202 Mechanic St · Watertown, NY 13601

$129,000

2 bd · 2.0 ba · 1,680 sqft · MultiFamily public records · 325 Days on market

Built 1900 5,280 sqft lot $77/sqft · 26% below area Est $175k · 26% 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: 1 unit. estimate disagrees with records

Listing remarks MLS

This charming and budget-friendly home in Watertown is perfect for first-time buyers or those looking to downsize. Offering 2 comfortable bedrooms and 1 full bathroom, this home also includes 2 bonus rooms that could easily be used as additional bedrooms, a home office, or a playroom- whichever may fits your needs! This spacious eat-in kitchen features convenient washer and dryer hookups, keeping laundry space central and accessible. The layout is simple yet functional, with plenty of potential to add your personal touch. Many updates have been done for you. Some new- electrical, plumbing, windows, flooring, painting, blown in insulation and more! Both roof and furnace are at most 2 years old and new fence was just installed around the perimeter of the property!! Additional storage shed comes with the property for your outdoor storage needs. Conveniently located with easy access to local shops, schools, amenities, this home combines affordability with flexibility. Whether you're looking to invest or settle in, this property is a smart move in today's market! Contact your agent for a private viewing today.

Key facts

• Bonus rooms
• Storage shed
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• WASHER AND DRYER HOOKUPS
• BONUS ROOMS
• NEW FENCE
• STORAGE SHED
• UPDATES DONE

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $129k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $129k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.6% 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; 13 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).
• At $2,426/mo this rent would consume 50% 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 $892 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 $36k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 325 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $31k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $113,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 325 days. Have you received any prior offers? Is the seller open to a 12% 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. 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 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: 1.88% ✓
• Cap rate: 16.62%
• Cash-on-cash: 36.89%
• DSCR: 2.64
• GRM: 4.4

CMA / ARV

• ARV (median comp): $175,041
• List price: $129,000
• Delta: -26.30%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
306 N Rutland St	0.34mi	3/2.0 (+1)	1,610 (-4%)	0mo	$121,600	$76	72
314 Franklin St	0.29mi	2/2.0	1,512 (-10%)	6mo	$83,500	$55	65
541 Davidson St	0.56mi	3/2.0 (+1)	1,641 (-2%)	0mo	$150,000	$91	65
314 Central St	0.43mi	3/2.5 (+1)	1,616 (-4%)	6mo	$100,000	$62	62

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: 38.1%
• Equity multiple: 2.73×
• Total profit: $62,626
• Equity at exit: $19,234

10-year hold

• IRR: 47.0%
• Equity multiple: 6.64×
• Total profit: $203,892
• Equity at exit: $11,154

Cash invested: $36,120 (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: 8.9×

Monthly cashflow live

• Estimated rent: $2,426 high
• Mortgage (P&I): −$676
• Tax from tax record: −$76 /mo · $910/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $1,110

Break-even live

Break-even rent $1,020

Max offer price $129,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,426
Total (2 units)			$2,426

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	43d	1	0.19mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	0.32mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	0.35mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	43d	1	0.42mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	43d	1	0.53mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	43d	1	0.54mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	43d	1	0.57mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	0.63mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,253	$0.87	43d	9	0.88mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	43d	1	0.93mi
109 Spring Ave Watertown, NY	2.0	1.0	1344	$1,200	$0.89	43d	1	1.16mi
173 Ely St Watertown, NY	2.0	1.0	1940	$1,150	$0.59	43d	1	1.46mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,249	$0.91	43d	6	1.47mi

Listing history 25 events

1. 2026-06-19
   days on market $129,000 Active 325 DOM
2. 2026-06-18
   days on market $129,000 Active 324 DOM
3. 2026-06-17
   days on market $129,000 Active 323 DOM
4. 2026-06-16
   days on market $129,000 Active 322 DOM
5. 2026-06-15
   days on market $129,000 Active 321 DOM
6. 2026-06-14
   days on market $129,000 Active 319 DOM
7. 2026-06-12
   pricedays on market $129,000 Active 318 DOM
8. 2026-06-09
   days on market $139,900 Active 315 DOM
9. 2026-06-08
   days on market $139,900 Active 314 DOM
10. 2026-06-07
    days on market $139,900 Active 313 DOM
11. 2026-06-05
    days on market $139,900 Active 310 DOM
12. 2026-06-03
    days on market $139,900 Active 309 DOM
13. 2026-06-02
    days on market $139,900 Active 308 DOM
14. 2026-06-01
    days on market $139,900 Active 307 DOM
15. 2026-05-31
    days on market $139,900 Active 306 DOM
16. 2026-05-30
    days on market $139,900 Active 305 DOM
17. 2026-05-12
    price $139,900 1126-char remark

    Show marketing remark (1126 chars)

    This charming and budget-friendly home in Watertown is perfect for first-time buyers or those looking to downsize. Offering 2 comfortable bedrooms and 1 full bathroom, this home also includes 2 bonus rooms that could easily be used as additional bedrooms, a home office, or a playroom- whichever may fits your needs! This spacious eat-in kitchen features convenient washer and dryer hookups, keeping laundry space central and accessible. The layout is simple yet functional, with plenty of potential to add your personal touch. Many updates have been done for you. Some new- electrical, plumbing, windows, flooring, painting, blown in insulation and more! Both roof and furnace are at most 2 years old and new fence was just installed around the perimeter of the property!! Additional storage shed comes with the property for your outdoor storage needs. Conveniently located with easy access to local shops, schools, amenities, this home combines affordability with flexibility. Whether you're looking to invest or settle in, this property is a smart move in today's market! Contact your agent for a private viewing today.

18. 2026-03-31
    status Active 1126-char remark

    Show marketing remark (1126 chars)

    This charming and budget-friendly home in Watertown is perfect for first-time buyers or those looking to downsize. Offering 2 comfortable bedrooms and 1 full bathroom, this home also includes 2 bonus rooms that could easily be used as additional bedrooms, a home office, or a playroom- whichever may fits your needs! This spacious eat-in kitchen features convenient washer and dryer hookups, keeping laundry space central and accessible. The layout is simple yet functional, with plenty of potential to add your personal touch. Many updates have been done for you. Some new- electrical, plumbing, windows, flooring, painting, blown in insulation and more! Both roof and furnace are at most 2 years old and new fence was just installed around the perimeter of the property!! Additional storage shed comes with the property for your outdoor storage needs. Conveniently located with easy access to local shops, schools, amenities, this home combines affordability with flexibility. Whether you're looking to invest or settle in, this property is a smart move in today's market! Contact your agent for a private viewing today.

19. 2025-11-10
    historical Active Under Contract 1126-char remark

    Show marketing remark (1126 chars)

    This charming and budget-friendly home in Watertown is perfect for first-time buyers or those looking to downsize. Offering 2 comfortable bedrooms and 1 full bathroom, this home also includes 2 bonus rooms that could easily be used as additional bedrooms, a home office, or a playroom- whichever may fits your needs! This spacious eat-in kitchen features convenient washer and dryer hookups, keeping laundry space central and accessible. The layout is simple yet functional, with plenty of potential to add your personal touch. Many updates have been done for you. Some new- electrical, plumbing, windows, flooring, painting, blown in insulation and more! Both roof and furnace are at most 2 years old and new fence was just installed around the perimeter of the property!! Additional storage shed comes with the property for your outdoor storage needs. Conveniently located with easy access to local shops, schools, amenities, this home combines affordability with flexibility. Whether you're looking to invest or settle in, this property is a smart move in today's market! Contact your agent for a private viewing today.

20. 2025-09-05
    price $145,000 1126-char remark

    Show marketing remark (1126 chars)

    This charming and budget-friendly home in Watertown is perfect for first-time buyers or those looking to downsize. Offering 2 comfortable bedrooms and 1 full bathroom, this home also includes 2 bonus rooms that could easily be used as additional bedrooms, a home office, or a playroom- whichever may fits your needs! This spacious eat-in kitchen features convenient washer and dryer hookups, keeping laundry space central and accessible. The layout is simple yet functional, with plenty of potential to add your personal touch. Many updates have been done for you. Some new- electrical, plumbing, windows, flooring, painting, blown in insulation and more! Both roof and furnace are at most 2 years old and new fence was just installed around the perimeter of the property!! Additional storage shed comes with the property for your outdoor storage needs. Conveniently located with easy access to local shops, schools, amenities, this home combines affordability with flexibility. Whether you're looking to invest or settle in, this property is a smart move in today's market! Contact your agent for a private viewing today.

21. 2025-07-29
    listed $159,900 Active 1126-char remark

    Show marketing remark (1126 chars)

    This charming and budget-friendly home in Watertown is perfect for first-time buyers or those looking to downsize. Offering 2 comfortable bedrooms and 1 full bathroom, this home also includes 2 bonus rooms that could easily be used as additional bedrooms, a home office, or a playroom- whichever may fits your needs! This spacious eat-in kitchen features convenient washer and dryer hookups, keeping laundry space central and accessible. The layout is simple yet functional, with plenty of potential to add your personal touch. Many updates have been done for you. Some new- electrical, plumbing, windows, flooring, painting, blown in insulation and more! Both roof and furnace are at most 2 years old and new fence was just installed around the perimeter of the property!! Additional storage shed comes with the property for your outdoor storage needs. Conveniently located with easy access to local shops, schools, amenities, this home combines affordability with flexibility. Whether you're looking to invest or settle in, this property is a smart move in today's market! Contact your agent for a private viewing today.

22. 2014-11-25
    soldstatus $120,000
23. 2014-11-21
    soldstatus $45,000 143-char remark

    Show marketing remark (143 chars)

    This a nice starter home for the person that want to get into the investment property business or would like to live in one and rent the other.

24. 2014-10-02
    listed $55,000 143-char remark

    Show marketing remark (143 chars)

    This a nice starter home for the person that want to get into the investment property business or would like to live in one and rent the other.

25. 2011-02-04
    soldstatus $37,000

ⓘ 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: $910 · $76/mo
• Projected year-2 tax: $1,545 · $129/mo
• Expected delta: +$635/yr (+$53/mo · 69.8%)

ⓘ 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,112
• − Mortgage interest: −$7,226
• − Property taxes: −$910
• − Insurance: −$645
• − Repairs & maintenance: −$2,329
• − Management: −$2,329
• − Depreciation: −$3,753
• Taxable income: $11,920
• Est. tax owed @ 24.0%: −$2,861
• After-tax cash flow: $10,465/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

+278.1% since first listed

9 events — show timeline

• 2026-05-12 Price Changed $139,900 CNYIS
• 2026-03-31 Relisted — CNYIS
• 2025-11-10 Contingent — CNYIS
• 2025-09-05 Price Changed $145,000 CNYIS
• 2025-07-29 Listed $159,900 CNYIS
• 2014-11-25 Sold (Public Records) $120,000 Public Records
• 2014-11-21 Sold (MLS) $45,000 CNYIS
• 2014-10-02 Listed $55,000 CNYIS
• 2011-02-04 Sold (Public Records) $37,000 Public Records

Property tax history

+18.2%/yr

Latest (2025): $910 · +2.0% YoY. Source: county tax records.