Real Estate Investing in Smithfield, Rhode Island (02917)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 02917 (Smithfield, 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 Smithfield, RI (02917)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 02917 Smithfield
Not every below-median market is a bargain. Smithfield's 02917 ZIP shows signals that favor experienced operators who can absorb the risk $530K pricing implies.
Meanwhile, the numbers look inviting — $530K purchase price, 0.0% nominal cap — the work to hit that pro forma in 02917 is substantial and deserves full respect.
On balance, 02917 offers a low basis, the region around Smithfield has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The 02917 ZIP's population of 15,068 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that shows the need for careful underwriting.
Strategy in 02917 is an operator game, not a passive one. Stepping back, entry prices of $530K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Smithfield:
Property Strategy for 02917
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $273,320 | $1,190 | 3.1% | +10.3% | $273,320 |
| 2BR | $437,294 | $1,460 | 2.4% | +8.6% | $218,647 |
| 3BR | $516,429 | $1,760 | 2.5% | +8.2% | $172,143 |
| 4BR | $669,818 | $2,130 | 2.3% | +8.4% | $167,454 |
| 5BR | $656,951 | — | — | +8.1% | $131,390 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 02917 Compare?
| Metric | 02917 | Smithfield | Rhode Island |
|---|---|---|---|
| Home Value | $530,429 | $532,724 | $487,363 |
| 5-Year CAGR | 6.8% | 6.7% | 8.8% |
| Avg Rent | $1,900 | $1,765 | - |
| Cap Rate | 2.8% | 2.6% | - |
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 02917 (Smithfield, 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 | $530,429 |
| Monthly Rent | $1,900 |
| Price-to-Rent | 23.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.3% |
| Cap Rate | 2.8% |
| 5-Year IRR | 9.6% |
📈 Home Appreciation
| 1-Year | +7.4% ▲ |
| 3-Year CAGR | +6.2% ▲ |
| 5-Year CAGR | +6.8% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 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 02917
Population: 15,068
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 02917
Schools in This ZIP Code
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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 are vacancy rates like in Smithfield, RI?
Smithfield, RI sees elevated vacancy, which is reasonable relative to the broader RI rental market.
Can owner-occupants cash flow in Smithfield, RI?
Smithfield, RI is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $530K price point reasonable to enter.
Are rents high in Smithfield, RI?
Rents in Smithfield, RI run near $1,900/mo. Compared with median home prices of $530K that produces solid gross yields for typical rentals.
What is the average home sale price in Smithfield, RI?
Expect median prices around $530K in Smithfield, RI. The market has run at a 0.0% 5-year CAGR, so entry costs have been even-keeled.
What investment strategy works best in Smithfield, RI?
Most investors in Smithfield, 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.
You know 02917 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 02917 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 02917 ranks in Providence-Warwick, RI-MA
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