723 Franklin St · Watertown, NY 13601

$174,900

4 bd · 3.0 ba · 2,378 sqft · MultiFamily public records · 3 Days on market

Built 1870 5,292 sqft lot Est $169k · at est.

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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
• ARV discount +5.9/15.0
• Rent growth +5.0/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Three unit investment that generates a good income with separate utilities. Live in one while the others pay your mortgage along with extra income coming in. Two apts are rented and one is vacant. Needs some TLC located on a corner lot. Call for more info.

Key facts

• Separate utilities
• Modern kitchens
• Renovated bathrooms

Tags

• TURNKEY INVESTMENT PROPERTY
• FULLY RENOVATED MULTIFAMILY
• UPDATED INTERIORS
• SEPARATE UTILITIES
• MODERN KITCHENS
• RENOVATED BATHROOMS

Property features AI

Finance

• Other: Three separate electric meters; Three separate gas meters; Three total units (all in community)
• Financial info: Operating expense details: see remarks; Owner pays: other/see remarks; Rent includes: see remarks

Exterior

• Parking: Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property; Vinyl siding exterior
• Construction: Vinyl siding construction
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 63 x 84

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: Multi-unit property with 3 total units
• Flooring: Carpet; Vinyl; Varies
• Bathrooms: Three full bathrooms (across units)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1.5-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $716/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $175k).
• Cap rate 21.0% vs local median 6.3% 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-, crime F, commute 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.
• Zoned schools: Knickerbocker School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 364 students, 71% FRL); Case Middle School (math 17% / reading 41%, grade F, #566 of 729 statewide, top 78%, 626 students, 70% FRL); Watertown Senior High School (math 89% / reading 92%, grade A+, #231 of 1,100 statewide, top 21%, 1,083 students, 65% FRL) — zoned schools average 69% FRL vs 49% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+10.0%/yr); 224 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $4,189/mo this rent would consume 86% 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 $5k 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 $49k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 19y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $76k; list at $175k implies a 130% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $174,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.40% ✓
• Cap rate: 21.03%
• Cash-on-cash: 52.62%
• DSCR: 3.34
• GRM: 3.5

CMA / ARV

• ARV (on-the-fly): $168,838
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
301 Keyes Ave	0.34mi	4/2.0	2,450 (+3%)	8mo	$30,000	$12	68
512 Hamlin St	0.25mi	5/2.5 (+1)	2,220 (-7%)	3mo	$236,000	$106	67
112 S Pleasant St	0.39mi	4/2.0	2,182 (-8%)	10mo	$152,000	$70	56
133 Central St	0.41mi	4/2.0	2,353 (-1%)	23mo	$177,000	$75	56
502 Academy St	0.22mi	4/2.5	2,112 (-11%)	16mo	$180,000	$85	56
359 Franklin St #2	0.32mi	5/3.0 (+1)	2,644 (+11%)	7mo	$70,000	$26	56
114 High St	0.36mi	5/3.0 (+1)	2,500 (+5%)	18mo	$178,500	$71	54
712 Cadwell St	0.10mi	5/2.0 (+1)	2,108 (-11%)	22mo	$82,500	$39	49
116 S Hamilton St	0.33mi	5/2.0 (+1)	2,520 (+6%)	21mo	$190,000	$75	48
159 Winslow St	0.41mi	4/3.0	2,073 (-13%)	21mo	$98,000	$47	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: 56.1%
• Equity multiple: 3.67×
• Total profit: $130,598
• Equity at exit: $26,078

10-year hold

• IRR: 63.0%
• Equity multiple: 8.98×
• Total profit: $390,731
• Equity at exit: $15,122

Cash invested: $48,972 (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: 224
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $4,189 high
• Mortgage (P&I): −$917
• Tax from tax record: −$172 /mo · $2,062/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$880
• Net cashflow: $2,147

Break-even live

Break-even rent $1,471

Max offer price $174,900

Occupancy floor 44%

Sensitivity live

Price	-10% $2,246	-5% $2,197	+0% $2,147	+5% $2,098	+10% $2,048
Rent	-10% $1,816	-5% $1,982	+0% $2,147	+5% $2,313	+10% $2,478
Rate	-1.0pp $2,235	-0.5pp $2,192	base $2,147	+0.5pp $2,102	+1.0pp $2,056

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1.5	$4,188
Total (3 units)			$4,189

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	45d	1	0.17mi
417 Franklin St Watertown, NY	3.0	2.5	3000	$1,750	$0.58	45d	1	0.22mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	45d	1	0.54mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	45d	9	0.89mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	45d	1	1.06mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	45d	1	1.15mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,676	$1.21	45d	6	1.20mi
702 Leray St Watertown, NY	3.0	1.0	2700	$1,300	$0.48	45d	1	1.29mi

Listing history 3 events

1. 2026-06-21
   days on market $174,900 Active 3 DOM
2. 2026-06-19
   remarks 699-char remark
3. 2026-06-19
   listed $174,900 Active 1 DOM

ⓘ 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: $2,062 · $172/mo
• Projected year-2 tax: $2,509 · $209/mo
• Expected delta: +$447/yr (+$37/mo · 21.7%)

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

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: $50,268
• − Mortgage interest: −$9,797
• − Property taxes: −$2,062
• − Insurance: −$874
• − Repairs & maintenance: −$4,021
• − Management: −$4,021
• − Depreciation: −$5,088
• Taxable income: $24,403
• Est. tax owed @ 24.0%: −$5,857
• After-tax cash flow: $19,912/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

+134.8% since first listed

22 events — show timeline

• 2026-06-18 Listed $174,900 CNYIS
• 2026-05-01 Listing Removed — CNYIS
• 2026-04-23 Relisted — CNYIS
• 2026-01-18 Contingent — CNYIS
• 2025-12-02 Price Changed $175,000 CNYIS
• 2025-11-14 Price Changed $165,000 CNYIS
• 2025-10-10 Relisted — CNYIS
• 2025-10-02 Contingent — CNYIS
• 2025-08-07 Listed $225,000 CNYIS
• 2024-03-22 Sold (Public Records) $76,000 Public Records
• 2024-03-21 Sold (MLS) $86,000 CNYIS
• 2024-01-18 Contingent — CNYIS
• 2024-01-16 Listed $115,000 CNYIS
• 2024-01-12 Listing Removed — CNYIS
• 2023-10-03 Listed $115,000 CNYIS
• 2012-11-15 Sold (MLS) $95,000 CNYIS
• 2012-11-09 Sold (Public Records) $95,000 Public Records
• 2012-01-18 Listed $114,000 CNYIS
• 2008-08-15 Sold (Public Records) $52,000 Public Records
• 2008-08-15 Sold (MLS) $52,000 CNYIS
• 2007-06-28 Listed $89,900 CNYIS
• 2003-11-12 Sold (Public Records) $74,500 Public Records

Property tax history

+18.7%/yr

Latest (2025): $2,062 · +3.9% YoY. Source: county tax records.