1011 Gotham St · Watertown, NY 13601

$279,000

5 bd · 3.5 ba · 2,595 sqft · MultiFamily public records · 224 Days on market

Built 1850 0.93 ac lot $108/sqft · 17% above area Est $238k · 17% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

Key facts

• Ample outdoor space
• One acre lot
• Strong rental demand

Tags

• WELL MAINTAINED TRIPLEX
• ONE ACRE LOT
• AMPLE OUTDOOR SPACE
• CONVENIENTLY LOCATED
• STRONG RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $279k).
• Recommended offer: $246k (12.0% below list) — sets the bar for market timing.
• Cap rate 11.3% 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-, 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); 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 $3,690/mo this rent would consume 75% 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 $2k of loan paydown is wiped out by about $8k 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 $78k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 224 days — a 12% lower offer ($246k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $41k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $245,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 224 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 1850 — 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: 1.32% ✓
• Cap rate: 11.25%
• Cash-on-cash: 17.72%
• DSCR: 1.79
• GRM: 6.3

CMA / ARV

• ARV (median comp): $237,840
• List price: $279,000
• Delta: 17.31%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
359 Franklin St #2	0.62mi	5/3.0	2,644 (+2%)	7mo	$70,000	$26	60
350 Brainard St	0.20mi	6/3.5 (+1)	2,859 (+10%)	20mo	$240,000	$84	52
301 Keyes Ave	0.55mi	4/2.0 (-1)	2,450 (-6%)	8mo	$30,000	$12	47
512 Hamlin St	0.48mi	5/2.5	2,220 (-14%)	3mo	$236,000	$106	47
1102 Salina St	0.43mi	6/2.0 (+1)	2,338 (-10%)	9mo	$85,000	$36	44
114 High St	0.73mi	5/3.0	2,500 (-4%)	18mo	$178,500	$71	43
116 S Hamilton St	0.65mi	5/2.0	2,520 (-3%)	21mo	$190,000	$75	41

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: 14.4%
• Equity multiple: 1.61×
• Total profit: $47,706
• Equity at exit: $41,600

10-year hold

• IRR: 26.5%
• Equity multiple: 3.88×
• Total profit: $224,702
• Equity at exit: $24,123

Cash invested: $78,120 (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: 224
• Price-to-rent: 18.9×

Monthly cashflow live

• Estimated rent: $3,690 high
• Mortgage (P&I): −$1,463
• Tax from tax record: −$182 /mo · $2,188/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$775
• Net cashflow: $1,153

Break-even live

Break-even rent $2,230

Max offer price $279,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,311	-5% $1,232	+0% $1,153	+5% $1,074	+10% $995
Rent	-10% $862	-5% $1,008	+0% $1,153	+5% $1,299	+10% $1,445
Rate	-1.0pp $1,294	-0.5pp $1,224	base $1,153	+0.5pp $1,081	+1.0pp $1,008

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,690
Total (3 units)			$3,690

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: $69,750
• Closing costs: $8,370
• 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	1.22mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	45d	1	1.38mi

Listing history 27 events

1. 2026-06-21
   days on market $279,000 Active 224 DOM
2. 2026-06-19
   days on market $279,000 Active 222 DOM
3. 2026-06-18
   days on market $279,000 Active 221 DOM
4. 2026-06-17
   days on market $279,000 Active 220 DOM
5. 2026-06-16
   days on market $279,000 Active 219 DOM
6. 2026-06-15
   days on market $279,000 Active 218 DOM
7. 2026-06-14
   days on market $279,000 Active 216 DOM
8. 2026-06-13
   price $279,000 Active 215 DOM
9. 2026-06-12
   days on market $284,000 Active 215 DOM
10. 2026-06-09
    days on market $284,000 Active 212 DOM
11. 2026-06-08
    days on market $284,000 Active 211 DOM
12. 2026-06-07
    days on market $284,000 Active 210 DOM
13. 2026-06-05
    days on market $284,000 Active 207 DOM
14. 2026-06-03
    days on market $284,000 Active 206 DOM
15. 2026-06-02
    days on market $284,000 Active 205 DOM
16. 2026-06-01
    days on market $284,000 Active 204 DOM
17. 2026-05-31
    days on market $284,000 Active 203 DOM
18. 2026-05-30
    days on market $284,000 Active 202 DOM
19. 2026-04-28
    price $289,500 1069-char remark

    Show marketing remark (1069 chars)

    Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

20. 2026-04-18
    price $294,000 1069-char remark

    Show marketing remark (1069 chars)

    Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

21. 2026-03-26
    price $298,000 1069-char remark

    Show marketing remark (1069 chars)

    Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

22. 2026-03-14
    status Active 1069-char remark

    Show marketing remark (1069 chars)

    Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

23. 2026-03-01
    historical Active Under Contract 1069-char remark

    Show marketing remark (1069 chars)

    Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

24. 2026-02-24
    price $305,000 1069-char remark

    Show marketing remark (1069 chars)

    Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

25. 2025-11-09
    listed $320,000 Active 1069-char remark

    Show marketing remark (1069 chars)

    Exceptional investment opportunity in one of Watertown’s most desirable neighborhoods! This well-maintained triplex on Gotham Street offers three spacious units; two 2-bedroom, 1-bath apartments and one 3-bedroom, 1-bath unit, each with comfortable layouts and abundant natural light. Set on an impressive one-acre lot within the city limits, the property offers ample outdoor space rarely found in urban settings; perfect for tenant enjoyment, parking expansion, or future development possibilities. Conveniently located near downtown, schools, shopping, and parks, this location provides easy access to all that Watertown has to offer. Two of the front units are currently vacant and ready for new tenants or an owner’s personal touch, offering flexibility and immediate income potential. With its solid structure, generous lot size, and strong rental demand, this property presents a rare combination of space, location, and investment potential. A standout addition to any portfolio or an ideal opportunity for owner occupants seeking additional income.

26. 2018-11-02
    historical
27. 2018-05-02
    listed $169,900

ⓘ 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: $2,188 · $182/mo
• Projected year-2 tax: $3,451 · $288/mo
• Expected delta: +$1,264/yr (+$105/mo · 57.8%)

ⓘ 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 2/10 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: $44,280
• − Mortgage interest: −$15,628
• − Property taxes: −$2,188
• − Insurance: −$1,395
• − Repairs & maintenance: −$3,542
• − Management: −$3,542
• − Depreciation: −$8,116
• Taxable income: $9,868
• Est. tax owed @ 24.0%: −$2,368
• After-tax cash flow: $11,473/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

+70.4% since first listed

9 events — show timeline

• 2026-04-28 Price Changed $289,500 CNYIS
• 2026-04-18 Price Changed $294,000 CNYIS
• 2026-03-26 Price Changed $298,000 CNYIS
• 2026-03-14 Relisted — CNYIS
• 2026-03-01 Contingent — CNYIS
• 2026-02-24 Price Changed $305,000 CNYIS
• 2025-11-09 Listed $320,000 CNYIS
• 2018-11-02 Listing Removed — CNYIS
• 2018-05-02 Listed $169,900 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $2,188 · +2.0% YoY. Source: county tax records.