427 Wickenden St · Providence, RI 02903

$895,000

6 bd · 3.0 ba · 3,210 sqft · MultiFamily public records · 223 Days on market

Built 1930 2,178 sqft lot $279/sqft · 35% above area Est $664k · 35% over

---

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 +24.8/30.0
• DSCR +8.0/10.0
• 1% rule +6.1/10.0
• Appreciation +4.5/10.0
• Livability +4.2/5.0
• Rent growth +3.7/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• ARV discount +0.0/15.0

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

Exceptional investment opportunity in the heart of Fox Point! Ideally situated on sought-after Wickenden Street, just steps from Hope Street, this four-unit property combines strong rental income with fantastic location appeal. Each unit offers desirable layouts, from a studio, 1 bedroom and two 2-bedroom units, that attract consistent tenant demand, with plenty of potential to elevate rents through thoughtful updates over time. Adding to its value, the property includes off-street parking - a rare and highly coveted amenity in this vibrant neighborhood. Just steps from Fox Point's cafes, restaurants, boutiques, and India Point Park, this property places tenants and owners alike in the center of Providence's most dynamic community. Whether you're expanding your portfolio or seeking a stable, high-performing asset, this opportunity delivers both immediate returns and long-term upside.

Key facts

• Steps from cafes
• Vibrant neighborhood
• Off-street parking

Tags

• INVESTMENT OPPORTUNITY
• STRONG RENTAL INCOME
• OFF-STREET PARKING
• VIBRANT NEIGHBORHOOD
• STEPS FROM CAFES
• STEPS FROM RESTAURANTS

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath multifamily listed at $895k.

Deal economics

• At list price, monthly cash flow is $2k ($23k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $895k).
• Recommended offer: $788k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 fast (+4.7%/yr); 55 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $9,964/mo this rent would consume 185% of the median local household income ($64k/yr) (locally 1009% 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 (-1.1%/yr); year-one equity from $6k of loan paydown is wiped out by about $10k 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 (-1.1% appreciation + 4.7% rent growth), your $251k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 223 days — a 12% lower offer ($788k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $80k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $325k; list at $895k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 74% 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 $787,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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: 1.11% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• GRM: 7.5

CMA / ARV

• ARV (median comp): $664,363
• List price: $895,000
• Delta: 34.72%
• Verdict: OVERPRICED
• Comps: 14 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
61 Fort St	0.75mi	6/3.0	3,624 (+13%)	20mo	$600,000	$166	27

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-1.08% appreciation · 4.73% rent growth · sell at horizon

5-year hold

• IRR: 6.0%
• Equity multiple: 1.27×
• Total profit: $67,784
• Equity at exit: $212,403

10-year hold

• IRR: 13.8%
• Equity multiple: 2.43×
• Total profit: $359,213
• Equity at exit: $219,953

Cash invested: $250,600 (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 02903

• Home prices YoY: -0.5%
• Rents YoY: 4.7%
• Active inventory: 55
• Price-to-rent: 33.1×

Monthly cashflow live

• Estimated rent: $9,964 high
• Mortgage (P&I): −$4,693
• Tax from tax record: −$906 /mo · $10,877/yr
• Insurance: −$373
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,092
• Net cashflow: $1,899

Break-even live

Break-even rent $7,561

Max offer price $895,000

Occupancy floor 76%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$4,512
▸ 2× units	2	1	$5,452
Total (4 units)			$9,964

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: $223,750
• Closing costs: $26,850
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-05
   status $895,000 Pending 223 DOM
2. 2026-06-03
   days on market $895,000 Active Under Contract 223 DOM
3. 2026-06-02
   days on market $895,000 Active Under Contract 222 DOM
4. 2026-06-01
   days on market $895,000 Active Under Contract 221 DOM
5. 2026-05-31
   days on market $895,000 Active Under Contract 220 DOM
6. 2026-05-17
   historical Active Under Contract 896-char remark

   Show marketing remark (896 chars)

   Exceptional investment opportunity in the heart of Fox Point! Ideally situated on sought-after Wickenden Street, just steps from Hope Street, this four-unit property combines strong rental income with fantastic location appeal. Each unit offers desirable layouts, from a studio, 1 bedroom and two 2-bedroom units, that attract consistent tenant demand, with plenty of potential to elevate rents through thoughtful updates over time. Adding to its value, the property includes off-street parking - a rare and highly coveted amenity in this vibrant neighborhood. Just steps from Fox Point's cafes, restaurants, boutiques, and India Point Park, this property places tenants and owners alike in the center of Providence's most dynamic community. Whether you're expanding your portfolio or seeking a stable, high-performing asset, this opportunity delivers both immediate returns and long-term upside.

7. 2026-04-13
   price $895,000 896-char remark

   Show marketing remark (896 chars)

   Exceptional investment opportunity in the heart of Fox Point! Ideally situated on sought-after Wickenden Street, just steps from Hope Street, this four-unit property combines strong rental income with fantastic location appeal. Each unit offers desirable layouts, from a studio, 1 bedroom and two 2-bedroom units, that attract consistent tenant demand, with plenty of potential to elevate rents through thoughtful updates over time. Adding to its value, the property includes off-street parking - a rare and highly coveted amenity in this vibrant neighborhood. Just steps from Fox Point's cafes, restaurants, boutiques, and India Point Park, this property places tenants and owners alike in the center of Providence's most dynamic community. Whether you're expanding your portfolio or seeking a stable, high-performing asset, this opportunity delivers both immediate returns and long-term upside.

8. 2025-10-23
   listed $975,000 Active 896-char remark

   Show marketing remark (896 chars)

   Exceptional investment opportunity in the heart of Fox Point! Ideally situated on sought-after Wickenden Street, just steps from Hope Street, this four-unit property combines strong rental income with fantastic location appeal. Each unit offers desirable layouts, from a studio, 1 bedroom and two 2-bedroom units, that attract consistent tenant demand, with plenty of potential to elevate rents through thoughtful updates over time. Adding to its value, the property includes off-street parking - a rare and highly coveted amenity in this vibrant neighborhood. Just steps from Fox Point's cafes, restaurants, boutiques, and India Point Park, this property places tenants and owners alike in the center of Providence's most dynamic community. Whether you're expanding your portfolio or seeking a stable, high-performing asset, this opportunity delivers both immediate returns and long-term upside.

9. 2025-03-06
   historical $1,425
10. 2025-03-03
    listed $1,425
11. 2022-05-19
    price $1,500
12. 2016-03-29
    soldstatus $325,000
13. 2012-12-15
    historical
14. 2012-06-15
    listed $389,900

ⓘ 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: $10,877 · $906/mo
• Projected year-2 tax: $12,733 · $1,061/mo
• Expected delta: +$1,856/yr (+$155/mo · 17.1%)

ⓘ 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 6/10 Major 7 d/yr ≥97°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 74% 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: $119,568
• − Mortgage interest: −$50,134
• − Property taxes: −$10,877
• − Insurance: −$4,475
• − Repairs & maintenance: −$9,565
• − Management: −$9,565
• − Depreciation: −$26,036
• Taxable income: $8,915
• Est. tax owed @ 24.0%: −$2,140
• After-tax cash flow: $20,645/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): 11,836
• Household income: $64,476
• Rent vs Own: 75.2% rent · 24.8% own
• Severe rent burden: 1009.0

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: White 63% Hispanic / Latino 14% Asian 13% Black 8% Two or more races 6%
• Hispanic origin (detail): Mexican 1% Puerto Rican 3% Dominican 3%
• Common ancestry: Lithuanian 6% Russian 3% Romanian 3%
• Foreign-born: 21% · Canada, China, Jamaica
• Languages at home: 70% English-only · Spanish 12% Other Indo-European 8% Chinese 6%

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: ▼ -1.08%
• Current HPI: 241.4152
• Rent YoY: ▲ 4.73%
• 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

+129.5% since first listed

9 events — show timeline

• 2026-05-17 Contingent — RIS
• 2026-04-13 Price Changed $895,000 RIS
• 2025-10-23 Listed $975,000 RIS
• 2025-03-06 Rental Removed $1,425 RENTALBEAST
• 2025-03-03 Listed for Rent $1,425 RENTALBEAST
• 2022-05-19 Price Changed $1,500 RENT.
• 2016-03-29 Sold (Public Records) $325,000 Public Records
• 2012-12-15 Listing Removed — RIS
• 2012-06-15 Listed $389,900 RIS

Property tax history

-0.9%/yr

Latest (2025): $10,877 · +10.6% YoY. Source: county tax records.