127 High St · Watertown, NY 13601

$95,000

3 bd · 2.5 ba · 1,276 sqft · MultiFamily public records · 101 Days on market

Built 1870 6,600 sqft lot Est $68k · 40% 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
• 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
• 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: 2 units. confirmed

Listing remarks MLS

Investment opportunity in the heart of the City of Watertown!! This 2 unit building is currently fully occupied and bringing in $1350 a month! The lower apartment is 2 bedrooms, but can be 3 if needed. It also has access to the basement and the washer and dryer. The upstairs apartment is 1 bed, 1 bath, and has been recently updated with new flooring and paint, and a new stove.

Key facts

• Centrally located
• Separate parking
• Rear deck

Tags

• ENCLOSED FRONT PORCH
• REAR DECK
• SHARED DRIVEWAY
• SEPARATE PARKING
• WOOD BURNING FIREPLACE
• CENTRALLY LOCATED

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $95k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $867/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $95k).
• Recommended offer: $86k (9.0% below list) — sets the bar for market timing.
• Cap rate 28.2% 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; 15 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 $2,962/mo this rent would consume 60% 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 $657 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($86k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $28k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $95k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,450 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 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 1870 — 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: 3.12% ✓
• Cap rate: 28.21%
• Cash-on-cash: 78.27%
• DSCR: 4.48
• GRM: 2.7

CMA / ARV

• ARV (on-the-fly): $67,628
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
317 Academy St	0.29mi	4/2.0 (+1)	1,353 (+6%)	5mo	$95,000	$70	66
246 N Pleasant St	0.50mi	4/2.0 (+1)	1,268 (-1%)	22mo	$65,000	$51	50
250 Central St	0.36mi	4/2.0 (+1)	1,419 (+11%)	16mo	$75,450	$53	44
617 Hamlin St	0.44mi	4/2.0 (+1)	1,440 (+13%)	24mo	$45,000	$31	31

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: 83.8%
• Equity multiple: 5.16×
• Total profit: $110,769
• Equity at exit: $14,165

10-year hold

• IRR: 88.3%
• Equity multiple: 12.66×
• Total profit: $310,037
• Equity at exit: $8,214

Cash invested: $26,600 (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: 5.3×

Monthly cashflow live

• Estimated rent: $2,962 medium
• Mortgage (P&I): −$498
• Tax from tax record: −$67 /mo · $808/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$622
• Net cashflow: $1,735

Break-even live

Break-even rent $766

Max offer price $95,000

Occupancy floor 36%

Sensitivity live

Price	-10% $1,789	-5% $1,762	+0% $1,735	+5% $1,708	+10% $1,681
Rent	-10% $1,501	-5% $1,618	+0% $1,735	+5% $1,852	+10% $1,969
Rate	-1.0pp $1,783	-0.5pp $1,759	base $1,735	+0.5pp $1,710	+1.0pp $1,685

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,962
Total (2 units)			$2,962

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: $23,750
• Closing costs: $2,850
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	44d	1	0.09mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	44d	1	0.17mi
816 Boyd St Unit 1 Watertown, NY	2.0	1.0	980	$1,500	$1.53	44d	1	0.28mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	44d	1	0.30mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	44d	1	0.31mi
927 State St Watertown, NY	2.0	1.0	900	$1,000	$1.11	44d	1	0.34mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	44d	1	0.43mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	44d	1	0.48mi
159 Mullin St Unit 2 Watertown, NY	2.0	1.0	900	$1,200	$1.33	44d	1	0.63mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	44d	1	0.67mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,440	$1.00	44d	9	0.84mi
136 N Meadow St Unit A Watertown, NY	2.0	1.0	1000	$995	$0.99	44d	1	0.93mi
109 Spring Ave Watertown, NY	2.0	1.0	1344	$1,200	$0.89	44d	1	1.05mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	44d	1	1.08mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,462	$1.06	44d	6	1.36mi

Listing history 10 events

1. 2026-04-08
   status Pending
2. 2026-03-10
   price $95,000
3. 2026-02-03
   price $112,500
4. 2025-12-29
   listed $123,500 Active
5. 2022-02-08
   soldstatus $50,000
6. 2022-02-08
   soldstatus $50,000
7. 2022-02-07
   soldstatus $50,000 Closed Sale or Rented 379-char remark

   Show marketing remark (379 chars)

   Investment opportunity in the heart of the City of Watertown!! This 2 unit building is currently fully occupied and bringing in $1350 a month! The lower apartment is 2 bedrooms, but can be 3 if needed. It also has access to the basement and the washer and dryer. The upstairs apartment is 1 bed, 1 bath, and has been recently updated with new flooring and paint, and a new stove.

8. 2022-01-31
   status Pending Sale 379-char remark

   Show marketing remark (379 chars)

   Investment opportunity in the heart of the City of Watertown!! This 2 unit building is currently fully occupied and bringing in $1350 a month! The lower apartment is 2 bedrooms, but can be 3 if needed. It also has access to the basement and the washer and dryer. The upstairs apartment is 1 bed, 1 bath, and has been recently updated with new flooring and paint, and a new stove.

9. 2021-07-27
   listed Continue to Show- Under Contract 379-char remark

   Show marketing remark (379 chars)

   Investment opportunity in the heart of the City of Watertown!! This 2 unit building is currently fully occupied and bringing in $1350 a month! The lower apartment is 2 bedrooms, but can be 3 if needed. It also has access to the basement and the washer and dryer. The upstairs apartment is 1 bed, 1 bath, and has been recently updated with new flooring and paint, and a new stove.

10. 2021-02-17
    listed $69,900 379-char remark

    Show marketing remark (379 chars)

    Investment opportunity in the heart of the City of Watertown!! This 2 unit building is currently fully occupied and bringing in $1350 a month! The lower apartment is 2 bedrooms, but can be 3 if needed. It also has access to the basement and the washer and dryer. The upstairs apartment is 1 bed, 1 bath, and has been recently updated with new flooring and paint, and a new stove.

ⓘ 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: $808 · $67/mo
• Projected year-2 tax: $1,207 · $101/mo
• Expected delta: +$399/yr (+$33/mo · 49.4%)

ⓘ 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 · 16 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: $35,544
• − Mortgage interest: −$5,321
• − Property taxes: −$808
• − Insurance: −$475
• − Repairs & maintenance: −$2,844
• − Management: −$2,844
• − Depreciation: −$2,764
• Taxable income: $20,489
• Est. tax owed @ 24.0%: −$4,917
• After-tax cash flow: $15,901/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

+35.9% since first listed

10 events — show timeline

• 2026-04-08 Pending — CNYIS
• 2026-03-10 Price Changed $95,000 CNYIS
• 2026-02-03 Price Changed $112,500 CNYIS
• 2025-12-29 Listed $123,500 CNYIS
• 2022-02-08 Sold (Public Records) $50,000 Public Records
• 2022-02-08 Sold (Public Records) $50,000 Public Records
• 2022-02-07 Sold (MLS) $50,000 CNYIS
• 2022-01-31 Pending — CNYIS
• 2021-07-27 Listed — CNYIS
• 2021-02-17 Listed $69,900 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $808 · +2.0% YoY. Source: county tax records.