2320 Diamond Hill Rd · Woonsocket, RI 02895

$700,000

8 bd · 4.0 ba · 3,528 sqft · MultiFamily public records · 21 Days on market

Built 1900 0.62 ac lot $198/sqft · 103% above area Est $694k · 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 +26.0/30.0
• DSCR +8.8/10.0
• ARV discount +7.1/15.0
• 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

4-unit multifamily property in Woonsocket offering strong investment potential with four spacious units, each featuring 2 bedrooms and 1 full bathroom. Three units are currently occupied with one vacant unit ready for immediate occupancy or rental income opportunity. Property offers abundant off-street parking and plentiful storage throughout. Spacious layouts and numerous windows provide excellent natural light. Heat and hot water are included in the rent, while tenants pay electric. Conveniently located along the highly traveled Diamond Hill Road corridor with easy access to shopping, dining, grocery stores, and everyday amenities. Minutes to Downtown Woonsocket for restaurants, retail, a

Key facts

• Plentiful storage
• Multifamily property
• Natural light

Tags

• MULTIFAMILY PROPERTY
• STRONG INVESTMENT POTENTIAL
• OFF-STREET PARKING
• PLENTIFUL STORAGE
• NATURAL LIGHT
• EASY ACCESS TO SHOPPING

Property features AI

Finance

• Financial info: Income-producing multifamily: four two-bedroom units; Reported rents for units include $1,375, $1,475, and another $1,475 (one unit rent not listed)

Exterior

• Parking: No garage; 10 parking spaces (total)
• Utilities: Sewer connected; Water connected; Circuit breaker electric
• Home design: Multi-unit property with 1 building and 4 units; 7,080 square feet of above-grade finished area
• Construction: Shingle siding
• Exterior features: Sewer connected; Water connected

Interior

• Bedrooms: Four two-bedroom units (each unit is two bedrooms)
• Flooring: Ceramic tile; Hardwood
• Bathrooms: Four full bathrooms (one per unit)
• Heating & cooling: Baseboard heating; Oil heating
• Interior features: Full unfinished basement with interior entry; Ceramic tile and hardwood flooring; 20 total rooms
• Laundry & utility: Oil-fired water heater

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $700k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $436/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $700k).
• Recommended offer: $690k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 $7,665/mo this rent would consume 151% 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 $5k of loan paydown is wiped out by about $21k 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 $196k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($690k) is reasonable based on typical stale-listing flexibility.
• 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.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 64% chance of damaging wind over 30y — expect insurance premiums to compound above CPI over the hold.

Recommended offer $689,500 (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 1900 — 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: 1.09% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.68%
• DSCR: 1.48
• GRM: 7.6

CMA / ARV

• ARV (median comp): $693,615
• List price: $700,000
• Delta: 0.92%
• Verdict: FAIR
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.8%
• Equity multiple: 1.19×
• Total profit: $37,960
• Equity at exit: $104,372

10-year hold

• IRR: 18.1%
• Equity multiple: 2.83×
• Total profit: $359,625
• Equity at exit: $60,523

Cash invested: $196,000 (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 02895

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

Monthly cashflow live

• Estimated rent: $7,665 high
• Mortgage (P&I): −$3,671
• Tax from tax record: −$349 /mo · $4,183/yr
• Insurance: −$292
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,610
• Net cashflow: $1,744

Break-even live

Break-even rent $5,457

Max offer price $700,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,664
Total (4 units)			$7,665

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: $175,000
• Closing costs: $21,000
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-19
   status $700,000 Active 21 DOM
2. 2026-06-13
   statusdays on market $700,000 Pending 21 DOM
3. 2026-06-09
   days on market $700,000 Active 20 DOM
4. 2026-06-08
   days on market $700,000 Active 19 DOM
5. 2026-06-07
   statusdays on market $700,000 Active 18 DOM
6. 2026-05-12
   listed $700,000 Active 918-char remark

ⓘ 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: $4,183 · $349/mo
• Projected year-2 tax: $7,796 · $650/mo
• Expected delta: +$3,613/yr (+$301/mo · 86.4%)

ⓘ 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 4/10 Moderate 7 d/yr ≥95°F today · 15 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 64% 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: $91,980
• − Mortgage interest: −$39,211
• − Property taxes: −$4,183
• − Insurance: −$3,500
• − Repairs & maintenance: −$7,358
• − Management: −$7,358
• − Depreciation: −$20,364
• Taxable income: $10,006
• Est. tax owed @ 24.0%: −$2,401
• After-tax cash flow: $18,529/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

4 events — show timeline

• 2026-06-11 Pending — RIS
• 2026-06-05 Relisted — RIS
• 2026-05-29 Pending — RIS
• 2026-05-12 Listed $700,000 RIS

Property tax history

-0.2%/yr

Latest (2025): $4,183 · -1.9% YoY. Source: county tax records.