880 Douglas Ave · Providence, RI 02908

$599,900

9 bd · 3.0 ba · 2,429 sqft · MultiFamily public records · 42 Days on market

Built 1890 3,049 sqft lot $247/sqft · at area comps Est $630k · 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 +25.9/30.0
• ARV discount +9.6/15.0
• DSCR +8.7/10.0
• 1% rule +6.6/10.0
• 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

Turnkey 3-unit opportunity in a prime Providence location! This well-maintained multi-family offers strong income potential with two units already renting for $3,725/month, and a vacant third-floor unit ready for an owner-occupant or additional rental income. Featuring 8 total bedrooms and 3 full baths, this property provides flexibility for both investors and buyers looking to offset their mortgage with rental income. The property includes separate gas and electric utilities, making management efficient and cost-effective. Off-street parking via easement on Sunbury Ave adds valuable convenience for tenants. Even better, the home will be delivered with lead certificates (currently in process) a major benefit for compliance and peace of mind. Ideal for investors seeking solid cash flow or owner-occupants looking to build equity while collecting rents. Conveniently located near local amenities, highways, and public transportation.

Key facts

• Lead certificates
• Local amenities
• Off-street parking

Tags

• PRIME PROVIDENCE LOCATION
• STRONG INCOME POTENTIAL
• OFF-STREET PARKING
• LEAD CERTIFICATES
• LOCAL AMENITIES
• PUBLIC TRANSPORTATION

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.0-bath units multifamily listed at $600k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $490/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $600k).
• Recommended offer: $582k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 $6,937/mo this rent would consume 114% 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 $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 + 5.5% rent growth), your $168k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($582k) is reasonable based on typical stale-listing flexibility.
• 16 sale attempts since 27y 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 $121k; list at $600k implies a 396% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $581,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 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 1890 — 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: 1.16% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.51%
• DSCR: 1.47
• GRM: 7.2

CMA / ARV

• ARV (median comp): $630,000
• List price: $599,900
• Delta: -4.78%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 2.1%
• Equity multiple: 1.08×
• Total profit: $14,112
• Equity at exit: $89,447

10-year hold

• IRR: 13.9%
• Equity multiple: 2.24×
• Total profit: $208,959
• Equity at exit: $51,868

Cash invested: $167,972 (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: 21.6×

Monthly cashflow live

• Estimated rent: $6,937 high
• Mortgage (P&I): −$3,146
• Tax from tax record: −$613 /mo · $7,356/yr
• Insurance: −$250
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,457
• Net cashflow: $1,471

Break-even live

Break-even rent $5,075

Max offer price $599,900

Occupancy floor 74%

Sensitivity live

Price	-10% $1,811	-5% $1,641	+0% $1,471	+5% $1,302	+10% $1,132
Rent	-10% $923	-5% $1,197	+0% $1,471	+5% $1,745	+10% $2,019
Rate	-1.0pp $1,773	-0.5pp $1,624	base $1,471	+0.5pp $1,316	+1.0pp $1,158

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$6,936
Total (3 units)			$6,937

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: $149,975
• Closing costs: $17,997
• Reserves months: —
• Total cash needed: —

Listing history 49 events

1. 2026-06-02
   statusdays on market $599,900 Pending 42 DOM
2. 2026-06-01
   days on market $599,900 Active Under Contract 41 DOM
3. 2026-05-31
   days on market $599,900 Active Under Contract 40 DOM
4. 2026-05-12
   historical Active Under Contract 942-char remark

   Show marketing remark (942 chars)

   Turnkey 3-unit opportunity in a prime Providence location! This well-maintained multi-family offers strong income potential with two units already renting for $3,725/month, and a vacant third-floor unit ready for an owner-occupant or additional rental income. Featuring 8 total bedrooms and 3 full baths, this property provides flexibility for both investors and buyers looking to offset their mortgage with rental income. The property includes separate gas and electric utilities, making management efficient and cost-effective. Off-street parking via easement on Sunbury Ave adds valuable convenience for tenants. Even better, the home will be delivered with lead certificates (currently in process) a major benefit for compliance and peace of mind. Ideal for investors seeking solid cash flow or owner-occupants looking to build equity while collecting rents. Conveniently located near local amenities, highways, and public transportation.

5. 2026-04-21
   listed $599,900 Active 942-char remark

   Show marketing remark (942 chars)

   Turnkey 3-unit opportunity in a prime Providence location! This well-maintained multi-family offers strong income potential with two units already renting for $3,725/month, and a vacant third-floor unit ready for an owner-occupant or additional rental income. Featuring 8 total bedrooms and 3 full baths, this property provides flexibility for both investors and buyers looking to offset their mortgage with rental income. The property includes separate gas and electric utilities, making management efficient and cost-effective. Off-street parking via easement on Sunbury Ave adds valuable convenience for tenants. Even better, the home will be delivered with lead certificates (currently in process) a major benefit for compliance and peace of mind. Ideal for investors seeking solid cash flow or owner-occupants looking to build equity while collecting rents. Conveniently located near local amenities, highways, and public transportation.

6. 2019-12-16
   price $274,900 218-char remark

   Show marketing remark (218 chars)

   WELL MAINTAINED 3 FAMILY IN NORTH END. HOUSE HAS ALL REPLACEMENT WINDOWS AND 3 UPDATED 100 AMP ELECTRICAL SERVICE. INVESTORS TAKE NOTICE, RENTS CAN COVER MORTGAGE NO ONSITE PARKING-TENANTS PARK ON STREET. NEAR COLLEGES

7. 2016-11-08
   price $99,900
8. 2016-11-08
   price $205,000
9. 2015-06-22
   soldstatus $121,000 Sold
10. 2015-06-22
    soldstatus $121,000
11. 2015-05-01
    status Pending
12. 2015-04-19
    listed $115,000 Active - New
13. 2014-10-31
    historical
14. 2014-07-28
    price $129,900 Active - Price Changed
15. 2014-04-30
    listed $139,900 Active - New
16. 2013-12-19
    price $154,900
17. 2013-12-19
    price $169,900
18. 2012-06-09
    historical
19. 2012-03-20
    listed $149,000
20. 2012-03-19
    historical
21. 2011-09-19
    listed $149,000
22. 2009-12-04
    soldstatus $144,900
23. 2009-12-04
    soldstatus $144,900
24. 2009-11-05
    historical
25. 2009-10-13
    listed $149,900
26. 2009-10-12
    historical
27. 2009-05-19
    listed $169,900
28. 2009-05-12
    historical
29. 2009-03-30
    listed $179,900
30. 2009-03-18
    historical
31. 2009-01-27
    listed $179,900
32. 2008-09-04
    soldstatus $50,000
33. 2008-09-03
    historical
34. 2008-08-04
    listed $50,000
35. 2008-04-30
    historical
36. 2007-09-30
    listed $205,000
37. 2007-09-30
    historical
38. 2007-04-03
    listed $249,900
39. 2005-07-18
    soldstatus $277,000
40. 2005-07-15
    soldstatus $277,000 218-char remark

    Show marketing remark (218 chars)

    WELL MAINTAINED 3 FAMILY IN NORTH END. HOUSE HAS ALL REPLACEMENT WINDOWS AND 3 UPDATED 100 AMP ELECTRICAL SERVICE. INVESTORS TAKE NOTICE, RENTS CAN COVER MORTGAGE NO ONSITE PARKING-TENANTS PARK ON STREET. NEAR COLLEGES

41. 2005-04-25
    historical 218-char remark

    Show marketing remark (218 chars)

    WELL MAINTAINED 3 FAMILY IN NORTH END. HOUSE HAS ALL REPLACEMENT WINDOWS AND 3 UPDATED 100 AMP ELECTRICAL SERVICE. INVESTORS TAKE NOTICE, RENTS CAN COVER MORTGAGE NO ONSITE PARKING-TENANTS PARK ON STREET. NEAR COLLEGES

42. 2005-01-11
    listed $279,900 218-char remark

    Show marketing remark (218 chars)

    WELL MAINTAINED 3 FAMILY IN NORTH END. HOUSE HAS ALL REPLACEMENT WINDOWS AND 3 UPDATED 100 AMP ELECTRICAL SERVICE. INVESTORS TAKE NOTICE, RENTS CAN COVER MORTGAGE NO ONSITE PARKING-TENANTS PARK ON STREET. NEAR COLLEGES

43. 2003-10-26
    historical
44. 2003-07-26
    listed $229,900
45. 2002-09-28
    historical
46. 2002-06-28
    listed $129,900
47. 1999-07-22
    historical
48. 1999-02-24
    listed $89,927
49. 1997-03-24
    soldstatus $105,000

ⓘ 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: $7,356 · $613/mo
• Projected year-2 tax: $8,567 · $714/mo
• Expected delta: +$1,211/yr (+$101/mo · 16.5%)

ⓘ 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: $83,244
• − Mortgage interest: −$33,604
• − Property taxes: −$7,356
• − Insurance: −$3,000
• − Repairs & maintenance: −$6,660
• − Management: −$6,660
• − Depreciation: −$17,452
• Taxable income: $8,514
• Est. tax owed @ 24.0%: −$2,043
• After-tax cash flow: $15,613/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

+471.3% since first listed

46 events — show timeline

• 2026-05-12 Contingent — RIS
• 2026-04-21 Listed $599,900 RIS
• 2019-12-16 Price Changed $274,900 RIS
• 2016-11-08 Price Changed $205,000 RIS
• 2016-11-08 Price Changed $99,900 RIS
• 2015-06-22 Sold (Public Records) $121,000 Public Records
• 2015-06-22 Sold (MLS) $121,000 RIS
• 2015-05-01 Pending — RIS
• 2015-04-19 Listed $115,000 RIS
• 2014-10-31 Listing Removed — RIS
• 2014-07-28 Price Changed $129,900 RIS
• 2014-04-30 Listed $139,900 RIS
• 2013-12-19 Price Changed $154,900 RIS
• 2013-12-19 Price Changed $169,900 RIS
• 2012-06-09 Listing Removed — RIS
• 2012-03-20 Listed $149,000 RIS
• 2012-03-19 Listing Removed — RIS
• 2011-09-19 Listed $149,000 RIS
• 2009-12-04 Sold (Public Records) $144,900 Public Records
• 2009-12-04 Sold (MLS) $144,900 RIS
• 2009-11-05 Listing Removed — RIS
• 2009-10-13 Listed $149,900 RIS
• 2009-10-12 Listing Removed — RIS
• 2009-05-19 Listed $169,900 RIS
• 2009-05-12 Listing Removed — RIS
• 2009-03-30 Listed $179,900 RIS
• 2009-03-18 Listing Removed — RIS
• 2009-01-27 Listed $179,900 RIS
• 2008-09-04 Sold (MLS) $50,000 RIS
• 2008-09-03 Listing Removed — RIS
• 2008-08-04 Listed $50,000 RIS
• 2008-04-30 Listing Removed — RIS
• 2007-09-30 Listed $205,000 RIS
• 2007-09-30 Listing Removed — RIS
• 2007-04-03 Listed $249,900 RIS
• 2005-07-18 Sold (Public Records) $277,000 Public Records
• 2005-07-15 Sold (MLS) $277,000 RIS
• 2005-04-25 Listing Removed — RIS
• 2005-01-11 Listed $279,900 RIS
• 2003-10-26 Listing Removed — RIS
• 2003-07-26 Listed $229,900 RIS
• 2002-09-28 Listing Removed — RIS
• 2002-06-28 Listed $129,900 RIS
• 1999-07-22 Listing Removed — RIS
• 1999-02-24 Listed $89,927 RIS
• 1997-03-24 Sold (Public Records) $105,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $7,356 · +17.9% YoY. Source: county tax records.