35 Sterling Ave · Providence, RI 02909

$529,900

5 bd · 3.0 ba · 1,592 sqft · MultiFamily public records · 6 Days on market

Built 1900 6,098 sqft lot Est $503k · 5% over

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Why this score? — see what drove the C+ 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 +27.7/30.0
• DSCR +9.8/10.0
• 1% rule +6.7/10.0
• ARV discount +5.1/15.0
• Livability +4.2/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Perched on a corner lot located on a dead end street, sits this three-family home with a large fenced in yard. Plenty of off street parking for up to six or more cars and an oversized one-car garage. Property consists of three units. The first and second floor are the same exact layout, needing some TLC but great potential. Featuring two bedrooms, a full bathroom, living room and a large eat-in-kitchen area. The basement apartment has two separate entrances, a galley-style kitchen, which opens up to a cozy family room, full bath and one private bedroom. Each unit features gas baseboard heat and hot water with all separate heating systems as well as electrical panels. This home is worth the investment! Selling in AS-IS condition. Subject to PROBATE APPROVAL.

Key facts

• Multifamily property
• Private entrance
• 6,098 sq ft lot

Tags

• MULTIFAMILY PROPERTY
• PRIVATE ENTRANCE

Property features AI

Finance

• Financial info: Property configured as a 3-unit multifamily; Unit rents: basement 1-bed $1,425; two 2-bed units $1,600 each; Tenants pay hot water
• HOA & community: Community provides highway access and nearby public transportation; Near schools and recreation areas

Exterior

• Parking: Detached garage with garage door opener; Total of 7 parking spaces (including 1 covered space)
• Utilities: Sewer connected; Public water connected; Electric service: 100 amps, circuit breakers, separate meters
• Home design: 3-story multifamily building; Single building with three units; Concrete perimeter foundation
• Construction: Drywall and plaster interior walls; Vinyl siding
• Exterior features: Paved driveway; Fenced yard; Corner lot

Interior

• Kitchen: Oven/Range; Refrigerator
• Bedrooms: Three separate units: one 1-bedroom basement unit, two 2-bedroom units
• Flooring: Laminate flooring; Vinyl flooring
• Bathrooms: Three full bathrooms (one per unit)
• Heating & cooling: Gas heating; Hot water heating; Window air conditioning units
• Interior features: Interior steps; Tub with shower
• Laundry & utility: Common area laundry; Washer and dryer; Gas water heater; Water heater

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 1×1bd/1ba units multifamily listed at $530k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $533/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $530k).
• Cap rate 9.9% 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 (+3.7%/yr); 132 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,189/mo this rent would consume 115% 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 $4k of loan paydown is wiped out by about $16k 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 + 3.7% rent growth), your $148k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 15y 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 $437k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $529,900

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 1900 — 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: 1.17% ✓
• Cap rate: 9.92%
• Cash-on-cash: 12.94%
• DSCR: 1.58
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $503,072
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
69 Whipple Ave	0.71mi	4/2.0 (-1)	1,719 (+8%)	4mo	$543,000	$316	41

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 · 3.68% rent growth · sell at horizon

5-year hold

• IRR: 3.5%
• Equity multiple: 1.14×
• Total profit: $20,139
• Equity at exit: $79,010

10-year hold

• IRR: 13.6%
• Equity multiple: 2.12×
• Total profit: $165,908
• Equity at exit: $45,816

Cash invested: $148,372 (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: 20.7×

Monthly cashflow live

• Estimated rent: $6,189 medium
• Mortgage (P&I): −$2,779
• Tax from tax record: −$290 /mo · $3,481/yr
• Insurance: −$221
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,300
• Net cashflow: $1,600

Break-even live

Break-even rent $4,164

Max offer price $529,900

Occupancy floor 69%

Sensitivity live

Price	-10% $1,900	-5% $1,750	+0% $1,600	+5% $1,450	+10% $1,300
Rent	-10% $1,111	-5% $1,355	+0% $1,600	+5% $1,844	+10% $2,089
Rate	-1.0pp $1,866	-0.5pp $1,734	base $1,600	+0.5pp $1,462	+1.0pp $1,323

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,268
1× unit	1	1	$1,921
Total (3 units)			$6,189

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: $132,475
• Closing costs: $15,897
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 Atwells Ave Unit 2 Providence, RI	4.0	2.0	1300	$2,950	$2.27	24d	1	0.99mi

Listing history 21 events

1. 2026-04-15
   status Pending
2. 2026-04-09
   listed $529,900 Active
3. 2024-06-12
   soldstatus $437,000 Closed 767-char remark

   Show marketing remark (767 chars)

   Perched on a corner lot located on a dead end street, sits this three-family home with a large fenced in yard. Plenty of off street parking for up to six or more cars and an oversized one-car garage. Property consists of three units. The first and second floor are the same exact layout, needing some TLC but great potential. Featuring two bedrooms, a full bathroom, living room and a large eat-in-kitchen area. The basement apartment has two separate entrances, a galley-style kitchen, which opens up to a cozy family room, full bath and one private bedroom. Each unit features gas baseboard heat and hot water with all separate heating systems as well as electrical panels. This home is worth the investment! Selling in AS-IS condition. Subject to PROBATE APPROVAL.

4. 2024-06-12
   soldstatus $437,000

   Show marketing remark (767 chars)

   Perched on a corner lot located on a dead end street, sits this three-family home with a large fenced in yard. Plenty of off street parking for up to six or more cars and an oversized one-car garage. Property consists of three units. The first and second floor are the same exact layout, needing some TLC but great potential. Featuring two bedrooms, a full bathroom, living room and a large eat-in-kitchen area. The basement apartment has two separate entrances, a galley-style kitchen, which opens up to a cozy family room, full bath and one private bedroom. Each unit features gas baseboard heat and hot water with all separate heating systems as well as electrical panels. This home is worth the investment! Selling in AS-IS condition. Subject to PROBATE APPROVAL.

5. 2024-02-01
   status Pending 767-char remark

   Show marketing remark (767 chars)

   Perched on a corner lot located on a dead end street, sits this three-family home with a large fenced in yard. Plenty of off street parking for up to six or more cars and an oversized one-car garage. Property consists of three units. The first and second floor are the same exact layout, needing some TLC but great potential. Featuring two bedrooms, a full bathroom, living room and a large eat-in-kitchen area. The basement apartment has two separate entrances, a galley-style kitchen, which opens up to a cozy family room, full bath and one private bedroom. Each unit features gas baseboard heat and hot water with all separate heating systems as well as electrical panels. This home is worth the investment! Selling in AS-IS condition. Subject to PROBATE APPROVAL.

6. 2024-01-16
   historical Active Under Contract 767-char remark

   Show marketing remark (767 chars)

   Perched on a corner lot located on a dead end street, sits this three-family home with a large fenced in yard. Plenty of off street parking for up to six or more cars and an oversized one-car garage. Property consists of three units. The first and second floor are the same exact layout, needing some TLC but great potential. Featuring two bedrooms, a full bathroom, living room and a large eat-in-kitchen area. The basement apartment has two separate entrances, a galley-style kitchen, which opens up to a cozy family room, full bath and one private bedroom. Each unit features gas baseboard heat and hot water with all separate heating systems as well as electrical panels. This home is worth the investment! Selling in AS-IS condition. Subject to PROBATE APPROVAL.

7. 2024-01-12
   listed $389,900 Active 767-char remark

   Show marketing remark (767 chars)

   Perched on a corner lot located on a dead end street, sits this three-family home with a large fenced in yard. Plenty of off street parking for up to six or more cars and an oversized one-car garage. Property consists of three units. The first and second floor are the same exact layout, needing some TLC but great potential. Featuring two bedrooms, a full bathroom, living room and a large eat-in-kitchen area. The basement apartment has two separate entrances, a galley-style kitchen, which opens up to a cozy family room, full bath and one private bedroom. Each unit features gas baseboard heat and hot water with all separate heating systems as well as electrical panels. This home is worth the investment! Selling in AS-IS condition. Subject to PROBATE APPROVAL.

8. 2017-09-05
   soldstatus $175,000 Sold 230-char remark

   Show marketing remark (230 chars)

   Great for an owner occupant! This newly renovated three family home features many updates, new kitchens and baths through out , new electric, new heating systems will be installed before closing! Corner lot. Receivership property!

9. 2017-07-26
   status Pending 230-char remark

   Show marketing remark (230 chars)

   Great for an owner occupant! This newly renovated three family home features many updates, new kitchens and baths through out , new electric, new heating systems will be installed before closing! Corner lot. Receivership property!

10. 2017-07-26
    listed $174,900 Active 230-char remark

    Show marketing remark (230 chars)

    Great for an owner occupant! This newly renovated three family home features many updates, new kitchens and baths through out , new electric, new heating systems will be installed before closing! Corner lot. Receivership property!

11. 2017-03-22
    historical
12. 2016-09-29
    historical Active - Under Contract
13. 2016-09-22
    listed $174,900 Active - New
14. 2015-09-01
    status Pending
15. 2015-08-31
    historical
16. 2015-08-30
    historical
17. 2015-08-12
    historical Contingent - Pending Fully Executed P&S
18. 2015-08-05
    price $49,900
19. 2015-07-17
    listed $64,900 Active - New
20. 2011-09-06
    historical
21. 2011-04-14
    listed $66,300

ⓘ 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: $3,481 · $290/mo
• Projected year-2 tax: $6,059 · $505/mo
• Expected delta: +$2,578/yr (+$215/mo · 74.1%)

ⓘ 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: $74,268
• − Mortgage interest: −$29,683
• − Property taxes: −$3,481
• − Insurance: −$2,650
• − Repairs & maintenance: −$5,941
• − Management: −$5,941
• − Depreciation: −$15,415
• Taxable income: $11,157
• Est. tax owed @ 24.0%: −$2,678
• After-tax cash flow: $16,517/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

+699.2% since first listed

21 events — show timeline

• 2026-04-15 Pending — RIS
• 2026-04-09 Listed $529,900 RIS
• 2024-06-12 Sold (Public Records) $437,000 Public Records
• 2024-06-12 Sold (MLS) $437,000 RIS
• 2024-02-01 Pending — RIS
• 2024-01-16 Contingent — RIS
• 2024-01-12 Listed $389,900 RIS
• 2017-09-05 Sold (MLS) $175,000 RIS
• 2017-07-26 Pending — RIS
• 2017-07-26 Listed $174,900 RIS
• 2017-03-22 Listing Removed — RIS
• 2016-09-29 Contingent — RIS
• 2016-09-22 Listed $174,900 RIS
• 2015-09-01 Pending — RIS
• 2015-08-31 Listing Removed — RIS
• 2015-08-30 Listing Removed — RIS
• 2015-08-12 Contingent — RIS
• 2015-08-05 Price Changed $49,900 RIS
• 2015-07-17 Listed $64,900 RIS
• 2011-09-06 Listing Removed — RIS
• 2011-04-14 Listed $66,300 RIS

Property tax history

-1.3%/yr

Latest (2025): $3,481 · -40.4% YoY. Source: county tax records.