1021 Boyd St · Watertown, NY 13601

$155,000

3 bd · 2.0 ba · 1,882 sqft · Townhouse public records · 248 Days on market

Built 1910 4,600 sqft lot $82/sqft · 21% below area Est $197k · 21% under

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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 +22.4/30.0
• ARV discount +15.0/15.0
• DSCR +7.2/10.0
• 1% rule +5.3/10.0
• 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

Listing remarks MLS

This well-maintained upper/lower duplex is a fantastic opportunity. Each unit offers 2 bedrooms, 1 full bath, spacious living areas, and separate utilities. It is currently collecting $950 per month per unit. The property has seen many quality improvements over the past few years, including new hot water heaters (2020), energy-efficient furnaces (approx. 9 years old), roof (approx. 9 years old), composite porches and steps, updated electrical panel, and a sealed driveway. Both units have been consistently maintained with rental history.

Key facts

• Upper lower duplex
• Separate utilities
• Quality improvements

Tags

• UPPER LOWER DUPLEX
• SEPARATE UTILITIES
• QUALITY IMPROVEMENTS
• NEW HOT WATER HEATERS
• ENERGY EFFICIENT FURNACES
• COMPOSITE PORCHES

🏷️ Possibly a rental listed for sale. The $155,000 price doesn't fit this home's estimated sale value (~$196,845) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath townhouse listed at $155k.

Deal economics

• At list price, monthly cash flow is $258 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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; 12 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).
• This rent runs 33% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 $43k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 248 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 7 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 $128k; 21% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 248 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 1910 — 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 8.29%
• Cash-on-cash: 7.14%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

• ARV (median comp): $196,845
• List price: $155,000
• Delta: -21.26%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 Michigan Ave	0.31mi	4/2.0 (+1)	2,118 (+12%)	0mo	$199,000	$94	59
127 N Pleasant St	0.14mi	4/3.0 (+1)	2,014 (+7%)	21mo	$117,500	$58	55
309 Academy St	0.62mi	4/2.0 (+1)	1,662 (-12%)	1mo	$195,000	$117	46

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: -0.1%
• Equity multiple: 0.99×
• Total profit: $-226
• Equity at exit: $23,111

10-year hold

• IRR: 14.0%
• Equity multiple: 2.37×
• Total profit: $59,416
• Equity at exit: $13,402

Cash invested: $43,400 (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: 8.1×

Monthly cashflow live

• Estimated rent: $1,600 high
• Mortgage (P&I): −$813
• Tax from tax record: −$129 /mo · $1,544/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $258

Break-even live

Break-even rent $1,274

Max offer price $155,000

Occupancy floor 79%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	43d	1	0.28mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	0.33mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	43d	1	0.34mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	43d	1	0.44mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,440	$1.00	43d	9	0.57mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	0.63mi
109 Spring Ave Watertown, NY	2.0	1.0	1344	$1,200	$0.89	43d	1	0.65mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	43d	1	0.86mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,462	$1.06	43d	6	0.96mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	1.16mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	43d	1	1.33mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	43d	1	1.41mi

Listing history 32 events

1. 2026-06-19
   days on market $155,000 Active 248 DOM
2. 2026-06-18
   days on market $155,000 Active 247 DOM
3. 2026-06-17
   days on market $155,000 Active 246 DOM
4. 2026-06-16
   days on market $155,000 Active 245 DOM
5. 2026-06-15
   days on market $155,000 Active 244 DOM
6. 2026-06-14
   days on market $155,000 Active 242 DOM
7. 2026-06-12
   days on market $155,000 Active 241 DOM
8. 2026-06-09
   days on market $155,000 Active 238 DOM
9. 2026-06-08
   days on market $155,000 Active 237 DOM
10. 2026-06-07
    days on market $155,000 Active 236 DOM
11. 2026-06-05
    days on market $155,000 Active 233 DOM
12. 2026-06-03
    days on market $155,000 Active 232 DOM
13. 2026-06-02
    days on market $155,000 Active 231 DOM
14. 2026-06-01
    days on market $155,000 Active 230 DOM
15. 2026-05-31
    days on market $155,000 Active 229 DOM
16. 2026-05-30
    days on market $155,000 Active 228 DOM
17. 2025-10-14
    listed $155,000 Active 542-char remark

    Show marketing remark (542 chars)

    This well-maintained upper/lower duplex is a fantastic opportunity. Each unit offers 2 bedrooms, 1 full bath, spacious living areas, and separate utilities. It is currently collecting $950 per month per unit. The property has seen many quality improvements over the past few years, including new hot water heaters (2020), energy-efficient furnaces (approx. 9 years old), roof (approx. 9 years old), composite porches and steps, updated electrical panel, and a sealed driveway. Both units have been consistently maintained with rental history.

18. 2022-05-17
    soldstatus $128,000
19. 2022-05-10
    soldstatus $128,000 Closed Sale or Rented 870-char remark

    Show marketing remark (870 chars)

    Well maintained duplex in the heart of Watertown. Fully occupied with long term tenants who pay their own utilities. Currently collecting $1320 /month. This upper/lower apartment has 2 bedrooms, 1 bath with spacious rooms. They’re meticulously maintained by both tenants. This is a great opportunity to own your next investment property or live in one unit and let the cashflow pay your mortgage. You’ll also get to enjoy many new improvements including – new hot water heaters installed in 2020, updated energy effect furnaces apprx 5 years old, roof approx 5 years old, new porch and steps for both units with composite decking, new fridge for the upper unit in 2020, new toilets in both units in 2020, updated electrical box and sealed driveway this year. Where else can you buy a turnkey investment home at this price!? Schedule your showing today!

20. 2022-03-06
    historical Continue to Show- Under Contract 870-char remark

    Show marketing remark (870 chars)

    Well maintained duplex in the heart of Watertown. Fully occupied with long term tenants who pay their own utilities. Currently collecting $1320 /month. This upper/lower apartment has 2 bedrooms, 1 bath with spacious rooms. They’re meticulously maintained by both tenants. This is a great opportunity to own your next investment property or live in one unit and let the cashflow pay your mortgage. You’ll also get to enjoy many new improvements including – new hot water heaters installed in 2020, updated energy effect furnaces apprx 5 years old, roof approx 5 years old, new porch and steps for both units with composite decking, new fridge for the upper unit in 2020, new toilets in both units in 2020, updated electrical box and sealed driveway this year. Where else can you buy a turnkey investment home at this price!? Schedule your showing today!

21. 2021-10-22
    listed $135,000 Active 870-char remark

    Show marketing remark (870 chars)

    Well maintained duplex in the heart of Watertown. Fully occupied with long term tenants who pay their own utilities. Currently collecting $1320 /month. This upper/lower apartment has 2 bedrooms, 1 bath with spacious rooms. They’re meticulously maintained by both tenants. This is a great opportunity to own your next investment property or live in one unit and let the cashflow pay your mortgage. You’ll also get to enjoy many new improvements including – new hot water heaters installed in 2020, updated energy effect furnaces apprx 5 years old, roof approx 5 years old, new porch and steps for both units with composite decking, new fridge for the upper unit in 2020, new toilets in both units in 2020, updated electrical box and sealed driveway this year. Where else can you buy a turnkey investment home at this price!? Schedule your showing today!

22. 2019-10-28
    soldstatus $58,000
23. 2017-11-02
    historical
24. 2016-11-02
    listed $67,000
25. 2016-09-25
    historical
26. 2015-03-25
    listed $74,500
27. 2014-09-30
    historical
28. 2014-04-02
    listed $89,000
29. 2014-01-31
    historical
30. 2013-04-04
    listed $109,000
31. 2013-03-30
    historical
32. 2012-09-30
    listed $129,800

ⓘ 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: $1,544 · $129/mo
• Projected year-2 tax: $2,082 · $173/mo
• Expected delta: +$538/yr (+$45/mo · 34.8%)

ⓘ 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 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: $19,206
• − Mortgage interest: −$8,682
• − Property taxes: −$1,544
• − Insurance: −$775
• − Repairs & maintenance: −$1,536
• − Management: −$1,536
• − Depreciation: −$4,509
• Taxable income: $622
• Est. tax owed @ 24.0%: −$149
• After-tax cash flow: $2,950/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

+19.4% since first listed

16 events — show timeline

• 2025-10-14 Listed $155,000 CNYIS
• 2022-05-17 Sold (Public Records) $128,000 Public Records
• 2022-05-10 Sold (MLS) $128,000 CNYIS
• 2022-03-06 Contingent — CNYIS
• 2021-10-22 Listed $135,000 CNYIS
• 2019-10-28 Sold (Public Records) $58,000 Public Records
• 2017-11-02 Listing Removed — CNYIS
• 2016-11-02 Listed $67,000 CNYIS
• 2016-09-25 Listing Removed — CNYIS
• 2015-03-25 Listed $74,500 CNYIS
• 2014-09-30 Listing Removed — CNYIS
• 2014-04-02 Listed $89,000 CNYIS
• 2014-01-31 Listing Removed — CNYIS
• 2013-04-04 Listed $109,000 CNYIS
• 2013-03-30 Listing Removed — CNYIS
• 2012-09-30 Listed $129,800 CNYIS

Property tax history

+21.9%/yr

Latest (2025): $1,544 · +2.0% YoY. Source: county tax records.