Real Estate Investing in Richmond, Rhode Island (02898)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02898 (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: 8.1% 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 (02898)?
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Market Analysis: 02898 Richmond
Investors eyeing 02898 need to respect the fundamentals at play. Home values of $499K come alongside slower price movement and elevated management overhead.
On the rental side, the numbers look inviting — $499K purchase price, 0.0% nominal cap — the work to hit that pro forma in 02898 is substantial and deserves full respect.
The gap between 02898 and stronger Richmond ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
A significant renter share of 3% in 02898 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
New investors are better served looking at Richmond's stable or hybrid ZIPs before stepping into 02898. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Richmond:
Property Strategy for 02898
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $377,774 | $1,960 | 3.7% | +7.7% | $188,887 |
| 3BR | $507,473 | $2,390 | 3.4% | +8.9% | $169,158 |
| 4BR | $582,531 | $2,750 | 3.4% | +9.3% | $145,633 |
Market Trends
Home Value History (with trend line)
📊 How Does 02898 Compare?
| Metric | 02898 | Richmond | Rhode Island |
|---|---|---|---|
| Home Value | $499,056 | $535,705 | $487,363 |
| 5-Year CAGR | 5.9% | 6.3% | 8.8% |
| Avg Rent | $1,764 | $1,807 | - |
| Cap Rate | 2.8% | 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 02898 (Richmond, RI). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $499,056 |
| Monthly Rent | $1,764 |
| Price-to-Rent | 23.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.2% |
| Cap Rate | 2.8% |
| 5-Year IRR | 8.7% |
📈 Home Appreciation
| 1-Year | +4.4% ▲ |
| 3-Year CAGR | +5.5% ▲ |
| 5-Year CAGR | +5.9% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 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 (2.8%). 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 02898
Population: 1,745
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 02898
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 is Richmond, RI for real estate investors?
Richmond, RI rates 3.0/5 for investability. With median values at $499K and rents near $1,764/mo, the market offers reasonable fundamentals for rental investors.
What investment strategy works best in Richmond, RI?
Most investors in Richmond, RI run a careful cash-flow rentals with hands-on management strategy. It aligns with the 3.0/5 investability profile and the market fundamentals.
How much is rent in Richmond, RI?
Rents in Richmond, RI run near $1,764/mo. Compared with median home prices of $499K that produces solid gross yields for typical rentals.
Are landlord laws favorable in Richmond, RI?
Richmond, RI operates under RI law, which is landlord-friendly overall for landlords. Expect consistent treatment in typical lease and eviction cases.
Are there empty rentals in Richmond, RI?
Richmond, RI sees elevated vacancy, which is reasonable relative to the broader RI rental market.
You know 02898 now. You don’t know where it ranks.
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How 02898 ranks in Providence-Warwick, RI-MA
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