206 S Hamilton St · Watertown, NY 13601

$199,900

6 bd · 3.0 ba · 2,198 sqft · Townhouse · 120 Days on market

Built 1910 5,428 sqft lot

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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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• 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 MLS

Great investment property with a steady income or live in one half & rent the other to off set your payment. 2 unit - 1 up - 1 down. Large 3 bedroom, 1 & 1/2 bath w/ washer dryer hookups downstairs. Freshly painted & new carpet. Front porch & enclosed mudd room off the back. Upstairs is a 2 bedroom 1 & 1/2 bath, open floor plan between kitchen & living room. Separate utilities, paved driveway w/ plenty of parking in the back.

Key facts

• Bright living area
• Off street parking
• Front porch

Tags

• CONVENIENT LOCATION
• BRIGHT LIVING AREA
• LARGE KITCHEN
• FULL BASEMENT
• FRONT PORCH
• OFF STREET PARKING

Property features AI

Finance

• Other: Property contains two separate units
• Financial info: Owner pays snow removal and water for rental units; Operating expenses include snow removal and water/sewer for multi-unit property; Two rental units with separate gas and electric meters

Exterior

• Parking: Common paved parking
• Utilities: Electricity connected with circuit breakers; Public water connected; Sewer connected; Cable available; High-speed internet available
• Home design: Two-story building; Resale property
• Construction: Vinyl siding; Shingle roof; Stone foundation; Built as existing structure
• Exterior features: Covered porch

Interior

• Kitchen: Eat-in kitchens in both units
• Bedrooms: Two-bedroom unit (one unit); Three-bedroom unit (second unit)
• Flooring: Carpet, hardwood, tile, vinyl and varied flooring
• Bathrooms: Two full bathrooms and one half bathroom total across the property; Each unit has its own full bath; one unit also includes a half bath
• Heating & cooling: Gas forced-air heating
• Interior features: Carpet, hardwood, tile, vinyl and varied flooring throughout; Full basement with sump pump
• Laundry & utility: Washer hookup available; Gas water heater

What this means for you Summary

Snapshot

• This is a 6-bed/3.0-bath townhouse listed at $200k.

Deal economics

• At list price, monthly cash flow is $217 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 6.2% in Watertown — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y 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 $170k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.01% ✓
• Cap rate: 7.60%
• Cash-on-cash: 4.65%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $94,514
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
924 Academy St	0.06mi	6/2.0	2,272 (+3%)	8mo	$258,000	$114	81
1200 Bronson St	0.47mi	5/2.0 (-1)	2,352 (+7%)	6mo	$102,000	$43	53
132 Central St	0.20mi	5/2.0 (-1)	2,457 (+12%)	22mo	$65,000	$26	44

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: -3.6%
• Equity multiple: 0.86×
• Total profit: $-7,848
• Equity at exit: $29,806

10-year hold

• IRR: 11.1%
• Equity multiple: 2.07×
• Total profit: $59,755
• 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: 8.2×

Monthly cashflow live

• Estimated rent: $2,023 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$425
• Net cashflow: $217

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 84%

Sensitivity live

Price	-10% $355	-5% $286	+0% $217	+5% $148	+10% $79
Rent	-10% $57	-5% $137	+0% $217	+5% $297	+10% $377
Rate	-1.0pp $318	-0.5pp $268	base $217	+0.5pp $165	+1.0pp $113

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: —

Listing history 12 events

1. 2026-06-19
   days on market $199,900 Active 120 DOM
2. 2026-06-18
   days on market $199,900 Active 119 DOM
3. 2026-06-17
   days on market $199,900 Active 118 DOM
4. 2026-06-16
   days on market $199,900 Active 117 DOM
5. 2026-06-15
   days on market $199,900 Active 116 DOM
6. 2026-06-14
   days on market $199,900 Active 114 DOM
7. 2026-06-12
   days on market $199,900 Active 113 DOM
8. 2026-06-09
   days on market $199,900 Active 110 DOM
9. 2026-06-08
   days on market $199,900 Active 109 DOM
10. 2026-06-07
    days on market $199,900 Active 108 DOM
11. 2026-06-05
    remarks 693-char remark
12. 2026-06-05
    listed $199,900 Active 105 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 16 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: $24,280
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,942
• − Management: −$1,942
• − Depreciation: −$5,815
• Taxable loss: −$615
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $2,752/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

+42.9% since first listed

7 events — show timeline

• 2026-05-28 Relisted — CNYIS
• 2026-04-13 Contingent — CNYIS
• 2026-02-19 Listed $199,900 CNYIS
• 2021-01-21 Sold (MLS) $169,500 CNYIS
• 2020-02-05 Listed $159,900 CNYIS
• 2011-02-24 Sold (MLS) $134,000 CNYIS
• 2009-11-15 Listed $139,900 CNYIS