To look at the dramatic price swings in the Providence real estate market, one might guess it’s a city in California rather than New England. This classic Providence three-level triplex is listed for $103,900, or about 40% of its last sale price of $262,500 (5/12/2006). Zillow.com estimates that this REO is currently worth $241,500.With some basic renovation work, likely costing about $10,000 to $15,000, this triplex could be a great income producer for an investor, or it could be an excellent opportunity for an owner-occupant to live for free while tenants in the other two units pay the mortgage. Each 2-bedroom unit in the Mount Pleasant neighborhood can be expected to rent for $650 to $850 per month. That means that this place, fully leased, would generate about $2,000 per month or more. For a great ROI opportunity, check out this REO.
The basics...
Address: 46/48 Harvest Street, Providence, RI 02908
Current Listing Price: $103,900
PREVIOUS Sale Price: $262,500 (5/12/2006)
Size: 6 Bedrooms, 3 Bathrooms; 2,407 square feet
Lot: .08 acres
http://www.realtor.com/realestate/providence-ri-02908-1099677553/
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