640 Boyd St · Watertown, NY 13601

$189,900

3 bd · 2.0 ba · 2,501 sqft · MultiFamily public records · 13 Days on market

Built 1842 0.25 ac lot $76/sqft · 35% above area Est $141k · 35% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Charming Two-Story Victorian – Flexible Single-Family or Duplex Layout This spacious two-story Victorian home offers versatility and character, easily functioning as either a single-family residence or a duplex. A dividing wall provides separation between the upstairs and downstairs units, making it ideal for multi-generational living or rental income potential. Potential In-Law Suite. There are 2 electric meters and 2 water meters, there are also 2 controls for a dual split for the furnace, with 2 separate controls on the unit itself in the basement. Each apartment has it's own thermostat The property features 5 bedrooms and 2 full bathrooms, offering plenty of room for comfortable living. The upstairs unit includes 2 enclosed sunporches, perfect for relaxing, enjoying morning coffee, or creating a bright workspace. Double wide side by side driveway, not a shared driveway! Whether you’re looking to invest or create a large family home, this property blends historic charm with functional flexibility.

Key facts

• 2 electric meters
• 2 water meters
• 2 separate controls

Tags

• TWO-STORY VICTORIAN
• POTENTIAL IN-LAW SUITE
• 2 ELECTRIC METERS
• 2 WATER METERS
• 2 SEPARATE CONTROLS
• UPSTAIRS UNIT

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 12.8% 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; 7 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 $2,847/mo this rent would consume 58% 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 ~5 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 7y ago; this cycle's ask has dropped $30k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; 36% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1842 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Built in 1842 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 12.81%
• Cash-on-cash: 23.28%
• DSCR: 2.04
• GRM: 5.6

CMA / ARV

• ARV (median comp): $140,812
• List price: $189,900
• Delta: 34.86%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 Keyes Ave	0.35mi	4/2.0 (+1)	2,450 (-2%)	8mo	$30,000	$12	68
133 Central St	0.23mi	4/2.0 (+1)	2,353 (-6%)	23mo	$177,000	$75	55
112 S Pleasant St	0.32mi	4/2.0 (+1)	2,182 (-13%)	10mo	$152,000	$70	51

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: 21.6%
• Equity multiple: 1.94×
• Total profit: $49,963
• Equity at exit: $28,315

10-year hold

• IRR: 32.8%
• Equity multiple: 4.70×
• Total profit: $196,528
• Equity at exit: $16,419

Cash invested: $53,172 (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: 11.5×

Monthly cashflow live

• Estimated rent: $2,847 high
• Mortgage (P&I): −$996
• Tax from tax record: −$143 /mo · $1,710/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$598
• Net cashflow: $1,032

Break-even live

Break-even rent $1,541

Max offer price $189,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,380
1× unit	3	1	$1,467
Total (2 units)			$2,847

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
417 Franklin St Watertown, NY	3.0	2.5	3000	$1,750	$0.58	43d	1	0.21mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	43d	1	0.67mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,440	$1.00	43d	9	0.77mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	0.93mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	43d	1	1.08mi
702 Leray St Watertown, NY	3.0	1.0	2700	$1,300	$0.48	43d	1	1.12mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	43d	1	1.24mi

Listing history 31 events

1. 2026-06-19
   days on market $189,900 Active 13 DOM
2. 2026-06-18
   days on market $189,900 Active 12 DOM
3. 2026-06-17
   days on market $189,900 Active 11 DOM
4. 2026-06-16
   days on market $189,900 Active 10 DOM
5. 2026-06-15
   pricedays on market $189,900 Active 9 DOM
6. 2026-06-14
   days on market $199,900 Active 7 DOM
7. 2026-06-12
   days on market $199,900 Active 6 DOM
8. 2026-06-09
   days on market $199,900 Active 3 DOM
9. 2026-06-08
   days on market $199,900 Active 2 DOM
10. 2026-06-07
    pricedays on marketlisting id $199,900 Active 1 DOM
11. 2026-06-01
    days on market $189,900 Active 126 DOM
12. 2026-05-31
    days on market $189,900 Active 125 DOM
13. 2026-05-30
    days on market $189,900 Active 124 DOM
14. 2026-05-14
    status Active 1036-char remark

    Show marketing remark (1036 chars)

    Charming Two-Story Victorian – Flexible Single-Family or Duplex Layout This spacious two-story Victorian home offers versatility and character, easily functioning as either a single-family residence or a duplex. A dividing wall provides separation between the upstairs and downstairs units, making it ideal for multi-generational living or rental income potential. Potential In-Law Suite. There are 2 electric meters and 2 water meters, there are also 2 controls for a dual split for the furnace, with 2 separate controls on the unit itself in the basement. Each apartment has it's own thermostat The property features 5 bedrooms and 2 full bathrooms, offering plenty of room for comfortable living. The upstairs unit includes 2 enclosed sunporches, perfect for relaxing, enjoying morning coffee, or creating a bright workspace. Double wide side by side driveway, not a shared driveway! Whether you’re looking to invest or create a large family home, this property blends historic charm with functional flexibility.

15. 2026-05-01
    price $189,900 1036-char remark

    Show marketing remark (1036 chars)

    Charming Two-Story Victorian – Flexible Single-Family or Duplex Layout This spacious two-story Victorian home offers versatility and character, easily functioning as either a single-family residence or a duplex. A dividing wall provides separation between the upstairs and downstairs units, making it ideal for multi-generational living or rental income potential. Potential In-Law Suite. There are 2 electric meters and 2 water meters, there are also 2 controls for a dual split for the furnace, with 2 separate controls on the unit itself in the basement. Each apartment has it's own thermostat The property features 5 bedrooms and 2 full bathrooms, offering plenty of room for comfortable living. The upstairs unit includes 2 enclosed sunporches, perfect for relaxing, enjoying morning coffee, or creating a bright workspace. Double wide side by side driveway, not a shared driveway! Whether you’re looking to invest or create a large family home, this property blends historic charm with functional flexibility.

16. 2026-02-24
    status Active 1036-char remark

    Show marketing remark (1036 chars)

    Charming Two-Story Victorian – Flexible Single-Family or Duplex Layout This spacious two-story Victorian home offers versatility and character, easily functioning as either a single-family residence or a duplex. A dividing wall provides separation between the upstairs and downstairs units, making it ideal for multi-generational living or rental income potential. Potential In-Law Suite. There are 2 electric meters and 2 water meters, there are also 2 controls for a dual split for the furnace, with 2 separate controls on the unit itself in the basement. Each apartment has it's own thermostat The property features 5 bedrooms and 2 full bathrooms, offering plenty of room for comfortable living. The upstairs unit includes 2 enclosed sunporches, perfect for relaxing, enjoying morning coffee, or creating a bright workspace. Double wide side by side driveway, not a shared driveway! Whether you’re looking to invest or create a large family home, this property blends historic charm with functional flexibility.

17. 2026-02-18
    historical Active Under Contract 1036-char remark

    Show marketing remark (1036 chars)

    Charming Two-Story Victorian – Flexible Single-Family or Duplex Layout This spacious two-story Victorian home offers versatility and character, easily functioning as either a single-family residence or a duplex. A dividing wall provides separation between the upstairs and downstairs units, making it ideal for multi-generational living or rental income potential. Potential In-Law Suite. There are 2 electric meters and 2 water meters, there are also 2 controls for a dual split for the furnace, with 2 separate controls on the unit itself in the basement. Each apartment has it's own thermostat The property features 5 bedrooms and 2 full bathrooms, offering plenty of room for comfortable living. The upstairs unit includes 2 enclosed sunporches, perfect for relaxing, enjoying morning coffee, or creating a bright workspace. Double wide side by side driveway, not a shared driveway! Whether you’re looking to invest or create a large family home, this property blends historic charm with functional flexibility.

18. 2026-02-17
    price $199,900 1036-char remark

    Show marketing remark (1036 chars)

    Charming Two-Story Victorian – Flexible Single-Family or Duplex Layout This spacious two-story Victorian home offers versatility and character, easily functioning as either a single-family residence or a duplex. A dividing wall provides separation between the upstairs and downstairs units, making it ideal for multi-generational living or rental income potential. Potential In-Law Suite. There are 2 electric meters and 2 water meters, there are also 2 controls for a dual split for the furnace, with 2 separate controls on the unit itself in the basement. Each apartment has it's own thermostat The property features 5 bedrooms and 2 full bathrooms, offering plenty of room for comfortable living. The upstairs unit includes 2 enclosed sunporches, perfect for relaxing, enjoying morning coffee, or creating a bright workspace. Double wide side by side driveway, not a shared driveway! Whether you’re looking to invest or create a large family home, this property blends historic charm with functional flexibility.

19. 2025-11-29
    listed $219,900 Active 1036-char remark

    Show marketing remark (1036 chars)

    Charming Two-Story Victorian – Flexible Single-Family or Duplex Layout This spacious two-story Victorian home offers versatility and character, easily functioning as either a single-family residence or a duplex. A dividing wall provides separation between the upstairs and downstairs units, making it ideal for multi-generational living or rental income potential. Potential In-Law Suite. There are 2 electric meters and 2 water meters, there are also 2 controls for a dual split for the furnace, with 2 separate controls on the unit itself in the basement. Each apartment has it's own thermostat The property features 5 bedrooms and 2 full bathrooms, offering plenty of room for comfortable living. The upstairs unit includes 2 enclosed sunporches, perfect for relaxing, enjoying morning coffee, or creating a bright workspace. Double wide side by side driveway, not a shared driveway! Whether you’re looking to invest or create a large family home, this property blends historic charm with functional flexibility.

20. 2023-09-08
    historical $870
21. 2023-09-03
    listed $870
22. 2023-08-13
    historical $870
23. 2023-08-10
    listed $870
24. 2023-08-04
    historical $870
25. 2023-07-28
    listed $870
26. 2021-07-22
    soldstatus $139,900
27. 2020-02-12
    soldstatus $72,500
28. 2020-02-10
    soldstatus $72,500 643-char remark

    Show marketing remark (643 chars)

    Nice Victorian home, may have once been a single family home, could be again with a little work. Two apartments, one up and one down. 1st floor has grand entryway with original staircase, gleaming HW floors, lg formal dining room, cozy, sunny and bright eat-in kitchen w/ SS appliances, 2 bedrooms and full bath. Upstairs has eat in kitchen, 3 bedrooms and a full bath. Upstairs a door has been removed, the bedroom at the top of the stairs went with the downstairs apt, can be put back on. Former owner rented upstairs for $650 per month, rent included heat. Separate electric and hot water. Extra deep yard with landscaping and utility shed.

29. 2020-02-10
    historical

    Show marketing remark (643 chars)

    Nice Victorian home, may have once been a single family home, could be again with a little work. Two apartments, one up and one down. 1st floor has grand entryway with original staircase, gleaming HW floors, lg formal dining room, cozy, sunny and bright eat-in kitchen w/ SS appliances, 2 bedrooms and full bath. Upstairs has eat in kitchen, 3 bedrooms and a full bath. Upstairs a door has been removed, the bedroom at the top of the stairs went with the downstairs apt, can be put back on. Former owner rented upstairs for $650 per month, rent included heat. Separate electric and hot water. Extra deep yard with landscaping and utility shed.

30. 2019-11-26
    listed $81,900 643-char remark

    Show marketing remark (643 chars)

    Nice Victorian home, may have once been a single family home, could be again with a little work. Two apartments, one up and one down. 1st floor has grand entryway with original staircase, gleaming HW floors, lg formal dining room, cozy, sunny and bright eat-in kitchen w/ SS appliances, 2 bedrooms and full bath. Upstairs has eat in kitchen, 3 bedrooms and a full bath. Upstairs a door has been removed, the bedroom at the top of the stairs went with the downstairs apt, can be put back on. Former owner rented upstairs for $650 per month, rent included heat. Separate electric and hot water. Extra deep yard with landscaping and utility shed.

31. 2019-11-26
    listed $81,900

    Show marketing remark (643 chars)

    Nice Victorian home, may have once been a single family home, could be again with a little work. Two apartments, one up and one down. 1st floor has grand entryway with original staircase, gleaming HW floors, lg formal dining room, cozy, sunny and bright eat-in kitchen w/ SS appliances, 2 bedrooms and full bath. Upstairs has eat in kitchen, 3 bedrooms and a full bath. Upstairs a door has been removed, the bedroom at the top of the stairs went with the downstairs apt, can be put back on. Former owner rented upstairs for $650 per month, rent included heat. Separate electric and hot water. Extra deep yard with landscaping and utility shed.

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

Tax reassessment forecast NY · Partial reset (capped growth)

• Current annual tax: $1,710 · $143/mo
• Projected year-2 tax: $2,460 · $205/mo
• Expected delta: +$749/yr (+$62/mo · 43.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $34,164
• − Mortgage interest: −$10,637
• − Property taxes: −$1,710
• − Insurance: −$950
• − Repairs & maintenance: −$2,733
• − Management: −$2,733
• − Depreciation: −$5,524
• Taxable income: $9,876
• Est. tax owed @ 24.0%: −$2,370
• After-tax cash flow: $10,009/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.

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

+131.9% since first listed

18 events — show timeline

• 2026-05-14 Relisted — CNYIS
• 2026-05-01 Price Changed $189,900 CNYIS
• 2026-02-24 Relisted — CNYIS
• 2026-02-18 Contingent — CNYIS
• 2026-02-17 Price Changed $199,900 CNYIS
• 2025-11-29 Listed $219,900 CNYIS
• 2023-09-08 Rental Removed $870 LEASESTAR
• 2023-09-03 Listed for Rent $870 LEASESTAR
• 2023-08-13 Rental Removed $870 LEASESTAR
• 2023-08-10 Listed for Rent $870 LEASESTAR
• 2023-08-04 Rental Removed $870 LEASESTAR
• 2023-07-28 Listed for Rent $870 LEASESTAR
• 2021-07-22 Sold (Public Records) $139,900 Public Records
• 2020-02-12 Sold (Public Records) $72,500 Public Records
• 2020-02-10 Listing Removed — CNYIS
• 2020-02-10 Sold (MLS) $72,500 CNYIS
• 2019-11-26 Listed $81,900 CNYIS
• 2019-11-26 Listed $81,900 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $1,710 · +2.0% YoY. Source: county tax records.