Real Estate Investing in Providence, Rhode Island (02903)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02903 (Providence, RI)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
- High vacancy: 16.3% of homes vacant — above national norms.
What’s happening in Providence, RI (02903)?
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Market Analysis: 02903 Providence
This part of Providence County is not an easy win. The 02903 ZIP reflects softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Put differently, the numbers look inviting — $442K purchase price, 0.0% nominal cap — the work to hit that pro forma in 02903 is substantial and deserves full respect.
The gap between 02903 and stronger Providence ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Demographically, 02903 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.
The right play in 02903 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Providence:
Property Strategy for 02903
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $361,446 | $1,970 | 3.9% | +6.9% | $361,446 |
| 2BR | $531,745 | $2,430 | 3.3% | +6.4% | $265,872 |
| 3BR | $598,530 | $2,930 | 3.5% | +9.4% | $199,510 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02903 Compare?
| Metric | 02903 | Providence | Rhode Island |
|---|---|---|---|
| Home Value | $442,324 | $368,588 | $487,363 |
| 5-Year CAGR | 4.2% | 6.8% | 8.8% |
| Avg Rent | $2,514 | $2,153 | - |
| Cap Rate | 4.4% | 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 02903 (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 | $442,324 |
| Monthly Rent | $2,514 |
| Price-to-Rent | 14.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.8% |
| Cap Rate | 4.4% |
| 5-Year IRR | 8.7% |
📈 Home Appreciation
| 1-Year | +0.6% ▲ |
| 3-Year CAGR | +3.8% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +4.7% ▲ |
🏠 Rent Trends
| 1-Year | +3.9% ▲ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | +5.1% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.4%). 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 02903
Population: 12,309
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 02903
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 Providence, RI a good market for buy-and-hold investors?
Investors tracking Providence, RI will find a 3.0/5 rating supported by $442K median home values and $2,514/mo rents. That profile suits long-term holders targeting steady returns.
Are rents high in Providence, RI?
Rents in Providence, RI run near $2,514/mo. Compared with median home prices of $442K that produces solid gross yields for typical rentals.
Is Providence, RI a good market for FHA house hackers?
Providence, RI offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $2,514/mo rent level.
Is Providence, RI better for rentals, flips, or BRRRR?
For Providence, RI, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
What are home prices like in Providence, RI?
The median home value in Providence, RI is roughly $442K. That puts it reasonable relative to the RI statewide average.
You know 02903 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02903 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 02903 ranks in Providence-Warwick, RI-MA
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