140 E Main St · Watertown, NY 13601

$158,900

4 bd · 3.0 ba · 1,980 sqft · MultiFamily public records · 94 Days on market

Built 1900 6,996 sqft lot $80/sqft · 40% below area Est $265k · 40% under

---

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

This proprety has been a consitent producer since 2022. Presently two units are rented with applications on the third. Apartment 1 is rented for $1025. Apartment 2 & 3 are rented for $825 a month. The onwer has updated all three apartments with Apartment #1 getting a full face lift in 2022. All three apartments are metered seperately for gas and electricity. Tenants pay their own utilities. The property is located near the square for easy access to restraunts and shopping as well as public transportation. This property has a ton of potential and can be relied on for consistent income.

Key facts

• Three apartments
• Near the square
• Separately metered

Tags

• THREE APARTMENTS
• SEPARATELY METERED
• NEAR THE SQUARE
• EASY ACCESS TO RESTAURANTS
• EASY ACCESS TO SHOPPING
• PUBLIC TRANSPORTATION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $159k.

Deal economics

• At list price, monthly cash flow is $921 ($11k/yr) — positive. Per door: $460/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $145k (9.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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: North Elementary School (math 32% / reading 62%, grade D-, #1,195 of 2,108 statewide, top 60%, 455 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 45d 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 $2,419/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 $1k of loan paydown is wiped out by about $5k 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 $44k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $14k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $114k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $144,599 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 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 1900 — 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: 1.52% ✓
• Cap rate: 13.25%
• Cash-on-cash: 24.84%
• DSCR: 2.11
• GRM: 5.5

CMA / ARV

• ARV (median comp): $265,390
• List price: $158,900
• Delta: -40.13%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
810 Boyd St	0.70mi	5/2.0 (+1)	1,934 (-2%)	1mo	$179,900	$93	54
203 Mechanic St	0.29mi	4/2.0	1,718 (-13%)	9mo	$120,000	$70	53
424 Prospect St	0.68mi	4/2.0	1,914 (-3%)	9mo	$130,000	$68	51
119 State Pl	0.49mi	4/2.0	1,848 (-7%)	16mo	$38,500	$21	49
502 Academy St	0.61mi	4/2.5	2,112 (+7%)	16mo	$180,000	$85	45
119 Stuart St	0.40mi	4/2.0	1,710 (-14%)	15mo	$28,000	$16	42
411 Prospect St	0.66mi	5/2.0 (+1)	1,719 (-13%)	1mo	$112,500	$65	38
512 Hamlin St	0.70mi	5/2.5 (+1)	2,220 (+12%)	3mo	$236,000	$106	37
836 Leray St	0.62mi	4/2.0	1,782 (-10%)	19mo	$154,000	$86	34

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: 23.5%
• Equity multiple: 2.03×
• Total profit: $45,658
• Equity at exit: $23,693

10-year hold

• IRR: 34.3%
• Equity multiple: 4.90×
• Total profit: $173,345
• Equity at exit: $13,739

Cash invested: $44,492 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,419 high
• Mortgage (P&I): −$833
• Tax from tax record: −$91 /mo · $1,087/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $921

Break-even live

Break-even rent $1,253

Max offer price $158,900

Occupancy floor 57%

Sensitivity live

Price	-10% $1,011	-5% $966	+0% $921	+5% $876	+10% $831
Rent	-10% $730	-5% $825	+0% $921	+5% $1,016	+10% $1,112
Rate	-1.0pp $1,001	-0.5pp $961	base $921	+0.5pp $880	+1.0pp $838

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,418
Total (2 units)			$2,419

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: $39,725
• Closing costs: $4,767
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	45d	1	0.41mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	45d	1	0.47mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	45d	1	0.56mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	45d	1	0.61mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	45d	1	0.71mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	45d	1	0.73mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	45d	1	0.98mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	45d	9	1.03mi

Listing history 38 events

1. 2026-06-21
   days on market $158,900 Active 94 DOM
2. 2026-06-19
   days on market $158,900 Active 92 DOM
3. 2026-06-18
   days on market $158,900 Active 91 DOM
4. 2026-06-17
   days on market $158,900 Active 90 DOM
5. 2026-06-16
   days on market $158,900 Active 89 DOM
6. 2026-06-15
   days on market $158,900 Active 88 DOM
7. 2026-06-14
   days on market $158,900 Active 86 DOM
8. 2026-06-12
   days on market $158,900 Active 85 DOM
9. 2026-06-09
   days on market $158,900 Active 82 DOM
10. 2026-06-08
    days on market $158,900 Active 81 DOM
11. 2026-06-07
    days on market $158,900 Active 80 DOM
12. 2026-06-05
    days on market $158,900 Active 77 DOM
13. 2026-06-03
    days on market $158,900 Active 76 DOM
14. 2026-06-02
    days on market $158,900 Active 75 DOM
15. 2026-06-01
    days on market $158,900 Active 74 DOM
16. 2026-05-31
    days on market $158,900 Active 73 DOM
17. 2026-05-30
    days on market $158,900 Active 72 DOM
18. 2026-04-13
    price $158,900 595-char remark

    Show marketing remark (595 chars)

    This proprety has been a consitent producer since 2022. Presently two units are rented with applications on the third. Apartment 1 is rented for $1025. Apartment 2 & 3 are rented for $825 a month. The onwer has updated all three apartments with Apartment #1 getting a full face lift in 2022. All three apartments are metered seperately for gas and electricity. Tenants pay their own utilities. The property is located near the square for easy access to restraunts and shopping as well as public transportation. This property has a ton of potential and can be relied on for consistent income.

19. 2026-04-10
    price $164,900 595-char remark

    Show marketing remark (595 chars)

    This proprety has been a consitent producer since 2022. Presently two units are rented with applications on the third. Apartment 1 is rented for $1025. Apartment 2 & 3 are rented for $825 a month. The onwer has updated all three apartments with Apartment #1 getting a full face lift in 2022. All three apartments are metered seperately for gas and electricity. Tenants pay their own utilities. The property is located near the square for easy access to restraunts and shopping as well as public transportation. This property has a ton of potential and can be relied on for consistent income.

20. 2026-03-19
    listed $172,900 Active 595-char remark

    Show marketing remark (595 chars)

    This proprety has been a consitent producer since 2022. Presently two units are rented with applications on the third. Apartment 1 is rented for $1025. Apartment 2 & 3 are rented for $825 a month. The onwer has updated all three apartments with Apartment #1 getting a full face lift in 2022. All three apartments are metered seperately for gas and electricity. Tenants pay their own utilities. The property is located near the square for easy access to restraunts and shopping as well as public transportation. This property has a ton of potential and can be relied on for consistent income.

21. 2026-02-28
    historical
22. 2026-01-13
    price $173,000
23. 2025-08-29
    listed $179,900 Active
24. 2024-07-14
    historical
25. 2024-07-09
    historical
26. 2024-06-17
    price $189,000
27. 2024-06-06
    price $197,000
28. 2024-04-27
    price $199,000
29. 2024-04-12
    listed $209,000 Active
30. 2024-04-03
    historical $900
31. 2024-03-03
    price $900
32. 2024-02-19
    price $1,050
33. 2024-01-24
    listed $1,200
34. 2022-04-06
    soldstatus $114,000
35. 2022-03-14
    soldstatus $114,000 Closed Sale or Rented
36. 2022-01-29
    status Under Contract- Do Not Show
37. 2021-09-10
    historical Continue to Show- Under Contract
38. 2021-09-09
    listed $120,000 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: $1,087 · $91/mo
• Projected year-2 tax: $1,886 · $157/mo
• Expected delta: +$799/yr (+$67/mo · 73.5%)

ⓘ 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: $29,028
• − Mortgage interest: −$8,901
• − Property taxes: −$1,087
• − Insurance: −$794
• − Repairs & maintenance: −$2,322
• − Management: −$2,322
• − Depreciation: −$4,623
• Taxable income: $8,978
• Est. tax owed @ 24.0%: −$2,155
• After-tax cash flow: $8,896/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

+32.4% since first listed

21 events — show timeline

• 2026-04-13 Price Changed $158,900 CNYIS
• 2026-04-10 Price Changed $164,900 CNYIS
• 2026-03-19 Listed $172,900 CNYIS
• 2026-02-28 Listing Removed — CNYIS
• 2026-01-13 Price Changed $173,000 CNYIS
• 2025-08-29 Listed $179,900 CNYIS
• 2024-07-14 Listing Removed — CNYIS
• 2024-07-09 Listing Removed — CNYIS
• 2024-06-17 Price Changed $189,000 CNYIS
• 2024-06-06 Price Changed $197,000 CNYIS
• 2024-04-27 Price Changed $199,000 CNYIS
• 2024-04-12 Listed $209,000 CNYIS
• 2024-04-03 Rental Removed $900 NYSAMLS
• 2024-03-03 Price Changed $900 NYSAMLS
• 2024-02-19 Price Changed $1,050 NYSAMLS
• 2024-01-24 Listed for Rent $1,200 NYSAMLS
• 2022-04-06 Sold (Public Records) $114,000 Public Records
• 2022-03-14 Sold (MLS) $114,000 CNYIS
• 2022-01-29 Pending — CNYIS
• 2021-09-10 Contingent — CNYIS
• 2021-09-09 Listed $120,000 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $1,087 · +2.0% YoY. Source: county tax records.