41 Washington Ave · Cranston, RI 02920

$609,000

7 bd · 4.0 ba · 3,084 sqft · MultiFamily public records · 9 Days on market

Built 1920 5,500 sqft lot $197/sqft · 43% above area Est $696k · 12% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +13.1/15.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Livability +4.4/5.0
• Rent growth +3.1/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• 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

4-family in Cranston offering a strong value-add opportunity for investors or experienced buyers. The property features a desirable unit mix with two 1-bedroom units on the first floor, a spacious 3-bedroom unit on the second floor, and a 2-bedroom unit on the third floor. Recent improvements include remodeled kitchens in Units 1R and 2F, newer vinyl siding, replacement windows, and upgraded mechanicals. Interior conditions vary, with select units recently updated while others offer additional upside through cosmetic improvements and rent optimization. Ideal opportunity for investors seeking cash flow, forced appreciation, or long-term portfolio growth in a strong Cranston rental market. Pr

Key facts

• Upgraded mechanicals
• Remodeled kitchens
• Newer vinyl siding

Tags

• REMODELED KITCHENS
• NEWER VINYL SIDING
• REPLACEMENT WINDOWS
• UPGRADED MECHANICALS
• SELECT UNITS REMODELED
• STRONG RENTAL STRUCTURE

Property features AI

Finance

• Financial info: Operating expenses listed as $8,000
• HOA & community: Located near highway access, public transportation, shopping, restaurants, schools, and sidewalks

Exterior

• Parking: No garage; Total of 4 parking spaces
• Utilities: Public water connected; Public sewer connected; Electric service with 100 amps, circuit breakers, and separate meters
• Home design: 3-story building; Single building with multiple units; Zoned M2
• Construction: Drywall and plaster interior walls; Vinyl siding exterior; Brick/mortar and stone foundation; Above-grade finished area approximately 5,025
• Exterior features: Porch; Paved driveway; Outbuilding; Corner lot

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Four units: two 2-bedroom units, one 3-bedroom unit, and two 1-bedroom units
• Flooring: Laminate
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Has heating; Baseboard heating; Forced air heating; Gas heating
• Interior features: Thermal windows; Storm door(s); Attic; Tub with shower
• Laundry & utility: Common area laundry; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $609k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $664/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $609k).
• Cap rate 11.5% vs local median 3.3% in Cranston — 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 87/100 on livability (#1 in RI, #323 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+.
• Cranston (suburban): math 16% / reading 35% proficiency, ranked #23 of 39 in RI (top 59%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents rising (+2.4%/yr); 124 active listings in the ZIP; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $8,301/mo this rent would consume 123% of the median local household income ($81k/yr) (locally 985% 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 + 2.4% rent growth), your $171k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 71% 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 $609,000

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 1920 — 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. 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.
6. 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.
7. 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: 1.36% ✓
• Cap rate: 11.53%
• Cash-on-cash: 18.70%
• DSCR: 1.83
• GRM: 6.1

CMA / ARV

• ARV (median comp): $695,982
• List price: $609,000
• Delta: -12.50%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Maplewood Ave	0.45mi	6/4.0 (-1)	3,048 (-1%)	14mo	$630,000	$207	61
348 Union Ave	0.52mi	6/3.0 (-1)	2,997 (-3%)	10mo	$650,000	$217	54

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 · 2.42% rent growth · sell at horizon

5-year hold

• IRR: 9.8%
• Equity multiple: 1.39×
• Total profit: $65,653
• Equity at exit: $90,804

10-year hold

• IRR: 18.5%
• Equity multiple: 2.50×
• Total profit: $255,271
• Equity at exit: $52,655

Cash invested: $170,520 (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 02920

• Rents YoY: 2.4%
• Active inventory: 124
• Price-to-rent: 25.0×

Monthly cashflow live

• Estimated rent: $8,301 high
• Mortgage (P&I): −$3,194
• Tax from tax record: −$454 /mo · $5,442/yr
• Insurance: −$254
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,743
• Net cashflow: $2,657

Break-even live

Break-even rent $4,938

Max offer price $609,000

Occupancy floor 63%

Sensitivity live

Price	-10% $3,002	-5% $2,829	+0% $2,657	+5% $2,485	+10% $2,312
Rent	-10% $2,001	-5% $2,329	+0% $2,657	+5% $2,985	+10% $3,313
Rate	-1.0pp $2,964	-0.5pp $2,812	base $2,657	+0.5pp $2,499	+1.0pp $2,339

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,084
1× unit	3	1	$2,217
Total (4 units)			$8,301

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: $152,250
• Closing costs: $18,270
• Reserves months: —
• Total cash needed: —

Listing history 1 events

1. 2026-05-13
   listed $609,000 Active 1218-char remark

ⓘ 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: $5,442 · $454/mo
• Projected year-2 tax: $7,684 · $640/mo
• Expected delta: +$2,242/yr (+$187/mo · 41.2%)

ⓘ 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 ≥96°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% 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: $99,612
• − Mortgage interest: −$34,113
• − Property taxes: −$5,442
• − Insurance: −$3,045
• − Repairs & maintenance: −$7,969
• − Management: −$7,969
• − Depreciation: −$17,716
• Taxable income: $23,357
• Est. tax owed @ 24.0%: −$5,606
• After-tax cash flow: $26,277/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: Cranston
• NCES district ID: 4400240
• Math proficiency: 16% ▼ -11.00%
• Reading proficiency: 35% ▼ -7.00%
• Median HH income: $60,070
• Composite: 23.36/100
• National rank: #7910
• State rank: #23 of 39 in RI

Livability — Cranston

• Score: 87/100
• State rank: #1
• US rank: #323

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cranston, RI
• County: Providence County · 548,917 people
• City population: 72,803
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 37,155
• Household income: $80,717
• Rent vs Own: 36.2% rent · 63.8% own
• Severe rent burden: 985.0

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: Majority White (65%)
• Race & ethnicity: White 65% Hispanic / Latino 18% Two or more races 8% Asian 7% Black 7%
• Hispanic origin (detail): Puerto Rican 4% Dominican 6%
• Common ancestry: Lithuanian 6% Russian 5% Slovak 2%
• Foreign-born: 16% · Canada, China
• Languages at home: 73% English-only · Spanish 15% Other Indo-European 5% French/Haitian/Cajun 2%

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: ▼ -449.22%
• Current HPI: 334.2336
• Rent YoY: ▲ 2.42%
• 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

-0.7% since first listed

3 events — show timeline

• 2026-06-05 Sold (MLS) $605,000 RIS
• 2026-05-22 Pending — RIS
• 2026-05-13 Listed $609,000 RIS

Property tax history

+1.3%/yr

Latest (2025): $5,442 · +2.0% YoY. Source: county tax records.