35 Steere Rd

Harmony, RI 02814

$149,900B

1 bd · 1.0 ba · 432 sqft · Built 1943 · SingleFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,722/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$211
• HOA: −$0
• Vac / Maint / Mgmt: −$362
• Net cashflow: $364/mo
• Annual: $4,363/yr
• Cap rate: 9.20%
• Cash-on-cash: 10.40%
• DSCR: 1.46
• 1% rule: 1.15%
• Cash to close: $41,972

Investor read

• This is a 1-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $364 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#26 in RI) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, employment B+; Watch: cost of living D+, amenities F, commute F.
• Glocester (rural): math 46% / reading 66% proficiency, ranked #4 of 39 in RI (top 10%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 12% free/reduced lunch — higher-income household profile.
• Zoned schools: Fogarty Memorial (math 47% / reading 67%, grade C+, #19 of 167 statewide, top 12%, 336 students, 9% FRL); Ponaganset Middle School (math 27% / reading 42%, grade F, #17 of 57 statewide, top 30%, 426 students, 17% FRL); Ponaganset High School (math 31% / reading 62%, grade D-, #15 of 58 statewide, top 26%, 921 students, 14% FRL) — zoned schools at 13% FRL track the district average.
• Watch-outs: built in 1943 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• Providence County population projected at +5% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$41k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major wind risk, 72% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1943 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.