370 Montgomery Ave · Cranston, RI 02905

$649,900

4 bd · 4.0 ba · 2,352 sqft · MultiFamily public records · 5 Days on market

Built 1965 3,396 sqft lot Est $619k · 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 +24.4/30.0
• DSCR +7.9/10.0
• 1% rule +5.6/10.0
• ARV discount +5.2/15.0
• Livability +4.4/5.0
• Rent growth +3.4/5.0
• 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 MLS

Great investment opportunity or owner occupy! Four 1 bed units. All units are in very good condition. Each unit is total electric with radiant heat, hardwoods and spacious rooms. Ample storage area for each unit in the basement. The exterior was recently painted and a brand new roof. One parking per unit available. Current rents do not reflect market values! Close to Roger Williams Park and highway access.

Key facts

• Updated units
• Quick access to park
• Convenient location

Tags

• UPDATED UNITS
• DEDICATED PARKING SPACES
• CONVENIENT LOCATION
• QUICK ACCESS TO PARK

Property features AI

Exterior

• Parking: No garage; 4 parking spaces (total)
• Utilities: Sewer connected; Water connected; Electric service 100 amps
• Home design: 2-story building
• Construction: Vinyl siding; Concrete perimeter foundation; Built as multifamily with 1 building and 4 units
• Exterior features: Exterior entry basement; Full, unfinished basement with interior entry

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Total of 4 rooms (includes bedrooms and living areas)
• Flooring: Ceramic tile; Hardwood; Vinyl
• Bathrooms: 4 full bathrooms
• Heating & cooling: Electric forced-air heating
• Interior features: Tub/shower
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $650k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $331/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $650k).
• Cap rate 8.7% 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 (+3.5%/yr); 80 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,902/mo this rent would consume 132% of the median local household income ($63k/yr) (locally 1220% 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 $19k 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 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 30y 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 $414k; list at $650k implies a 57% gain — meaningful room to come down on a strong offer.

Recommended offer $649,900

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 1965 — 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: 1.06% ✓
• Cap rate: 8.73%
• Cash-on-cash: 8.72%
• DSCR: 1.39
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $618,576
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
166 168 Narragansett St	0.43mi	4/2.0	2,208 (-6%)	1mo	$580,000	$263	61
114 Norwood Ave	0.64mi	4/2.0	2,292 (-3%)	6mo	$540,000	$236	53
103 105 Grand Ave	0.57mi	4/2.0	2,080 (-12%)	12mo	$636,000	$306	36

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 · 3.45% rent growth · sell at horizon

5-year hold

• IRR: -2.6%
• Equity multiple: 0.90×
• Total profit: $-18,072
• Equity at exit: $96,902

10-year hold

• IRR: 7.5%
• Equity multiple: 1.58×
• Total profit: $105,229
• Equity at exit: $56,191

Cash invested: $181,972 (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 02905

• Rents YoY: 3.5%
• Active inventory: 80
• Price-to-rent: 31.4×

Monthly cashflow live

• Estimated rent: $6,902 medium
• Mortgage (P&I): −$3,408
• Tax from tax record: −$451 /mo · $5,416/yr
• Insurance: −$271
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,449
• Net cashflow: $1,322

Break-even live

Break-even rent $5,228

Max offer price $649,900

Occupancy floor 76%

Sensitivity live

Price	-10% $1,690	-5% $1,506	+0% $1,322	+5% $1,138	+10% $954
Rent	-10% $777	-5% $1,050	+0% $1,322	+5% $1,595	+10% $1,868
Rate	-1.0pp $1,650	-0.5pp $1,488	base $1,322	+0.5pp $1,154	+1.0pp $983

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$6,900
Total (4 units)			$6,902

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: $162,475
• Closing costs: $19,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4 Talbot Mnr Cranston, RI	3.0	2.0	1940	$2,500	$1.29	4d	1	0.27mi
1124 Narragansett Blvd Cranston, RI	3.0	2.5	1922	$4,500	$2.34	3d	1	0.57mi
35 Stadden St Unit 2/3 Providence, RI	3.0	1.5	1900	$2,600	$1.37	18d	1	1.37mi

Listing history 20 events

1. 2026-06-02
   statusdays on market $649,900 Pending 5 DOM
2. 2026-06-01
   days on market $649,900 Active 4 DOM
3. 2026-05-31
   days on market $649,900 Active 3 DOM
4. 2026-05-28
   listed $649,900 Active
5. 2023-01-13
   soldstatus $414,000
6. 2022-12-28
   soldstatus $414,000 Closed 409-char remark

   Show marketing remark (409 chars)

   Great investment opportunity or owner occupy! Four 1 bed units. All units are in very good condition. Each unit is total electric with radiant heat, hardwoods and spacious rooms. Ample storage area for each unit in the basement. The exterior was recently painted and a brand new roof. One parking per unit available. Current rents do not reflect market values! Close to Roger Williams Park and highway access.

7. 2022-10-06
   status Pending 409-char remark

   Show marketing remark (409 chars)

   Great investment opportunity or owner occupy! Four 1 bed units. All units are in very good condition. Each unit is total electric with radiant heat, hardwoods and spacious rooms. Ample storage area for each unit in the basement. The exterior was recently painted and a brand new roof. One parking per unit available. Current rents do not reflect market values! Close to Roger Williams Park and highway access.

8. 2022-09-17
   historical Active Under Contract 409-char remark

   Show marketing remark (409 chars)

   Great investment opportunity or owner occupy! Four 1 bed units. All units are in very good condition. Each unit is total electric with radiant heat, hardwoods and spacious rooms. Ample storage area for each unit in the basement. The exterior was recently painted and a brand new roof. One parking per unit available. Current rents do not reflect market values! Close to Roger Williams Park and highway access.

9. 2022-08-10
   listed $414,000 Active 409-char remark

   Show marketing remark (409 chars)

   Great investment opportunity or owner occupy! Four 1 bed units. All units are in very good condition. Each unit is total electric with radiant heat, hardwoods and spacious rooms. Ample storage area for each unit in the basement. The exterior was recently painted and a brand new roof. One parking per unit available. Current rents do not reflect market values! Close to Roger Williams Park and highway access.

10. 2016-11-08
    price $115,000
11. 2010-04-20
    historical
12. 2010-01-21
    listed $249,900
13. 2002-11-01
    soldstatus $169,900
14. 2002-09-05
    historical
15. 2002-08-14
    listed $179,900
16. 2001-03-29
    soldstatus $100,000
17. 2001-02-28
    historical
18. 2000-08-21
    listed $129,900
19. 1997-06-10
    historical
20. 1996-06-07
    listed $120,000

ⓘ 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: $5,416 · $451/mo
• Projected year-2 tax: $8,005 · $667/mo
• Expected delta: +$2,589/yr (+$216/mo · 47.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $82,824
• − Mortgage interest: −$36,405
• − Property taxes: −$5,416
• − Insurance: −$3,250
• − Repairs & maintenance: −$6,626
• − Management: −$6,626
• − Depreciation: −$18,906
• Taxable income: $5,596
• Est. tax owed @ 24.0%: −$1,343
• After-tax cash flow: $14,525/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): 25,012
• Household income: $62,908
• Rent vs Own: 50.3% rent · 49.7% own
• Severe rent burden: 1220.0

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 0.67)
• Race & ethnicity: Hispanic / Latino 41% White 38% Black 15% Two or more races 15% Asian 3%
• Hispanic origin (detail): Puerto Rican 5% Dominican 30%
• Common ancestry: Russian 4% Lithuanian 3% Romanian 2%
• Foreign-born: 30% · Canada, China
• Languages at home: 57% English-only · Spanish 34% Other Indo-European 4% French/Haitian/Cajun 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: ▼ -396.84%
• Current HPI: 387.2525
• Rent YoY: ▲ 3.45%
• 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

+441.6% since first listed

17 events — show timeline

• 2026-05-28 Listed $649,900 RIS
• 2023-01-13 Sold (Public Records) $414,000 Public Records
• 2022-12-28 Sold (MLS) $414,000 RIS
• 2022-10-06 Pending — RIS
• 2022-09-17 Contingent — RIS
• 2022-08-10 Listed $414,000 RIS
• 2016-11-08 Price Changed $115,000 RIS
• 2010-04-20 Listing Removed — RIS
• 2010-01-21 Listed $249,900 RIS
• 2002-11-01 Sold (MLS) $169,900 RIS
• 2002-09-05 Listing Removed — RIS
• 2002-08-14 Listed $179,900 RIS
• 2001-03-29 Sold (MLS) $100,000 RIS
• 2001-02-28 Listing Removed — RIS
• 2000-08-21 Listed $129,900 RIS
• 1997-06-10 Listing Removed — RIS
• 1996-06-07 Listed $120,000 RIS

Property tax history

+1.7%/yr

Latest (2025): $5,416 · +2.0% YoY. Source: county tax records.