678 Bronson St · Watertown, NY 13601

$189,500

4 bd · 2.0 ba · 1,601 sqft · MultiFamily · 81 Days on market

Built 1900 Good condition 3,200 sqft lot $118/sqft · 13% above area Est $167k · 13% over

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Rent growth +5.0/5.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• ARV discount +1.6/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Don’t miss this incredible opportunity to own a fully updated two-family home that blends modern upgrades with comfortable living! Whether you’re looking to generate steady rental income or live in one unit while renting the other, this property offers flexibility and value. Conveniently located near shopping, dining, and local amenities. Great investment potential with move-in-ready appeal! Schedule your showing today—this one won’t last long!

Key facts

• Modern upgrades
• Move-in-ready
• Two-family home

Tags

• TWO-FAMILY HOME
• MODERN UPGRADES
• RENTAL INCOME
• MOVE-IN-READY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $603 ($7k/yr) — positive. Per door: $301/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $178k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 6.2% in Watertown — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 68/100 on livability (#540 in NY) — a middle-class / working-renter tenant base. Strengths: health & safety A+, cost of living A-, housing A-; Watch: amenities C-, schools D, crime F.
• Watertown City School District (urban): math 34% / reading 54% proficiency, ranked #481 of 590 in NY (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+10.0%/yr); 223 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $2,421/mo this rent would consume 49% of the median local household income ($59k/yr) (locally 1634% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Jefferson County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($178k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,130 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
9. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
10. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 10.11%
• Cash-on-cash: 13.64%
• DSCR: 1.61
• GRM: 6.5

CMA / ARV

• ARV (median comp): $167,466
• List price: $189,500
• Delta: 13.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 N Rutland St	0.04mi	3/2.0 (-1)	1,610 (+1%)	0mo	$121,600	$76	92
678 Bronson St	0.00mi	4/2.0	1,601 (0%)	20mo	$169,900	$106	83
314 Central St	0.13mi	3/2.5 (-1)	1,616 (+1%)	6mo	$100,000	$62	81
203 Mechanic St	0.33mi	4/2.0	1,718 (+7%)	9mo	$120,000	$70	65
250 Central St	0.11mi	4/2.0	1,419 (-11%)	16mo	$75,450	$53	63
700 Lillian St	0.55mi	4/2.0	1,596 (-0%)	14mo	$148,400	$93	62
356 N Colorado Ave	0.55mi	3/2.0 (-1)	1,665 (+4%)	6mo	$149,900	$90	57
629 Lillian St	0.51mi	4/2.0	1,564 (-2%)	21mo	$178,000	$114	55
221 S Hamilton St	0.42mi	5/2.0 (+1)	1,780 (+11%)	6mo	$167,500	$94	52
911 Salina St	0.49mi	4/2.0	1,660 (+4%)	24mo	$72,000	$43	52
139 Wyoming Ave	0.61mi	3/2.0 (-1)	1,452 (-9%)	3mo	$190,000	$131	48
617 Hamlin St	0.67mi	4/2.0	1,440 (-10%)	24mo	$45,000	$31	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.39×
• Total profit: $20,529
• Equity at exit: $28,255

10-year hold

• IRR: 22.3%
• Equity multiple: 3.37×
• Total profit: $125,710
• Equity at exit: $16,384

Cash invested: $53,060 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 15 Strongly Tenant-Friendly
• State New York: 15 Strongly Tenant-Friendly · D+10
• County: — inherits STATE
• City: — inherits STATE

NYC rent stabilization (~1M units); 2019 HSTPA strengthened tenant rights; courts deeply backlogged.

Methodology + full state rankings →

ZIP-level market 13601

• Home prices YoY: -5.6%
• Rents YoY: 10.0%
• Active inventory: 223
• Price-to-rent: 13.0×

Monthly cashflow live

• Estimated rent: $2,421 high
• Mortgage (P&I): −$994
• Tax est. 1.5%: −$237 /mo · $2,842/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $603

Break-even live

Break-even rent $1,658

Max offer price $189,500

Occupancy floor 70%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,422
Total (2 units)			$2,421

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $47,375
• Closing costs: $5,685
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	44d	1	0.20mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	44d	1	0.25mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	44d	1	0.25mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	44d	1	0.39mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	44d	9	0.58mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	44d	1	0.59mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	44d	1	0.72mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	44d	1	0.88mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,676	$1.21	44d	6	1.22mi

Listing history 17 events

1. 2026-06-19
   days on market $189,500 Active 81 DOM
2. 2026-06-18
   days on market $189,500 Active 80 DOM
3. 2026-06-17
   days on market $189,500 Active 79 DOM
4. 2026-06-16
   days on market $189,500 Active 78 DOM
5. 2026-06-15
   days on market $189,500 Active 77 DOM
6. 2026-06-14
   days on market $189,500 Active 75 DOM
7. 2026-06-12
   days on market $189,500 Active 74 DOM
8. 2026-06-09
   days on market $189,500 Active 71 DOM
9. 2026-06-08
   days on market $189,500 Active 70 DOM
10. 2026-06-07
    days on market $189,500 Active 69 DOM
11. 2026-06-05
    days on market $189,500 Active 66 DOM
12. 2026-06-03
    days on market $189,500 Active 65 DOM
13. 2026-06-02
    days on market $189,500 Active 64 DOM
14. 2026-06-01
    days on market $189,500 Active 63 DOM
15. 2026-05-31
    days on market $189,500 Active 62 DOM
16. 2026-05-30
    days on market $189,500 Active 61 DOM
17. 2026-03-30
    listed $189,500 Active 478-char remark

    Show marketing remark (478 chars)

    Don’t miss this incredible opportunity to own a fully updated two-family home that blends modern upgrades with comfortable living! Whether you’re looking to generate steady rental income or live in one unit while renting the other, this property offers flexibility and value. Conveniently located near shopping, dining, and local amenities. Great investment potential with move-in-ready appeal! Schedule your showing today—this one won’t last long!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,052
• − Mortgage interest: −$10,615
• − Property taxes: −$2,842
• − Insurance: −$948
• − Repairs & maintenance: −$2,324
• − Management: −$2,324
• − Depreciation: −$5,513
• Taxable income: $4,486
• Est. tax owed @ 24.0%: −$1,077
• After-tax cash flow: $6,159/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 1 photo

Good 75/100 Cosmetic rehab

This fully updated two-family home is move-in ready with good condition throughout. It offers great investment potential with potential for further value increases through minor cosmetic upgrades.

Value-add opportunities

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to buyers and renters.
• Both Landscaping improvements — Well-maintained landscaping can increase the property's curb appeal and attract more potential buyers and renters.
• Both Upgrading the HVAC system — A modern, energy-efficient HVAC system can improve comfort and reduce utility costs, making the property more attractive to buyers and renters.
• Both Upgrading the kitchen appliances — Modern, energy-efficient appliances can improve the functionality and appeal of the kitchen, making the property more attractive to buyers and renters.
• Both Upgrading the bathrooms with modern fixtures — Modern, energy-efficient fixtures can improve the functionality and appeal of the bathrooms, making the property more attractive to buyers and renters.

Renovation cost estimate screening

Value-add ROI direction

• Both Painting the exterior and interior walls — Fresh paint can enhance the curb appeal and interior aesthetics, making the property more attractive to buyers and renters. ↑
• Both Landscaping improvements — Well-maintained landscaping can increase the property's curb appeal and attract more potential buyers and renters. ↑
• Both Upgrading the HVAC system — A modern, energy-efficient HVAC system can improve comfort and reduce utility costs, making the property more attractive to buyers and renters. ↑
• Both Upgrading the kitchen appliances — Modern, energy-efficient appliances can improve the functionality and appeal of the kitchen, making the property more attractive to buyers and renters. ↑
• Both Upgrading the bathrooms with modern fixtures — Modern, energy-efficient fixtures can improve the functionality and appeal of the bathrooms, making the property more attractive to buyers and renters. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Watertown City School District
• NCES district ID: 3630120
• Math proficiency: 34% ▼ -10.00%
• Reading proficiency: 54% ▲ 12.00%
• Median HH income: $40,919
• Composite: 36.86/100
• National rank: #4551
• State rank: #481 of 590 in NY

Livability — Watertown

• Score: 68/100
• State rank: #540
• US rank: #9700

Category grades

Amenities C- Commute F Cost of living A- Crime F Employment D- Housing A- Health & safety A+ User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Watertown, NY
• County: Jefferson County · 47,417 people
• City population: 36,839
• Metro: Watertown-Fort Drum, NY
• Population (ZIP): 36,839
• Household income: $58,791
• Rent vs Own: 51.4% rent · 48.6% own
• Severe rent burden: 1634.0

Population outlook (Jefferson County) Hauer SSP2

• Today (2025): 111,748 people
• By 2030: 109,370 · -2.1%
• By 2040: 103,828 · -7.1%
• By 2050: 98,523 · -11.8%
• By 2075: 91,422 · -18.2%
• By 2100: 78,214 · -30.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Hispanic / Latino 6% Black 4% Asian 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Lithuanian 7% Romanian 3% Slovak 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 3% Other Indo-European 1% German/W. Germanic 1%

Political lean MEDSL · Jefferson

• 2024 margin: Strong R (+23.6) · D 38.2% · R 61.8%
• 2008→2024 swing: -18.3pp toward R · 2008: -5.3pp · 2024: -23.6pp
• All cycles: 2024: R+23.6 2020: R+19.0 2016: R+22.4 2012: R+2.9 2008: R+5.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -18.86%
• Current HPI: 316.636
• Rent YoY: ▲ 9.96%
• Metro: Watertown-Fort Drum, NY
• State GDP YoY: ▲ 2.60%
• F500 in state: 92

Industry mix (Fortune 500 HQ in NY)

Industry	F500 HQs	Revenue
▸Financial Services	10	$950B
▸Consumer Goods	9	$162B
▸Insurance	4	$225B
▸Telecommunications	2	$144B
▸Pharmaceuticals	2	$112B
▸Media / Entertainment	2	$69B

Price history

1 event — show timeline

• 2026-03-30 Listed $189,500 CNYIS