606 Lansing St · Watertown, NY 13601

$119,900

4 bd · 1.0 ba · 1,543 sqft · SingleFamily public records · 3 Days on market

Built 1900 0.29 ac lot Est $156k · 23% 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
• DSCR +10.0/10.0
• 1% rule +9.0/10.0
• 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

Listing remarks

Welcome to 606 Lansing Street in Watertown, NY, an excellent opportunity to own a duplex with immediate income potential. Whether you're looking to expand your investment portfolio or occupy one unit while generating rental income from the other, this property offers flexibility and value. One apartment is occupied by a long-term tenant, providing stable and consistent rental income from day one. The second unit has recently undergone renovations and is completely move-in ready, offering updated finishes and the opportunity to attract a new tenant at current market rents or serve as an owner-occupied residence. The property features a practical layout, separate living spaces, and low-mainte

Key facts

• Move-in ready
• Updated finishes
• Practical layout

Tags

• IMMEDIATE INCOME POTENTIAL
• RECENTLY UNDERGONE RENOVATIONS
• MOVE-IN READY
• UPDATED FINISHES
• PRACTICAL LAYOUT
• SEPARATE LIVING SPACES

Property features AI

Finance

• Other: Two total units in the building; Separate single gas and electric meters for the property; Operating expense details referenced in remarks
• Financial info: Owner pays electricity, heat, hot water and water (as listed under owner pays); At least one unit currently rented for $600 month (month-to-month)

Exterior

• Parking: Attached garage with one garage space; Two or more parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Resale property; Composite siding
• Construction: Composite siding construction; Existing structure (year built not specified)
• Exterior features: Rectangular lot with approximate dimensions 73 x 174

Interior

• Kitchen: Eat-in kitchen(s); Oven/range and refrigerator in at least one unit
• Bedrooms: Two bedrooms in each unit (building contains two units)
• Flooring: Carpet; Laminate; Varies
• Bathrooms: Two full bathrooms total
• Heating & cooling: Gas forced-air heating
• Interior features: Varied interior flooring including carpet and laminate
• Laundry & utility: Electric water heater

🏷️ Possibly a rental listed for sale. The $119,900 price doesn't fit this home's estimated sale value (~$155,843) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $561 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Cap rate 11.9% 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; 8 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 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 $829 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 $34k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1900 — 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: 1.40% ✓
• Cap rate: 11.91%
• Cash-on-cash: 20.05%
• DSCR: 1.89
• GRM: 6.0

CMA / ARV

• ARV (on-the-fly): $155,843
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
208 Farwell St	0.07mi	4/1.5	1,610 (+4%)	1mo	$162,900	$101	87
646 Cooper St	0.25mi	4/1.0	1,519 (-2%)	2mo	$195,000	$128	84
211 W Lynde St	0.28mi	3/2.0 (-1)	1,554 (+1%)	1mo	$190,000	$122	76
523 Emerson St	0.43mi	4/1.0	1,498 (-3%)	0mo	$47,100	$31	75
660 Cooper St	0.27mi	4/1.0	1,417 (-8%)	3mo	$132,900	$94	72
130 Charles St	0.21mi	4/1.5	1,400 (-9%)	3mo	$225,000	$161	71
626 Mill St	0.15mi	4/2.0	1,716 (+11%)	0mo	$75,000	$44	70
632 Burlington St	0.09mi	3/3.0 (-1)	1,319 (-14%)	1mo	$209,000	$158	58
148 E Division St	0.54mi	3/2.0 (-1)	1,594 (+3%)	4mo	$130,000	$82	57
662 Burchard St	0.43mi	3/2.0 (-1)	1,668 (+8%)	2mo	$140,000	$84	56
244 N Rutland St	0.53mi	4/2.5	1,693 (+10%)	1mo	$233,200	$138	53
318 Academy St	0.74mi	3/1.0 (-1)	1,471 (-5%)	7mo	$118,500	$81	47

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: 17.5%
• Equity multiple: 1.75×
• Total profit: $25,128
• Equity at exit: $17,877

10-year hold

• IRR: 29.2%
• Equity multiple: 4.22×
• Total profit: $108,110
• Equity at exit: $10,367

Cash invested: $33,572 (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: 6.0×

Monthly cashflow live

• Estimated rent: $1,675 high
• Mortgage (P&I): −$629
• Tax from tax record: −$84 /mo · $1,008/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$352
• Net cashflow: $561

Break-even live

Break-even rent $966

Max offer price $119,900

Occupancy floor 62%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	43d	1	0.26mi
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	0.56mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	0.72mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	0.73mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	43d	1	0.73mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	43d	1	0.74mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	43d	9	1.00mi

Listing history 4 events

1. 2026-06-19
   days on market $119,900 Active 3 DOM
2. 2026-06-18
   days on market $119,900 Active 2 DOM
3. 2026-06-17
   remarks 699-char remark
4. 2026-06-17
   listed $119,900 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: $1,008 · $84/mo
• Projected year-2 tax: $1,517 · $126/mo
• Expected delta: +$509/yr (+$42/mo · 50.5%)

ⓘ 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: $20,105
• − Mortgage interest: −$6,716
• − Property taxes: −$1,008
• − Insurance: −$600
• − Repairs & maintenance: −$1,608
• − Management: −$1,608
• − Depreciation: −$3,488
• Taxable income: $5,076
• Est. tax owed @ 24.0%: −$1,218
• After-tax cash flow: $5,511/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

2 events — show timeline

• 2026-06-16 Listed $119,900 CNYIS
• 2022-04-02 Price Changed $760 RENT.

Property tax history

+18.7%/yr

Latest (2025): $1,008 · +3.9% YoY. Source: county tax records.