1362 Richards Dr · Watertown, NY 13601

$210,000

3 bd · 2.0 ba · 1,925 sqft · SingleFamily public records · 62 Days on market

Built 1968 2.11 ac lot $109/sqft · 27% below area Est $287k · 27% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +12.5/30.0
• Rent growth +5.0/5.0
• DSCR +3.7/10.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• 1% rule +3.1/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to this spacious 4-bedroom, 2-bath ranch home set on an impressive 2.11-acre lot within the City of Watertown, a rare opportunity to enjoy both privacy and convenience in one property. With its generous layout, abundant natural light, and expansive outdoor space, this home offers the perfect canvas for creating something truly special. Mature trees and open areas create a peaceful backdrop, while still keeping you close to everything Watertown has to offer. Sunlight pours into the living spaces, creating a bright and welcoming atmosphere that enhances the home’s layout and makes each room feel warm and inviting. The ranch-style design offers the ease of single-level living, with a flow that is both practical and comfortable. The large kitchen truly serves as the heart of the home and features a dedicated eat-in area, perfect for casual meals, morning coffee, or gathering with family and friends. In addition to the eat-in kitchen, the home also offers a formal dining area, ideal for hosting holidays, dinner parties, or special occasions. A standout feature of this home is the presence of two separate living rooms, offering exceptional flexibility for a variety of lifestyles. One living area can serve as a primary gathering space, while the second is perfect for a family room, media room, home office, or playroom. The four bedrooms offer versatility and comfort, whether you need space for family, guests, office, or hobbies. The two full bathrooms are conveniently located and updated. With solid bones and a desirable layout, this property is ideal for those with vision. Whether you’re an investor, a first-time buyer ready to take on a project, or someone looking to design a long-term home, the potential here is undeniable. One of the standout features of this property is its location. Situated within the City of Watertown, the home offers convenient access to shopping, schools, restaurants, and everyday amenities. The outdoor space further enhances the appeal of this property. With over two acres of land, there’s plenty of room to expand your outdoor living areas, create gardens, add recreational features, or simply enjoy the open space.

Key facts

• Eat-in area
• 2.11-acre lot
• Formal dining area

Tags

• 2.11-ACRE LOT
• MATURE TREES
• EXPANSIVE OUTDOOR SPACE
• TWO SEPARATE LIVING ROOMS
• EAT-IN AREA
• FORMAL DINING AREA

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $-32 ($-384/yr) — negative.
• To cash-flow at today's rent, offer at most $204k (2.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (18.7% below list).
• Recommended offer: $171k (18.7% below list) — sets the bar for 1% rule.

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; 7 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 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 $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y ago; this cycle's ask has dropped $39k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $167k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $170,650 (18.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.81% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.65%
• DSCR: 0.97
• GRM: 10.3

CMA / ARV

• ARV (median comp): $286,906
• List price: $210,000
• Delta: -26.81%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
266 Chestnut St	0.26mi	3/1.5	1,980 (+3%)	8mo	$302,900	$153	74
1031 Sherman St	0.30mi	4/2.0 (+1)	1,887 (-2%)	9mo	$252,900	$134	70
155 Chestnut St	0.26mi	4/1.5 (+1)	1,744 (-9%)	3mo	$258,500	$148	63
150 Bishop St	0.49mi	4/2.0 (+1)	2,008 (+4%)	5mo	$240,000	$120	61
137 Bishop St	0.47mi	4/1.0 (+1)	1,944 (+1%)	8mo	$249,900	$129	61
302 Pratt St	0.51mi	4/2.0 (+1)	2,000 (+4%)	5mo	$189,900	$95	60
316 Bugbee Dr	0.38mi	4/2.5 (+1)	2,052 (+7%)	8mo	$315,000	$154	57
714 Ball Ave	0.63mi	4/2.0 (+1)	1,947 (+1%)	10mo	$352,000	$181	56
158 Haley St	0.59mi	4/2.0 (+1)	2,105 (+9%)	2mo	$241,000	$114	51
142 Haley St	0.56mi	4/2.0 (+1)	2,104 (+9%)	4mo	$279,900	$133	50
839 Myrtle Ave	0.69mi	4/2.0 (+1)	1,708 (-11%)	7mo	$247,500	$145	38
1357 Ives St	0.69mi	2/1.5 (-1)	1,733 (-10%)	10mo	$269,900	$156	36

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: -12.2%
• Equity multiple: 0.54×
• Total profit: $-27,067
• Equity at exit: $31,312

10-year hold

• IRR: 2.9%
• Equity multiple: 1.25×
• Total profit: $14,779
• Equity at exit: $18,157

Cash invested: $58,800 (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: 10.3×

Monthly cashflow live

• Estimated rent: $1,706 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$191 /mo · $2,297/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$358
• Net cashflow: $-32

Break-even live

Break-even rent $1,747

Max offer price $204,346

Occupancy floor 97%

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2240 Kristina Park Watertown, NY	1.0–3.0	1.0–2.0	1072	$1,615	$1.51	44d	5	0.52mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	44d	1	0.65mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	44d	1	1.02mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	44d	1	1.07mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	44d	1	1.22mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	44d	1	1.40mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	44d	1	1.41mi

Listing history 27 events

1. 2026-06-19
   days on market $210,000 Active 62 DOM
2. 2026-06-18
   days on market $210,000 Active 61 DOM
3. 2026-06-17
   days on market $210,000 Active 60 DOM
4. 2026-06-16
   days on market $210,000 Active 59 DOM
5. 2026-06-15
   days on market $210,000 Active 58 DOM
6. 2026-06-14
   days on market $210,000 Active 56 DOM
7. 2026-06-12
   days on market $210,000 Active 55 DOM
8. 2026-06-09
   days on market $210,000 Active 52 DOM
9. 2026-06-08
   days on market $210,000 Active 51 DOM
10. 2026-06-07
    pricedays on market $210,000 Active 50 DOM
11. 2026-06-05
    days on market $239,000 Active 47 DOM
12. 2026-06-03
    days on market $239,000 Active 46 DOM
13. 2026-06-02
    days on market $239,000 Active 45 DOM
14. 2026-06-01
    days on market $239,000 Active 44 DOM
15. 2026-05-31
    days on market $239,000 Active 43 DOM
16. 2026-05-30
    days on market $239,000 Active 42 DOM
17. 2026-05-16
    price $239,000 2198-char remark

    Show marketing remark (2198 chars)

    Welcome to this spacious 4-bedroom, 2-bath ranch home set on an impressive 2.11-acre lot within the City of Watertown, a rare opportunity to enjoy both privacy and convenience in one property. With its generous layout, abundant natural light, and expansive outdoor space, this home offers the perfect canvas for creating something truly special. Mature trees and open areas create a peaceful backdrop, while still keeping you close to everything Watertown has to offer. Sunlight pours into the living spaces, creating a bright and welcoming atmosphere that enhances the home’s layout and makes each room feel warm and inviting. The ranch-style design offers the ease of single-level living, with a flow that is both practical and comfortable. The large kitchen truly serves as the heart of the home and features a dedicated eat-in area, perfect for casual meals, morning coffee, or gathering with family and friends. In addition to the eat-in kitchen, the home also offers a formal dining area, ideal for hosting holidays, dinner parties, or special occasions. A standout feature of this home is the presence of two separate living rooms, offering exceptional flexibility for a variety of lifestyles. One living area can serve as a primary gathering space, while the second is perfect for a family room, media room, home office, or playroom. The four bedrooms offer versatility and comfort, whether you need space for family, guests, office, or hobbies. The two full bathrooms are conveniently located and updated. With solid bones and a desirable layout, this property is ideal for those with vision. Whether you’re an investor, a first-time buyer ready to take on a project, or someone looking to design a long-term home, the potential here is undeniable. One of the standout features of this property is its location. Situated within the City of Watertown, the home offers convenient access to shopping, schools, restaurants, and everyday amenities. The outdoor space further enhances the appeal of this property. With over two acres of land, there’s plenty of room to expand your outdoor living areas, create gardens, add recreational features, or simply enjoy the open space.

18. 2026-05-04
    price $244,000 2198-char remark

    Show marketing remark (2198 chars)

    Welcome to this spacious 4-bedroom, 2-bath ranch home set on an impressive 2.11-acre lot within the City of Watertown, a rare opportunity to enjoy both privacy and convenience in one property. With its generous layout, abundant natural light, and expansive outdoor space, this home offers the perfect canvas for creating something truly special. Mature trees and open areas create a peaceful backdrop, while still keeping you close to everything Watertown has to offer. Sunlight pours into the living spaces, creating a bright and welcoming atmosphere that enhances the home’s layout and makes each room feel warm and inviting. The ranch-style design offers the ease of single-level living, with a flow that is both practical and comfortable. The large kitchen truly serves as the heart of the home and features a dedicated eat-in area, perfect for casual meals, morning coffee, or gathering with family and friends. In addition to the eat-in kitchen, the home also offers a formal dining area, ideal for hosting holidays, dinner parties, or special occasions. A standout feature of this home is the presence of two separate living rooms, offering exceptional flexibility for a variety of lifestyles. One living area can serve as a primary gathering space, while the second is perfect for a family room, media room, home office, or playroom. The four bedrooms offer versatility and comfort, whether you need space for family, guests, office, or hobbies. The two full bathrooms are conveniently located and updated. With solid bones and a desirable layout, this property is ideal for those with vision. Whether you’re an investor, a first-time buyer ready to take on a project, or someone looking to design a long-term home, the potential here is undeniable. One of the standout features of this property is its location. Situated within the City of Watertown, the home offers convenient access to shopping, schools, restaurants, and everyday amenities. The outdoor space further enhances the appeal of this property. With over two acres of land, there’s plenty of room to expand your outdoor living areas, create gardens, add recreational features, or simply enjoy the open space.

19. 2026-04-17
    listed $249,000 Active 2198-char remark

    Show marketing remark (2198 chars)

    Welcome to this spacious 4-bedroom, 2-bath ranch home set on an impressive 2.11-acre lot within the City of Watertown, a rare opportunity to enjoy both privacy and convenience in one property. With its generous layout, abundant natural light, and expansive outdoor space, this home offers the perfect canvas for creating something truly special. Mature trees and open areas create a peaceful backdrop, while still keeping you close to everything Watertown has to offer. Sunlight pours into the living spaces, creating a bright and welcoming atmosphere that enhances the home’s layout and makes each room feel warm and inviting. The ranch-style design offers the ease of single-level living, with a flow that is both practical and comfortable. The large kitchen truly serves as the heart of the home and features a dedicated eat-in area, perfect for casual meals, morning coffee, or gathering with family and friends. In addition to the eat-in kitchen, the home also offers a formal dining area, ideal for hosting holidays, dinner parties, or special occasions. A standout feature of this home is the presence of two separate living rooms, offering exceptional flexibility for a variety of lifestyles. One living area can serve as a primary gathering space, while the second is perfect for a family room, media room, home office, or playroom. The four bedrooms offer versatility and comfort, whether you need space for family, guests, office, or hobbies. The two full bathrooms are conveniently located and updated. With solid bones and a desirable layout, this property is ideal for those with vision. Whether you’re an investor, a first-time buyer ready to take on a project, or someone looking to design a long-term home, the potential here is undeniable. One of the standout features of this property is its location. Situated within the City of Watertown, the home offers convenient access to shopping, schools, restaurants, and everyday amenities. The outdoor space further enhances the appeal of this property. With over two acres of land, there’s plenty of room to expand your outdoor living areas, create gardens, add recreational features, or simply enjoy the open space.

20. 2026-03-14
    historical
21. 2026-02-23
    price $250,000
22. 2025-11-10
    listed $260,000 Active
23. 2020-05-18
    soldstatus $167,000
24. 2020-05-15
    soldstatus $167,000
25. 2020-03-01
    listed $176,000
26. 2020-01-10
    historical
27. 2019-10-08
    listed $184,900

ⓘ 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: $2,297 · $191/mo
• Projected year-2 tax: $2,923 · $244/mo
• Expected delta: +$626/yr (+$52/mo · 27.3%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate 20% chance over 30 yrs
• 🔥 Wildfire 2/10 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: $20,478
• − Mortgage interest: −$11,763
• − Property taxes: −$2,297
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,638
• − Management: −$1,638
• − Depreciation: −$6,109
• Taxable loss: −$4,017
• Est. tax savings @ 24.0%: +$964
• After-tax cash flow: $580/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

+29.3% since first listed

11 events — show timeline

• 2026-05-16 Price Changed $239,000 CNYIS
• 2026-05-04 Price Changed $244,000 CNYIS
• 2026-04-17 Listed $249,000 CNYIS
• 2026-03-14 Listing Removed — CNYIS
• 2026-02-23 Price Changed $250,000 CNYIS
• 2025-11-10 Listed $260,000 CNYIS
• 2020-05-18 Sold (Public Records) $167,000 Public Records
• 2020-05-15 Sold (MLS) $167,000 CNYIS
• 2020-03-01 Listed $176,000 CNYIS
• 2020-01-10 Listing Removed — CNYIS
• 2019-10-08 Listed $184,900 CNYIS

Property tax history

+8.3%/yr

Latest (2025): $2,297 · +2.3% YoY. Source: county tax records.