Real Estate Investing in West Warwick, Rhode Island (02893)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02893 (West 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 West Warwick, RI (02893)?
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Market Analysis: 02893 West Warwick
ZIP 02893 inside Kent County looks affordable on the surface — median value of $411K — but the discount exists for reasons that a careful buyer should understand before committing.
Rent of $1,854/mo on a $411K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 02893 sits below the stated 0.0% once reality is priced in.
Within RI, ZIP 02893 trails on several market indicators that neighboring Kent County submarkets outperform. The gap is real and impressive enough to shape underwriting.
The 02893 ZIP's population of 31,025 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that shows the need for careful underwriting.
Distressed ZIPs reward experience. resilient returns are possible in 02893, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in West Warwick:
Property Strategy for 02893
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $212,831 | $1,360 | 4.6% | +12.9% | $212,831 |
| 2BR | $334,511 | $1,680 | 3.6% | +9.1% | $167,256 |
| 3BR | $400,626 | $2,030 | 3.6% | +8.8% | $133,542 |
| 4BR | $433,013 | $2,410 | 4.0% | +8.7% | $108,253 |
| 5BR | $453,616 | — | — | +8.6% | $90,723 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02893 Compare?
| Metric | 02893 | West Warwick | Rhode Island |
|---|---|---|---|
| Home Value | $411,445 | $411,445 | $487,363 |
| 5-Year CAGR | 7.2% | 7.2% | 8.8% |
| Avg Rent | $1,854 | $1,854 | - |
| Cap Rate | 3.5% | 3.5% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02893 (West Warwick, RI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $411,445 |
| Monthly Rent | $1,854 |
| Price-to-Rent | 18.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 10.7% |
📈 Home Appreciation
| 1-Year | +7.3% ▲ |
| 3-Year CAGR | +6.2% ▲ |
| 5-Year CAGR | +7.2% ▲ |
| 10-Year CAGR | +8.7% ▲ |
🏠 Rent Trends
| 1-Year | -4.8% ▼ |
| 3-Year CAGR | +4.3% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). 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 02893
Population: 31,025
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 02893
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Winman Middle School
Lippitt School
Park School
Scott School
Cedar Hill 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
Does house hacking make sense in West Warwick, RI?
House hacking in West Warwick, RI is reasonable to execute. Prices around $411K and rents of $1,854/mo solid owner-occupant economics.
How strong is tenant demand in West Warwick, RI?
Working renters make up the core of the West Warwick, RI tenant base. The pool is reasonable for investors targeting long-term holds.
How should investors approach West Warwick, RI?
In West Warwick, RI the sturdy play is typically careful cash-flow rentals with hands-on management. The combination of $411K prices and $1,854/mo rents suits that approach.
What kind of market is West Warwick, RI for investors?
Our data puts West Warwick, RI at 3.0/5 for investability. Home prices of $411K and rents around $1,854/mo create a solid backdrop for investor activity.
What is the median home value in West Warwick, RI?
Expect median prices around $411K in West Warwick, RI. The market has run at a 0.0% 5-year CAGR, so entry costs have been even-keeled.
You know 02893 now. You don’t know where it ranks.
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How 02893 ranks in Providence-Warwick, RI-MA
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