391 Waterman Ave · East Providence, RI 02914

$875,000

7 bd · 5.0 ba · 2,672 sqft · MultiFamily public records · 53 Days on market

Built 1920 4,397 sqft lot $327/sqft · 48% above area Est $593k · 48% over

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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 +23.7/30.0
• DSCR +7.6/10.0
• 1% rule +5.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

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

This well-maintained 5-unit property features a unit mix of 3 studios and 2 one-bedroom apartments. It currently generates $6,200 in monthly rental income with clear upside potential through rent increases to market levels. Two out of five apartments have been renovated. The property has had key capital improvements already completed, including a new roof (2022), repaved driveway (2016), and majority of windows replaced (2025), minimizing short-term capital expenditure for a new owner. The building is serviced by a single Weil-McLain gas boiler providing heat to all units. Current ownership covers gas and electric, presenting a clear value-add opportunity to separate utilities and improve o

Key facts

• Repaved driveway
• New roof
• 4,397 sq ft lot

Tags

• NEW ROOF
• REPAVED DRIVEWAY
• MAJORITY OF WINDOWS REPLACED
• SINGLE WEIL-MCLAIN GAS BOILER

Property features AI

Finance

• Other: Total building area approximately 2,672 (listed as building area)
• HOA & community: Not a senior community

Exterior

• Parking: Open parking available for 7 vehicles
• Utilities: Public water; Public sewer; Common electricity
• Home design: 5-story multi-family building (5+ units up/down); Building contains multiple units with varied floor counts
• Construction: Frame construction; Concrete perimeter foundation; Built according to public records
• Exterior features: Paved driveway and off-street parking; Public sewer and public water (utilities listed under Utilities section)

Interior

• Bathrooms: 5 full bathrooms
• Interior features: 11 total rooms; Basement access via bulkhead and slab

What this means for you Summary

Snapshot

• This is a 3×?bd/1ba + 2×1bd/1ba units multifamily listed at $875k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $332/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $875k).
• Recommended offer: $849k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.6% vs local median 3.1% in East 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 74/100 on livability (#12 in RI, #4,784 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• East Providence (suburban): math 18% / reading 31% proficiency, ranked #26 of 39 in RI (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 64 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $9,016/mo this rent would consume 177% of the median local household income ($61k/yr) (locally 1134% 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 $6k of loan paydown is wiped out by about $26k 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

• It's been on market 53 days — a 3% lower offer ($849k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y 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 $160k; list at $875k implies a 447% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $848,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.03% ✓
• Cap rate: 8.57%
• Cash-on-cash: 8.13%
• DSCR: 1.36
• GRM: 8.1

CMA / ARV

• ARV (median comp): $593,157
• List price: $875,000
• Delta: 47.52%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 136 Roma St	0.37mi	6/3.0 (-1)	2,802 (+5%)	2mo	$400,000	$143	60
38 40 Vine St	0.68mi	7/3.0	2,736 (+2%)	10mo	$657,000	$240	48
43 45 Mary Ave	0.47mi	6/3.0 (-1)	2,405 (-10%)	6mo	$454,000	$189	43
72 74 North County St	0.24mi	6/2.0 (-1)	2,448 (-8%)	19mo	$540,000	$221	42
67 69 No Carpenter St	0.49mi	6/2.0 (-1)	2,716 (+2%)	20mo	$640,000	$236	41
15 Belmont Ave	0.73mi	8/4.0 (+1)	3,008 (+13%)	12mo	$753,000	$250	26

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.0%
• Equity multiple: 0.85×
• Total profit: $-36,292
• Equity at exit: $130,465

10-year hold

• IRR: 5.7%
• Equity multiple: 1.42×
• Total profit: $103,621
• Equity at exit: $75,654

Cash invested: $245,000 (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 02914

• Active inventory: 64
• Price-to-rent: 41.0×

Monthly cashflow live

• Estimated rent: $9,016 high
• Mortgage (P&I): −$4,589
• Tax from tax record: −$510 /mo · $6,115/yr
• Insurance: −$365
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,893
• Net cashflow: $1,660

Break-even live

Break-even rent $6,915

Max offer price $875,000

Occupancy floor 77%

Sensitivity live

Price	-10% $2,155	-5% $1,908	+0% $1,660	+5% $1,412	+10% $1,165
Rent	-10% $948	-5% $1,304	+0% $1,660	+5% $2,016	+10% $2,372
Rate	-1.0pp $2,101	-0.5pp $1,882	base $1,660	+0.5pp $1,433	+1.0pp $1,202

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

Units	Beds	Baths	Est. rent
▸ 3× units	0	1	$5,343
▸ 2× units	1	1	$3,674
Total (5 units)			$9,016

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: $218,750
• Closing costs: $26,250
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $875,000 Active 53 DOM
2. 2026-06-18
   days on market $875,000 Active 50 DOM
3. 2026-06-17
   days on market $875,000 Active 49 DOM
4. 2026-06-16
   days on market $875,000 Active 48 DOM
5. 2026-06-15
   days on market $875,000 Active 47 DOM
6. 2026-06-13
   days on market $875,000 Active 45 DOM
7. 2026-06-13
   days on market $875,000 Active 44 DOM
8. 2026-06-09
   days on market $875,000 Active 41 DOM
9. 2026-06-08
   days on market $875,000 Active 40 DOM
10. 2026-06-07
    days on market $875,000 Active 39 DOM
11. 2026-06-03
    days on market $875,000 Active 35 DOM
12. 2026-06-02
    days on market $875,000 Active 34 DOM
13. 2026-06-01
    days on market $875,000 Active 33 DOM
14. 2026-05-31
    days on market $875,000 Active 32 DOM
15. 2026-04-29
    listed $875,000 New 927-char remark
16. 2013-12-19
    price $179,000
17. 2011-11-04
    historical
18. 2011-11-04
    soldstatus $160,000
19. 2011-06-25
    listed $189,000
20. 2003-08-23
    historical
21. 2003-06-09
    listed $255,000

ⓘ 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: $6,115 · $510/mo
• Projected year-2 tax: $10,189 · $849/mo
• Expected delta: +$4,074/yr (+$339/mo · 66.6%)

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

Taxation est. · year 1

• Rental income: $108,192
• − Mortgage interest: −$49,014
• − Property taxes: −$6,115
• − Insurance: −$4,375
• − Repairs & maintenance: −$8,655
• − Management: −$8,655
• − Depreciation: −$25,455
• Taxable income: $5,923
• Est. tax owed @ 24.0%: −$1,422
• After-tax cash flow: $18,497/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: East Providence
• NCES district ID: 4400330
• Math proficiency: 18% ▼ -8.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $51,011
• Composite: 21.69/100
• National rank: #8274
• State rank: #26 of 39 in RI

Livability — East Providence

• Score: 74/100
• State rank: #12
• US rank: #4784

Category grades

Amenities F Commute F Cost of living B+ Crime A+ Employment B Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Providence, RI
• County: Providence County · 548,917 people
• City population: 38,586
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 21,834
• Household income: $61,191
• Rent vs Own: 48.9% rent · 51.1% own
• Severe rent burden: 1134.0

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: Predominantly White (67%)
• Race & ethnicity: White 67% Two or more races 12% Hispanic / Latino 12% Black 8% Asian 4% Native American 1%
• Hispanic origin (detail): Puerto Rican 4% Dominican 3%
• Common ancestry: Russian 29% Lithuanian 4% Romanian 3%
• Foreign-born: 24% · Canada, China
• Languages at home: 67% English-only · Other Indo-European 20% Spanish 7% French/Haitian/Cajun 2%

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: ▼ -461.46%
• Current HPI: 323.298
• Rent YoY: —
• 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

+243.1% since first listed

7 events — show timeline

• 2026-04-29 Listed $875,000 MLS PIN
• 2013-12-19 Price Changed $179,000 RIS
• 2011-11-04 Sold (Public Records) $160,000 Public Records
• 2011-11-04 Listing Removed — RIS
• 2011-06-25 Listed $189,000 RIS
• 2003-08-23 Listing Removed — RIS
• 2003-06-09 Listed $255,000 RIS

Property tax history

+2.1%/yr

Latest (2025): $6,115 · +9.4% YoY. Source: county tax records.