706 Hancock St · Watertown, NY 13601

$145,000

4 bd · 2.0 ba · 1,722 sqft · SingleFamily public records · 71 Days on market

Built 1880 5,000 sqft lot $84/sqft · 21% below area Est $183k · 21% under

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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 +27.8/30.0
• ARV discount +15.0/15.0
• DSCR +9.8/10.0
• 1% rule +6.6/10.0
• 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

Listing remarks MLS

Timeless Charm Meets Modern Flexibility in This Spacious Watertown Home. Step back in time with this unique 5-bedroom, 2-bath home in the City of Watertown, offering character, space, and versatility. Currently configured as a single-family residence, it also presents an excellent opportunity for easy conversion to a two-family home. The main level features a bright, sun-filled kitchen with ample space for cooking, a formal dining room perfect for entertaining, and a spacious living room ideal for relaxing. Two bedrooms, a full bath, and a convenient laundry/mudroom complete the first floor. Upstairs, you’ll find even more living space, including an oversized living room, a second formal dining area, multiple bedrooms, a full bath, and a second kitchen with a breakfast bar—ideal for extended family, guests, or rental income potential. Unwind on the enclosed porch—an inviting space to relax, read, or enjoy your morning coffee. The full basement offers additional functionality with a workbench, a photography developing room or potential greenhouse space, and extra washer/dryer hookups. Outside, enjoy a detached garage for your vehicle or outdoor gear, along with a cozy patio area perfect for grilling or relaxing around a fire pit. The fenced-in yard is great for pets, play, or gardening, and is enhanced by established perennial landscaping that returns year after year.

Key facts

• Formal dining room
• Unique home
• Enclosed porch

Tags

• UNIQUE HOME
• SUN-FILLED KITCHEN
• FORMAL DINING ROOM
• SPACIOUS LIVING ROOM
• ENCLOSED PORCH
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 8 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 34% 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 $1k 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 $41k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 1880 — 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: 1.16% ✓
• Cap rate: 9.94%
• Cash-on-cash: 13.04%
• DSCR: 1.58
• GRM: 7.2

CMA / ARV

• ARV (median comp): $183,027
• List price: $145,000
• Delta: -20.78%
• 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
519 Pearl St	0.20mi	4/2.0	1,776 (+3%)	3mo	$176,000	$99	83
626 Mill St	0.43mi	4/2.0	1,716 (-0%)	0mo	$75,000	$44	79
208 Farwell St	0.24mi	4/1.5	1,610 (-6%)	1mo	$162,900	$101	75
244 N Rutland St	0.56mi	4/2.5	1,693 (-2%)	1mo	$233,200	$138	68
662 Burchard St	0.48mi	3/2.0 (-1)	1,668 (-3%)	2mo	$140,000	$84	66
221 E Main St	0.33mi	4/2.0	1,970 (+14%)	4mo	$154,500	$78	57
315 N California Ave	0.67mi	5/2.0 (+1)	1,672 (-3%)	4mo	$174,900	$105	56
646 Cooper St	0.49mi	4/1.0	1,519 (-12%)	2mo	$195,000	$128	52
211 W Lynde St	0.58mi	3/2.0 (-1)	1,554 (-10%)	1mo	$190,000	$122	51
523 Emerson St	0.63mi	4/1.0	1,498 (-13%)	1mo	$47,100	$31	45
656 Leray St	0.72mi	5/2.0 (+1)	1,906 (+11%)	1mo	$170,000	$89	43
241 W Main St	0.66mi	4/1.0	1,949 (+13%)	3mo	$126,000	$65	40

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: 8.0%
• Equity multiple: 1.33×
• Total profit: $13,466
• Equity at exit: $21,620

10-year hold

• IRR: 21.0%
• Equity multiple: 3.17×
• Total profit: $88,282
• Equity at exit: $12,537

Cash invested: $40,600 (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: 224
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $1,686 high
• Mortgage (P&I): −$760
• Tax from tax record: −$70 /mo · $841/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$354
• Net cashflow: $441

Break-even live

Break-even rent $1,128

Max offer price $145,000

Occupancy floor 69%

Sensitivity live

Price	-10% $523	-5% $482	+0% $441	+5% $400	+10% $359
Rent	-10% $308	-5% $375	+0% $441	+5% $508	+10% $574
Rate	-1.0pp $514	-0.5pp $478	base $441	+0.5pp $404	+1.0pp $365

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	45d	1	0.56mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	45d	1	0.68mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	45d	1	0.70mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	45d	1	0.80mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	45d	1	0.80mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	45d	9	0.84mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	45d	1	0.89mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	45d	1	0.97mi

Listing history 19 events

1. 2026-06-21
   days on market $145,000 Active 71 DOM
2. 2026-06-19
   days on market $145,000 Active 69 DOM
3. 2026-06-18
   days on market $145,000 Active 68 DOM
4. 2026-06-18
   price $145,000 Active 67 DOM
5. 2026-06-17
   days on market $155,000 Active 67 DOM
6. 2026-06-16
   days on market $155,000 Active 66 DOM
7. 2026-06-15
   days on market $155,000 Active 65 DOM
8. 2026-06-14
   days on market $155,000 Active 63 DOM
9. 2026-06-12
   days on market $155,000 Active 62 DOM
10. 2026-06-09
    days on market $155,000 Active 59 DOM
11. 2026-06-08
    days on market $155,000 Active 58 DOM
12. 2026-06-07
    days on market $155,000 Active 57 DOM
13. 2026-06-05
    days on market $155,000 Active 54 DOM
14. 2026-06-03
    days on market $155,000 Active 53 DOM
15. 2026-06-02
    days on market $155,000 Active 52 DOM
16. 2026-06-01
    days on market $155,000 Active 51 DOM
17. 2026-05-31
    days on market $155,000 Active 50 DOM
18. 2026-05-30
    days on market $155,000 Active 49 DOM
19. 2026-04-11
    listed $155,000 Active 1407-char remark

    Show marketing remark (1407 chars)

    Timeless Charm Meets Modern Flexibility in This Spacious Watertown Home. Step back in time with this unique 5-bedroom, 2-bath home in the City of Watertown, offering character, space, and versatility. Currently configured as a single-family residence, it also presents an excellent opportunity for easy conversion to a two-family home. The main level features a bright, sun-filled kitchen with ample space for cooking, a formal dining room perfect for entertaining, and a spacious living room ideal for relaxing. Two bedrooms, a full bath, and a convenient laundry/mudroom complete the first floor. Upstairs, you’ll find even more living space, including an oversized living room, a second formal dining area, multiple bedrooms, a full bath, and a second kitchen with a breakfast bar—ideal for extended family, guests, or rental income potential. Unwind on the enclosed porch—an inviting space to relax, read, or enjoy your morning coffee. The full basement offers additional functionality with a workbench, a photography developing room or potential greenhouse space, and extra washer/dryer hookups. Outside, enjoy a detached garage for your vehicle or outdoor gear, along with a cozy patio area perfect for grilling or relaxing around a fire pit. The fenced-in yard is great for pets, play, or gardening, and is enhanced by established perennial landscaping that returns year after year.

ⓘ 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: $841 · $70/mo
• Projected year-2 tax: $1,646 · $137/mo
• Expected delta: +$805/yr (+$67/mo · 95.7%)

ⓘ 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 3/10 Moderate
• 🌡 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: $20,233
• − Mortgage interest: −$8,122
• − Property taxes: −$841
• − Insurance: −$725
• − Repairs & maintenance: −$1,619
• − Management: −$1,619
• − Depreciation: −$4,218
• Taxable income: $3,089
• Est. tax owed @ 24.0%: −$741
• After-tax cash flow: $4,552/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

1 event — show timeline

• 2026-04-11 Listed $155,000 CNYIS

Property tax history

+9.7%/yr

Latest (2025): $841 · +3.9% YoY. Source: county tax records.