Newbie looking to househack - Rhode Island

[Paul LaGrandeur]

I recently moved back to Rhode Island (Cumberland) from Boston and am extremely happy to be back. I am looking to purchase a triplex in the next 6-8 months. I have a small amount saved and want to save a little more for renovations and go in on something with 3.5% and brrr it.

A lot has changed here since I was a little kid with some areas getting better and some getting worse. I am having trouble pinpointing the quality of neighborhoods around me. I am extremely interested in Pawtucket - especially with Peregrine group’s development plans and acquisitions over the past few years in the area.

I think many areas will see some growth in coming years but am having trouble figuring out which would be best. I can look at employment statistics and labor all day and see that there has been some growth in median income year over year but nothing mind blowing. My problem is that I am not sure what metrics to look for. I can drive around the city on days off and see that there are significantly fewer grown men hanging out doing nothing during a work day in Pawtucket than there used to be, and a few new businesses and restaurants, but I am not sure what metrics would be most important to look at in order to really understand the towns I am looking at.

Does anyone have any suggestions on metrics I can look at that can help me understand the strength of the economic growth of a town? Or databases which I might use to find these data?

Or if anyone has any input on investing in Northern Rhode Island in general it would be much appreciated!

Thank you!

[Spencer Grassie]

As a Pawtucket resident and small multi-family investor, I’m a little worried about the long-term trajectory of Pawtucket if Hasbro, the city’s largest employer, decides to relocate elsewhere. Such a loss would be devastating to the local economy. Whether or not the toy company relocates, I’d still rather invest in Pawtucket over Woonsocket given its proximity to downtown Providence and Boston and soon-to-be built commuter rail station.