310 Gotham St · Watertown, NY 13601

$170,000

2 bd · 2.0 ba · 1,704 sqft · MultiFamily public records · 138 Days on market

Built 1924 1,296 sqft lot $100/sqft · 12% below area Est $194k · 12% under

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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
• ARV discount +13.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• 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

Fully Renovated Turnkey Duplex – Prime Walkable Location in Watertown, NY Asking Price: $170,000 Exceptional opportunity to own a completely redone, truly turnkey duplex in one of Watertown’s most walkable neighborhoods. This property features two spacious 2-bedroom / 1-bath units, each with brand-new laundry, and has been fully renovated from top to bottom less than two years ago. When we say turnkey, we actually mean it. Renovations Include: • New roof • New siding & soffit • New HVAC • New electrical • New appliances • New paint throughout • New finishes — inside and out • New laundry in both units • Literally new everything Unit & Income Info: • 2 units – each 2BR / 1BA • Current rents: $1,990/month total Highlights: • Prime walking location – one of the highest walk scores in Watertown • Turnkey condition — zero deferred maintenance • Low-maintenance ownership • Perfect for investors or owner-occupants Note: Parking is limited, but this property’s walkable location makes car-free living a breeze. This is a rare chance to own a small multifamily where all the heavy lifting has already been done.

Key facts

• Newer furnace
• New doors
• Turnkey duplex

Tags

• TURNKEY DUPLEX
• FULLY UPDATED
• ENERGY-EFFICIENT WINDOWS
• NEWER FURNACE
• BRAND-NEW WATER HEATER
• NEW DOORS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $819 ($10k/yr) — positive. Per door: $410/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $150k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.1% 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; 13 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 $2,385/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 $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 $48k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 138 days — a 12% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 14y 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 $118k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 138 days. Have you received any prior offers? Is the seller open to a 12% 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 1924 — 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: 1.40% ✓
• Cap rate: 12.08%
• Cash-on-cash: 20.65%
• DSCR: 1.92
• GRM: 5.9

CMA / ARV

• ARV (median comp): $193,519
• List price: $170,000
• Delta: -12.15%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 Franklin St	0.11mi	2/2.0	1,512 (-11%)	6mo	$83,500	$55	71
541 Davidson St	0.67mi	3/2.0 (+1)	1,641 (-4%)	0mo	$150,000	$91	58
306 N Rutland St	0.68mi	3/2.0 (+1)	1,610 (-6%)	0mo	$121,600	$76	54
403 Coffeen St	0.66mi	3/2.0 (+1)	1,530 (-10%)	3mo	$49,000	$32	45

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: 18.2%
• Equity multiple: 1.78×
• Total profit: $37,203
• Equity at exit: $25,348

10-year hold

• IRR: 29.8%
• Equity multiple: 4.29×
• Total profit: $156,821
• Equity at exit: $14,698

Cash invested: $47,600 (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: 11.9×

Monthly cashflow live

• Estimated rent: $2,385 high
• Mortgage (P&I): −$891
• Tax from tax record: −$103 /mo · $1,231/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$501
• Net cashflow: $819

Break-even live

Break-even rent $1,348

Max offer price $170,000

Occupancy floor 61%

Sensitivity live

Price	-10% $915	-5% $867	+0% $819	+5% $771	+10% $723
Rent	-10% $631	-5% $725	+0% $819	+5% $913	+10% $1,008
Rate	-1.0pp $905	-0.5pp $862	base $819	+0.5pp $775	+1.0pp $730

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,386
Total (2 units)			$2,385

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	44d	1	0.09mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	44d	1	0.39mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	44d	1	0.45mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	44d	1	0.48mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	44d	1	0.64mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	44d	1	0.64mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	44d	1	0.67mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	44d	1	0.83mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	44d	1	1.09mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,253	$0.87	44d	9	1.19mi
173 Ely St Watertown, NY	2.0	1.0	1940	$1,150	$0.59	44d	1	1.24mi
109 Spring Ave Watertown, NY	2.0	1.0	1344	$1,200	$0.89	44d	1	1.36mi
207 Wealtha Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,304	$0.91	44d	9	1.49mi

Listing history 26 events

1. 2026-06-19
   days on market $170,000 Active 138 DOM
2. 2026-06-18
   days on market $170,000 Active 137 DOM
3. 2026-06-17
   days on market $170,000 Active 136 DOM
4. 2026-06-16
   days on market $170,000 Active 135 DOM
5. 2026-06-15
   days on market $170,000 Active 134 DOM
6. 2026-06-14
   days on market $170,000 Active 132 DOM
7. 2026-06-12
   days on market $170,000 Active 131 DOM
8. 2026-06-09
   days on market $170,000 Active 128 DOM
9. 2026-06-08
   days on market $170,000 Active 127 DOM
10. 2026-06-07
    days on market $170,000 Active 126 DOM
11. 2026-06-05
    days on market $170,000 Active 123 DOM
12. 2026-06-03
    days on market $170,000 Active 122 DOM
13. 2026-06-02
    days on market $170,000 Active 121 DOM
14. 2026-06-01
    days on market $170,000 Active 120 DOM
15. 2026-05-31
    days on market $170,000 Active 119 DOM
16. 2026-05-30
    days on market $170,000 Active 118 DOM
17. 2026-02-04
    status Active 1273-char remark

    Show marketing remark (1273 chars)

    Fully Renovated Turnkey Duplex – Prime Walkable Location in Watertown, NY Asking Price: $170,000 Exceptional opportunity to own a completely redone, truly turnkey duplex in one of Watertown’s most walkable neighborhoods. This property features two spacious 2-bedroom / 1-bath units, each with brand-new laundry, and has been fully renovated from top to bottom less than two years ago. When we say turnkey, we actually mean it. Renovations Include: • New roof • New siding & soffit • New HVAC • New electrical • New appliances • New paint throughout • New finishes — inside and out • New laundry in both units • Literally new everything Unit & Income Info: • 2 units – each 2BR / 1BA • Current rents: $1,990/month total Highlights: • Prime walking location – one of the highest walk scores in Watertown • Turnkey condition — zero deferred maintenance • Low-maintenance ownership • Perfect for investors or owner-occupants Note: Parking is limited, but this property’s walkable location makes car-free living a breeze. This is a rare chance to own a small multifamily where all the heavy lifting has already been done.

18. 2026-01-22
    listed $170,000 Active 1273-char remark

    Show marketing remark (1273 chars)

    Fully Renovated Turnkey Duplex – Prime Walkable Location in Watertown, NY Asking Price: $170,000 Exceptional opportunity to own a completely redone, truly turnkey duplex in one of Watertown’s most walkable neighborhoods. This property features two spacious 2-bedroom / 1-bath units, each with brand-new laundry, and has been fully renovated from top to bottom less than two years ago. When we say turnkey, we actually mean it. Renovations Include: • New roof • New siding & soffit • New HVAC • New electrical • New appliances • New paint throughout • New finishes — inside and out • New laundry in both units • Literally new everything Unit & Income Info: • 2 units – each 2BR / 1BA • Current rents: $1,990/month total Highlights: • Prime walking location – one of the highest walk scores in Watertown • Turnkey condition — zero deferred maintenance • Low-maintenance ownership • Perfect for investors or owner-occupants Note: Parking is limited, but this property’s walkable location makes car-free living a breeze. This is a rare chance to own a small multifamily where all the heavy lifting has already been done.

19. 2023-06-09
    soldstatus $118,000 Closed Sale or Rented 347-char remark

    Show marketing remark (347 chars)

    Newly remodeled 2 unit property located in the heart of Watertown. Walking distance to everything. Upper apartment has 2-3 BR, full bath, LR, kitchen, small pantry. Downstairs is a 2 BR, kitchen, LR. There are plentiful closets throughout, brand new interior doors, all new electrical, windows, water heater, newer furnace. Great income potential.

20. 2023-04-02
    status Under Contract- Do Not Show 347-char remark

    Show marketing remark (347 chars)

    Newly remodeled 2 unit property located in the heart of Watertown. Walking distance to everything. Upper apartment has 2-3 BR, full bath, LR, kitchen, small pantry. Downstairs is a 2 BR, kitchen, LR. There are plentiful closets throughout, brand new interior doors, all new electrical, windows, water heater, newer furnace. Great income potential.

21. 2023-03-31
    listed $110,000 Active 347-char remark

    Show marketing remark (347 chars)

    Newly remodeled 2 unit property located in the heart of Watertown. Walking distance to everything. Upper apartment has 2-3 BR, full bath, LR, kitchen, small pantry. Downstairs is a 2 BR, kitchen, LR. There are plentiful closets throughout, brand new interior doors, all new electrical, windows, water heater, newer furnace. Great income potential.

22. 2021-09-03
    soldstatus $18,000 Closed Sale or Rented
23. 2021-07-27
    listed Continue to Show- Under Contract
24. 2021-05-25
    listed $19,900
25. 2012-06-08
    historical
26. 2012-02-24
    listed $125,000

ⓘ 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: $1,231 · $103/mo
• Projected year-2 tax: $2,052 · $171/mo
• Expected delta: +$821/yr (+$68/mo · 66.7%)

ⓘ 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 · 16 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: $28,620
• − Mortgage interest: −$9,523
• − Property taxes: −$1,231
• − Insurance: −$850
• − Repairs & maintenance: −$2,290
• − Management: −$2,290
• − Depreciation: −$4,945
• Taxable income: $7,492
• Est. tax owed @ 24.0%: −$1,798
• After-tax cash flow: $8,033/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

+36.0% since first listed

10 events — show timeline

• 2026-02-04 Relisted — CNYIS
• 2026-01-22 Listed $170,000 CNYIS
• 2023-06-09 Sold (MLS) $118,000 CNYIS
• 2023-04-02 Pending — CNYIS
• 2023-03-31 Listed $110,000 CNYIS
• 2021-09-03 Sold (MLS) $18,000 CNYIS
• 2021-07-27 Listed — CNYIS
• 2021-05-25 Listed $19,900 CNYIS
• 2012-06-08 Listing Removed — CNYIS
• 2012-02-24 Listed $125,000 CNYIS

Property tax history

+20.0%/yr

Latest (2025): $1,231 · +2.0% YoY. Source: county tax records.