,164
Total (2 units)			$5,165

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: $154,750
• Closing costs: $18,570
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-05-12
   listed $619,000 Active 732-char remark
2. 2021-02-26
   soldstatus $370,000
3. 2020-06-02
   listed $349,000
4. 2020-06-02
   historical
5. 2020-06-02
   historical
6. 2019-08-20
   soldstatus $100,000

ⓘ 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: $4,349 · $362/mo
• Projected year-2 tax: $7,219 · $602/mo
• Expected delta: +$2,870/yr (+$239/mo · 66.0%)

ⓘ 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 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $61,980
• − Mortgage interest: −$34,674
• − Property taxes: −$4,349
• − Insurance: −$3,095
• − Repairs & maintenance: −$4,958
• − Management: −$4,958
• − Depreciation: −$18,007
• Taxable loss: −$8,062
• Est. tax savings @ 24.0%: +$1,935
• After-tax cash flow: $4,502/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: Providence
• NCES district ID: 4400900
• Math proficiency: 8% ▼ -4.00%
• Reading proficiency: 16% ▼ -2.00%
• Median HH income: $38,197
• Composite: 10.12/100
• National rank: #9803
• State rank: #34 of 39 in RI

Livability — Providence

• Score: 84/100
• State rank: #2
• US rank: #794

Category grades

Amenities A+ Commute A+ 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: Providence, RI
• County: Providence County · 548,917 people
• City population: 212,734
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 25,012
• Household income: $62,908
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 1220.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% White 38% Black 15% Two or more races 15% Asian 3%
• Hispanic origin (detail): Puerto Rican 5% Dominican 30%
• Common ancestry: Russian 4% Lithuanian 3% Romanian 2%
• Foreign-born: 30% · Canada, China
• Languages at home: 57% English-only · Spanish 34% Other Indo-European 4% French/Haitian/Cajun 1%

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: ▼ -396.84%
• Current HPI: 387.2525
• Rent YoY: ▲ 3.45%
• 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

+519.0% since first listed

7 events — show timeline

• 2026-05-21 Pending — RIS
• 2026-05-12 Listed $619,000 RIS
• 2021-02-26 Sold (Public Records) $370,000 Public Records
• 2020-06-02 Listing Removed — RIS
• 2020-06-02 Listing Removed — RIS
• 2020-06-02 Listed $349,000 RIS
• 2019-08-20 Sold (Public Records) $100,000 Public Records

Property tax history

+9.5%/yr

Latest (2025): $4,349 · -43.0% YoY. Source: county tax records.