@Alex Appolonia I'm sure there are others here who have more detailed information on this, but in case no one responds, I can say this is an evolving area and your best bet is to contact the Narragansett and South Kingstown building officials.I know that in Narragansett regular rentals require an application/permit and it seems that short-term rentals do too but I can't seem to find the form for that on the town site and it may still be in-progress so I would recommend calling them.

My college buddy helped educate me on this opportunity and made it clear how it is a win-win for myself!

I bet 95% of stock investors would take a guaranteed 10% return over the next 5 years.If the fed ever decides there’s inflation and starts raising rents the stock market could easily be even, maybe give or take 5-10% over the next 5 years combined.

You have actually achieved something that most don't, a win-win possibility with a real investor with experience.

Population growth, job growth, income growth and a landlord friendly state (I think RTP wins here).

The property is still producing cash flow so that's still a win in my book.

Anywhere closer to eastern, or even out in Mansfield in between eastern and uconn will be your better bet.

I hope you're (we're) wrong, but my money is certainly betting against that. 

A better bet though would be buying in a gentrifying area such as West Town, Irving Park or Albany Park which may have stronger upside, you also can get a bit higher cashflow in these areas on condos.

It's a win-win learning experience for me that I can take to the next deal!