Real Estate Investing in Warwick, Rhode Island (02888)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02888 (Warwick, RI)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
What’s happening in Warwick, RI (02888)?
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Market Analysis: 02888 Warwick
ZIP 02888 in Warwick, RI carries a robust set of headwinds. Home values near $422K and rents of $1,800/mo sit inside a market where underwriting has to be tight.
The 02888 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Meanwhile, 02888 offers a low basis, the region around Warwick has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Who lives in 02888 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategically, 02888 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Warwick:
Property Strategy for 02888
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $266,656 | $1,380 | 3.7% | +11.7% | $266,656 |
| 2BR | $358,694 | $1,700 | 3.4% | +9.2% | $179,347 |
| 3BR | $414,161 | $2,050 | 3.6% | +8.9% | $138,054 |
| 4BR | $455,775 | $2,440 | 3.9% | +9.0% | $113,944 |
| 5BR | $539,179 | — | — | +8.9% | $107,836 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02888 Compare?
| Metric | 02888 | Warwick | Rhode Island |
|---|---|---|---|
| Home Value | $422,103 | $425,151 | $487,363 |
| 5-Year CAGR | 7.1% | 7.0% | 8.8% |
| Avg Rent | $1,800 | $2,062 | - |
| Cap Rate | 3.3% | 3.8% | - |
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 02888 (Warwick, RI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $422,103 |
| Monthly Rent | $1,800 |
| Price-to-Rent | 19.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.1% |
| Cap Rate | 3.3% |
| 5-Year IRR | 10.4% |
📈 Home Appreciation
| 1-Year | +7.0% ▲ |
| 3-Year CAGR | +6.5% ▲ |
| 5-Year CAGR | +7.1% ▲ |
| 10-Year CAGR | +8.3% ▲ |
🏠 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 (3.3%). 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 02888
Population: 18,951
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 02888
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Metropolitan Career Tech Ctr
360 High School
Cornel Young & Charlotte Woods
Hugh B. Bain Middle School
Mary E. Fogarty El. School
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
Is Warwick, RI a good market for buy-and-hold investors?
Investors tracking Warwick, RI will find a 3.0/5 rating supported by $422K median home values and $1,800/mo rents. That profile suits long-term holders targeting consistent returns.
Is vacancy a concern in Warwick, RI?
Rental vacancy in Warwick, RI is elevated. Investors should budget normal turnover but not chronic empty units.
How much do tenants pay in Warwick, RI?
Rent in Warwick, RI is around $1,800/mo. The resulting rent-to-value relationship with $422K pricing is reasonable for most investor models.
How should investors approach Warwick, RI?
In Warwick, RI the substantial play is typically careful cash-flow rentals with hands-on management. The combination of $422K prices and $1,800/mo rents suits that approach.
Is Warwick, RI landlord-friendly?
RI law landlord-friendly for landlords, and Warwick inherits those rules. Investors should still review local ordinances for rental licensing.
You know 02888 now. You don’t know where it ranks.
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How 02888 ranks in Providence-Warwick, RI-MA
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