141 Breen Ave · Watertown, NY 13601

$199,900

2 bd · 2.0 ba · 1,864 sqft · MultiFamily public records · 252 Days on market

Built 1915 2,400 sqft lot $107/sqft · 7% above area Est $186k · 7% over

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Why this score? — see what drove the B- 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
• ARV discount +4.2/15.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• 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

This home offers multiple entry options, either through a front porch sitting area or an enclosed back porch accessible from the spacious kitchen. Upon entering, you step into a double living room that connects directly to a massive master bedroom and a full bathroom. Upstairs, there are three additional large carpeted bedrooms and another full bathroom. The landing area includes a space that was previously used as a kitchenette but can easily be converted back to that or repurposed as needed. The property features a detached garage with space for one car and a separate driveway, ensuring parking is convenient and not an issue. The furnace was replaced in 2021, providing updated heating for the home. The full basement offers significant potential for customization or additional living space. It also includes an exit that leads directly to the garden side of the home. However, it’s important to note that the backyard does not belong to this property; it is owned by the neighbor. The entire interior has been completely repainted and the downstairs bathroom has been modernized. Please call today and make this your new home!

Key facts

• Enclosed back porch
• Double living room
• Full bathroom

Tags

• FRONT PORCH SITTING AREA
• ENCLOSED BACK PORCH
• DOUBLE LIVING ROOM
• MASSIVE MASTER BEDROOM
• FULL BATHROOM
• LARGE CARPETED BEDROOMS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 21.3% 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 $4,767/mo this rent would consume 97% 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 $56k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 2.38% ✓
• Cap rate: 21.27%
• Cash-on-cash: 53.49%
• DSCR: 3.38
• GRM: 3.5

CMA / ARV

• ARV (median comp): $186,199
• List price: $199,900
• Delta: 7.36%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
747 Coffeen	0.31mi	3/2.0 (+1)	1,968 (+6%)	10mo	$189,000	$96	63
321 Stone St	0.41mi	3/3.0 (+1)	2,042 (+10%)	17mo	$15,000	$7	42

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: 57.0%
• Equity multiple: 3.71×
• Total profit: $151,697
• Equity at exit: $29,806

10-year hold

• IRR: 63.7%
• Equity multiple: 9.06×
• Total profit: $451,373
• Equity at exit: $17,284

Cash invested: $55,972 (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: 14.0×

Monthly cashflow live

• Estimated rent: $4,767 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$140 /mo · $1,675/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,001
• Net cashflow: $2,495

Break-even live

Break-even rent $1,609

Max offer price $199,900

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,768
Total (4 units)			$4,767

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
173 Ely St Watertown, NY	2.0	1.0	1940	$1,150	$0.59	43d	1	0.30mi
207 Wealtha Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,304	$0.91	43d	9	0.55mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	0.69mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	1.03mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	43d	1	1.08mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	43d	1	1.14mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	1.32mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	43d	1	1.33mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	43d	1	1.40mi

Listing history 30 events

1. 2026-06-19
   days on market $199,900 Active 252 DOM
2. 2026-06-18
   days on market $199,900 Active 251 DOM
3. 2026-06-17
   days on market $199,900 Active 250 DOM
4. 2026-06-16
   days on market $199,900 Active 249 DOM
5. 2026-06-15
   days on market $199,900 Active 248 DOM
6. 2026-06-14
   days on market $199,900 Active 246 DOM
7. 2026-06-12
   days on market $199,900 Active 245 DOM
8. 2026-06-09
   days on market $199,900 Active 242 DOM
9. 2026-06-09
   remarks 699-char remark
10. 2026-06-08
    days on market $199,900 Active 241 DOM
11. 2026-06-07
    days on market $199,900 Active 240 DOM
12. 2026-06-05
    days on market $199,900 Active 237 DOM
13. 2026-06-03
    days on market $199,900 Active 236 DOM
14. 2026-06-02
    pricedays on market $199,900 Active 235 DOM
15. 2026-06-01
    days on market $204,900 Active 234 DOM
16. 2026-05-31
    days on market $204,900 Active 233 DOM
17. 2026-05-30
    days on market $204,900 Active 232 DOM
18. 2026-05-13
    price $204,900 1144-char remark

    Show marketing remark (1144 chars)

    This home offers multiple entry options, either through a front porch sitting area or an enclosed back porch accessible from the spacious kitchen. Upon entering, you step into a double living room that connects directly to a massive master bedroom and a full bathroom. Upstairs, there are three additional large carpeted bedrooms and another full bathroom. The landing area includes a space that was previously used as a kitchenette but can easily be converted back to that or repurposed as needed. The property features a detached garage with space for one car and a separate driveway, ensuring parking is convenient and not an issue. The furnace was replaced in 2021, providing updated heating for the home. The full basement offers significant potential for customization or additional living space. It also includes an exit that leads directly to the garden side of the home. However, it’s important to note that the backyard does not belong to this property; it is owned by the neighbor. The entire interior has been completely repainted and the downstairs bathroom has been modernized. Please call today and make this your new home!

19. 2025-11-20
    price $214,900 1144-char remark

    Show marketing remark (1144 chars)

    This home offers multiple entry options, either through a front porch sitting area or an enclosed back porch accessible from the spacious kitchen. Upon entering, you step into a double living room that connects directly to a massive master bedroom and a full bathroom. Upstairs, there are three additional large carpeted bedrooms and another full bathroom. The landing area includes a space that was previously used as a kitchenette but can easily be converted back to that or repurposed as needed. The property features a detached garage with space for one car and a separate driveway, ensuring parking is convenient and not an issue. The furnace was replaced in 2021, providing updated heating for the home. The full basement offers significant potential for customization or additional living space. It also includes an exit that leads directly to the garden side of the home. However, it’s important to note that the backyard does not belong to this property; it is owned by the neighbor. The entire interior has been completely repainted and the downstairs bathroom has been modernized. Please call today and make this your new home!

20. 2025-10-10
    listed $224,900 Active 1144-char remark

    Show marketing remark (1144 chars)

    This home offers multiple entry options, either through a front porch sitting area or an enclosed back porch accessible from the spacious kitchen. Upon entering, you step into a double living room that connects directly to a massive master bedroom and a full bathroom. Upstairs, there are three additional large carpeted bedrooms and another full bathroom. The landing area includes a space that was previously used as a kitchenette but can easily be converted back to that or repurposed as needed. The property features a detached garage with space for one car and a separate driveway, ensuring parking is convenient and not an issue. The furnace was replaced in 2021, providing updated heating for the home. The full basement offers significant potential for customization or additional living space. It also includes an exit that leads directly to the garden side of the home. However, it’s important to note that the backyard does not belong to this property; it is owned by the neighbor. The entire interior has been completely repainted and the downstairs bathroom has been modernized. Please call today and make this your new home!

21. 2022-11-29
    soldstatus $188,480
22. 2022-11-21
    soldstatus $188,480 Closed Sale or Rented 744-char remark

    Show marketing remark (744 chars)

    Walk into your new home by either your front porch with sitting area or your enclosed back porch. From your spacious kitchen you enter your double living room that leads to the massive master bedroom and full bathroom. Upstairs you will find 3 large carpeted bedrooms and a full bath. There is a landing that was once used as a kitchenette and can be converted back as well. The detached garage has space for one car and its separate driveway. Parking is not an issue for this home. Owner has enjoyed a small garden to right of home for years. The furnace is new as of 2021. The full basement has much potential; there is an exit directly to the garden side of the home. The backyard does not go with this property, it belongs to the neighbor.

23. 2022-09-17
    historical Continue to Show- Under Contract 744-char remark

    Show marketing remark (744 chars)

    Walk into your new home by either your front porch with sitting area or your enclosed back porch. From your spacious kitchen you enter your double living room that leads to the massive master bedroom and full bathroom. Upstairs you will find 3 large carpeted bedrooms and a full bath. There is a landing that was once used as a kitchenette and can be converted back as well. The detached garage has space for one car and its separate driveway. Parking is not an issue for this home. Owner has enjoyed a small garden to right of home for years. The furnace is new as of 2021. The full basement has much potential; there is an exit directly to the garden side of the home. The backyard does not go with this property, it belongs to the neighbor.

24. 2022-08-08
    price $189,900 744-char remark

    Show marketing remark (744 chars)

    Walk into your new home by either your front porch with sitting area or your enclosed back porch. From your spacious kitchen you enter your double living room that leads to the massive master bedroom and full bathroom. Upstairs you will find 3 large carpeted bedrooms and a full bath. There is a landing that was once used as a kitchenette and can be converted back as well. The detached garage has space for one car and its separate driveway. Parking is not an issue for this home. Owner has enjoyed a small garden to right of home for years. The furnace is new as of 2021. The full basement has much potential; there is an exit directly to the garden side of the home. The backyard does not go with this property, it belongs to the neighbor.

25. 2022-06-06
    listed $199,900 Active 744-char remark

    Show marketing remark (744 chars)

    Walk into your new home by either your front porch with sitting area or your enclosed back porch. From your spacious kitchen you enter your double living room that leads to the massive master bedroom and full bathroom. Upstairs you will find 3 large carpeted bedrooms and a full bath. There is a landing that was once used as a kitchenette and can be converted back as well. The detached garage has space for one car and its separate driveway. Parking is not an issue for this home. Owner has enjoyed a small garden to right of home for years. The furnace is new as of 2021. The full basement has much potential; there is an exit directly to the garden side of the home. The backyard does not go with this property, it belongs to the neighbor.

26. 2021-01-20
    soldstatus $100,000
27. 2011-09-28
    soldstatus $118,500
28. 2011-09-27
    soldstatus $118,500
29. 2011-03-11
    listed $134,900
30. 2001-08-15
    soldstatus $55,000

ⓘ 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: $1,675 · $140/mo
• Projected year-2 tax: $2,527 · $211/mo
• Expected delta: +$852/yr (+$71/mo · 50.8%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 69% 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: $57,204
• − Mortgage interest: −$11,198
• − Property taxes: −$1,675
• − Insurance: −$1,000
• − Repairs & maintenance: −$4,576
• − Management: −$4,576
• − Depreciation: −$5,815
• Taxable income: $28,364
• Est. tax owed @ 24.0%: −$6,807
• After-tax cash flow: $23,130/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

+272.5% since first listed

13 events — show timeline

• 2026-05-13 Price Changed $204,900 CNYIS
• 2025-11-20 Price Changed $214,900 CNYIS
• 2025-10-10 Listed $224,900 CNYIS
• 2022-11-29 Sold (Public Records) $188,480 Public Records
• 2022-11-21 Sold (MLS) $188,480 CNYIS
• 2022-09-17 Contingent — CNYIS
• 2022-08-08 Price Changed $189,900 CNYIS
• 2022-06-06 Listed $199,900 CNYIS
• 2021-01-20 Sold (Public Records) $100,000 Public Records
• 2011-09-28 Sold (Public Records) $118,500 Public Records
• 2011-09-27 Sold (MLS) $118,500 CNYIS
• 2011-03-11 Listed $134,900 CNYIS
• 2001-08-15 Sold (Public Records) $55,000 Public Records

Property tax history

+18.2%/yr

Latest (2025): $1,675 · +2.0% YoY. Source: county tax records.