Real Estate Investing in Narragansett, Rhode Island (02882)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02882 (Narragansett, RI)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 38.0% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 27.1 — hard to cash-flow at these prices.
What’s happening in Narragansett, RI (02882)?
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Market Analysis: 02882 Narragansett
ZIP 02882 in Narragansett, RI carries a solid set of headwinds. Home values near $885K and rents of $2,716/mo sit inside a market where underwriting has to be tight.
Distressed markets are won on execution, not on spreadsheets. ZIP 02882 reports the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
From a cash-flow lens, 02882 offers a low basis, the region around Narragansett has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The demographic picture in 02882 includes headwinds that any investor should price in. Income distribution skews lower than Narragansett averages, and tenant stability requires active management.
The right play in 02882 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 Narragansett:
Property Strategy for 02882
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $386,674 | $1,830 | 3.4% | +11.1% | $386,674 |
| 2BR | $717,682 | $2,260 | 2.3% | +11.3% | $358,841 |
| 3BR | $918,711 | $2,730 | 2.1% | +11.5% | $306,237 |
| 4BR | $1,098,659 | $3,240 | 2.1% | +12.2% | $274,665 |
| 5BR | $1,289,368 | — | — | +12.6% | $257,874 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02882 Compare?
| Metric | 02882 | Narragansett | Rhode Island |
|---|---|---|---|
| Home Value | $884,720 | $884,720 | $487,363 |
| 5-Year CAGR | 7.7% | 7.7% | 8.8% |
| Avg Rent | $2,716 | $2,716 | - |
| Cap Rate | 2.4% | 2.4% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02882 (Narragansett, RI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $884,720 |
| Monthly Rent | $2,716 |
| Price-to-Rent | 27.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.7% |
| Cap Rate | 2.4% |
| 5-Year IRR | 10.1% |
📈 Home Appreciation
| 1-Year | +5.7% ▲ |
| 3-Year CAGR | +6.5% ▲ |
| 5-Year CAGR | +7.7% ▲ |
| 10-Year CAGR | +8.6% ▲ |
🏠 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 02882
Population: 12,984
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 02882
Schools in This ZIP Code
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 should investors approach Narragansett, RI?
Narragansett, RI investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($885K prices, $2,716/mo rents) make it a reasonable choice.
How do home values compare in Narragansett, RI?
Expect median prices around $885K in Narragansett, RI. The market has run at a 0.0% 5-year CAGR, so entry costs have been steady.
Should investors consider Narragansett, RI?
Narragansett, RI scores 3.0/5 for investability. Home values sit at $885K and rents near $2,716/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
Do landlords face vacancy issues in Narragansett, RI?
Narragansett, RI carries elevated vacancy risk. Expect measured absorption at market rents of $2,716/mo.
Are landlord laws favorable in Narragansett, RI?
Landlord-friendliness in Narragansett, RI is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
You know 02882 now. You don’t know where it ranks.
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How 02882 ranks in Providence-Warwick, RI-MA
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