2 Redfern St · East Providence, RI 02915

$524,900

4 bd · 3.0 ba · 2,040 sqft · MultiFamily public records · 2 Days on market

Built 1920 3,920 sqft lot Est $524k · 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 +23.4/30.0
• DSCR +7.5/10.0
• ARV discount +7.4/15.0
• 1% rule +5.8/10.0
• Livability +3.7/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 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

LOCATION, LOCATION, LOCATION! THIS 3 FAMILY IS A RARE FIND LOCATED IN THE HIGHLY DESIRABLE NEIGHBORHOOD OF KENT HEIGHTS! THIS PROPERTY HAS BEEN MODERNIZED AND UPDATED THROUGH OUT. THE 1ST FLOOR UNIT FEATURES 3 BEDROOMS, HARDWOOD FLOORS, AND OVER 1,000 SQ FT OF LIVING SPACE. THE 2ND FLOOR HAS 2 (1) BEDROOM UNITS THAT ARE IN IMPECCABLE CONDITION AS WELL. OTHER FEATURES INCLUDE UPDATED MECHANICS, A NEWER ROOF, REPLACEMENT WINDOWS, CORNER LOT, AND PLENTY OF PARKING, PLUS MORE! BELOW MARKET RENTS DUE TO LONG TERM TENANTS.

Key facts

• 3,920 sq ft lot
• 4 parking spots
• Built 1920

Property features AI

Finance

• Financial info: Building has three units with existing rents: one unit currently renting month-to-month, one unit showing actual rent $1,550, market rents for units estimated around $1,500–$1,600 for one-bedrooms and $2,000–$2,200 for the three-bedroom
• HOA & community: Nearby amenities: golf, marina, public transportation, restaurants, shopping, highway access, near schools

Exterior

• Parking: No garage; 4 parking spaces (total)
• Utilities: Sewer connected; Water connected (water tap fee); Electrical service approximately 100 amps
• Home design: Multi-family property with 3 units in 1 building; 2 stories; Above-grade finished area approximately 2,200
• Construction: Drywall and shingle siding exterior; Foundation: combination with concrete perimeter
• Exterior features: Corner lot

Interior

• Kitchen: Oven; Range
• Bedrooms: One-bedroom units (two units); Three-bedroom unit (one unit)
• Flooring: Hardwood
• Bathrooms: Three full bathrooms (total in building)
• Heating & cooling: Gas baseboard heating; Window air conditioning units
• Interior features: Hardwood flooring; Bathtub; Tub/shower; Interior steps
• Laundry & utility: Common area laundry; Common water heater; Gas water heater; Tankless water heater; Utility room; Storage room

What this means for you Summary

Snapshot

• This is a 1×3bd/1.5ba + 2×1bd/1ba units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $975 ($12k/yr) — positive. Per door: $325/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $525k).
• Cap rate 8.5% vs local median 3.2% in East 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 74/100 on livability (#12 in RI, #4,784 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, health & safety A+; Watch: schools D-, amenities F, commute F.
• East Providence (suburban): math 18% / reading 31% proficiency, ranked #26 of 39 in RI (top 67%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 61 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 776 units permitted in Providence County in 2024 (229 in 5+ unit buildings).
• At $5,651/mo this rent would consume 80% of the median local household income ($84k/yr) (locally 427% 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 $16k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 28y 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 $350k; 50% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $524,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
7. 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.
8. 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: 1.08% ✓
• Cap rate: 8.52%
• Cash-on-cash: 7.96%
• DSCR: 1.35
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $524,280
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18 20 Inglewood Rd	0.64mi	4/2.0	2,160 (+6%)	15mo	$555,999	$257	44

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 · 0.57% rent growth · sell at horizon

5-year hold

• IRR: -6.9%
• Equity multiple: 0.75×
• Total profit: $-36,467
• Equity at exit: $78,264

10-year hold

• IRR: -0.5%
• Equity multiple: 0.97×
• Total profit: $-4,539
• Equity at exit: $45,384

Cash invested: $146,972 (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 02915

• Rents YoY: 0.6%
• Active inventory: 61
• Price-to-rent: 18.5×

Monthly cashflow live

• Estimated rent: $5,651 high
• Mortgage (P&I): −$2,753
• Tax from tax record: −$518 /mo · $6,219/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,187
• Net cashflow: $975

Break-even live

Break-even rent $4,417

Max offer price $524,900

Occupancy floor 78%

Sensitivity live

Price	-10% $1,272	-5% $1,123	+0% $975	+5% $826	+10% $678
Rent	-10% $528	-5% $751	+0% $975	+5% $1,198	+10% $1,421
Rate	-1.0pp $1,239	-0.5pp $1,108	base $975	+0.5pp $839	+1.0pp $700

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$2,362
▸ 2× units	1	1	$3,288
Total (3 units)			$5,651

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: $131,225
• Closing costs: $15,747
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
138 Martin St East Providence, RI	3.0	2.0	2009	$2,800	$1.39	44d	1	0.54mi
160 Fort St East Providence, RI	3.0	2.0	2468	$2,950	$1.20	24d	1	1.49mi

Listing history 2 events

1. 2026-06-13
   remarks 699-char remark
2. 2026-06-13
   listed $524,900 Pending 2 DOM

ⓘ 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: $6,219 · $518/mo
• Projected year-2 tax: $7,387 · $616/mo
• Expected delta: +$1,168/yr (+$97/mo · 18.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $67,812
• − Mortgage interest: −$29,403
• − Property taxes: −$6,219
• − Insurance: −$2,624
• − Repairs & maintenance: −$5,425
• − Management: −$5,425
• − Depreciation: −$15,270
• Taxable income: $3,446
• Est. tax owed @ 24.0%: −$827
• After-tax cash flow: $10,869/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: East Providence
• NCES district ID: 4400330
• Math proficiency: 18% ▼ -8.00%
• Reading proficiency: 31% ▼ -5.00%
• Median HH income: $51,011
• Composite: 21.69/100
• National rank: #8274
• State rank: #26 of 39 in RI

Livability — East Providence

• Score: 74/100
• State rank: #12
• US rank: #4784

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: East Providence, RI
• County: Providence County · 548,917 people
• City population: 38,586
• Metro: Providence-Warwick, RI-MA
• Population (ZIP): 16,752
• Household income: $84,414
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 427.0

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: Predominantly White (77%)
• Race & ethnicity: White 77% Two or more races 10% Hispanic / Latino 7% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 2%
• Common ancestry: Russian 17% Lithuanian 10% Slovak 3%
• Foreign-born: 8% · Canada, China
• Languages at home: 85% English-only · Other Indo-European 6% Spanish 5% French/Haitian/Cajun 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: ▼ -422.21%
• Current HPI: 362.8313
• Rent YoY: ▲ 0.57%
• 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

+425.4% since first listed

16 events — show timeline

• 2026-06-13 Pending — RIS
• 2026-06-10 Listed $524,900 RIS
• 2021-06-21 Sold (MLS) $350,000 RIS
• 2021-06-18 Sold (Public Records) $350,000 Public Records
• 2021-05-05 Pending — RIS
• 2021-04-25 Listing Removed — RIS
• 2021-04-25 Listed $338,900 RIS
• 2021-03-24 Listed $365,000 RIS
• 2002-05-03 Sold (Public Records) $142,000 Public Records
• 2002-05-03 Sold (MLS) $142,000 RIS
• 2002-03-30 Listing Removed — RIS
• 2002-03-27 Listed $149,900 RIS
• 1998-08-28 Sold (Public Records) $92,000 Public Records
• 1998-08-27 Sold (MLS) $92,000 RIS
• 1998-06-24 Listing Removed — RIS
• 1998-02-03 Listed $99,900 RIS

Property tax history

+3.2%/yr

Latest (2025): $6,219 · +11.4% YoY. Source: county tax records.