132 William St · Watertown, NY 13601

$119,000

5 bd · 3.0 ba · 2,684 sqft · MultiFamily public records · 233 Days on market

Built 1837 8,575 sqft lot $44/sqft · 50% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Fantastic investment opportunity for both new and seasoned buyers! This 3-unit triplex at 132 William St is offered at an affordable price and is ready to start generating income from day one. Whether you’re looking to expand your portfolio with three more doors or take your first step into real estate investing, this property is a great fit. All three apartments are currently rented, providing steady cash flow. The spacious backyard offers a surprising amount of room for gatherings and outdoor enjoyment on a 0.2-acre city lot that feels larger than expected. Owning a triplex is a financially smart and strategic investment. With three income-producing units under one roof, you can offset your mortgage, build equity faster, and enjoy consistent returns over time. For owner-occupants, living in one unit while renting the others can significantly reduce monthly expenses—an ideal way to build long-term wealth through real estate. Located just off State Street and within walking distance to Watertown’s Public Square, this property combines a quiet setting with easy access to city amenities—a winning combination for tenants and investors alike.

Key facts

• Spacious backyard
• Quiet setting
• Triplex

Tags

• TRIPLEX
• SPACIOUS BACKYARD
• INCOME PRODUCING UNITS
• QUIET SETTING

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $119k.

Deal economics

• At list price, monthly cash flow is $4k ($45k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $119k).
• Recommended offer: $105k (12.0% below list) — sets the bar for market timing.
• Cap rate 44.4% vs local median 6.3% 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-, 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); 224 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $5,769/mo this rent would consume 118% 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 $823 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 $33k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 233 days — a 12% lower offer ($105k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 1837 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $104,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 233 days. Have you received any prior offers? Is the seller open to a 12% 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 1837 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 4.85% ✓
• Cap rate: 44.36%
• Cash-on-cash: 135.96%
• DSCR: 7.05
• GRM: 1.7

CMA / ARV

• ARV (median comp): $239,574
• List price: $119,000
• Delta: -50.33%
• 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
359 Franklin St #2	0.16mi	5/3.0	2,644 (-2%)	7mo	$70,000	$26	84
114 High St	0.09mi	5/3.0	2,500 (-7%)	18mo	$178,500	$71	69
123 State Pl	0.14mi	6/4.0 (+1)	3,086 (+15%)	3mo	$250,000	$81	56
301 Keyes Ave	0.28mi	4/2.0 (-1)	2,450 (-9%)	8mo	$30,000	$12	56
211-213 S Pleasant St	0.46mi	5/3.5	2,998 (+12%)	5mo	$153,000	$51	53
116 S Hamilton St	0.35mi	5/2.0	2,520 (-6%)	21mo	$190,000	$75	52
350 Brainard St	0.45mi	6/3.5 (+1)	2,859 (+6%)	20mo	$240,000	$84	45
1102 Salina St	0.50mi	6/2.0 (+1)	2,338 (-13%)	10mo	$85,000	$36	38
133 Central St	0.30mi	4/2.0 (-1)	2,353 (-12%)	23mo	$177,000	$75	37
308 - 310 S Pleasant St	0.45mi	6/2.0 (+1)	3,054 (+14%)	15mo	$165,000	$54	35
329 Mcclelland St	0.62mi	6/3.0 (+1)	2,986 (+11%)	22mo	$165,000	$55	29
609 Mundy St	0.66mi	4/3.0 (-1)	2,281 (-15%)	23mo	$182,000	$80	20

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: —
• Equity multiple: 8.55×
• Total profit: $251,704
• Equity at exit: $17,743

10-year hold

• IRR: —
• Equity multiple: 21.04×
• Total profit: $667,796
• Equity at exit: $10,289

Cash invested: $33,320 (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: 224
• Price-to-rent: 5.2×

Monthly cashflow live

• Estimated rent: $5,769 medium
• Mortgage (P&I): −$624
• Tax from tax record: −$109 /mo · $1,306/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,211
• Net cashflow: $3,775

Break-even live

Break-even rent $990

Max offer price $119,000

Occupancy floor 30%

Sensitivity live

Price	-10% $3,842	-5% $3,809	+0% $3,775	+5% $3,741	+10% $3,708
Rent	-10% $3,319	-5% $3,547	+0% $3,775	+5% $4,003	+10% $4,231
Rate	-1.0pp $3,835	-0.5pp $3,805	base $3,775	+0.5pp $3,744	+1.0pp $3,713

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,769
Total (3 units)			$5,769

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 2 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	45d	9	0.85mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	45d	1	0.96mi

Listing history 25 events

1. 2026-06-21
   days on market $119,000 Active 233 DOM
2. 2026-06-19
   days on market $119,000 Active 231 DOM
3. 2026-06-18
   days on market $119,000 Active 230 DOM
4. 2026-06-17
   days on market $119,000 Active 229 DOM
5. 2026-06-16
   days on market $119,000 Active 228 DOM
6. 2026-06-15
   days on market $119,000 Active 227 DOM
7. 2026-06-14
   days on market $119,000 Active 225 DOM
8. 2026-06-12
   days on market $119,000 Active 224 DOM
9. 2026-06-09
   days on market $119,000 Active 221 DOM
10. 2026-06-08
    days on market $119,000 Active 220 DOM
11. 2026-06-07
    days on market $119,000 Active 219 DOM
12. 2026-06-05
    days on market $119,000 Active 216 DOM
13. 2026-06-03
    days on market $119,000 Active 215 DOM
14. 2026-06-02
    days on market $119,000 Active 214 DOM
15. 2026-06-01
    days on market $119,000 Active 213 DOM
16. 2026-05-31
    days on market $119,000 Active 212 DOM
17. 2026-05-30
    days on market $119,000 Active 211 DOM
18. 2025-10-30
    listed $119,000 Active 1180-char remark

    Show marketing remark (1180 chars)

    Fantastic investment opportunity for both new and seasoned buyers! This 3-unit triplex at 132 William St is offered at an affordable price and is ready to start generating income from day one. Whether you’re looking to expand your portfolio with three more doors or take your first step into real estate investing, this property is a great fit. All three apartments are currently rented, providing steady cash flow. The spacious backyard offers a surprising amount of room for gatherings and outdoor enjoyment on a 0.2-acre city lot that feels larger than expected. Owning a triplex is a financially smart and strategic investment. With three income-producing units under one roof, you can offset your mortgage, build equity faster, and enjoy consistent returns over time. For owner-occupants, living in one unit while renting the others can significantly reduce monthly expenses—an ideal way to build long-term wealth through real estate. Located just off State Street and within walking distance to Watertown’s Public Square, this property combines a quiet setting with easy access to city amenities—a winning combination for tenants and investors alike.

19. 2025-10-15
    historical
20. 2025-01-07
    price $119,000
21. 2024-12-07
    status Active
22. 2024-10-26
    historical Active Under Contract
23. 2024-10-19
    listed $120,000 Active
24. 2022-12-28
    historical
25. 2021-12-28
    listed $98,800 Active

ⓘ 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: $1,306 · $109/mo
• Projected year-2 tax: $1,658 · $138/mo
• Expected delta: +$353/yr (+$29/mo · 27.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 15 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: $69,228
• − Mortgage interest: −$6,666
• − Property taxes: −$1,306
• − Insurance: −$595
• − Repairs & maintenance: −$5,538
• − Management: −$5,538
• − Depreciation: −$3,462
• Taxable income: $46,123
• Est. tax owed @ 24.0%: −$11,070
• After-tax cash flow: $34,231/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

+20.4% since first listed

8 events — show timeline

• 2025-10-30 Listed $119,000 CNYIS
• 2025-10-15 Listing Removed — CNYIS
• 2025-01-07 Price Changed $119,000 CNYIS
• 2024-12-07 Relisted — CNYIS
• 2024-10-26 Contingent — CNYIS
• 2024-10-19 Listed $120,000 CNYIS
• 2022-12-28 Listing Removed — CNYIS
• 2021-12-28 Listed $98,800 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $1,306 · +2.0% YoY. Source: county tax records.