5 Lee St · Providence, RI 02903

$609,000

6 bd · 3.0 ba · 2,084 sqft · MultiFamily public records · 31 Days on market

Built 1920 2,040 sqft lot $292/sqft · 31% above area Est $597k · 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 +23.4/30.0
• DSCR +7.5/10.0
• ARV discount +6.6/15.0
• 1% rule +5.9/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

THIS 2 FAMILY PLUS 4 ROOMS ON 3RD FLOOR ON BUSLINE PLUS SHOPPING OFF VINTON STREET PLUS PARKING

Key facts

• 2,040 sq ft lot
• 3 parking spots
• Built 1920

Property features AI

Finance

• Financial info: Actual rents reported: $1,100, $1,250, and $950 for the three 2-bedroom units
• HOA & community: Community features include highway access and proximity to transit, shopping, restaurants, schools and recreation

Exterior

• Parking: No garage; 3 off-street parking spaces
• Utilities: Sewer connected; Public water connected; 100 amp electric service
• Home design: Multifamily property with 3 units in a single building; 3 stories
• Construction: Drywall and vinyl siding exterior; Block, brick/mortar and combination foundation with concrete perimeter; Above-grade finished area approximately 2,679
• Exterior features: Lot roughly 2,040 sq ft; Highway access nearby; Near hospital, schools, public transportation, recreation area, restaurants and shopping

Interior

• Kitchen: Oven; Range; Refrigerator
• Bedrooms: Three 2-bedroom units
• Flooring: Ceramic tile; Hardwood
• Bathrooms: Three full bathrooms (one in each unit)
• Heating & cooling: Gas heating with baseboard units; Window air-conditioning units
• Interior features: Stall shower; Full unfinished basement with interior and exterior entry
• Laundry & utility: Washer and dryer provided; Common area laundry

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $609k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $374/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $609k).
• Recommended offer: $591k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 4.0% 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-.
• 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.
• Zoned schools: George J. West El. School (math 7% / reading 13%, grade F, #148 of 167 statewide, top 90%, 601 students, 84% FRL); Nathanael Greene Middle (math 10% / reading 23%, grade F, #37 of 57 statewide, top 64%, 808 students, 85% FRL); Central High School (math 2% / reading 12%, grade F, #53 of 58 statewide, top 96%, 1,302 students, 87% FRL).
• Market conditions: Rents rising fast (+4.7%/yr); 57 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-1.1%/yr); year-one equity from $4k of loan paydown is wiped out by about $7k 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 $171k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($591k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y 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 $47k; list at $609k implies a 1196% 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, 71% 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 $590,730 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 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?
7. 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.
8. 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.
9. 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: 1.09% ✓
• Cap rate: 8.50%
• Cash-on-cash: 7.89%
• DSCR: 1.35
• GRM: 7.7

CMA / ARV

• ARV (median comp): $597,389
• List price: $609,000
• Delta: 1.94%
• Verdict: FAIR
• Comps: 20 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.6%
• Equity multiple: 1.21×
• Total profit: $34,975
• Equity at exit: $144,529

10-year hold

• IRR: 12.5%
• Equity multiple: 2.29×
• Total profit: $219,564
• Equity at exit: $149,666

Cash invested: $170,520 (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: 57
• Price-to-rent: 23.0×

Monthly cashflow live

• Estimated rent: $6,616 medium
• Mortgage (P&I): −$3,194
• Tax from tax record: −$658 /mo · $7,897/yr
• Insurance: −$254
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,389
• Net cashflow: $1,121

Break-even live

Break-even rent $5,197

Max offer price $609,000

Occupancy floor 78%

Sensitivity live

Price	-10% $1,466	-5% $1,294	+0% $1,121	+5% $949	+10% $776
Rent	-10% $598	-5% $860	+0% $1,121	+5% $1,382	+10% $1,644
Rate	-1.0pp $1,428	-0.5pp $1,276	base $1,121	+0.5pp $963	+1.0pp $803

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$6,615
Total (3 units)			$6,616

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: $152,250
• Closing costs: $18,270
• Reserves months: —
• Total cash needed: —

Listing history 7 events

1. 2026-05-15
   price $609,000 860-char remark
2. 2026-04-28
   listed $629,000 Active 860-char remark
3. 2026-04-27
   historical
4. 2026-04-16
   listed $659,000 Active
5. 1997-08-06
   soldstatus $47,000

   Show marketing remark (95 chars)

   THIS 2 FAMILY PLUS 4 ROOMS ON 3RD FLOOR ON BUSLINE PLUS SHOPPING OFF VINTON STREET PLUS PARKING

6. 1997-07-28
   historical

   Show marketing remark (95 chars)

   THIS 2 FAMILY PLUS 4 ROOMS ON 3RD FLOOR ON BUSLINE PLUS SHOPPING OFF VINTON STREET PLUS PARKING

7. 1997-05-03
   listed $59,900

   Show marketing remark (95 chars)

   THIS 2 FAMILY PLUS 4 ROOMS ON 3RD FLOOR ON BUSLINE PLUS SHOPPING OFF VINTON STREET PLUS PARKING

ⓘ 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: $7,897 · $658/mo
• Projected year-2 tax: $8,912 · $743/mo
• Expected delta: +$1,015/yr (+$85/mo · 12.9%)

ⓘ 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 71% 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: $79,392
• − Mortgage interest: −$34,113
• − Property taxes: −$7,897
• − Insurance: −$3,045
• − Repairs & maintenance: −$6,351
• − Management: −$6,351
• − Depreciation: −$17,716
• Taxable income: $3,917
• Est. tax owed @ 24.0%: −$940
• After-tax cash flow: $12,514/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

+916.7% since first listed

8 events — show timeline

• 2026-05-29 Pending — RIS
• 2026-05-15 Price Changed $609,000 RIS
• 2026-04-28 Listed $629,000 RIS
• 2026-04-27 Listing Removed — RIS
• 2026-04-16 Listed $659,000 RIS
• 1997-08-06 Sold (MLS) $47,000 RIS
• 1997-07-28 Listing Removed — RIS
• 1997-05-03 Listed $59,900 RIS

Property tax history

+3.5%/yr

Latest (2025): $7,897 · +3.6% YoY. Source: county tax records.