Real Estate Investing in Richmond, Rhode Island (02894)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02894 (Richmond, 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: 13.7% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 25.5 — hard to cash-flow at these prices.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Richmond, RI (02894)?
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Market Analysis: 02894 Richmond
The 02894 ZIP in Richmond, RI is a local-operator market. Outside capital chasing a $502K entry has to pair deep knowledge with the discount.
The investment case in 02894 is robust only for operators who understand what they are buying. A $502K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within RI, ZIP 02894 trails on several market indicators that neighboring Washington County submarkets outperform. The gap is real and sturdy enough to shape underwriting.
Demographically, 02894 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Experienced landlords with local relationships tend to find 02894 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Richmond:
Market Trends
Home Value History (with trend line)
📊 How Does 02894 Compare?
| Metric | 02894 | Richmond | Rhode Island |
|---|---|---|---|
| Home Value | $501,850 | $535,705 | $487,363 |
| 5-Year CAGR | 6.2% | 6.3% | 8.8% |
| Avg Rent | $1,638 | $1,807 | - |
| Cap Rate | 2.6% | 2.6% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02894 (Richmond, RI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $501,850 |
| Monthly Rent | $1,638 |
| Price-to-Rent | 25.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.9% |
| Cap Rate | 2.6% |
| 5-Year IRR | 8.7% |
📈 Home Appreciation
| 1-Year | +4.2% ▲ |
| 3-Year CAGR | +4.9% ▲ |
| 5-Year CAGR | +6.2% ▲ |
| 10-Year CAGR | +7.4% ▲ |
🏠 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 (2.6%). 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 02894
Population: 554
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 02894
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
What do landlords charge for rent in Richmond, RI?
The typical rental in Richmond, RI commands about $1,638/mo monthly. That rent profile steady cash flow against the $502K purchase basis.
What is the rental occupancy rate in Richmond, RI?
Rental vacancy in Richmond, RI is elevated. Investors should budget normal turnover but not chronic empty units.
Is Richmond, RI a good market for buy-and-hold investors?
Richmond, RI scores 3.0/5 for investability. Home values sit at $502K and rents near $1,638/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
How qualified is the tenant pool in Richmond, RI?
Working renters make up the core of the Richmond, RI tenant base. The pool is reasonable for investors targeting long-term holds.
Is RI a landlord-friendly state?
RI law landlord-friendly for landlords, and Richmond inherits those rules. Investors should still review local ordinances for rental licensing.
You know 02894 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02894 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 02894 ranks in Providence-Warwick, RI-MA
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