9 Hannah St · Providence, RI 02909

$700,000

8 bd · 4.0 ba · 2,070 sqft · MultiFamily public records · 1 Days on market

Built 1922 5,478 sqft lot

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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 +16.7/30.0
• ARV discount +7.5/15.0
• DSCR +5.2/10.0
• Livability +4.2/5.0
• 1% rule +3.4/10.0
• Rent growth +3.4/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Very unique Multi-Family home. Each floor has 4 bedrooms, 2 full baths, a living room and eat in kitchen. The house has vinyl siding replacement windows, off street parking, newer roof and heating. Buildable lot on 8 Handy Street adjoins this property, sold separately for $32,000. This lot is not part of this listing. $264,900 is for the house located at 9 Hannah Street only.

Key facts

• 5,478 sq ft lot
• 8 parking spots
• Built 1922

Property features AI

Finance

• Other: Property configured as 2 units in 1 building

Exterior

• Parking: No garage; Space for about 8 vehicles (total parking count 8)
• Utilities: Public water connected; Public sewer connected; Electric service approximately 100 amps
• Home design: 2-story building; Vinyl siding; Total above-grade finished area approximately 4,172
• Construction: Vinyl siding construction
• Exterior features: Lot approximately 0.13 acres

Interior

• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: Gas baseboard heating
• Interior features: Laminate flooring; Full unfinished basement with both interior and exterior entry
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $429 ($5k/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 $589k (15.8% below list).
• Recommended offer: $589k (15.8% below list) — sets the bar for 1% rule.
• Cap rate 7.0% 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-, 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 (+3.7%/yr); 132 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,893/mo this rent would consume 109% of the median local household income ($65k/yr) (locally 2000% 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 $5k of loan paydown is wiped out by about $21k 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 1 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 $290k; list at $700k implies a 141% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1922 — 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 $589,300 (15.8% below list)

Questions for the listing agent

1. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
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: 0.84% ✗
• Cap rate: 7.03%
• Cash-on-cash: 2.63%
• DSCR: 1.12
• GRM: 9.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: -11.5%
• Equity multiple: 0.58×
• Total profit: $-82,307
• Equity at exit: $104,372

10-year hold

• IRR: -1.5%
• Equity multiple: 0.89×
• Total profit: $-20,731
• Equity at exit: $60,523

Cash invested: $196,000 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 132
• Price-to-rent: 19.8×

Monthly cashflow live

• Estimated rent: $5,893 high
• Mortgage (P&I): −$3,671
• Tax from tax record: −$264 /mo · $3,162/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,238
• Net cashflow: $429

Break-even live

Break-even rent $5,349

Max offer price $700,000

Occupancy floor 88%

Sensitivity live

Price	-10% $826	-5% $628	+0% $429	+5% $231	+10% $33
Rent	-10% $-36	-5% $197	+0% $429	+5% $662	+10% $895
Rate	-1.0pp $782	-0.5pp $607	base $429	+0.5pp $248	+1.0pp $64

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1	$5,892
Total (2 units)			$5,893

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-13
   status Pending
2. 2026-05-12
   listed $700,000 Active
3. 2021-01-18
   soldstatus $290,000 Closed 379-char remark

   Show marketing remark (379 chars)

   Very unique Multi-Family home. Each floor has 4 bedrooms, 2 full baths, a living room and eat in kitchen. The house has vinyl siding replacement windows, off street parking, newer roof and heating. Buildable lot on 8 Handy Street adjoins this property, sold separately for $32,000. This lot is not part of this listing. $264,900 is for the house located at 9 Hannah Street only.

4. 2021-01-14
   soldstatus $290,000
5. 2020-10-27
   status Pending 379-char remark

   Show marketing remark (379 chars)

   Very unique Multi-Family home. Each floor has 4 bedrooms, 2 full baths, a living room and eat in kitchen. The house has vinyl siding replacement windows, off street parking, newer roof and heating. Buildable lot on 8 Handy Street adjoins this property, sold separately for $32,000. This lot is not part of this listing. $264,900 is for the house located at 9 Hannah Street only.

6. 2020-10-07
   price $264,900 379-char remark

   Show marketing remark (379 chars)

   Very unique Multi-Family home. Each floor has 4 bedrooms, 2 full baths, a living room and eat in kitchen. The house has vinyl siding replacement windows, off street parking, newer roof and heating. Buildable lot on 8 Handy Street adjoins this property, sold separately for $32,000. This lot is not part of this listing. $264,900 is for the house located at 9 Hannah Street only.

7. 2020-09-05
   price $267,900 379-char remark

   Show marketing remark (379 chars)

   Very unique Multi-Family home. Each floor has 4 bedrooms, 2 full baths, a living room and eat in kitchen. The house has vinyl siding replacement windows, off street parking, newer roof and heating. Buildable lot on 8 Handy Street adjoins this property, sold separately for $32,000. This lot is not part of this listing. $264,900 is for the house located at 9 Hannah Street only.

8. 2020-08-26
   listed $299,900 Active 379-char remark

   Show marketing remark (379 chars)

   Very unique Multi-Family home. Each floor has 4 bedrooms, 2 full baths, a living room and eat in kitchen. The house has vinyl siding replacement windows, off street parking, newer roof and heating. Buildable lot on 8 Handy Street adjoins this property, sold separately for $32,000. This lot is not part of this listing. $264,900 is for the house located at 9 Hannah Street only.

9. 1988-11-21
   soldstatus $110,000

ⓘ 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: $3,162 · $264/mo
• Projected year-2 tax: $7,286 · $607/mo
• Expected delta: +$4,124/yr (+$344/mo · 130.4%)

ⓘ 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 ≥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: $70,716
• − Mortgage interest: −$39,211
• − Property taxes: −$3,162
• − Insurance: −$3,500
• − Repairs & maintenance: −$5,657
• − Management: −$5,657
• − Depreciation: −$20,364
• Taxable loss: −$6,835
• Est. tax savings @ 24.0%: +$1,640
• After-tax cash flow: $6,794/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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 0.57)
• Race & ethnicity: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+536.4% since first listed

9 events — show timeline

• 2026-05-13 Pending — RIS
• 2026-05-12 Listed $700,000 RIS
• 2021-01-18 Sold (MLS) $290,000 RIS
• 2021-01-14 Sold (Public Records) $290,000 Public Records
• 2020-10-27 Pending — RIS
• 2020-10-07 Price Changed $264,900 RIS
• 2020-09-05 Price Changed $267,900 RIS
• 2020-08-26 Listed $299,900 RIS
• 1988-11-21 Sold (Public Records) $110,000 Public Records

Property tax history

-0.4%/yr

Latest (2025): $3,162 · -37.9% YoY. Source: county tax records.