304 S Rutland St S · Watertown, NY 13601

$59,900

5 bd · 2.0 ba · 1,912 sqft · SingleFamily public records · 48 Days on market

Built 1900 2,065 sqft lot $31/sqft · 73% below area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

Large home with Shared driveway, also available for rent with option to buy for $1300 per month

Key facts

• 2,065 sq ft lot
• Parking
• Built 1900

🏷️ Possibly a rental listed for sale. The $59,900 price doesn't fit this home's estimated sale value (~$219,090) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $892 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $58k (3.0% below list) — sets the bar for market timing.
• Cap rate 24.2% 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; 3 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 36% 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 $414 of loan paydown is wiped out by about $2k 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 $17k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 48 days — a 3% lower offer ($58k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y ago; this cycle's ask is 4337% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $11k; list at $60k implies a 458% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.5% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $58,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 2.97% ✓
• Cap rate: 24.15%
• Cash-on-cash: 63.79%
• DSCR: 3.84
• GRM: 2.8

CMA / ARV

• ARV (median comp): $219,090
• List price: $59,900
• Delta: -72.66%
• 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
711 Cadwell St	0.21mi	4/1.5 (-1)	1,870 (-2%)	1mo	$239,900	$128	78
360 Brainard St	0.30mi	4/2.0 (-1)	2,016 (+5%)	2mo	$162,000	$80	70
919 Academy St	0.15mi	4/2.0 (-1)	2,128 (+11%)	0mo	$150,000	$70	69
418 Brainard St	0.21mi	4/2.0 (-1)	2,152 (+13%)	1mo	$274,000	$127	63
946 Franklin St	0.27mi	4/1.5 (-1)	2,110 (+10%)	0mo	$256,000	$121	63
205 Michigan Ave	0.56mi	4/2.0 (-1)	1,848 (-3%)	2mo	$280,000	$152	62
380 Brainard St	0.27mi	4/1.5 (-1)	1,664 (-13%)	1mo	$268,000	$161	58
244 N Rutland St	0.42mi	4/2.5 (-1)	1,693 (-12%)	1mo	$233,200	$138	54
1157 Harrison St	0.40mi	4/2.5 (-1)	1,664 (-13%)	2mo	$240,000	$144	51
158 Haley St	0.66mi	4/2.0 (-1)	2,105 (+10%)	2mo	$241,000	$114	46
142 Haley St	0.69mi	4/2.0 (-1)	2,104 (+10%)	4mo	$279,900	$133	43
1526 State St	0.69mi	4/2.0 (-1)	1,652 (-14%)	3mo	$247,500	$150	38

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: 68.9%
• Equity multiple: 4.37×
• Total profit: $56,581
• Equity at exit: $8,931

10-year hold

• IRR: 74.7%
• Equity multiple: 10.87×
• Total profit: $165,604
• Equity at exit: $5,179

Cash invested: $16,772 (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: 2.8×

Monthly cashflow live

• Estimated rent: $1,782 medium
• Mortgage (P&I): −$314
• Tax from tax record: −$177 /mo · $2,123/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $892

Break-even live

Break-even rent $653

Max offer price $59,900

Occupancy floor 45%

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	43d	9	0.82mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	43d	1	1.15mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,676	$1.21	43d	6	1.17mi

Listing history 14 events

1. 2026-06-05
   days on market $59,900 Active 48 DOM
2. 2026-06-03
   days on market $59,900 Active 47 DOM
3. 2026-06-02
   days on market $59,900 Active 46 DOM
4. 2026-06-01
   days on market $59,900 Active 45 DOM
5. 2026-05-31
   days on market $59,900 Active 44 DOM
6. 2026-05-30
   days on market $59,900 Active 43 DOM
7. 2026-04-29
   listed $1,350
8. 2026-04-28
   price $59,900 95-char remark

   Show marketing remark (95 chars)

   Large home with Shared driveway, also available for rent with option to buy for $1300 per month

9. 2026-04-17
   listed $55,000 Active 95-char remark

   Show marketing remark (95 chars)

   Large home with Shared driveway, also available for rent with option to buy for $1300 per month

10. 2024-09-12
    soldstatus $10,728
11. 2024-09-09
    historical $1,300
12. 2024-09-06
    listed $1,300
13. 2017-10-19
    soldstatus $42,000 145-char remark

    Show marketing remark (145 chars)

    With an assessed value of $113,500 this home is a DEAL! 5 LARGE BEDROOMS AND 2 FULL BATHS, centrally located. Needs some TLC but priced to sell!

14. 2017-08-30
    listed $49,000 145-char remark

    Show marketing remark (145 chars)

    With an assessed value of $113,500 this home is a DEAL! 5 LARGE BEDROOMS AND 2 FULL BATHS, centrally located. Needs some TLC but priced to sell!

ⓘ 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: $2,123 · $177/mo
• Projected year-2 tax: $2,123 · $177/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 66% 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: $21,380
• − Mortgage interest: −$3,355
• − Property taxes: −$2,123
• − Insurance: −$300
• − Repairs & maintenance: −$1,710
• − Management: −$1,710
• − Depreciation: −$1,743
• Taxable income: $10,439
• Est. tax owed @ 24.0%: −$2,505
• After-tax cash flow: $8,193/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

-97.2% since first listed

8 events — show timeline

• 2026-04-29 Listed for Rent $1,350 CNYIS
• 2026-04-28 Price Changed $59,900 CNYIS
• 2026-04-17 Listed $55,000 CNYIS
• 2024-09-12 Sold (Public Records) $10,728 Public Records
• 2024-09-09 Rental Removed $1,300 NYSAMLS
• 2024-09-06 Listed for Rent $1,300 NYSAMLS
• 2017-10-19 Sold (MLS) $42,000 CNYIS
• 2017-08-30 Listed $49,000 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $2,123 · +2.0% YoY. Source: county tax records.