Real Estate Investing in Providence, Rhode Island (02905)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02905 (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 (02905)?
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Market Analysis: 02905 Providence
Not every below-median market is a bargain. Providence's 02905 ZIP comes in at signals that favor experienced operators who can absorb the risk $429K pricing implies.
Stepping back, the numbers look inviting — $429K purchase price, 0.0% nominal cap — the work to hit that pro forma in 02905 is substantial and deserves full respect.
The gap between 02905 and stronger Providence ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Who lives in 02905 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Experienced landlords with local relationships tend to find 02905 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 Providence:
Property Strategy for 02905
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $369,251 | $1,700 | 3.3% | +9.4% | $184,625 |
| 3BR | $406,021 | $2,050 | 3.6% | +9.5% | $135,340 |
| 4BR | $422,025 | $2,440 | 4.2% | +9.3% | $105,506 |
| 5BR | $526,506 | — | — | +9.9% | $105,301 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02905 Compare?
| Metric | 02905 | Providence | Rhode Island |
|---|---|---|---|
| Home Value | $428,614 | $368,588 | $487,363 |
| 5-Year CAGR | 7.3% | 6.8% | 8.8% |
| Avg Rent | $2,126 | $2,153 | - |
| Cap Rate | 3.9% | 3.7% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 02905 (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 | $428,614 |
| Monthly Rent | $2,126 |
| Price-to-Rent | 16.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 11.2% |
📈 Home Appreciation
| 1-Year | +5.2% ▲ |
| 3-Year CAGR | +6.2% ▲ |
| 5-Year CAGR | +7.3% ▲ |
| 10-Year CAGR | +9.0% ▲ |
🏠 Rent Trends
| 1-Year | +10.9% ▲ |
| 3-Year CAGR | +12.1% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.9%). 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 02905
Population: 24,780
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 02905
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
Is housing expensive in Providence, RI?
Expect median prices around $429K in Providence, RI. The market has run at a 0.0% 5-year CAGR, so entry costs have been reliable.
Is the tenant base reliable in Providence, RI?
Providence, RI offers a consistent renter base at the $2,126/mo rent level. Tenant turnover is reasonable for well-managed properties.
How landlord-friendly is Providence, RI?
RI law landlord-friendly for landlords, and Providence inherits those rules. Investors should still review local ordinances for rental licensing.
Does Providence, RI make sense for an investment property?
Providence, RI stands at an investability rating of 3.0/5, with median home values near $429K and average rents around $2,126/mo. That combination puts it in the significant tier for investor interest.
Which real estate strategy fits Providence, RI?
Providence, RI investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($429K prices, $2,126/mo rents) make it a reasonable choice.
You know 02905 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02905 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 02905 ranks in Providence-Warwick, RI-MA
Every ZIP in this metro, ranked. Free.
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