Real Estate Investing in Providence, Rhode Island (02904)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02904 (Providence, RI)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
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 Providence, RI (02904)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02904 Providence
From a cash-flow lens, ZIP 02904 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $406K median. It rewards specialists, not generalists.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 02904 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In the broader RI picture, 02904 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 02904 ZIP's population of 32,462 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that registers the need for careful underwriting.
Strategically, 02904 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 Providence:
Property Strategy for 02904
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $179,284 | $1,410 | 5.7% | +14.7% | $179,284 |
| 2BR | $349,220 | $1,740 | 3.6% | +10.2% | $174,610 |
| 3BR | $422,237 | $2,100 | 3.6% | +9.5% | $140,746 |
| 4BR | $469,950 | $2,500 | 3.8% | +9.5% | $117,488 |
| 5BR | $528,296 | — | — | +9.5% | $105,659 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02904 Compare?
| Metric | 02904 | Providence | Rhode Island |
|---|---|---|---|
| Home Value | $406,216 | $368,588 | $487,363 |
| 5-Year CAGR | 6.6% | 6.8% | 8.8% |
| Avg Rent | $1,911 | $2,153 | - |
| Cap Rate | 3.7% | 3.7% | - |
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 02904 (Providence, RI). Anonymous, moderated, never written by AI.
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Property managers serving Providence County
Manage rentals here? List your business →Ferland Corporation provides professional management services for over 2,600 apartment units in the Rhode Island area, offering quality apartments and amenities. summary from their website
Zanno Property Management offers residential and multi-family property management services in Providence, including marketing, resident screening, rent collection, maintenance, accounting, and evictio summary from their website
Avellino Construction & Property Management offers property management, general contracting, investments & lending, and rentals in Providence, RI. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $406,216 |
| Monthly Rent | $1,911 |
| Price-to-Rent | 17.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.6% |
| Cap Rate | 3.7% |
| 5-Year IRR | 10.2% |
📈 Home Appreciation
| 1-Year | +3.5% ▲ |
| 3-Year CAGR | +5.7% ▲ |
| 5-Year CAGR | +6.6% ▲ |
| 10-Year CAGR | +8.5% ▲ |
🏠 Rent Trends
| 1-Year | +7.7% ▲ |
| 3-Year CAGR | +6.1% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.7%). 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 02904
Population: 32,462
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 02904
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Ella Risk School
Greystone School
Veterans Memorial Elementary
Centredale School
Francis J. Varieur 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
Can I house hack in Providence, RI?
Providence, RI offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,911/mo rent level.
How strong is the working-renter base in Providence, RI?
Tenant demand in Providence, RI is solid. The local workforce $1,911/mo rents across most rental classes.
Is Providence in RI worth investing in?
Our data puts Providence, RI at 3.0/5 for investability. Home prices of $406K and rents around $1,911/mo create a solid backdrop for investor activity.
Are landlord laws favorable in Providence, RI?
Rental owners in Providence, RI deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
How do home values compare in Providence, RI?
Homes in Providence, RI typically sell near $406K. Prices have moved at a 0.0% 5-year CAGR, which stable long-term demand.
You know 02904 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02904 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 02904 ranks in Providence-Warwick, RI-MA
Every ZIP in this metro, ranked. Free.
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