146 S Massey St · Watertown, NY 13601

$44,900

3 bd · 2.0 ba · 2,184 sqft · SingleFamily public records · 336 Days on market

Built 1900 4,356 sqft lot $21/sqft · 78% below area ↓ 42% 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

Brick Fixer-Upper with Huge Potential – 5 Beds, 2 Baths Near Downtown Watertown Opportunity knocks! This fully gutted 5-bedroom, 2-bath brick home is ready for a full renovation and full of possibilities. Situated on a compact, low-maintenance lot, this property is ideal for investors or buyers looking to restore a solid structure in a great location. The home offers two spacious stories, a 2-story garage, and tons of interior space to reimagine your dream layout. With the demo already done, you can jump right into the design and build phase. Just minutes from downtown Watertown, this property puts you close to shopping, restaurants, parks, and more. Being sold as-is. Cash or rehab loan only. Don’t miss your chance to bring this blank canvas back to life!

Key facts

• Close to parks
• Close to restaurants
• 2-story garage

Tags

• COMPACT LOW-MAINTENANCE LOT
• TWO SPACIOUS STORIES
• 2-STORY GARAGE
• CLOSE TO SHOPPING
• CLOSE TO RESTAURANTS
• CLOSE TO PARKS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $45k.

Deal economics

• At list price, monthly cash flow is $936 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 31.3% 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; 11 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).
• This rent runs 32% of the median local income ($59k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $310 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 336 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y ago; this cycle's ask has dropped $9k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; 40% 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 $39,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 336 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 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: 3.50% ✓
• Cap rate: 31.31%
• Cash-on-cash: 89.36%
• DSCR: 4.98
• GRM: 2.4

CMA / ARV

• ARV (median comp): $208,399
• List price: $44,900
• Delta: -78.45%
• 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
140 Scio St	0.24mi	4/1.5 (+1)	2,143 (-2%)	8mo	$105,000	$49	72
224 Paddock St	0.42mi	4/2.0 (+1)	2,072 (-5%)	12mo	$325,000	$157	57
117 Flower Ave W	0.63mi	4/2.0 (+1)	2,227 (+2%)	9mo	$249,900	$112	55
802 Holcomb St	0.62mi	4/1.5 (+1)	2,178 (-0%)	10mo	$243,750	$112	55
224 Winslow St	0.73mi	4/2.5 (+1)	2,173 (-0%)	5mo	$224,540	$103	54
203 Keyes Ave	0.58mi	4/2.5 (+1)	2,057 (-6%)	4mo	$241,000	$117	53
727 Ball Ave	0.60mi	3/2.5	2,376 (+9%)	9mo	$330,000	$139	48
241 W Main St	0.53mi	4/1.0 (+1)	1,949 (-11%)	3mo	$126,000	$65	46
302 Pratt St	0.70mi	4/2.0 (+1)	2,000 (-8%)	5mo	$189,900	$95	44
714 Ball Ave	0.57mi	4/2.0 (+1)	1,947 (-11%)	10mo	$352,000	$181	42
162 Flower Ave E	0.72mi	4/1.5 (+1)	1,896 (-13%)	4mo	$268,000	$141	34
833 W Main St	0.71mi	4/2.0 (+1)	1,865 (-15%)	6mo	$198,000	$106	33

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: 95.6%
• Equity multiple: 5.83×
• Total profit: $60,667
• Equity at exit: $6,695

10-year hold

• IRR: 99.3%
• Equity multiple: 14.32×
• Total profit: $167,449
• Equity at exit: $3,882

Cash invested: $12,572 (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: 2.4×

Monthly cashflow live

• Estimated rent: $1,570 high
• Mortgage (P&I): −$235
• Tax from tax record: −$50 /mo · $599/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $936

Break-even live

Break-even rent $385

Max offer price $44,900

Occupancy floor 35%

Sensitivity live

Price	-10% $962	-5% $949	+0% $936	+5% $923	+10% $911
Rent	-10% $812	-5% $874	+0% $936	+5% $998	+10% $1,060
Rate	-1.0pp $959	-0.5pp $948	base $936	+0.5pp $925	+1.0pp $913

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	44d	1	0.23mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	44d	1	0.48mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	44d	1	0.58mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	44d	1	0.74mi
173 Ely St Watertown, NY	2.0	1.0	1940	$1,150	$0.59	44d	1	0.74mi
417 Franklin St Watertown, NY	3.0	2.5	3000	$1,750	$0.58	44d	1	0.76mi
702 Leray St Watertown, NY	3.0	1.0	2700	$1,300	$0.48	44d	1	0.79mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	44d	1	0.88mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	44d	1	0.90mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	44d	1	0.99mi
207 Wealtha Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,500	$1.04	44d	9	1.00mi

Listing history 25 events

1. 2026-06-19
   days on market $44,900 Active 336 DOM
2. 2026-06-18
   days on market $44,900 Active 335 DOM
3. 2026-06-17
   days on market $44,900 Active 334 DOM
4. 2026-06-16
   days on market $44,900 Active 333 DOM
5. 2026-06-15
   days on market $44,900 Active 332 DOM
6. 2026-06-14
   days on market $44,900 Active 330 DOM
7. 2026-06-12
   days on market $44,900 Active 329 DOM
8. 2026-06-09
   days on market $44,900 Active 326 DOM
9. 2026-06-08
   days on market $44,900 Active 325 DOM
10. 2026-06-07
    days on market $44,900 Active 324 DOM
11. 2026-06-05
    days on market $44,900 Active 321 DOM
12. 2026-06-03
    days on market $44,900 Active 320 DOM
13. 2026-06-02
    days on market $44,900 Active 319 DOM
14. 2026-06-01
    days on market $44,900 Active 318 DOM
15. 2026-05-31
    days on market $44,900 Active 317 DOM
16. 2026-05-30
    days on market $44,900 Active 316 DOM
17. 2025-11-20
    price $44,900 780-char remark

    Show marketing remark (780 chars)

    Brick Fixer-Upper with Huge Potential – 5 Beds, 2 Baths Near Downtown Watertown Opportunity knocks! This fully gutted 5-bedroom, 2-bath brick home is ready for a full renovation and full of possibilities. Situated on a compact, low-maintenance lot, this property is ideal for investors or buyers looking to restore a solid structure in a great location. The home offers two spacious stories, a 2-story garage, and tons of interior space to reimagine your dream layout. With the demo already done, you can jump right into the design and build phase. Just minutes from downtown Watertown, this property puts you close to shopping, restaurants, parks, and more. Being sold as-is. Cash or rehab loan only. Don’t miss your chance to bring this blank canvas back to life!

18. 2025-10-02
    price $48,000 780-char remark

    Show marketing remark (780 chars)

    Brick Fixer-Upper with Huge Potential – 5 Beds, 2 Baths Near Downtown Watertown Opportunity knocks! This fully gutted 5-bedroom, 2-bath brick home is ready for a full renovation and full of possibilities. Situated on a compact, low-maintenance lot, this property is ideal for investors or buyers looking to restore a solid structure in a great location. The home offers two spacious stories, a 2-story garage, and tons of interior space to reimagine your dream layout. With the demo already done, you can jump right into the design and build phase. Just minutes from downtown Watertown, this property puts you close to shopping, restaurants, parks, and more. Being sold as-is. Cash or rehab loan only. Don’t miss your chance to bring this blank canvas back to life!

19. 2025-07-18
    listed $54,000 Active 780-char remark

    Show marketing remark (780 chars)

    Brick Fixer-Upper with Huge Potential – 5 Beds, 2 Baths Near Downtown Watertown Opportunity knocks! This fully gutted 5-bedroom, 2-bath brick home is ready for a full renovation and full of possibilities. Situated on a compact, low-maintenance lot, this property is ideal for investors or buyers looking to restore a solid structure in a great location. The home offers two spacious stories, a 2-story garage, and tons of interior space to reimagine your dream layout. With the demo already done, you can jump right into the design and build phase. Just minutes from downtown Watertown, this property puts you close to shopping, restaurants, parks, and more. Being sold as-is. Cash or rehab loan only. Don’t miss your chance to bring this blank canvas back to life!

20. 2024-01-05
    soldstatus $32,000 46-char remark

    Show marketing remark (46 chars)

    A one time listing contract, put in for comps.

21. 2024-01-05
    listed $32,000 46-char remark

    Show marketing remark (46 chars)

    A one time listing contract, put in for comps.

22. 2023-02-11
    historical
23. 2022-11-02
    price $60,000
24. 2022-10-05
    price $74,900
25. 2022-08-11
    listed $77,500 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: $599 · $50/mo
• Projected year-2 tax: $679 · $57/mo
• Expected delta: +$80/yr (+$7/mo · 13.4%)

ⓘ 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: $18,839
• − Mortgage interest: −$2,515
• − Property taxes: −$599
• − Insurance: −$224
• − Repairs & maintenance: −$1,507
• − Management: −$1,507
• − Depreciation: −$1,306
• Taxable income: $11,180
• Est. tax owed @ 24.0%: −$2,683
• After-tax cash flow: $8,551/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

-42.1% since first listed

9 events — show timeline

• 2025-11-20 Price Changed $44,900 CNYIS
• 2025-10-02 Price Changed $48,000 CNYIS
• 2025-07-18 Listed $54,000 CNYIS
• 2024-01-05 Listed $32,000 CNYIS
• 2024-01-05 Sold (MLS) $32,000 CNYIS
• 2023-02-11 Listing Removed — CNYIS
• 2022-11-02 Price Changed $60,000 CNYIS
• 2022-10-05 Price Changed $74,900 CNYIS
• 2022-08-11 Listed $77,500 CNYIS

Property tax history

+18.7%/yr

Latest (2025): $599 · +2.0% YoY. Source: county tax records.