221 E Main St · Watertown, NY 13601

$135,000

3 bd · 2.0 ba · 1,970 sqft · SingleFamily public records · 1 Days on market

Built 1867 0.40 ac lot Est $158k · 14% 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 +25.5/30.0
• ARV discount +14.0/15.0
• DSCR +8.4/10.0
• 1% rule +6.5/10.0
• 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

Step inside this spacious 4-bedroom home in the City of Watertown and fall in love with its character and charm. Original woodwork, gleaming hardwood floors, high ceilings, and abundant natural light create a warm and inviting atmosphere throughout. The first floor features two bedrooms and a full bathroom, offering flexibility for single-level living. One of the bedrooms is currently staged as a living room, giving you the option to customize the layout to fit your needs. Upstairs, you’ll find two additional bedrooms, including a primary suite with a massive bathroom, original wood cabinetry, and a walk-in closet. The rustic-style kitchen blends charm with function and comes equipped with brand-new appliances. A 1-car garage provides off-street parking and extra storage space. Outside, the low-maintenance yard is perfect for those who prefer to spend their free time enjoying life rather than mowing grass.

Key facts

• One stall garage
• Level backyard
• New toilet

Tags

• ONE STALL GARAGE
• LEVEL BACKYARD
• BACKS UP TO BLACK RIVER
• NEW ELECTRICAL PANEL BOX
• NEW TOILET
• NEW CIRCUIT BOARD FOR FURNACE

Property features AI

Exterior

• Parking: Detached garage (1 car)
• Utilities: Public water available and connected; Sewer connected
• Home design: Two-story existing home; Stone foundation; Vinyl siding
• Construction: Vinyl siding; Stone foundation; Existing (year built details: existing)
• Exterior features: Blacktop driveway; River access to the Black River; Stream frontage; Rectangular lot (approx. 66 x 263), 0.3985 acre; Main thoroughfare frontage (about 63')

Interior

• Kitchen: Built-in range; Built-in oven; Electric cooktop; Refrigerator
• Bedrooms: One main-level bedroom
• Flooring: Carpet; Laminate; Varies
• Bathrooms: One full bathroom
• Heating & cooling: Oil forced-air heating
• Interior features: Separate/formal dining room; Eat-in kitchen; Bedroom on main level; Full basement; One fireplace
• Laundry & utility: Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Cap rate 9.1% 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; 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 32% 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 $933 of loan paydown is wiped out by about $4k 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 $38k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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.

Risks & watch-outs

• Watch-outs: built in 1867 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1867 — 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 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: 1.15% ✓
• Cap rate: 9.09%
• Cash-on-cash: 9.98%
• DSCR: 1.44
• GRM: 7.3

CMA / ARV

• ARV (on-the-fly): $157,600
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
221 E Main St	0.00mi	4/2.0 (+1)	1,970 (0%)	4mo	$154,500	$78	92
241 W Main St	0.36mi	4/1.0 (+1)	1,949 (-1%)	3mo	$126,000	$65	70
626 Mill St	0.19mi	4/2.0 (+1)	1,716 (-13%)	0mo	$75,000	$44	64
740 Mill St	0.35mi	4/1.5 (+1)	1,888 (-4%)	7mo	$175,850	$93	64
673 Cooper St	0.35mi	4/3.0 (+1)	1,946 (-1%)	11mo	$155,000	$80	64
519 Pearl St	0.33mi	4/2.0 (+1)	1,776 (-10%)	3mo	$176,000	$99	61
627 Thompson St	0.47mi	4/1.5 (+1)	1,964 (-0%)	15mo	$109,000	$55	58
707 Cooper St	0.38mi	4/2.0 (+1)	2,237 (+14%)	8mo	$80,000	$36	48
244 N Rutland St	0.47mi	4/2.5 (+1)	1,693 (-14%)	1mo	$233,200	$138	47
302 E Main St	0.39mi	3/2.0	1,689 (-14%)	15mo	$208,000	$123	46
654 Water St	0.65mi	4/1.0 (+1)	1,891 (-4%)	12mo	$86,000	$45	44
410 Coffeen St	0.70mi	4/2.0 (+1)	1,720 (-13%)	13mo	$212,500	$124	31

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: 4.1%
• Equity multiple: 1.17×
• Total profit: $6,344
• Equity at exit: $20,129

10-year hold

• IRR: 17.8%
• Equity multiple: 2.81×
• Total profit: $68,602
• Equity at exit: $11,672

Cash invested: $37,800 (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: 7.3×

Monthly cashflow live

• Estimated rent: $1,549 high
• Mortgage (P&I): −$708
• Tax from tax record: −$145 /mo · $1,740/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$325
• Net cashflow: $314

Break-even live

Break-even rent $1,151

Max offer price $135,000

Occupancy floor 75%

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	0.49mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	43d	1	0.49mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	43d	1	0.62mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	0.65mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	0.66mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	43d	1	0.69mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	43d	1	0.81mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	43d	1	0.91mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,440	$1.00	43d	9	0.97mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	43d	1	1.08mi
109 Spring Ave Watertown, NY	2.0	1.0	1344	$1,200	$0.89	43d	1	1.35mi
173 Ely St Watertown, NY	2.0	1.0	1940	$1,150	$0.59	43d	1	1.44mi

Listing history 2 events

1. 2026-06-05
   remarks 699-char remark
2. 2026-06-05
   listed $135,000 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: $1,740 · $145/mo
• Projected year-2 tax: $2,011 · $168/mo
• Expected delta: +$271/yr (+$23/mo · 15.6%)

ⓘ 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: $18,586
• − Mortgage interest: −$7,562
• − Property taxes: −$1,740
• − Insurance: −$675
• − Repairs & maintenance: −$1,487
• − Management: −$1,487
• − Depreciation: −$3,927
• Taxable income: $1,709
• Est. tax owed @ 24.0%: −$410
• After-tax cash flow: $3,363/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

+743.8% since first listed

18 events — show timeline

• 2026-06-04 Listed $135,000 CNYIS
• 2026-02-19 Sold (MLS) $154,500 CNYIS
• 2025-12-05 Contingent — CNYIS
• 2025-09-06 Listed $179,900 CNYIS
• 2021-06-03 Sold (Public Records) $143,100 Public Records
• 2021-06-02 Sold (MLS) $143,100 CNYIS
• 2021-03-27 Listed $145,000 CNYIS
• 2019-02-08 Sold (Public Records) $115,000 Public Records
• 2019-02-08 Sold (MLS) $123,800 CNYIS
• 2018-09-21 Listed $115,000 CNYIS
• 2018-04-09 Sold (MLS) $22,000 CNYIS
• 2018-01-16 Listed $25,000 CNYIS
• 2015-12-01 Listing Removed — CNYIS
• 2015-04-22 Listed $109,900 CNYIS
• 2008-02-11 Sold (Public Records) $77,500 Public Records
• 2008-02-06 Sold (MLS) $77,500 CNYIS
• 2007-11-09 Listed $77,500 CNYIS
• 2004-12-23 Sold (Public Records) $16,000 Public Records

Property tax history

+22.0%/yr

Latest (2025): $1,740 · +3.9% YoY. Source: county tax records.