Real Estate Investing in Richmond, Rhode Island (02892)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02892 (Richmond, RI)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 9.7% vacancy may signal weakening demand.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Richmond, RI (02892)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02892 Richmond
Not every below-median market is a bargain. Richmond's 02892 ZIP sits at signals that favor experienced operators who can absorb the risk $606K pricing implies.
The 02892 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
Within RI, ZIP 02892 trails on several market indicators that neighboring Washington County submarkets outperform. The gap is real and sturdy enough to shape underwriting.
Employment concentration in 02892 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The 02892 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Richmond:
Property Strategy for 02892
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $443,922 | $2,270 | 3.7% | +9.4% | $221,961 |
| 3BR | $575,371 | $2,740 | 3.4% | +9.0% | $191,790 |
| 4BR | $668,053 | $3,260 | 3.5% | +8.8% | $167,013 |
Market Trends
Home Value History (with trend line)
📊 How Does 02892 Compare?
| Metric | 02892 | Richmond | Rhode Island |
|---|---|---|---|
| Home Value | $606,079 | $535,705 | $487,363 |
| 5-Year CAGR | 6.8% | 6.3% | 8.8% |
| Avg Rent | $2,043 | $1,807 | - |
| Cap Rate | 2.6% | 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 02892 (Richmond, RI). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 02892 (Richmond, RI)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $606,079 |
| Monthly Rent | $2,043 |
| Price-to-Rent | 24.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.1% |
| Cap Rate | 2.6% |
| 5-Year IRR | 9.4% |
📈 Home Appreciation
| 1-Year | +7.0% ▲ |
| 3-Year CAGR | +6.0% ▲ |
| 5-Year CAGR | +6.8% ▲ |
| 10-Year CAGR | +7.6% ▲ |
🏠 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 (2.6%). 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 02892
Population: 5,704
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 02892
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 strong are rents in Richmond, RI?
Rents in Richmond, RI run near $2,043/mo. Compared with median home prices of $606K that produces solid gross yields for typical rentals.
What is the typical home price in Richmond, RI?
Richmond, RI home values average about $606K. That price point suits investors targeting rentals with $2,043/mo in monthly income.
How does Richmond, RI rate as a rental market?
Richmond, RI shows an investability rating of 3.0/5, with median home values near $606K and average rents around $2,043/mo. That combination puts it in the substantial tier for investor interest.
How strict are landlord regulations in Richmond, RI?
RI law landlord-friendly for landlords, and Richmond inherits those rules. Investors should still review local ordinances for rental licensing.
What strategy should investors use in Richmond, RI?
Richmond, RI investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($606K prices, $2,043/mo rents) make it a reasonable choice.
You know 02892 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02892 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 02892 ranks in Providence-Warwick, RI-MA
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 02892 (Richmond)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 02892 (Richmond, RI).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.