48 Calais St · Providence, RI 02908

$539,000

6 bd · 3.0 ba · 2,188 sqft · MultiFamily public records · 36 Days on market

Built 1870 3,049 sqft lot $246/sqft · at area comps Est $565k · at est.

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Why this score? — see what drove the B- 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 +30.0/30.0
• DSCR +10.0/10.0
• ARV discount +9.6/15.0
• 1% rule +8.6/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Wonderful Opportunity, 3 Family (2beds, 1 bath in 2 units, 1 bed 1 bath) Currently rented using AirBNB. Sale to include empty lot across the street.

Key facts

• Spacious backyard
• New electric meters
• Easy highway access

Tags

• SMITH HILL NEIGHBORHOOD
• SPACIOUS BACKYARD
• EASY HIGHWAY ACCESS
• NEWER DUCTLESS HVAC SYSTEMS
• NEW ELECTRIC METERS
• YOUNGER ROOF

Property features AI

Finance

• HOA & community: Nearby highway access; Near schools; Public transportation access; Nearby restaurants; Nearby shopping

Exterior

• Parking: No garage
• Utilities: Public water (connected); Public sewer (connected)
• Home design: Multi-unit property (3 units); 1 building; 4 stories; Above-grade finished area approximately 2,188
• Construction: Vinyl siding; Drywall and plaster interior walls; Stone foundation
• Exterior features: Fenced lot; R-3 zoning

Interior

• Kitchen: Oven; Range; Refrigerator
• Flooring: Hardwood; Laminate
• Bathrooms: 3 full bathrooms
• Heating & cooling: Ductless cooling; Ductless electric heating; 100 amp electrical service
• Interior features: Interior steps; Stall shower; Tub shower; Full unfinished basement with interior entry; Storage room; Utility room
• Laundry & utility: Washer; Dryer; Common area laundry; Electric water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $539k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $732/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $539k).
• Recommended offer: $523k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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 (+5.5%/yr); 161 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $7,314/mo this rent would consume 120% of the median local household income ($73k/yr) (locally 1561% 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 $16k 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 + 5.5% rent growth), your $151k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($523k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 25y ago; this cycle's ask has dropped $30k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; list at $539k implies a 208% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 70% 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 $522,830 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1870 — 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: 1.36% ✓
• Cap rate: 11.18%
• Cash-on-cash: 17.46%
• DSCR: 1.78
• GRM: 6.1

CMA / ARV

• ARV (median comp): $565,032
• List price: $539,000
• Delta: -4.61%
• Verdict: FAIR
• Comps: 4 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.46% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.47×
• Total profit: $71,056
• Equity at exit: $80,367

10-year hold

• IRR: 22.4%
• Equity multiple: 3.13×
• Total profit: $322,062
• Equity at exit: $46,603

Cash invested: $150,920 (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 02908

• Home prices YoY: -27.1%
• Rents YoY: 5.5%
• Active inventory: 161
• Price-to-rent: 18.4×

Monthly cashflow live

• Estimated rent: $7,314 medium
• Mortgage (P&I): −$2,827
• Tax from tax record: −$532 /mo · $6,378/yr
• Insurance: −$225
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,536
• Net cashflow: $2,195

Break-even live

Break-even rent $4,535

Max offer price $539,000

Occupancy floor 65%

Sensitivity live

Price	-10% $2,501	-5% $2,348	+0% $2,195	+5% $2,043	+10% $1,890
Rent	-10% $1,618	-5% $1,906	+0% $2,195	+5% $2,484	+10% $2,773
Rate	-1.0pp $2,467	-0.5pp $2,332	base $2,195	+0.5pp $2,056	+1.0pp $1,914

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$7,314
Total (3 units)			$7,314

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: $134,750
• Closing costs: $16,170
• Reserves months: —
• Total cash needed: —

Listing history 37 events

1. 2026-06-18
   days on market $539,000 Active 36 DOM
2. 2026-06-17
   days on market $539,000 Active 35 DOM
3. 2026-06-16
   days on market $539,000 Active 34 DOM
4. 2026-06-15
   pricedays on market $539,000 Active 33 DOM
5. 2026-06-13
   days on market $569,000 Active 31 DOM
6. 2026-06-09
   days on market $569,000 Active 27 DOM
7. 2026-06-08
   days on market $569,000 Active 26 DOM
8. 2026-06-07
   days on market $569,000 Active 25 DOM
9. 2026-06-05
   days on market $569,000 Active 22 DOM
10. 2026-06-03
    days on market $569,000 Active 21 DOM
11. 2026-06-02
    days on market $569,000 Active 20 DOM
12. 2026-06-01
    days on market $569,000 Active 19 DOM
13. 2026-05-31
    days on market $569,000 Active 18 DOM
14. 2026-05-13
    listed $569,000 Active 851-char remark
15. 2017-04-14
    soldstatus $175,000 Sold 148-char remark

    Show marketing remark (148 chars)

    Wonderful Opportunity, 3 Family (2beds, 1 bath in 2 units, 1 bed 1 bath) Currently rented using AirBNB. Sale to include empty lot across the street.

16. 2017-03-31
    soldstatus $175,000
17. 2017-02-23
    status Pending 148-char remark

    Show marketing remark (148 chars)

    Wonderful Opportunity, 3 Family (2beds, 1 bath in 2 units, 1 bed 1 bath) Currently rented using AirBNB. Sale to include empty lot across the street.

18. 2016-12-30
    price $215,000 148-char remark

    Show marketing remark (148 chars)

    Wonderful Opportunity, 3 Family (2beds, 1 bath in 2 units, 1 bed 1 bath) Currently rented using AirBNB. Sale to include empty lot across the street.

19. 2016-10-07
    listed $234,000 Active - New 148-char remark

    Show marketing remark (148 chars)

    Wonderful Opportunity, 3 Family (2beds, 1 bath in 2 units, 1 bed 1 bath) Currently rented using AirBNB. Sale to include empty lot across the street.

20. 2016-10-02
    historical
21. 2016-08-24
    listed $234,000 Active - New
22. 2011-11-26
    historical
23. 2011-05-31
    listed $199,000
24. 2008-04-06
    historical
25. 2007-10-07
    listed $237,350
26. 2005-06-09
    soldstatus $275,000
27. 2005-06-09
    soldstatus $275,000
28. 2005-06-08
    soldstatus $275,000
29. 2005-03-25
    historical
30. 2004-12-30
    listed $274,900
31. 2004-06-25
    soldstatus $178,000
32. 2004-03-23
    historical
33. 2004-03-07
    listed $189,000
34. 2001-10-03
    soldstatus $95,000
35. 2001-10-02
    soldstatus $94,250
36. 2001-08-22
    historical
37. 2001-06-13
    listed $103,000

ⓘ 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: $6,378 · $532/mo
• Projected year-2 tax: $7,582 · $632/mo
• Expected delta: +$1,204/yr (+$100/mo · 18.9%)

ⓘ 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 70% 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: $87,768
• − Mortgage interest: −$30,192
• − Property taxes: −$6,378
• − Insurance: −$2,695
• − Repairs & maintenance: −$7,021
• − Management: −$7,021
• − Depreciation: −$15,680
• Taxable income: $18,780
• Est. tax owed @ 24.0%: −$4,507
• After-tax cash flow: $21,838/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): 39,500
• Household income: $73,081
• Rent vs Own: 54.0% rent · 46.0% own
• Severe rent burden: 1561.0

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 0.68)
• Race & ethnicity: Hispanic / Latino 43% White 33% Two or more races 22% Black 15% Asian 4%
• Hispanic origin (detail): Mexican 4% Puerto Rican 5% Dominican 16%
• Common ancestry: Swiss 4% Hispanic 3% Russian 3%
• Foreign-born: 33% · Canada, China, South Korea
• Languages at home: 53% English-only · Spanish 36% French/Haitian/Cajun 4% Other Indo-European 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: ▼ -151.12%
• Current HPI: 407.0502
• Rent YoY: ▲ 5.46%
• 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

+423.3% since first listed

25 events — show timeline

• 2026-06-14 Price Changed $539,000 RIS
• 2026-05-13 Listed $569,000 RIS
• 2017-04-14 Sold (MLS) $175,000 RIS
• 2017-03-31 Sold (Public Records) $175,000 Public Records
• 2017-02-23 Pending — RIS
• 2016-12-30 Price Changed $215,000 RIS
• 2016-10-07 Listed $234,000 RIS
• 2016-10-02 Listing Removed — RIS
• 2016-08-24 Listed $234,000 RIS
• 2011-11-26 Listing Removed — RIS
• 2011-05-31 Listed $199,000 RIS
• 2008-04-06 Listing Removed — RIS
• 2007-10-07 Listed $237,350 RIS
• 2005-06-09 Sold (Public Records) $275,000 Public Records
• 2005-06-09 Sold (Public Records) $275,000 Public Records
• 2005-06-08 Sold (MLS) $275,000 RIS
• 2005-03-25 Listing Removed — RIS
• 2004-12-30 Listed $274,900 RIS
• 2004-06-25 Sold (MLS) $178,000 RIS
• 2004-03-23 Listing Removed — RIS
• 2004-03-07 Listed $189,000 RIS
• 2001-10-03 Sold (Public Records) $95,000 Public Records
• 2001-10-02 Sold (MLS) $94,250 RIS
• 2001-08-22 Listing Removed — RIS
• 2001-06-13 Listed $103,000 RIS

Property tax history

+3.8%/yr

Latest (2025): $6,378 · +23.7% YoY. Source: county tax records.