590 Chalkstone Ave · Providence, RI 02908

$600,000

9 bd · 3.0 ba · 2,446 sqft · MultiFamily public records · 9 Days on market

Built 1890 5,314 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Priced to sell, 3 family, convenient to highways or walk to Providence Place. Pre-qual or proof of funds needed with all offers.

Key facts

• 5,314 sq ft lot
• 8 parking spots
• Community pool

Property features AI

Finance

• Financial info: Property configured as 3 units total; One unit currently rented month-to-month; One unit showing actual rent of $1,700
• HOA & community: Community amenities nearby: golf, marina, pool, public transportation, recreation area, restaurant, shopping, tennis courts, sidewalks, highway access, near hospital and schools

Exterior

• Parking: No garage; 8 total parking spaces
• Utilities: Sewer connected; Water connected; Electric with 100 amp service and circuit breakers
• Home design: Multi-family building with 3 stories; Single building containing multiple units
• Construction: Vinyl siding with drywall interior; Concrete perimeter foundation; Built-in multiple floors (3 stories)
• Exterior features: Paved driveway; Fenced yard

Interior

• Kitchen: Oven/Range; Microwave; Refrigerator; Dishwasher
• Bedrooms: Three 3-bedroom units; One 2-bedroom unit
• Flooring: Carpet; Ceramic tile; Hardwood
• Bathrooms: Three full bathrooms total (one full bath in each unit)
• Heating & cooling: Hot water baseboard heating (gas)
• Interior features: Finished full basement with interior entry; Tub/shower; Cable TV
• Laundry & utility: Washer and Dryer; Electric water heater

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $744/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $600k).
• Cap rate 10.8% vs local median 4.2% 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-, schools F.
• 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.
• Market conditions: Rents rising fast (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,817/mo this rent would consume 128% of the median local household income ($73k/yr) (locally 1561% 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 + 5.5% rent growth), your $168k 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.
• 6 sale attempts since 27y 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 $112k; list at $600k implies a 436% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% 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 $600,000

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 1890 — 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 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?
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: 1.30% ✓
• Cap rate: 10.76%
• Cash-on-cash: 15.95%
• DSCR: 1.71
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 9.5%
• Equity multiple: 1.39×
• Total profit: $64,777
• Equity at exit: $89,462

10-year hold

• IRR: 20.6%
• Equity multiple: 2.93×
• Total profit: $325,017
• Equity at exit: $51,877

Cash invested: $168,000 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 19.2×

Monthly cashflow live

• Estimated rent: $7,817 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$546 /mo · $6,558/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,642
• Net cashflow: $2,232

Break-even live

Break-even rent $4,991

Max offer price $600,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$7,818
Total (3 units)			$7,817

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-05
   statusdays on market $600,000 Pending 9 DOM
2. 2026-06-03
   days on market $600,000 Active 8 DOM
3. 2026-06-02
   days on market $600,000 Active 7 DOM
4. 2026-06-01
   days on market $600,000 Active 6 DOM
5. 2026-05-31
   days on market $600,000 Active 5 DOM
6. 2026-05-27
   listed $600,000 Active
7. 2016-11-08
   price $284,900
8. 2013-12-19
   price $75,000 128-char remark

   Show marketing remark (128 chars)

   Priced to sell, 3 family, convenient to highways or walk to Providence Place. Pre-qual or proof of funds needed with all offers.

9. 2013-08-29
   soldstatus $112,000
10. 2009-11-12
    soldstatus $57,750 128-char remark

    Show marketing remark (128 chars)

    Priced to sell, 3 family, convenient to highways or walk to Providence Place. Pre-qual or proof of funds needed with all offers.

11. 2009-09-24
    historical 128-char remark

    Show marketing remark (128 chars)

    Priced to sell, 3 family, convenient to highways or walk to Providence Place. Pre-qual or proof of funds needed with all offers.

12. 2009-03-09
    listed $79,900 128-char remark

    Show marketing remark (128 chars)

    Priced to sell, 3 family, convenient to highways or walk to Providence Place. Pre-qual or proof of funds needed with all offers.

13. 2008-10-10
    soldstatus $70,550
14. 2005-04-13
    soldstatus $283,000
15. 2005-04-13
    soldstatus $283,000
16. 2005-04-12
    soldstatus $283,000
17. 2005-03-02
    historical
18. 2005-01-31
    listed $285,000
19. 2004-12-20
    historical
20. 2004-09-22
    listed $299,900
21. 2003-06-13
    soldstatus $189,000
22. 2002-04-05
    soldstatus $145,000
23. 2000-11-24
    historical
24. 2000-05-24
    listed $97,900
25. 2000-03-22
    historical
26. 1999-09-22
    listed $98,000
27. 1990-02-13
    soldstatus $112,500

ⓘ 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: $6,558 · $546/mo
• Projected year-2 tax: $8,169 · $681/mo
• Expected delta: +$1,611/yr (+$134/mo · 24.6%)

ⓘ 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 5/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 70% 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: $93,804
• − Mortgage interest: −$33,609
• − Property taxes: −$6,558
• − Insurance: −$3,000
• − Repairs & maintenance: −$7,504
• − Management: −$7,504
• − Depreciation: −$17,455
• Taxable income: $18,173
• Est. tax owed @ 24.0%: −$4,362
• After-tax cash flow: $22,428/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+433.3% since first listed

22 events — show timeline

• 2026-05-27 Listed $600,000 RIS
• 2016-11-08 Price Changed $284,900 RIS
• 2013-12-19 Price Changed $75,000 RIS
• 2013-08-29 Sold (Public Records) $112,000 Public Records
• 2009-11-12 Sold (MLS) $57,750 RIS
• 2009-09-24 Listing Removed — RIS
• 2009-03-09 Listed $79,900 RIS
• 2008-10-10 Sold (Public Records) $70,550 Public Records
• 2005-04-13 Sold (Public Records) $283,000 Public Records
• 2005-04-13 Sold (Public Records) $283,000 Public Records
• 2005-04-12 Sold (MLS) $283,000 RIS
• 2005-03-02 Listing Removed — RIS
• 2005-01-31 Listed $285,000 RIS
• 2004-12-20 Listing Removed — RIS
• 2004-09-22 Listed $299,900 RIS
• 2003-06-13 Sold (Public Records) $189,000 Public Records
• 2002-04-05 Sold (Public Records) $145,000 Public Records
• 2000-11-24 Listing Removed — RIS
• 2000-05-24 Listed $97,900 RIS
• 2000-03-22 Listing Removed — RIS
• 1999-09-22 Listed $98,000 RIS
• 1990-02-13 Sold (Public Records) $112,500 Public Records

Property tax history

+3.0%/yr

Latest (2025): $6,558 · +27.5% YoY. Source: county tax records.