975 977 Atwells Ave · Providence, RI 02909

$600,000

6 bd · 2.0 ba · 3,094 sqft · MultiFamily public records · 8 Days on market

Built 1920 4,000 sqft lot

---

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
• 1% rule +8.5/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +3.4/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Completely remodeled with spacious 3rd floor build-out. New kitchens, floors, plumbing, electric, mechanicals and windows. Spacious baths. Plenty of parking.

Key facts

• Wainscoting
• Large windows
• Loads of light

Tags

• WAINSCOTING
• HIGH CEILINGS
• UPPER AND LOWER STORY PORCH
• LOADS OF LIGHT
• LARGE WINDOWS
• BIG KITCHENS

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $600k).
• Cap rate 11.1% 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 (+3.7%/yr); 133 active listings in the ZIP; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $8,100/mo this rent would consume 150% of the median local household income ($65k/yr) (locally 2000% 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 + 3.7% rent growth), your $168k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 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 $112k; list at $600k implies a 433% 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, 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 $600,000

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.35% ✓
• Cap rate: 11.11%
• Cash-on-cash: 17.22%
• DSCR: 1.77
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.68% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.37×
• Total profit: $61,886
• Equity at exit: $89,462

10-year hold

• IRR: 19.0%
• Equity multiple: 2.64×
• Total profit: $274,870
• Equity at exit: $51,877

Cash invested: $168,000 (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 02909

• Home prices YoY: -13.3%
• Rents YoY: 3.7%
• Active inventory: 133
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $8,100 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$592 /mo · $7,108/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,701
• Net cashflow: $2,410

Break-even live

Break-even rent $5,049

Max offer price $600,000

Occupancy floor 65%

Sensitivity live

Price	-10% $2,750	-5% $2,580	+0% $2,410	+5% $2,240	+10% $2,071
Rent	-10% $1,770	-5% $2,090	+0% $2,410	+5% $2,730	+10% $3,050
Rate	-1.0pp $2,712	-0.5pp $2,563	base $2,410	+0.5pp $2,255	+1.0pp $2,097

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$8,100
Total (3 units)			$8,100

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: $150,000
• Closing costs: $18,000
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-04-21
   status Pending
2. 2026-04-13
   listed $600,000 Active
3. 2013-12-19
   price $119,900 157-char remark

   Show marketing remark (157 chars)

   Completely remodeled with spacious 3rd floor build-out. New kitchens, floors, plumbing, electric, mechanicals and windows. Spacious baths. Plenty of parking.

4. 2013-12-19
   price $159,000

   Show marketing remark (157 chars)

   Completely remodeled with spacious 3rd floor build-out. New kitchens, floors, plumbing, electric, mechanicals and windows. Spacious baths. Plenty of parking.

5. 2013-12-19
   price $65,900

   Show marketing remark (157 chars)

   Completely remodeled with spacious 3rd floor build-out. New kitchens, floors, plumbing, electric, mechanicals and windows. Spacious baths. Plenty of parking.

6. 2011-03-25
   soldstatus $112,500 157-char remark

   Show marketing remark (157 chars)

   Completely remodeled with spacious 3rd floor build-out. New kitchens, floors, plumbing, electric, mechanicals and windows. Spacious baths. Plenty of parking.

7. 2011-03-22
   soldstatus $112,500
8. 2011-02-26
   historical 157-char remark

   Show marketing remark (157 chars)

   Completely remodeled with spacious 3rd floor build-out. New kitchens, floors, plumbing, electric, mechanicals and windows. Spacious baths. Plenty of parking.

9. 2010-09-23
   listed $149,900 157-char remark

   Show marketing remark (157 chars)

   Completely remodeled with spacious 3rd floor build-out. New kitchens, floors, plumbing, electric, mechanicals and windows. Spacious baths. Plenty of parking.

10. 2010-06-10
    historical
11. 2010-03-11
    listed $169,000
12. 2009-09-22
    soldstatus $60,000
13. 2009-08-20
    soldstatus $67,000
14. 2009-07-29
    historical
15. 2009-03-19
    listed $99,900
16. 2008-08-05
    soldstatus $154,092
17. 2007-01-19
    historical
18. 2006-07-19
    listed $355,000
19. 2003-11-05
    soldstatus $220,000
20. 2003-11-04
    soldstatus $220,000
21. 2003-09-23
    historical
22. 2003-08-05
    listed $224,900
23. 2001-09-07
    soldstatus $114,500
24. 2001-03-23
    soldstatus $48,000
25. 2001-03-05
    historical
26. 2001-02-17
    listed $40,500
27. 1997-02-14
    soldstatus $55,000
28. 1997-02-14
    soldstatus $55,000
29. 1997-02-14
    soldstatus $119,000
30. 1995-12-27
    listed $70,000

ⓘ 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: $7,108 · $592/mo
• Projected year-2 tax: $8,444 · $704/mo
• Expected delta: +$1,336/yr (+$111/mo · 18.8%)

ⓘ 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 5/10 Major 7 d/yr ≥96°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: $97,200
• − Mortgage interest: −$33,609
• − Property taxes: −$7,108
• − Insurance: −$3,000
• − Repairs & maintenance: −$7,776
• − Management: −$7,776
• − Depreciation: −$17,455
• Taxable income: $20,476
• Est. tax owed @ 24.0%: −$4,914
• After-tax cash flow: $24,008/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): 46,014
• Household income: $64,649
• Rent vs Own: 60.2% rent · 39.8% own
• Severe rent burden: 2000.0

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: Hispanic / Latino 60% Two or more races 23% White 22% Black 12% Asian 2% Native American 2%
• Hispanic origin (detail): Puerto Rican 12% Dominican 23%
• Common ancestry: Lithuanian 2% Russian 1% Romanian 1%
• Foreign-born: 35% · Canada, Jamaica
• Languages at home: 43% English-only · Spanish 50% Other Indo-European 2% Other Asian/Pacific 1%

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: ▼ -72.78%
• Current HPI: 474.9956
• Rent YoY: ▲ 3.68%
• 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

+757.1% since first listed

30 events — show timeline

• 2026-04-21 Pending — RIS
• 2026-04-13 Listed $600,000 RIS
• 2013-12-19 Price Changed $119,900 RIS
• 2013-12-19 Price Changed $159,000 RIS
• 2013-12-19 Price Changed $65,900 RIS
• 2011-03-25 Sold (MLS) $112,500 RIS
• 2011-03-22 Sold (Public Records) $112,500 Public Records
• 2011-02-26 Listing Removed — RIS
• 2010-09-23 Listed $149,900 RIS
• 2010-06-10 Listing Removed — RIS
• 2010-03-11 Listed $169,000 RIS
• 2009-09-22 Sold (MLS) $60,000 RIS
• 2009-08-20 Sold (Public Records) $67,000 Public Records
• 2009-07-29 Listing Removed — RIS
• 2009-03-19 Listed $99,900 RIS
• 2008-08-05 Sold (Public Records) $154,092 Public Records
• 2007-01-19 Listing Removed — RIS
• 2006-07-19 Listed $355,000 RIS
• 2003-11-05 Sold (MLS) $220,000 RIS
• 2003-11-04 Sold (Public Records) $220,000 Public Records
• 2003-09-23 Listing Removed — RIS
• 2003-08-05 Listed $224,900 RIS
• 2001-09-07 Sold (Public Records) $114,500 Public Records
• 2001-03-23 Sold (MLS) $48,000 RIS
• 2001-03-05 Listing Removed — RIS
• 2001-02-17 Listed $40,500 RIS
• 1997-02-14 Sold (Public Records) $119,000 Public Records
• 1997-02-14 Sold (Public Records) $55,000 Public Records
• 1997-02-14 Sold (MLS) $55,000 RIS
• 1995-12-27 Listed $70,000 RIS

Property tax history

+4.1%/yr

Latest (2025): $7,108 · +12.6% YoY. Source: county tax records.