Real Estate Investing in Smithfield, Rhode Island (02828)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02828 (Smithfield, RI)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 27.4 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Smithfield, RI (02828)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02828 Smithfield
ZIP 02828 inside Providence County looks affordable on the surface — median value of $535K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 02828 comes in at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Nearby ZIPs in Smithfield have seen price recovery that 02828 has not matched. Providence County data supports the view that the spread is structural rather than temporary.
Employment concentration in 02828 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
looks to the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Smithfield:
Property Strategy for 02828
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $232,432 | $1,470 | 4.6% | +10.4% | $232,432 |
| 2BR | $380,149 | $1,810 | 3.4% | +8.9% | $190,075 |
| 3BR | $517,058 | $2,190 | 3.0% | +7.9% | $172,353 |
| 4BR | $611,363 | $2,600 | 3.1% | +8.0% | $152,841 |
Market Trends
Home Value History (with trend line)
📊 How Does 02828 Compare?
| Metric | 02828 | Smithfield | Rhode Island |
|---|---|---|---|
| Home Value | $535,019 | $532,724 | $487,363 |
| 5-Year CAGR | 6.6% | 6.7% | 8.8% |
| Avg Rent | $1,629 | $1,765 | - |
| Cap Rate | 2.4% | 2.6% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02828 (Smithfield, RI). Anonymous, moderated, never written by AI.
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Property managers serving Providence County
Manage rentals here? List your business →Ferland Corporation provides professional management services for over 2,600 apartment units in the Rhode Island area, offering quality apartments and amenities. summary from their website
Zanno Property Management offers residential and multi-family property management services in Providence, including marketing, resident screening, rent collection, maintenance, accounting, and evictio summary from their website
Avellino Construction & Property Management offers property management, general contracting, investments & lending, and rentals in Providence, RI. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $535,019 |
| Monthly Rent | $1,629 |
| Price-to-Rent | 27.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 9.0% |
📈 Home Appreciation
| 1-Year | +7.2% ▲ |
| 3-Year CAGR | +6.2% ▲ |
| 5-Year CAGR | +6.6% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.4%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 02828
Population: 7,058
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Schools in 02828
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Smithfield High School
Old County Road School
Raymond LaPerche School
Vincent J. Gallagher Middle
Pleasant View Elementary Schoo
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Frequently Asked Questions
How much rent can I charge in Smithfield, RI?
Rents in Smithfield, RI run near $1,629/mo. Compared with median home prices of $535K that produces solid gross yields for typical rentals.
How should investors approach Smithfield, RI?
In Smithfield, RI the solid play is typically careful cash-flow rentals with hands-on management. The combination of $535K prices and $1,629/mo rents suits that approach.
Are homes affordable in Smithfield, RI?
Smithfield, RI median home values land near $535K. That is reasonable territory for investors looking at $1,629/mo-per-month rentals.
Does house hacking work in Smithfield, RI?
House hacking works a challenging in Smithfield, RI. Rents of $1,629/mo against $535K acquisition make the strategy solid for owner-occupants.
Is it easy to find good tenants in Smithfield, RI?
The renter base in Smithfield, RI is reasonable for the $1,629/mo price point. Screening well and pricing to market typically yields predictable tenants.
You know 02828 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02828 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 02828 ranks in Providence-Warwick, RI-MA
Every ZIP in this metro, ranked. Free.
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