11 B Krzak Rd

North Kingstown, RI 02852

$129,900B-

2 bd · 1.0 ba · 784 sqft · Built 1983 · Manufactured · Pending · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,756/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$124
• HOA: −$517
• Vac / Maint / Mgmt: −$579
• Net cashflow: $855/mo
• Annual: $10,255/yr
• Cap rate: 14.19%
• Cash-on-cash: 28.20%
• DSCR: 2.25
• 1% rule: 2.12%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.0-bath manufactured listed at $130k.
• At list price, monthly cash flow is $855 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $130k).
• It's been on market 47 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• North Kingstown (suburban): math 47% / reading 63% proficiency, ranked #5 of 39 in RI (top 13%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Forest Park El. School (math 67% / reading 67%, grade B+, #5 of 167 statewide, top 3%, 260 students, 16% FRL); Davisville Middle School (math 33% / reading 48%, grade F, #9 of 57 statewide, top 14%, 450 students, 28% FRL); North Kingstown Sr. High (math 55% / reading 83%, grade B, #4 of 58 statewide, top 5%, 1,374 students, 17% FRL) — zoned schools at 20% FRL track the district average.
• Market conditions: 103 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 311 units permitted in Washington County in 2024 (45 in 5+ unit buildings).
• Washington County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 30y 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 $27k; list at $130k implies a 381% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.