635 Park Ave · Woonsocket, RI 02895

$594,500

9 bd · 4.0 ba · 3,114 sqft · MultiFamily public records · 26 Days on market

Built 1920 4,725 sqft lot Est $576k · at est.

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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 +25.4/30.0
• DSCR +8.4/10.0
• ARV discount +6.1/15.0
• 1% rule +6.0/10.0
• Rent growth +4.8/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +0.8/10.0
• 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

Great opportunity for investor or owner occupied to own this 4 family apartment building. Tenants in place IN 3 UNITS with great rental history and the 1st floor 3 bedrooms apartment with beautiful white shaker kitchen cabinets and granite counters is vacant and ready to rent ($1,800/a month projected rent +/_) or move in ready for owner occupied buyer. The building is fire coded and lead certificates letters for each unit in hand. Rents are below market value. Come and take a look - you won't be disappointed as many renovations has been done throughout the house with most recent brand new heating system in the 1st floor apartment. Best of location , close to all of the local amenities , sh

Key facts

• Lead certificates
• Great rental history
• Fire coded

Tags

• GREAT RENTAL HISTORY
• FIRE CODED
• LEAD CERTIFICATES
• BRAND NEW HEATING SYSTEM
• CLOSE TO LOCAL AMENITIES
• SHOPPING AND HIGHWAYS

Property features AI

Finance

• Other: Zoned R3
• Financial info: Tenant pays hot water; Unit rents (actual): two 3-bed units at $1,200 and $1,800; two 1-bed units at $900 and $1,100
• HOA & community: Community access to highway, public transportation, shopping, restaurants, and nearby hospital

Exterior

• Parking: No garage; Total of 4 parking spaces
• Security: No security features listed
• Utilities: Public water; Sewer connected; Electric service with circuit breakers
• Home design: Multifamily building (1 building) with 4 total units; 3 stories; Above-grade finished area approximately 3,114
• Construction: Shingle siding; Combination foundation; Built details not provided
• Exterior features: Paved driveway; Lot approximately 0.1085 acres

Interior

• Kitchen: No kitchen appliance list provided
• Bedrooms: Four units total: two 3-bedroom units and two 1-bedroom units
• Flooring: Carpet; Ceramic tile; Hardwood
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Heating present: baseboard, central, gas, space heater
• Interior features: Bathtub; Stall shower; Tub/shower combination; Full, unfinished basement with interior entry; 16 total rooms
• Laundry & utility: Common area laundry

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $594k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $342/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $594k).
• Recommended offer: $586k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 3.3% in Woonsocket — 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 65/100 on livability (#24 in RI) — a middle-class / working-renter tenant base. Strengths: housing A+, health & safety A+, cost of living A; Watch: crime C-, schools D-, amenities F.
• Woonsocket (suburban): math 5% / reading 14% proficiency, ranked #37 of 39 in RI (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+9.2%/yr); 163 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $6,527/mo this rent would consume 128% of the median local household income ($61k/yr) (locally 2658% 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 $18k 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 + 8.0% rent growth), your $166k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 26 days — a 2% lower offer ($586k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 31y 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 $92k; list at $594k implies a 543% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 63% 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 $585,582 (1.5% below list)

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 1920 — 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 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?
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: 1.10% ✓
• Cap rate: 9.05%
• Cash-on-cash: 9.86%
• DSCR: 1.44
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $576,090
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
635 Park Ave	0.00mi	8/4.0 (-1)	3,114 (0%)	1mo	$570,465	$183	94
715-717 Park Ave	0.07mi	9/4.0	2,960 (-5%)	22mo	$581,000	$196	70
113 Transit St	0.24mi	8/4.0 (-1)	3,221 (+3%)	19mo	$562,000	$174	63
124 East St	0.41mi	9/3.0	2,930 (-6%)	6mo	$630,000	$215	62
289 Mowry St	0.38mi	9/3.0	3,360 (+8%)	8mo	$620,000	$185	58
810 Front St	0.34mi	8/3.0 (-1)	3,050 (-2%)	20mo	$485,000	$159	55
172 Park Ave	0.44mi	8/3.0 (-1)	3,252 (+4%)	11mo	$635,000	$195	53
501 Front St	0.17mi	8/3.0 (-1)	2,708 (-13%)	10mo	$500,000	$185	53
526 Bernon St	0.43mi	8/3.0 (-1)	2,830 (-9%)	3mo	$568,500	$201	53
75 W Park Pl	0.71mi	8/4.0 (-1)	3,383 (+9%)	20mo	$530,000	$157	31
203 Arnold St	0.62mi	8/3.0 (-1)	2,808 (-10%)	22mo	$485,000	$173	28
63 Paradis Ave	0.49mi	8/3.0 (-1)	2,682 (-14%)	22mo	$530,000	$198	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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.7%
• Equity multiple: 1.15×
• Total profit: $25,132
• Equity at exit: $88,642

10-year hold

• IRR: 17.3%
• Equity multiple: 2.75×
• Total profit: $290,599
• Equity at exit: $51,401

Cash invested: $166,460 (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 02895

• Rents YoY: 9.2%
• Active inventory: 163
• Price-to-rent: 30.4×

Monthly cashflow live

• Estimated rent: $6,527 high
• Mortgage (P&I): −$3,118
• Tax from tax record: −$424 /mo · $5,087/yr
• Insurance: −$248
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,371
• Net cashflow: $1,367

Break-even live

Break-even rent $4,797

Max offer price $594,500

Occupancy floor 74%

Sensitivity live

Price	-10% $1,704	-5% $1,535	+0% $1,367	+5% $1,199	+10% $1,031
Rent	-10% $851	-5% $1,109	+0% $1,367	+5% $1,625	+10% $1,883
Rate	-1.0pp $1,666	-0.5pp $1,518	base $1,367	+0.5pp $1,213	+1.0pp $1,056

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$6,528
Total (4 units)			$6,527

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: $148,625
• Closing costs: $17,835
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-05-12
   status Pending
2. 2026-04-21
   historical Active Under Contract
3. 2026-04-16
   listed $594,500 Active
4. 2026-03-29
   historical
5. 2026-03-17
   historical Active Under Contract
6. 2026-03-04
   status Active
7. 2026-02-05
   historical
8. 2025-12-10
   price $579,900
9. 2025-12-10
   listed $579,900 Active
10. 2025-10-16
    price $589,900
11. 2025-10-16
    historical
12. 2025-08-06
    listed $589,000 Active
13. 2016-11-08
    price $319,900
14. 2016-11-08
    price $295,000
15. 2009-12-31
    soldstatus $92,500
16. 2009-12-30
    soldstatus $92,500
17. 2009-10-21
    historical
18. 2009-07-13
    listed $99,990
19. 2007-12-16
    historical
20. 2007-06-17
    listed $304,900
21. 2006-12-22
    historical
22. 2006-06-23
    listed $329,999
23. 2002-10-15
    soldstatus $225,000
24. 2002-10-14
    soldstatus $225,000
25. 2002-08-18
    historical
26. 2002-08-06
    listed $225,000
27. 1997-11-19
    historical
28. 1997-05-19
    listed $106,000
29. 1995-10-18
    soldstatus $55,000
30. 1995-06-21
    listed $59,900

ⓘ 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: $5,087 · $424/mo
• Projected year-2 tax: $7,389 · $616/mo
• Expected delta: +$2,302/yr (+$192/mo · 45.2%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 63% 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: $78,324
• − Mortgage interest: −$33,301
• − Property taxes: −$5,087
• − Insurance: −$2,972
• − Repairs & maintenance: −$6,266
• − Management: −$6,266
• − Depreciation: −$17,295
• Taxable income: $7,137
• Est. tax owed @ 24.0%: −$1,713
• After-tax cash flow: $14,692/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: Woonsocket
• NCES district ID: 4401200
• Math proficiency: 5% ▼ -7.00%
• Reading proficiency: 14% ▼ -2.00%
• Median HH income: $37,757
• Composite: 8.01/100
• National rank: #9923
• State rank: #37 of 39 in RI

Livability — Woonsocket

• Score: 65/100
• State rank: #24
• US rank: #12968

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Woonsocket, RI
• County: Providence County · 548,917 people
• City population: 43,521
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 43,521
• Household income: $61,059
• Rent vs Own: 62.8% rent · 37.2% own
• Severe rent burden: 2658.0

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 0.64)
• Race & ethnicity: White 54% Hispanic / Latino 26% Two or more races 18% Asian 7% Black 6% Native American 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 15% Dominican 4%
• Common ancestry: Lithuanian 13% Romanian 3% Russian 3%
• Foreign-born: 15% · Canada, Jamaica
• Languages at home: 68% English-only · Spanish 17% Other Asian/Pacific 4% Other Indo-European 4%

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: ▼ -431.80%
• Current HPI: 357.8858
• Rent YoY: ▲ 9.15%
• 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

+892.5% since first listed

30 events — show timeline

• 2026-05-12 Pending — RIS
• 2026-04-21 Contingent — RIS
• 2026-04-16 Listed $594,500 RIS
• 2026-03-29 Listing Removed — RIS
• 2026-03-17 Contingent — RIS
• 2026-03-04 Relisted — RIS
• 2026-02-05 Listing Removed — RIS
• 2025-12-10 Price Changed $579,900 RIS
• 2025-12-10 Listed $579,900 RIS
• 2025-10-16 Listing Removed — RIS
• 2025-10-16 Price Changed $589,900 RIS
• 2025-08-06 Listed $589,000 RIS
• 2016-11-08 Price Changed $295,000 RIS
• 2016-11-08 Price Changed $319,900 RIS
• 2009-12-31 Sold (Public Records) $92,500 Public Records
• 2009-12-30 Sold (MLS) $92,500 RIS
• 2009-10-21 Listing Removed — RIS
• 2009-07-13 Listed $99,990 RIS
• 2007-12-16 Listing Removed — RIS
• 2007-06-17 Listed $304,900 RIS
• 2006-12-22 Listing Removed — RIS
• 2006-06-23 Listed $329,999 RIS
• 2002-10-15 Sold (Public Records) $225,000 Public Records
• 2002-10-14 Sold (MLS) $225,000 RIS
• 2002-08-18 Listing Removed — RIS
• 2002-08-06 Listed $225,000 RIS
• 1997-11-19 Listing Removed — RIS
• 1997-05-19 Listed $106,000 RIS
• 1995-10-18 Sold (MLS) $55,000 RIS
• 1995-06-21 Listed $59,900 RIS

Property tax history

+2.0%/yr

Latest (2025): $5,087 · +5.0% YoY. Source: county tax records.