RHODE ISLAND PROPERTY ADVISORY COMPANY | ARMENY INC | HENNESSY PROPERTY MANAGEMENT
RESERVE STUDIES IN RHODE ISLAND
Hennessy Reserve Partners, a division of The Hennessy Group, provides professional Reserve Studies in Rhode Island for condominium associations, HOAs, and common interest communities.
A reserve study is a long-term financial and physical plan for your property where we assess your community’s shared assets, project future costs, and build a funding strategy that allows boards to plan ahead instead of reacting to problems.
AVOID SURPRISE ASSESSMENTS WITH A RESERVE STUDY
We prepare reserve studies by evaluating the condition, lifespan, and replacement cost of common elements such as roofs, roadways, pools, and shared systems.
Our process is structured around two core components: physical analysis and financial planning.
This is the foundation behind everything from Reserve Study Basics for Condo Associations to long-term capital decision-making.
PHYSICAL ANALYSIS
The physical analysis provides a clear understanding of your property’s condition today and what it will require tomorrow.
We begin with a full component inventory, identifying all common elements within the community and documenting their location, quantity, and function. From there, we assess condition, noting wear, deterioration, and any required repairs.
Each component is assigned a useful life and remaining life expectancy, allowing us to map out when major expenses will occur. We then estimate replacement costs based on current conditions and projected future pricing.
This process directly supports planning around the Lifecycle of Common Condo Assets, ensuring nothing is overlooked.
Component Inventory
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Identifies and lists all common elements (e.g., roofs, swimming pools, parking lots, landscaping).
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Provides descriptions, quantities, and the locations of each item.
Condition Assessment
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Inspects and documents the current condition of each item.
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Notes wear, deterioration, and required maintenance or repairs.
Useful Life Estimation
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Determines the expected lifespan of each component (e.g., how many years a roof typically lasts).
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Calculates how many years remain before the component will need replacing or major repairs.
Replacement Cost Estimation
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Estimates the current and future cost to replace or repair each component based on market conditions and inflation.
OWNER SERVICES
Every property is managed with clear financial oversight.
Through our Financial Management for Rhode Island Rental Properties, owners receive structured monthly reporting, access to a real-time portal, and full visibility into income and expenses.
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Supportive staff
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Monthly accounting statements
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Online portal for real-time updates
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Transparent billing--No hidden fees
FINANCIAL ANALYSIS
The financial analysis determines whether your association is prepared to meet those future obligations.
We review current reserve balances, analyze income from dues and assessments, and evaluate ongoing expenses. From there, we measure reserve fund adequacy and identify any gaps between projected costs and available funds.
A detailed funding plan is then developed to stabilize reserves over time. This includes recommended contribution levels and adjustments designed to prevent sudden increases or financial strain.
This is the core of effective Capital Planning for Condo Associations and other common interest communities.
Review of Current Financial Status
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Examines current reserve balances.
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Analyzes existing revenue streams (membership dues, assessments).
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Assesses annual expenses related to maintenance and repairs.
Reserve Fund Adequacy
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Evaluates whether current reserve funds are sufficient to cover future planned expenses.
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Highlights any shortfall in funds or potential financial risks.
Funding Plan Development
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Proposes a detailed multi-year funding strategy to ensure adequate reserves.
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Suggests appropriate levels of homeowner assessments to maintain stable reserves.
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Recommends gradual funding adjustments to avoid sudden special assessments.
Long-Term Financial Projection
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Provides a 20-to-30-year financial forecast.
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Helps HOA boards visualize long-term financial obligations clearly.
BROKERAGE SERVICES
Our support extends beyond management into realestate transactions.
Whether selling a unit or helping buyers enter the community, our brokerage services ensure that property values are protected and opportunities are maximized.
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SELLER REPRESENTATION- If/when the time comes to sell your unit(s), we can guide you through the process. Our team of real estate agents will ensure that your sale price reflects the value of your property.
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BUYER REPRESENTATION- Let our team help you find and purchase your next home or investment property.
UPDATING RESERVE STUDIES
A reserve study is not a one-time document. As properties age, costs change, and conditions evolve, updates are necessary to maintain accuracy. By Updating Reserve Studies for Condo Associations and other CICs, we ensure your financial plan stays aligned with the accurate conditions. Regular updates keep boards informed and prevent outdated assumptions from leading to underfunding.
Choosing a Reserve Study Provider
Not all reserve studies provide the same level of value.
When Choosing a Reserve Study Provider, it’s important to look beyond the report itself. The quality of analysis, clarity of recommendations, and level of guidance provided all impact how useful the study actually is.
Our goal is to to deliver the data AND provide direction.
A Different Approach to Reserve Studies
Most reserve studies leave boards with a data-heavy document and little clarity on what to do next. Hennessy Reserve Partners takes a different approach.
Our Reserve Leadership Package combines detailed analysis with clear, actionable guidance. We incorporate invasive building assessments when needed to provide a more accurate understanding of your property’s condition.
The result is a plan that boards can actually use. Instead of reacting to unexpected expenses, you operate with a structured, forward-looking strategy.
How Reserve Studies Fit Into Property Operations
Reserve studies are one part of a larger system of property oversight.
For day-to-day operations, Property Management in Rhode Island ensures properties are maintained, tenants are managed, and financials are organized.
For community governance and shared property oversight, Condo Management in Rhode Island provides structure at the association level.
Reserve studies connect directly to both, guiding long term decisions that impact maintenance, budgeting, and overall property performance.
Insights for Boards & Associations
Understanding reserve planning requires clarity on both structure and strategy.
Exploring What Is a Reserve Study provides a clear breakdown of how studies are built and used.
Comparing the Difference Between Reserve and Operating Budgets helps boards separate day-to-day expenses from long-term planning.
When evaluating providers, How to Choose a Reserve Study Provider outlines what to look for in both analysis and guidance.
And most importantly, understanding How Reserve Studies Help Avoid Special Assessments shows how proactive planning protects both the association and its members from unexpected financial burdens.
PRICING: REQUEST A PROPOSAL
The Hennessy Group manages multi-family, mixed use, commercial, office, and industrial properties with a focus on structure, consistency, and performance.
Late-night maintenance calls. Tenant issues. Missed rent. Constant decision making. That’s where The Hennessy Group steps in. We take you out of the day-to-day so you can focus on what actually matters: growing your investment, not managing it.
Please fill out the form below to request a proposal.
WHAT OUR CLIENTS SAY ABOUT OUR SERVICES
ADAM K.
Past experiences with a crooked management company left me doubting that we’d ever be able to find an honest management company that would support our 10-unit condominium association. I’m happy to report that our property manager at The Hennessy Group, Nancy F, has completely proven me wrong. Nancy is a professional of the highest order who fulfills the duties of a contract with punctuality and excellent communication. Switching to Hennessy Group was a great choice for our association, and we are very thankful to have Nancy and THG on our team.
5/5 STARS
KRISTIAN H.
The Hennessy Group is the best property management company in Rhode Island. Having them take over the management, maintenance, and leasing of our multi-families in Warwick, RI has saved us time, money, and headaches! Owners and tenants are lucky to have The Hennessy Group as their property management team.
5/5 STARS
ANNA A.
Working with Hennessy has been a dream so far! They are helping me manage my property and they are so professional. What I really enjoy about this company is that they are a well-oiled machine that hires great people.
5/5 STARS