308 Howk St · Watertown, NY 13601

$110,000

4 bd · 2.0 ba · 1,484 sqft · MultiFamily public records · 334 Days on market

Built 1870 4,277 sqft lot $74/sqft · 28% below area Est $152k · 28% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Looking for space to spread out and room to work? This 5-bedroom, 1.5-bath home may just be the answer you’ve been looking for. With plenty of room for everyone, the layout offers flexibility for a home office, guest space, or hobby rooms galore. But the real bonus? A large detached garage that’s perfect for a serious workshop, storage for recreational gear, or your next big project. Whether you’re a mechanic, woodworker, or weekend tinkerer, you’ll appreciate the space and possibilities it provides. Property Highlights include: Eat-in kitchen with great potential; First-floor laundry; Brand new metal roof; and located within a convenient location providing easy walking access to Coffeen and Arsenal St amenities. Don’t miss your chance to own a home with room for your people and your projects! Call, click, or text today for your private showing — opportunity is knocking!

Key facts

• New metal roof
• Eat-in kitchen
• First-floor laundry

Tags

• LARGE DETACHED GARAGE
• EAT-IN KITCHEN
• FIRST-FLOOR LAUNDRY
• NEW METAL ROOF
• WALKING ACCESS TO AMENITIES

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $621 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% 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: Sherman School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 320 students, 57% 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).
• Market conditions: Rents rising fast (+10.0%/yr); 223 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d 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 35% 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 $761 of loan paydown is wiped out by about $3k 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 $31k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 334 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $58k; list at $110k implies a 90% 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 $96,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 334 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 1870 — 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: 1.55% ✓
• Cap rate: 13.07%
• Cash-on-cash: 24.21%
• DSCR: 2.08
• GRM: 5.4

CMA / ARV

• ARV (median comp): $151,778
• List price: $110,000
• Delta: -27.53%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
403 Coffeen St	0.10mi	3/2.0 (-1)	1,530 (+3%)	3mo	$49,000	$32	83
717 Lawrence St	0.38mi	3/2.0 (-1)	1,562 (+5%)	9mo	$180,000	$115	61
541 Davidson St	0.44mi	3/2.0 (-1)	1,641 (+11%)	0mo	$150,000	$91	57

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: 22.9%
• Equity multiple: 2.00×
• Total profit: $30,776
• Equity at exit: $16,401

10-year hold

• IRR: 33.9%
• Equity multiple: 4.86×
• Total profit: $118,851
• Equity at exit: $9,511

Cash invested: $30,800 (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: 5.4×

Monthly cashflow live

• Estimated rent: $1,708 high
• Mortgage (P&I): −$577
• Tax from tax record: −$105 /mo · $1,261/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $621

Break-even live

Break-even rent $921

Max offer price $110,000

Occupancy floor 59%

Sensitivity live

Price	-10% $684	-5% $652	+0% $621	+5% $590	+10% $559
Rent	-10% $486	-5% $554	+0% $621	+5% $689	+10% $756
Rate	-1.0pp $677	-0.5pp $649	base $621	+0.5pp $593	+1.0pp $564

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	46d	1	0.51mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	46d	1	0.80mi
207 Wealtha Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,695	$1.18	46d	9	0.89mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	46d	1	1.01mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	46d	1	1.05mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	46d	1	1.24mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	46d	1	1.35mi

Listing history 6 events

1. 2026-04-16
   price $125,000 920-char remark

   Show marketing remark (920 chars)

   Looking for space to spread out and room to work? This 5-bedroom, 1.5-bath home may just be the answer you’ve been looking for. With plenty of room for everyone, the layout offers flexibility for a home office, guest space, or hobby rooms galore. But the real bonus? A large detached garage that’s perfect for a serious workshop, storage for recreational gear, or your next big project. Whether you’re a mechanic, woodworker, or weekend tinkerer, you’ll appreciate the space and possibilities it provides. Property Highlights include: Eat-in kitchen with great potential; First-floor laundry; Brand new metal roof; and located within a convenient location providing easy walking access to Coffeen and Arsenal St amenities. Don’t miss your chance to own a home with room for your people and your projects! Call, click, or text today for your private showing — opportunity is knocking!

2. 2026-03-11
   price $135,000 920-char remark

   Show marketing remark (920 chars)

   Looking for space to spread out and room to work? This 5-bedroom, 1.5-bath home may just be the answer you’ve been looking for. With plenty of room for everyone, the layout offers flexibility for a home office, guest space, or hobby rooms galore. But the real bonus? A large detached garage that’s perfect for a serious workshop, storage for recreational gear, or your next big project. Whether you’re a mechanic, woodworker, or weekend tinkerer, you’ll appreciate the space and possibilities it provides. Property Highlights include: Eat-in kitchen with great potential; First-floor laundry; Brand new metal roof; and located within a convenient location providing easy walking access to Coffeen and Arsenal St amenities. Don’t miss your chance to own a home with room for your people and your projects! Call, click, or text today for your private showing — opportunity is knocking!

3. 2025-07-29
   price $139,900 920-char remark

   Show marketing remark (920 chars)

   Looking for space to spread out and room to work? This 5-bedroom, 1.5-bath home may just be the answer you’ve been looking for. With plenty of room for everyone, the layout offers flexibility for a home office, guest space, or hobby rooms galore. But the real bonus? A large detached garage that’s perfect for a serious workshop, storage for recreational gear, or your next big project. Whether you’re a mechanic, woodworker, or weekend tinkerer, you’ll appreciate the space and possibilities it provides. Property Highlights include: Eat-in kitchen with great potential; First-floor laundry; Brand new metal roof; and located within a convenient location providing easy walking access to Coffeen and Arsenal St amenities. Don’t miss your chance to own a home with room for your people and your projects! Call, click, or text today for your private showing — opportunity is knocking!

4. 2025-07-25
   price $154,900 920-char remark

   Show marketing remark (920 chars)

   Looking for space to spread out and room to work? This 5-bedroom, 1.5-bath home may just be the answer you’ve been looking for. With plenty of room for everyone, the layout offers flexibility for a home office, guest space, or hobby rooms galore. But the real bonus? A large detached garage that’s perfect for a serious workshop, storage for recreational gear, or your next big project. Whether you’re a mechanic, woodworker, or weekend tinkerer, you’ll appreciate the space and possibilities it provides. Property Highlights include: Eat-in kitchen with great potential; First-floor laundry; Brand new metal roof; and located within a convenient location providing easy walking access to Coffeen and Arsenal St amenities. Don’t miss your chance to own a home with room for your people and your projects! Call, click, or text today for your private showing — opportunity is knocking!

5. 2025-06-26
   listed $159,900 Active 920-char remark

   Show marketing remark (920 chars)

   Looking for space to spread out and room to work? This 5-bedroom, 1.5-bath home may just be the answer you’ve been looking for. With plenty of room for everyone, the layout offers flexibility for a home office, guest space, or hobby rooms galore. But the real bonus? A large detached garage that’s perfect for a serious workshop, storage for recreational gear, or your next big project. Whether you’re a mechanic, woodworker, or weekend tinkerer, you’ll appreciate the space and possibilities it provides. Property Highlights include: Eat-in kitchen with great potential; First-floor laundry; Brand new metal roof; and located within a convenient location providing easy walking access to Coffeen and Arsenal St amenities. Don’t miss your chance to own a home with room for your people and your projects! Call, click, or text today for your private showing — opportunity is knocking!

6. 2005-10-03
   soldstatus $57,900

ⓘ 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: $1,261 · $105/mo
• Projected year-2 tax: $1,560 · $130/mo
• Expected delta: +$299/yr (+$25/mo · 23.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 18% 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: $20,492
• − Mortgage interest: −$6,162
• − Property taxes: −$1,261
• − Insurance: −$550
• − Repairs & maintenance: −$1,639
• − Management: −$1,639
• − Depreciation: −$3,200
• Taxable income: $6,041
• Est. tax owed @ 24.0%: −$1,450
• After-tax cash flow: $6,006/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

+115.9% since first listed

6 events — show timeline

• 2026-04-16 Price Changed $125,000 CNYIS
• 2026-03-11 Price Changed $135,000 CNYIS
• 2025-07-29 Price Changed $139,900 CNYIS
• 2025-07-25 Price Changed $154,900 CNYIS
• 2025-06-26 Listed $159,900 CNYIS
• 2005-10-03 Sold (Public Records) $57,900 Public Records

Property tax history

+18.2%/yr

Latest (2025): $1,261 · +2.0% YoY. Source: county tax records.