Real Estate Investing in North Smithfield, Rhode Island (02896)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02896 (North 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 30.6 — 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 North Smithfield, RI (02896)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02896 North Smithfield
Investors eyeing 02896 need to respect the fundamentals at play. Home values of $523K come alongside slower price movement and elevated management overhead.
On balance, the numbers look inviting — $523K purchase price, 0.0% nominal cap — the work to hit that pro forma in 02896 is substantial and deserves full respect.
From a cash-flow lens, 02896 offers a low basis, the region around North Smithfield has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
From a cash-flow lens, 11,683 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
The right play in 02896 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in North Smithfield:
Property Strategy for 02896
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $403,057 | $1,280 | 2.3% | +6.6% | $403,057 |
| 2BR | $442,195 | $1,580 | 2.6% | +7.1% | $221,098 |
| 3BR | $513,903 | $1,910 | 2.7% | +7.2% | $171,301 |
| 4BR | $607,916 | $2,270 | 2.7% | +7.5% | $151,979 |
| 5BR | $639,590 | — | — | +7.0% | $127,918 |
Market Trends
Home Value History (with trend line)
📊 How Does 02896 Compare?
| Metric | 02896 | North Smithfield | Rhode Island |
|---|---|---|---|
| Home Value | $522,700 | $522,700 | $487,363 |
| 5-Year CAGR | 5.2% | 5.2% | 8.8% |
| Avg Rent | $1,422 | $1,422 | - |
| Cap Rate | 2.1% | 2.1% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02896 (North 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 | $522,700 |
| Monthly Rent | $1,422 |
| Price-to-Rent | 30.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.3% |
| Cap Rate | 2.1% |
| 5-Year IRR | 7.3% |
📈 Home Appreciation
| 1-Year | +4.0% ▲ |
| 3-Year CAGR | +4.2% ▲ |
| 5-Year CAGR | +5.2% ▲ |
| 10-Year CAGR | +6.4% ▲ |
🏠 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 (2.1%). 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 02896
Population: 11,683
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 02896
Schools in This ZIP Code
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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
What is the rental occupancy rate in North Smithfield, RI?
Occupancy in North Smithfield, RI runs reliable with elevated vacancy. Well-priced units at $1,422/mo lease on reasonable timelines.
What do landlords charge for rent in North Smithfield, RI?
Expect rents around $1,422/mo per month in North Smithfield, RI. With home values at $523K, the yield math works out to reasonable levels for rental investors.
What is the typical renter like in North Smithfield, RI?
Tenant quality in North Smithfield, RI ranks as solid. Landlords generally report predictable occupancy at market rents of $1,422/mo.
Can owner-occupants cash flow in North Smithfield, RI?
North Smithfield, RI is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $523K price point reasonable to enter.
What type of investing works in North Smithfield, RI?
Investors usually favor careful cash-flow rentals with hands-on management in North Smithfield, RI. With home values at $523K and rents near $1,422/mo, other strategies can work but produce even-keeled rather than outsized returns.
You know 02896 now. You don’t know where it ranks.
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How 02896 ranks in Providence-Warwick, RI-MA
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