58 Wright Way · Coventry, RI 02816

$120,000

2 bd · 1.0 ba · 1,056 sqft · Manufactured public records · 104 Days on market

Built 1985 Est $189k · 37% under $640/mo HOA · 29% of rent

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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 +26.1/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +8.8/10.0
• Schools +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

DOUBLE WIDE. OPEN FLOOR PLAN ALL APPLIANCES. WALK IN CLOSETS BIG BEDROOMS. PRICE INCLUDES CREDIT FOR NEW CARPET.

Key facts

• Tennis court
• Clubhouse
• Basketball court

Tags

• CATHEDRAL CEILING
• CONVENIENT LAUNDRY AREA
• TENNIS COURT
• BASKETBALL COURT
• CLUBHOUSE
• PLAYGROUND

Property features AI

Finance

• Financial info: Property has a land lease
• HOA & community: Monthly association fee ($640); Community with highway access, near hospital, near schools, recreation area, restaurants, and shopping

Exterior

• Parking: No garage; 2 parking spaces
• Utilities: 100 amp electric service; Septic tank; Multiple water meters
• Home design: Single-story home; Fixer condition
• Construction: Drywall interior; Vinyl siding; Built with standard foundation
• Exterior features: Deck

Interior

• Kitchen: Kitchen on the first floor
• Bedrooms: 2 bedrooms on the first floor
• Flooring: Carpet; Vinyl
• Bathrooms: 1 full bathroom on the first floor
• Heating & cooling: Forced-air gas heating
• Interior features: Tub shower; Beamed ceilings; Cathedral ceiling(s)
• Laundry & utility: Laundry room on the first floor; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $120k.

Deal economics

• At list price, monthly cash flow is $301 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $109k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• 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; 1 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 $830 of loan paydown is wiped out by about $4k 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 $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($109k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y ago; this cycle's ask has dropped $20k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $120k implies a 118% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.
• Climate carrying-cost: major wind risk, 72% 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 $109,200 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.86% ✓
• Cap rate: 9.30%
• Cash-on-cash: 10.74%
• DSCR: 1.48
• GRM: 4.5

CMA / ARV

• ARV (on-the-fly): $189,024
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
46 Wright Way	0.06mi	2/2.0	952 (-10%)	10mo	$170,000	$179	68

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: 0.1%
• Equity multiple: 1.00×
• Total profit: $132
• Equity at exit: $17,892

10-year hold

• IRR: 10.0%
• Equity multiple: 1.79×
• Total profit: $26,490
• Equity at exit: $10,375

Cash invested: $33,600 (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: 4.5×

Monthly cashflow live

• Estimated rent: $2,227 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$139 /mo · $1,673/yr
• Insurance: −$50
• HOA: −$640
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $301

Break-even live

Break-even rent $1,846

Max offer price $120,000

Occupancy floor 82%

Sensitivity live

Price	-10% $369	-5% $335	+0% $301	+5% $267	+10% $233
Rent	-10% $125	-5% $213	+0% $301	+5% $389	+10% $477
Rate	-1.0pp $361	-0.5pp $331	base $301	+0.5pp $270	+1.0pp $238

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5 Whitman St Coventry, RI	3.0	1.0	1200	$2,850	$2.38	2d	1	1.42mi

HOA detail

• Monthly dues: $640 · $7,680/yr

Listing history 7 events

1. 2026-05-01
   status Pending
2. 2026-04-14
   historical Active Under Contract
3. 2026-02-13
   price $120,000
4. 2026-01-17
   listed $140,000 Active
5. 2001-08-08
   soldstatus $55,000 112-char remark

   Show marketing remark (112 chars)

   DOUBLE WIDE. OPEN FLOOR PLAN ALL APPLIANCES. WALK IN CLOSETS BIG BEDROOMS. PRICE INCLUDES CREDIT FOR NEW CARPET.

6. 2001-06-18
   historical 112-char remark

   Show marketing remark (112 chars)

   DOUBLE WIDE. OPEN FLOOR PLAN ALL APPLIANCES. WALK IN CLOSETS BIG BEDROOMS. PRICE INCLUDES CREDIT FOR NEW CARPET.

7. 2001-05-04
   listed $59,500 112-char remark

   Show marketing remark (112 chars)

   DOUBLE WIDE. OPEN FLOOR PLAN ALL APPLIANCES. WALK IN CLOSETS BIG BEDROOMS. PRICE INCLUDES CREDIT FOR NEW CARPET.

ⓘ 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: $1,673 · $139/mo
• Projected year-2 tax: $1,814 · $151/mo
• Expected delta: +$142/yr (+$12/mo · 8.5%)

ⓘ 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 72% 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: $26,726
• − Mortgage interest: −$6,722
• − Property taxes: −$1,673
• − Insurance: −$600
• − Repairs & maintenance: −$2,138
• − Management: −$2,138
• − HOA: −$7,680
• − Depreciation: −$3,491
• Taxable income: $2,284
• Est. tax owed @ 24.0%: −$548
• After-tax cash flow: $3,061/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 — Coventry

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• County: Kent County · 90,904 people
• City population: 33,298
• 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

+101.7% since first listed

7 events — show timeline

• 2026-05-01 Pending — RIS
• 2026-04-14 Contingent — RIS
• 2026-02-13 Price Changed $120,000 RIS
• 2026-01-17 Listed $140,000 RIS
• 2001-08-08 Sold (MLS) $55,000 RIS
• 2001-06-18 Listing Removed — RIS
• 2001-05-04 Listed $59,500 RIS

Property tax history

+6.3%/yr

Latest (2025): $1,673 · +1.6% YoY. Source: county tax records.