171 Unit St · Providence, RI 02909

$375,000

4 bd · 1.0 ba · 1,176 sqft · SingleFamily public records · 134 Days on market

Built 1927 3,800 sqft lot $319/sqft · 6% below area Est $400k · 6% under

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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 +13.0/30.0
• ARV discount +10.3/15.0
• Livability +4.2/5.0
• DSCR +3.9/10.0
• Rent growth +3.4/5.0
• 1% rule +2.8/10.0
• Condition / age +2.5/5.0
• Schools +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious and well located this 4BR-2BA Cape offers comfort, convenience , and room to grow. Generously sized rooms provide an open, airy feel throughout , perfect for both everyday living and entertaining. A Partially finished basement adds flexible bonus space along with abundant storage options. Ideally situated in Rhode Island's capital city, this location offers easy access to shopping, dining, schools, and major routes-making daily life effortless while keeping you close to everything Providence has to offer.

Key facts

• 3,800 sq ft lot
• 7 parking spots
• Built 1927

Tags

• PARTIALLY FINISHED BASEMENT
• ABUNDANT STORAGE OPTIONS
• EASY ACCESS TO SHOPPING
• EASY ACCESS TO DINING
• EASY ACCESS TO SCHOOLS
• EASY ACCESS TO MAJOR ROUTES

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $375k.

Deal economics

• At list price, monthly cash flow is $-18 ($-217/yr) — negative.
• To cash-flow at today's rent, offer at most $372k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $293k (21.9% below list).
• Recommended offer: $293k (21.9% below list) — sets the bar for 1% rule.
• Cap rate 6.2% 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 (+3.7%/yr); 132 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $2,929/mo this rent would consume 54% 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 $3k of loan paydown is wiped out by about $11k 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.

Negotiation context

• It's been on market 134 days — a 12% lower offer ($330k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $75k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $179k; list at $375k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1927 — 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 $292,911 (21.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
3. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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?
8. 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.
9. 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.
10. 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.

Investment metrics

• 1% rule: 0.78% ✗
• Cap rate: 6.24%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• GRM: 10.7

CMA / ARV

• ARV (median comp): $400,335
• List price: $375,000
• Delta: -6.33%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
28 Cedar St	0.72mi	3/1.0 (-1)	1,112 (-5%)	23mo	$380,000	$342	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -16.0%
• Equity multiple: 0.43×
• Total profit: $-60,013
• Equity at exit: $55,914

10-year hold

• IRR: -6.6%
• Equity multiple: 0.56×
• Total profit: $-45,812
• Equity at exit: $32,423

Cash invested: $105,000 (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: 132
• Price-to-rent: 10.7×

Monthly cashflow live

• Estimated rent: $2,929 high
• Mortgage (P&I): −$1,967
• Tax from tax record: −$209 /mo · $2,511/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $-18

Break-even live

Break-even rent $2,952

Max offer price $371,812

Occupancy floor 96%

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1035 Atwells Ave Unit 2 Providence, RI	4.0	2.0	1300	$2,950	$2.27	24d	1	0.36mi
90 Rowley St Providence, RI	3.0	1.5	1352	$3,500	$2.59	2d	1	0.67mi
25 Devereux St #316 Providence, RI	3.0	1.5	1400	$2,300	$1.64	2d	1	0.91mi
1189 Smith St Providence, RI	3.0	1.5	1112	$2,400	$2.16	24d	1	1.10mi
729 Academy Ave Providence, RI	3.0	1.0	1261	$2,395	$1.90	17d	1	1.15mi
29 Dunford St Unit 2 Providence, RI	3.0	2.0	1116	$2,400	$2.15	24d	1	1.21mi
788 Academy Ave Unit 2 Providence, RI	3.0	1.0	1100	$2,500	$2.27	24d	1	1.25mi
38 Tyndall Ave Providence, RI	4.0	2.0	1500	$3,500	$2.33	19d	1	1.26mi

Listing history 27 events

1. 2026-06-18
   days on market $375,000 Active 134 DOM
2. 2026-06-17
   days on market $375,000 Active 133 DOM
3. 2026-06-16
   days on market $375,000 Active 132 DOM
4. 2026-06-15
   days on market $375,000 Active 131 DOM
5. 2026-06-13
   days on market $375,000 Active 129 DOM
6. 2026-06-09
   days on market $375,000 Active 125 DOM
7. 2026-06-08
   days on market $375,000 Active 124 DOM
8. 2026-06-07
   days on market $375,000 Active 123 DOM
9. 2026-06-05
   days on market $375,000 Active 120 DOM
10. 2026-06-03
    days on market $375,000 Active 119 DOM
11. 2026-06-02
    days on market $375,000 Active 118 DOM
12. 2026-06-01
    days on market $375,000 Active 117 DOM
13. 2026-05-31
    days on market $375,000 Active 116 DOM
14. 2026-05-12
    status Active 519-char remark

    Show marketing remark (519 chars)

    Spacious and well located this 4BR-2BA Cape offers comfort, convenience , and room to grow. Generously sized rooms provide an open, airy feel throughout , perfect for both everyday living and entertaining. A Partially finished basement adds flexible bonus space along with abundant storage options. Ideally situated in Rhode Island's capital city, this location offers easy access to shopping, dining, schools, and major routes-making daily life effortless while keeping you close to everything Providence has to offer.

15. 2026-04-24
    historical Active Under Contract 519-char remark

    Show marketing remark (519 chars)

    Spacious and well located this 4BR-2BA Cape offers comfort, convenience , and room to grow. Generously sized rooms provide an open, airy feel throughout , perfect for both everyday living and entertaining. A Partially finished basement adds flexible bonus space along with abundant storage options. Ideally situated in Rhode Island's capital city, this location offers easy access to shopping, dining, schools, and major routes-making daily life effortless while keeping you close to everything Providence has to offer.

16. 2026-04-03
    price $375,000 519-char remark

    Show marketing remark (519 chars)

    Spacious and well located this 4BR-2BA Cape offers comfort, convenience , and room to grow. Generously sized rooms provide an open, airy feel throughout , perfect for both everyday living and entertaining. A Partially finished basement adds flexible bonus space along with abundant storage options. Ideally situated in Rhode Island's capital city, this location offers easy access to shopping, dining, schools, and major routes-making daily life effortless while keeping you close to everything Providence has to offer.

17. 2026-02-18
    price $399,900 519-char remark

    Show marketing remark (519 chars)

    Spacious and well located this 4BR-2BA Cape offers comfort, convenience , and room to grow. Generously sized rooms provide an open, airy feel throughout , perfect for both everyday living and entertaining. A Partially finished basement adds flexible bonus space along with abundant storage options. Ideally situated in Rhode Island's capital city, this location offers easy access to shopping, dining, schools, and major routes-making daily life effortless while keeping you close to everything Providence has to offer.

18. 2026-02-09
    price $419,900 519-char remark

    Show marketing remark (519 chars)

    Spacious and well located this 4BR-2BA Cape offers comfort, convenience , and room to grow. Generously sized rooms provide an open, airy feel throughout , perfect for both everyday living and entertaining. A Partially finished basement adds flexible bonus space along with abundant storage options. Ideally situated in Rhode Island's capital city, this location offers easy access to shopping, dining, schools, and major routes-making daily life effortless while keeping you close to everything Providence has to offer.

19. 2026-02-04
    listed $449,900 Active 519-char remark

    Show marketing remark (519 chars)

    Spacious and well located this 4BR-2BA Cape offers comfort, convenience , and room to grow. Generously sized rooms provide an open, airy feel throughout , perfect for both everyday living and entertaining. A Partially finished basement adds flexible bonus space along with abundant storage options. Ideally situated in Rhode Island's capital city, this location offers easy access to shopping, dining, schools, and major routes-making daily life effortless while keeping you close to everything Providence has to offer.

20. 2005-11-04
    historical
21. 2005-05-20
    listed $225,000
22. 2004-11-06
    soldstatus $179,000
23. 2004-11-03
    soldstatus $179,000
24. 2004-08-27
    historical
25. 2004-07-29
    listed $179,900
26. 2004-07-05
    historical
27. 2004-01-05
    listed $190,000

ⓘ 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: $2,511 · $209/mo
• Projected year-2 tax: $4,312 · $359/mo
• Expected delta: +$1,801/yr (+$150/mo · 71.7%)

ⓘ 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: $35,149
• − Mortgage interest: −$21,006
• − Property taxes: −$2,511
• − Insurance: −$1,875
• − Repairs & maintenance: −$2,812
• − Management: −$2,812
• − Depreciation: −$10,909
• Taxable loss: −$6,775
• Est. tax savings @ 24.0%: +$1,626
• After-tax cash flow: $1,410/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

+97.4% since first listed

14 events — show timeline

• 2026-05-12 Relisted — RIS
• 2026-04-24 Contingent — RIS
• 2026-04-03 Price Changed $375,000 RIS
• 2026-02-18 Price Changed $399,900 RIS
• 2026-02-09 Price Changed $419,900 RIS
• 2026-02-04 Listed $449,900 RIS
• 2005-11-04 Listing Removed — RIS
• 2005-05-20 Listed $225,000 RIS
• 2004-11-06 Sold (MLS) $179,000 RIS
• 2004-11-03 Sold (Public Records) $179,000 Public Records
• 2004-08-27 Listing Removed — RIS
• 2004-07-29 Listed $179,900 RIS
• 2004-07-05 Listing Removed — RIS
• 2004-01-05 Listed $190,000 RIS

Property tax history

-1.8%/yr

Latest (2025): $2,511 · -36.2% YoY. Source: county tax records.