47 Travelers Ct · Warwick, RI 02818

$360,711

2 bd · 2.5 ba · 1,441 sqft · Condo public records · 10 Days on market

Built 2021 Poor condition $172/mo HOA · 5% of rent

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Why this score? — see what drove the D+ 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 +17.2/30.0
• ARV discount +7.5/15.0
• DSCR +5.4/10.0
• Schools +5.1/10.0
• 1% rule +4.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome home to the Brenton! Be part of the exciting new Middleberry condominium community now under construction in East Greenwich. This 2 bedroom, 2.5 bath offers an open floor plan with 1433 sq. ft. of living space and a one car garage. The well designed kitchen comes with a stainless steel appliance package and granite counter-tops. Enjoy relaxing or dining on the patio. A range of finish choices allow for customization to make this home ones own. Located only minutes to 95, T. F. Green airport, golf, marinas and downtown East Greenwich with its amazing dining and shopping. Occupancy Spring 2020. Deed restricted affordable unit.

Key facts

• $172 HOA
• Garage
• Built 2021

Property features AI

Finance

• Financial info: Pets allowed: cats and large dogs (over 25 lbs.)
• HOA & community: Monthly association fee of $172; Community of 43 units; Community amenities include golf, marina, highway access, nearby hospital, schools, public transportation, restaurants, shopping, and sidewalks

Exterior

• Parking: Assigned parking; Attached garage with garage door opener; Total 2 parking spaces (1 covered)
• Utilities: Underground utilities; 150-amp electric with circuit breakers; Water service with tap fee
• Home design: 2-story residence; First-floor access entry; Clapboard exterior
• Construction: Built with clapboard siding; Concrete perimeter foundation
• Exterior features: Porch; Paved driveway; Located on a cul-de-sac

Interior

• Kitchen: Kitchen island; Dishwasher; Disposal; Microwave; Oven; Range; Refrigerator; Exhaust fan
• Flooring: Ceramic tile; Laminate; Carpet
• Bathrooms: Two full bathrooms; One half bathroom
• Heating & cooling: Central air conditioning; Forced-air heating (gas)
• Interior features: Stall shower and tub/shower combination; Cable TV available
• Laundry & utility: In-unit laundry; Tankless water heater; Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/2.5-bath condo listed at $361k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $359k (0.6% below list).
• Recommended offer: $359k (0.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% vs local median 3.7% in Warwick — 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 78/100 on livability (#6 in RI, #2,425 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, commute A+, housing A+; Watch: schools D+, amenities F.
• East Greenwich (suburban): math 47% / reading 63% proficiency, ranked #3 of 39 in RI (top 8%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 5% free/reduced lunch — higher-income household profile.
• Market conditions: Rents soft (-0.1%/yr); 129 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 471 units permitted in Kent County in 2024 (240 in 5+ unit buildings).
• This rent runs 31% of the median local income ($139k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Kent County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 5y 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 $309k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $358,702 (0.6% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.99% ✗
• Cap rate: 7.14%
• Cash-on-cash: 3.04%
• DSCR: 1.14
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -15.0%
• Equity multiple: 0.48×
• Total profit: $-52,572
• Equity at exit: $53,783

10-year hold

• IRR: -12.7%
• Equity multiple: 0.36×
• Total profit: $-65,003
• Equity at exit: $31,188

Cash invested: $100,999 (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 02818

• Rents YoY: -0.1%
• Active inventory: 129
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,587 medium
• Mortgage (P&I): −$1,892
• Tax from tax record: −$364 /mo · $4,370/yr
• Insurance: −$150
• HOA: −$172
• Vacancy / Maint / Mgmt: −$753
• Net cashflow: $256

Break-even live

Break-even rent $3,263

Max offer price $360,711

Occupancy floor 88%

Sensitivity live

Price	-10% $460	-5% $358	+0% $256	+5% $154	+10% $51
Rent	-10% $-28	-5% $114	+0% $256	+5% $397	+10% $539
Rate	-1.0pp $437	-0.5pp $347	base $256	+0.5pp $162	+1.0pp $67

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: $90,178
• Closing costs: $10,821
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
195 Spring Valley Dr East Greenwich, RI	3.0	2.0	1822	$5,250	$2.88	44d	1	0.37mi
2340 S County Trl East Greenwich, RI	3.0	2.0	1600	$3,200	$2.00	2d	1	0.84mi
5804 Post Rd #8 East Greenwich, RI	2.0	1.5	1310	$2,400	$1.83	24d	1	1.40mi

HOA detail condo

• Monthly dues: $172 · $2,064/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-05-17
   listed $360,711 Active
2. 2021-12-10
   soldstatus $309,234
3. 2021-12-09
   soldstatus $309,322 Closed 641-char remark

   Show marketing remark (641 chars)

   Welcome home to the Brenton! Be part of the exciting new Middleberry condominium community now under construction in East Greenwich. This 2 bedroom, 2.5 bath offers an open floor plan with 1433 sq. ft. of living space and a one car garage. The well designed kitchen comes with a stainless steel appliance package and granite counter-tops. Enjoy relaxing or dining on the patio. A range of finish choices allow for customization to make this home ones own. Located only minutes to 95, T. F. Green airport, golf, marinas and downtown East Greenwich with its amazing dining and shopping. Occupancy Spring 2020. Deed restricted affordable unit.

4. 2021-10-05
   status Pending 641-char remark

   Show marketing remark (641 chars)

   Welcome home to the Brenton! Be part of the exciting new Middleberry condominium community now under construction in East Greenwich. This 2 bedroom, 2.5 bath offers an open floor plan with 1433 sq. ft. of living space and a one car garage. The well designed kitchen comes with a stainless steel appliance package and granite counter-tops. Enjoy relaxing or dining on the patio. A range of finish choices allow for customization to make this home ones own. Located only minutes to 95, T. F. Green airport, golf, marinas and downtown East Greenwich with its amazing dining and shopping. Occupancy Spring 2020. Deed restricted affordable unit.

5. 2021-09-08
   price $309,234 641-char remark

   Show marketing remark (641 chars)

   Welcome home to the Brenton! Be part of the exciting new Middleberry condominium community now under construction in East Greenwich. This 2 bedroom, 2.5 bath offers an open floor plan with 1433 sq. ft. of living space and a one car garage. The well designed kitchen comes with a stainless steel appliance package and granite counter-tops. Enjoy relaxing or dining on the patio. A range of finish choices allow for customization to make this home ones own. Located only minutes to 95, T. F. Green airport, golf, marinas and downtown East Greenwich with its amazing dining and shopping. Occupancy Spring 2020. Deed restricted affordable unit.

6. 2021-09-08
   historical Active Under Contract 641-char remark

   Show marketing remark (641 chars)

   Welcome home to the Brenton! Be part of the exciting new Middleberry condominium community now under construction in East Greenwich. This 2 bedroom, 2.5 bath offers an open floor plan with 1433 sq. ft. of living space and a one car garage. The well designed kitchen comes with a stainless steel appliance package and granite counter-tops. Enjoy relaxing or dining on the patio. A range of finish choices allow for customization to make this home ones own. Located only minutes to 95, T. F. Green airport, golf, marinas and downtown East Greenwich with its amazing dining and shopping. Occupancy Spring 2020. Deed restricted affordable unit.

7. 2021-03-16
   listed $322,833 641-char remark

   Show marketing remark (641 chars)

   Welcome home to the Brenton! Be part of the exciting new Middleberry condominium community now under construction in East Greenwich. This 2 bedroom, 2.5 bath offers an open floor plan with 1433 sq. ft. of living space and a one car garage. The well designed kitchen comes with a stainless steel appliance package and granite counter-tops. Enjoy relaxing or dining on the patio. A range of finish choices allow for customization to make this home ones own. Located only minutes to 95, T. F. Green airport, golf, marinas and downtown East Greenwich with its amazing dining and shopping. Occupancy Spring 2020. Deed restricted affordable unit.

8. 2021-03-16
   historical 641-char remark

   Show marketing remark (641 chars)

   Welcome home to the Brenton! Be part of the exciting new Middleberry condominium community now under construction in East Greenwich. This 2 bedroom, 2.5 bath offers an open floor plan with 1433 sq. ft. of living space and a one car garage. The well designed kitchen comes with a stainless steel appliance package and granite counter-tops. Enjoy relaxing or dining on the patio. A range of finish choices allow for customization to make this home ones own. Located only minutes to 95, T. F. Green airport, golf, marinas and downtown East Greenwich with its amazing dining and shopping. Occupancy Spring 2020. Deed restricted affordable unit.

ⓘ 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: $4,370 · $364/mo
• Projected year-2 tax: $5,125 · $427/mo
• Expected delta: +$755/yr (+$63/mo · 17.3%)

ⓘ 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 · 16 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 2 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,044
• − Mortgage interest: −$20,205
• − Property taxes: −$4,370
• − Insurance: −$1,804
• − Repairs & maintenance: −$3,444
• − Management: −$3,444
• − HOA: −$2,064
• − Depreciation: −$10,493
• Taxable loss: −$2,779
• Est. tax savings @ 24.0%: +$667
• After-tax cash flow: $3,735/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.

Condition & rehab AI · 2 photos

Poor 20/100 Extensive rehab

This property requires extensive repairs and updates to its exterior, interior, HVAC, and mechanical systems. Improvements will significantly enhance its resale and rental value.

Repairs flagged

• Major exterior siding — Signage and landscaping appear well-maintained, but the overall exterior condition is poor.
• Major interior walls and flooring — No interior photos provided, but based on the exterior, the interior likely requires extensive repairs and updates.
• Major HVAC/mechanicals — No photos of HVAC or mechanical systems provided.
• Major roof — No visible roof damage in the exterior photos, but the overall exterior condition is poor.
• Major landscaping — Signage and landscaping appear well-maintained, but the overall exterior condition is poor.

Value-add opportunities

• Both exterior siding and paint — Improving the exterior appearance will enhance both resale and rental value.
• Both HVAC and mechanical systems — Upgrading HVAC and mechanical systems will improve comfort and energy efficiency, enhancing both resale and rental value.
• Both interior repairs and updates — Updating the interior will make the unit more attractive and functional, enhancing both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Signage and landscaping appear well-maintained, but the overall exterior condition is poor.	Major	$15,000–50,000
interior walls and flooring · No interior photos provided, but based on the exterior, the interior likely requires extensive repairs and updates.	Major	$15,000–50,000
HVAC/mechanicals · No photos of HVAC or mechanical systems provided.	Major	$15,000–50,000
roof · No visible roof damage in the exterior photos, but the overall exterior condition is poor.	Major	$15,000–50,000
landscaping · Signage and landscaping appear well-maintained, but the overall exterior condition is poor.	Major	$15,000–50,000
Total estimated repair cost · 5 items		$75,000–250,000

Value-add ROI direction

• Both exterior siding and paint — Improving the exterior appearance will enhance both resale and rental value. ↑
• Both HVAC and mechanical systems — Upgrading HVAC and mechanical systems will improve comfort and energy efficiency, enhancing both resale and rental value. ↑
• Both interior repairs and updates — Updating the interior will make the unit more attractive and functional, enhancing both resale and rental value. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Greenwich
• NCES district ID: 4400300
• Math proficiency: 47% ▼ -9.00%
• Reading proficiency: 63% ▼ -3.00%
• Median HH income: $93,409
• Composite: 51.02/100
• National rank: #1775
• State rank: #3 of 39 in RI

Livability — Warwick

• Score: 78/100
• State rank: #6
• US rank: #2425

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Kent County · 90,904 people
• City population: 108,434
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 19,786
• Household income: $139,217
• Rent vs Own: 21.3% rent · 78.7% own
• Severe rent burden: 379.0

Population outlook (Kent County) Hauer SSP2

• Today (2025): 160,994 people
• By 2030: 157,428 · -2.2%
• By 2040: 148,389 · -7.8%
• By 2050: 137,995 · -14.3%
• By 2075: 118,536 · -26.4%
• By 2100: 102,266 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Asian 8% Two or more races 4% Hispanic / Latino 4% Black 1%
• Common ancestry: Lithuanian 6% Romanian 4% Scotch-Irish 2%
• Foreign-born: 12% · China, Canada, South Korea
• Languages at home: 88% English-only · Other Indo-European 4% Chinese 2% Spanish 2%

Political lean MEDSL · Kent

• 2024 margin: Toss-up / Even · D 49.9% · R 48.1% · Other 2.0%
• 2008→2024 swing: -15.6pp toward R · 2008: 17.5pp · 2024: 1.9pp
• All cycles: 2024: D+1.9 2020: D+7.6 2016: R+0.7 2012: D+18.4 2008: D+17.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -440.62%
• Current HPI: 331.8657
• Rent YoY: ▼ -0.06%
• 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

+11.7% since first listed

8 events — show timeline

• 2026-05-17 Listed $360,711 RIS
• 2021-12-10 Sold (Public Records) $309,234 Public Records
• 2021-12-09 Sold (MLS) $309,322 RIS
• 2021-10-05 Pending — RIS
• 2021-09-08 Price Changed $309,234 RIS
• 2021-09-08 Contingent — RIS
• 2021-03-16 Listing Removed — RIS
• 2021-03-16 Listed $322,833 RIS

Property tax history

-8.2%/yr

Latest (2025): $4,370 · +5.7% YoY. Source: county tax records.