214 S Rutland St · Watertown, NY 13601

$199,900

4 bd · 1.5 ba · 1,467 sqft · SingleFamily public records · 18 Days on market

Built 1910 5,850 sqft lot Est $230k · 13% 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 +14.7/30.0
• ARV discount +13.4/15.0
• Rent growth +5.0/5.0
• DSCR +4.5/10.0
• Schools +3.7/10.0
• 1% rule +3.4/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice move-in condition home within walking distance to the grocery store, drug store and gas station - plus only minutes to the main gate at Fort Drum. Wonderful new 2 car deep garage - 1st floor laundry, eat-in kitchen plus a formal dining area, recent furnace, recent electrical box, recent water heater, plus a nice new bath is in process ! Nice home, don't wait call today for an appt to see !

Key facts

• Well maintained
• Major updates
• 5,850 sq ft lot

Tags

• WELL MAINTAINED
• MAJOR UPDATES
• UPDATED ELECTRICAL PANEL
• CENTRAL AIR CONDITIONING
• GENEROUSLY SIZED BACKYARD
• TWO STALL TANDEM GARAGE

Property features AI

Exterior

• Parking: Detached garage with electricity and garage door opener (2-car)
• Security: Owned security system
• Utilities: Public water (connected); Sewer connected; High-speed internet available; Cable available; Electric with circuit breakers
• Home design: Single-story; Existing (previously built)
• Construction: Cedar shake siding; Asphalt shingle roof; Stone foundation; Copper and PEX plumbing
• Exterior features: Blacktop driveway; Partial fencing; Fence; Covered porch; Shed(s)/storage

Interior

• Kitchen: Gas oven; Gas range; Range hood; Refrigerator; Exhaust fan
• Flooring: Carpet; Hardwood; Laminate; Vinyl; Varied flooring
• Bathrooms: One full bathroom; One half bathroom; One main-level bathroom
• Heating & cooling: Gas forced-air heating; Central air conditioning
• Interior features: Separate/formal dining room; Entrance foyer; Eat-in kitchen; Separate/formal living room; Pantry
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $50 ($597/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $167k (16.5% below list).
• Recommended offer: $167k (16.5% 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-, 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: Knickerbocker School (math 32% / reading 47%, grade F, #1,444 of 2,108 statewide, top 71%, 364 students, 71% 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) — zoned schools average 69% FRL vs 49% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+10.0%/yr); 223 active listings in the ZIP; 8 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 34% 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 18 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $117k; list at $200k implies a 71% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $166,987 (16.5% below list)

Questions for the listing agent

1. Built in 1910 — 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: 0.84% ✗
• Cap rate: 6.59%
• Cash-on-cash: 1.07%
• DSCR: 1.05
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $230,319
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
523 Emerson St	0.35mi	4/1.0	1,498 (+2%)	1mo	$47,100	$31	77
412 Pawling St	0.43mi	3/1.5 (-1)	1,424 (-3%)	0mo	$240,000	$169	69
1212 Boyd St	0.46mi	4/1.0	1,367 (-7%)	1mo	$185,880	$136	64
380 Brainard St	0.32mi	4/1.5	1,664 (+13%)	1mo	$268,000	$161	62
202 Michigan Ave	0.55mi	3/1.0 (-1)	1,411 (-4%)	1mo	$89,000	$63	60
241 Colorado Ave	0.63mi	3/1.5 (-1)	1,525 (+4%)	0mo	$225,000	$148	59
181 Ward St	0.69mi	4/1.5	1,388 (-5%)	2mo	$273,000	$197	57
643 S Hamilton St	0.47mi	3/1.0 (-1)	1,335 (-9%)	1mo	$261,700	$196	55
1157 Harrison St	0.41mi	4/2.5	1,664 (+13%)	2mo	$240,000	$144	53
662 Burchard St	0.43mi	3/2.0 (-1)	1,668 (+14%)	2mo	$140,000	$84	48
1017 Myrtle Ave	0.71mi	3/2.0 (-1)	1,608 (+10%)	2mo	$252,500	$157	42
236 Colorado Ave	0.64mi	3/1.0 (-1)	1,252 (-15%)	2mo	$210,000	$168	37

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: -9.6%
• Equity multiple: 0.63×
• Total profit: $-20,442
• Equity at exit: $29,806

10-year hold

• IRR: 5.3%
• Equity multiple: 1.47×
• Total profit: $26,269
• Equity at exit: $17,284

Cash invested: $55,972 (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: 10.0×

Monthly cashflow live

• Estimated rent: $1,670 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$138 /mo · $1,654/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $50

Break-even live

Break-even rent $1,607

Max offer price $199,900

Occupancy floor 92%

Sensitivity live

Price	-10% $163	-5% $106	+0% $50	+5% $-7	+10% $-63
Rent	-10% $-82	-5% $-16	+0% $50	+5% $116	+10% $182
Rate	-1.0pp $150	-0.5pp $101	base $50	+0.5pp $-2	+1.0pp $-55

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	45d	1	0.13mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	45d	1	0.18mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	45d	1	0.23mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	45d	1	0.41mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	45d	1	0.43mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	45d	9	0.74mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	45d	1	0.92mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,676	$1.21	45d	6	1.14mi

Listing history 14 events

1. 2026-06-22
   days on market $199,900 Active 18 DOM
2. 2026-06-21
   days on market $199,900 Active 17 DOM
3. 2026-06-19
   pricedays on market $199,900 Active 15 DOM
4. 2026-06-18
   days on market $200,000 Active 14 DOM
5. 2026-06-17
   days on market $200,000 Active 13 DOM
6. 2026-06-16
   days on market $200,000 Active 12 DOM
7. 2026-06-15
   days on market $200,000 Active 11 DOM
8. 2026-06-14
   days on market $200,000 Active 9 DOM
9. 2026-06-12
   days on market $200,000 Active 8 DOM
10. 2026-06-09
    days on market $200,000 Active 5 DOM
11. 2026-06-08
    days on market $200,000 Active 4 DOM
12. 2026-06-07
    days on market $200,000 Active 3 DOM
13. 2026-06-05
    remarks 693-char remark
14. 2026-06-05
    listed $200,000 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: $1,654 · $138/mo
• Projected year-2 tax: $2,516 · $210/mo
• Expected delta: +$862/yr (+$72/mo · 52.1%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X · 69% 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: $20,038
• − Mortgage interest: −$11,198
• − Property taxes: −$1,654
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,603
• − Management: −$1,603
• − Depreciation: −$5,815
• Taxable loss: −$2,834
• Est. tax savings @ 24.0%: +$680
• After-tax cash flow: $1,277/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

+222.6% since first listed

7 events — show timeline

• 2026-06-04 Listed $200,000 CNYIS
• 2017-01-09 Sold (Public Records) $117,150 Public Records
• 2017-01-05 Sold (MLS) $123,650 CNYIS
• 2016-05-09 Listing Removed — CNYIS
• 2016-05-06 Listed $129,900 CNYIS
• 2015-06-15 Listed $142,800 CNYIS
• 2004-11-01 Sold (Public Records) $62,000 Public Records

Property tax history

+18.7%/yr

Latest (2025): $1,654 · +3.9% YoY. Source: county tax records.