1208 Gill St · Watertown, NY 13601

$56,700

2 bd · 1.0 ba · 1,164 sqft · SingleFamily public records · 68 Days on market

Built 1925 9,375 sqft lot $49/sqft · 72% below area ↓ 10% since listing

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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

Phenomenal opportunity to be a home owner. Must see Garage! Home is in need of remodeling but can easily be done to bring her back to life. First floor living room, dining area, kitchen, full bath. Upstairs large bedroom with closet and nicely sized second bedroom. Huge fenced yard, covered front porch, double wide driveway and an amazing 24x32' Garage with staired loft. Home is sold AS IS. Call for more information. This one will not last long.

Key facts

• Covered front porch
• Fenced yard
• 24x32 garage

Tags

• FENCED YARD
• COVERED FRONT PORCH
• DOUBLE WIDE DRIVEWAY
• 24X32 GARAGE
• STAIRED LOFT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $57k.

Deal economics

• At list price, monthly cash flow is $640 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $57k).
• Recommended offer: $53k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.8% 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; 16 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $392 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 $16k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 68 days — a 6% lower offer ($53k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $53,298 (6.0% below list)

Questions for the listing agent

1. It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — 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: 2.37% ✓
• Cap rate: 19.83%
• Cash-on-cash: 48.34%
• DSCR: 3.15
• GRM: 3.5

CMA / ARV

• ARV (median comp): $205,985
• List price: $56,700
• Delta: -72.47%
• 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
237 Michigan Ave	0.07mi	3/1.5 (+1)	1,200 (+3%)	9mo	$225,000	$188	77
236 Colorado Ave	0.13mi	3/1.0 (+1)	1,252 (+8%)	2mo	$210,000	$168	75
336 N Colorado Ave	0.15mi	2/2.0	1,128 (-3%)	12mo	$154,000	$137	73
134 Colorado Ave	0.21mi	3/1.0 (+1)	1,126 (-3%)	14mo	$152,500	$135	68
1106 Harrison St	0.52mi	2/1.5	1,124 (-3%)	15mo	$210,000	$187	55
1641 Columbia St	0.43mi	3/1.0 (+1)	1,232 (+6%)	14mo	$224,000	$182	53
407 S Pleasant St	0.62mi	3/1.0 (+1)	1,196 (+3%)	12mo	$108,247	$91	51
603 Emerson St	0.64mi	3/1.0 (+1)	1,100 (-6%)	8mo	$128,000	$116	50
1105 Salina St	0.60mi	3/1.5 (+1)	1,248 (+7%)	6mo	$220,681	$177	48
930 Riggs Ave	0.54mi	3/1.0 (+1)	1,256 (+8%)	10mo	$35,000	$28	48
443 Flower Ave E	0.68mi	3/1.0 (+1)	1,270 (+9%)	7mo	$210,000	$165	42
1725 Huntington St	0.72mi	3/2.0 (+1)	1,260 (+8%)	6mo	$240,000	$190	39

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: 51.6%
• Equity multiple: 3.44×
• Total profit: $38,688
• Equity at exit: $8,454

10-year hold

• IRR: 59.0%
• Equity multiple: 8.47×
• Total profit: $118,621
• Equity at exit: $4,902

Cash invested: $15,876 (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: 3.5×

Monthly cashflow live

• Estimated rent: $1,344 high
• Mortgage (P&I): −$297
• Tax from tax record: −$101 /mo · $1,211/yr
• Insurance: −$24
• HOA: −$0
• Vacancy / Maint / Mgmt: −$282
• Net cashflow: $640

Break-even live

Break-even rent $534

Max offer price $56,700

Occupancy floor 47%

Sensitivity live

Price	-10% $672	-5% $656	+0% $640	+5% $624	+10% $607
Rent	-10% $533	-5% $587	+0% $640	+5% $693	+10% $746
Rate	-1.0pp $668	-0.5pp $654	base $640	+0.5pp $625	+1.0pp $610

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: $14,175
• Closing costs: $1,701
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,253	$0.87	44d	9	0.16mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	44d	1	0.23mi
927 State St Watertown, NY	2.0	1.0	900	$1,000	$1.11	44d	1	0.40mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	44d	1	0.42mi
109 Spring Ave Watertown, NY	2.0	1.0	1344	$1,200	$0.89	44d	1	0.49mi
816 Boyd St Unit 1 Watertown, NY	2.0	1.0	980	$1,500	$1.53	44d	1	0.53mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	44d	1	0.61mi
311 High St Watertown, NY	2.0	1.0	851	$1,200	$1.41	44d	1	0.68mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,249	$0.91	44d	6	0.79mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	44d	1	0.85mi
334 Clay St Unit 4 Watertown, NY	1.0	1.0	700	$1,070	$1.53	44d	1	0.98mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	44d	1	0.98mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	44d	1	1.17mi
152 Court St Unit 5 Watertown, NY	1.0	1.0	850	$1,375	$1.62	44d	1	1.20mi
351 W Main St Watertown, NY	1.0	1.0	1000	$995	$0.99	44d	1	1.30mi
159 Mullin St Unit 2 Watertown, NY	2.0	1.0	900	$1,200	$1.33	44d	1	1.32mi

Listing history 7 events

1. 2026-06-02
   status $56,700 Pending 68 DOM
2. 2026-06-01
   days on market $56,700 Active Under Contract 68 DOM
3. 2026-05-31
   days on market $56,700 Active Under Contract 67 DOM
4. 2026-05-30
   days on market $56,700 Active Under Contract 66 DOM
5. 2026-05-10
   historical Active Under Contract 450-char remark

   Show marketing remark (450 chars)

   Phenomenal opportunity to be a home owner. Must see Garage! Home is in need of remodeling but can easily be done to bring her back to life. First floor living room, dining area, kitchen, full bath. Upstairs large bedroom with closet and nicely sized second bedroom. Huge fenced yard, covered front porch, double wide driveway and an amazing 24x32' Garage with staired loft. Home is sold AS IS. Call for more information. This one will not last long.

6. 2026-04-28
   price $56,700 450-char remark

   Show marketing remark (450 chars)

   Phenomenal opportunity to be a home owner. Must see Garage! Home is in need of remodeling but can easily be done to bring her back to life. First floor living room, dining area, kitchen, full bath. Upstairs large bedroom with closet and nicely sized second bedroom. Huge fenced yard, covered front porch, double wide driveway and an amazing 24x32' Garage with staired loft. Home is sold AS IS. Call for more information. This one will not last long.

7. 2026-03-25
   listed $63,000 Active 450-char remark

   Show marketing remark (450 chars)

   Phenomenal opportunity to be a home owner. Must see Garage! Home is in need of remodeling but can easily be done to bring her back to life. First floor living room, dining area, kitchen, full bath. Upstairs large bedroom with closet and nicely sized second bedroom. Huge fenced yard, covered front porch, double wide driveway and an amazing 24x32' Garage with staired loft. Home is sold AS IS. Call for more information. This one will not last long.

ⓘ 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: $1,211 · $101/mo
• Projected year-2 tax: $1,211 · $101/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 1/10 Low FEMA zone X · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥90°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: $16,124
• − Mortgage interest: −$3,176
• − Property taxes: −$1,211
• − Insurance: −$284
• − Repairs & maintenance: −$1,290
• − Management: −$1,290
• − Depreciation: −$1,649
• Taxable income: $7,224
• Est. tax owed @ 24.0%: −$1,734
• After-tax cash flow: $5,941/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

-10.0% since first listed

3 events — show timeline

• 2026-05-10 Contingent — CNYIS
• 2026-04-28 Price Changed $56,700 CNYIS
• 2026-03-25 Listed $63,000 CNYIS

Property tax history

+13.6%/yr

Latest (2025): $1,211 · +2.6% YoY. Source: county tax records.