659 Bronson St · Watertown, NY 13601

$110,000

4 bd · 2.5 ba · 1,752 sqft · MultiFamily public records · 108 Days on market

Built 1880 5,372 sqft lot Est $159k · 31% 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: 2 units. confirmed

Listing remarks MLS

Nice city duplex that has been extensively remodeled. Nothing left to do but move in! 3 bedroom 1.5 bath on one side and 1 bedroom 1 bath on the other. Large 2 stall garage with a full second story. Would be a great man cave or artist studio.

Key facts

• Two stories garage
• Walk up large attic
• 5,372 sq ft lot

Tags

• WALK UP LARGE ATTIC
• TWO STORIES GARAGE
• ADDITIONAL LIVING SPACE

Property features AI

Finance

• Financial info: Tenant pays all utilities; Operating expense details: see remarks

Exterior

• Parking: Garage with two spaces; Additional parking (two or more spaces)
• Utilities: High-speed internet available; Public water connected; Sewer connected
• Home design: 2-story multifamily building; Resale property
• Construction: Vinyl siding; Architectural shingle roof; Stone foundation; Existing (previously built) structure
• Exterior features: Rectangular residential lot; City street frontage; Lot dimensions approximately 34 x 158

Interior

• Kitchen: Eat-in kitchen (in one unit); Oven/Range; Refrigerator
• Bedrooms: One 1-bedroom unit; One 3-bedroom unit (includes porch)
• Flooring: Carpet; Hardwood; Tile; Vinyl; Varied flooring types
• Bathrooms: Two full bathrooms and one half bathroom across units
• Heating & cooling: Heating present; Electric heating; Natural gas heating; Gas stove heating; Baseboard heating
• Interior features: Drapes and window treatments; Window treatments
• Laundry & utility: Washer and dryer in unit; Electric water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.2-bath units multifamily listed at $110k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $589/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Recommended offer: $100k (9.0% below list) — sets the bar for market timing.
• Cap rate 19.1% 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; 9 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).
• At $2,425/mo this rent would consume 49% of the median local household income ($59k/yr) (locally 1634% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($100k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y 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 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,100 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
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 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: 2.20% ✓
• Cap rate: 19.14%
• Cash-on-cash: 45.89%
• DSCR: 3.04
• GRM: 3.8

CMA / ARV

• ARV (on-the-fly): $159,432
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 N Rutland St	0.08mi	3/2.0 (-1)	1,610 (-8%)	0mo	$121,600	$76	75
203 Mechanic St	0.29mi	4/2.0	1,718 (-2%)	9mo	$120,000	$70	74
314 Central St	0.16mi	3/2.5 (-1)	1,616 (-8%)	6mo	$100,000	$62	70
119 State Pl	0.21mi	4/2.0	1,848 (+6%)	16mo	$38,500	$21	66
678 Bronson St	0.06mi	4/2.0	1,601 (-9%)	20mo	$169,900	$106	64
221 S Hamilton St	0.47mi	5/2.0 (+1)	1,780 (+2%)	6mo	$167,500	$94	64
810 Boyd St	0.36mi	5/2.0 (+1)	1,934 (+10%)	1mo	$179,900	$93	58
356 N Colorado Ave	0.60mi	3/2.0 (-1)	1,665 (-5%)	6mo	$149,900	$90	52
541 Davidson St	0.72mi	3/2.0 (-1)	1,641 (-6%)	0mo	$150,000	$91	49
700 Lillian St	0.51mi	4/2.0	1,596 (-9%)	14mo	$148,400	$93	48
119 Stuart St	0.72mi	4/2.0	1,710 (-2%)	15mo	$28,000	$16	48
629 Lillian St	0.47mi	4/2.0	1,564 (-11%)	21mo	$178,000	$114	40

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: 48.6%
• Equity multiple: 3.27×
• Total profit: $70,030
• Equity at exit: $16,401

10-year hold

• IRR: 56.3%
• Equity multiple: 8.01×
• Total profit: $215,998
• 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: 7.6×

Monthly cashflow live

• Estimated rent: $2,425 high
• Mortgage (P&I): −$577
• Tax from tax record: −$115 /mo · $1,383/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $1,178

Break-even live

Break-even rent $934

Max offer price $110,000

Occupancy floor 46%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.2	$2,426
Total (2 units)			$2,425

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 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	43d	1	0.22mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	43d	1	0.32mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	0.42mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	0.58mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	43d	9	0.64mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	0.81mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	43d	1	0.98mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	43d	1	1.07mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,676	$1.21	43d	6	1.30mi

Listing history 7 events

1. 2026-05-01
   status Pending
2. 2026-01-13
   listed $110,000 Active
3. 2011-10-14
   soldstatus $100,000
4. 2011-10-11
   soldstatus $100,000 242-char remark

   Show marketing remark (242 chars)

   Nice city duplex that has been extensively remodeled. Nothing left to do but move in! 3 bedroom 1.5 bath on one side and 1 bedroom 1 bath on the other. Large 2 stall garage with a full second story. Would be a great man cave or artist studio.

5. 2011-08-11
   listed $100,000 242-char remark

   Show marketing remark (242 chars)

   Nice city duplex that has been extensively remodeled. Nothing left to do but move in! 3 bedroom 1.5 bath on one side and 1 bedroom 1 bath on the other. Large 2 stall garage with a full second story. Would be a great man cave or artist studio.

6. 2007-04-18
   soldstatus $59,900 39-char remark

   Show marketing remark (39 chars)

   To settle the estate. Being sold as is.

7. 2006-08-25
   listed $77,700 39-char remark

   Show marketing remark (39 chars)

   To settle the estate. Being sold as is.

ⓘ 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: $1,383 · $115/mo
• Projected year-2 tax: $1,621 · $135/mo
• Expected delta: +$238/yr (+$20/mo · 17.2%)

ⓘ 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: $29,100
• − Mortgage interest: −$6,162
• − Property taxes: −$1,383
• − Insurance: −$550
• − Repairs & maintenance: −$2,328
• − Management: −$2,328
• − Depreciation: −$3,200
• Taxable income: $13,149
• Est. tax owed @ 24.0%: −$3,156
• After-tax cash flow: $10,978/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

+41.6% since first listed

7 events — show timeline

• 2026-05-01 Pending — CNYIS
• 2026-01-13 Listed $110,000 CNYIS
• 2011-10-14 Sold (Public Records) $100,000 Public Records
• 2011-10-11 Sold (MLS) $100,000 CNYIS
• 2011-08-11 Listed $100,000 CNYIS
• 2007-04-18 Sold (MLS) $59,900 CNYIS
• 2006-08-25 Listed $77,700 CNYIS

Property tax history

+14.1%/yr

Latest (2025): $1,383 · +2.5% YoY. Source: county tax records.