1133 State St · Watertown, NY 13601

$450,000

8 bd · 4.0 ba · 5,640 sqft · MultiFamily public records · 14 Days on market

Built 1950 0.46 ac lot Est $400k · 12% 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 +29.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Exceptional opportunity to own one of the nicest multi-family investment properties in the City of Watertown! This impressive 4-unit apartment building offers strong rental income, excellent square footage at 5640, and a rare oversized 0.45-acre city lot that feels even larger in person. The building is huge! Located in a highly visible, high-traffic area close to shopping, restaurants, schools, hospitals, and everyday amenities, this property is perfectly positioned for long-term investment success. The building features a total of 8 bedrooms and 4 bathrooms, including two spacious 3-bedroom, 1-bath apartments and two 1-bedroom, 1-bath apartments. Hardwood flooring throughout much of the p

Key facts

• High-traffic area
• Laundry common area
• Oversized city lot

Tags

• OVERSIZED CITY LOT
• HIGH-TRAFFIC AREA
• LAUNDRY COMMON AREA
• DETACHED GARAGE SPACE

Property features AI

Finance

• Other: Owner pays: Other (see remarks); Rent includes: See remarks
• Financial info: Four total residential units; Separate electric meters for each unit (4); Three separate gas meters; Operating expenses include professional management; Current rents reported by unit: $1,300 (3-bed), $1,100 (3-bed), $800 (1-bed), $750 (1-bed)

Exterior

• Parking: Attached garage with 4 spaces; Additional parking available
• Utilities: Electricity available and connected; Public water connected; Sewer connected
• Home design: 2-story multifamily building; Resale condition
• Construction: Vinyl siding; Metal roof; Stone foundation; Existing structure
• Exterior features: Covered porch

Interior

• Kitchen: Oven/Range; Refrigerator; Eat-in kitchen (in some units); Dishwasher (in at least one unit)
• Bedrooms: Unit mix includes two 1-bedroom units and two 3-bedroom units
• Flooring: Hardwood; Luxury vinyl; Varies by unit
• Bathrooms: Four full bathrooms total (one in each unit)
• Heating & cooling: Gas heating with forced air; Zoned heating and cooling; Some heating details listed as 'See Remarks'
• Interior features: Entrance foyer; Full basement with sump pump
• Laundry & utility: Common area laundry; Gas water heater

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $391/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $450k).
• Cap rate 10.5% 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; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $5,430/mo this rent would consume 111% 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 $3k of loan paydown is wiped out by about $14k 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 $126k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $450,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.21% ✓
• Cap rate: 10.46%
• Cash-on-cash: 14.89%
• DSCR: 1.66
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $400,440
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1133 State St	0.00mi	8/4.0	5,640 (0%)	17mo	$400,000	$71	86
702 -704 Academy St	0.42mi	8/4.0	5,235 (-7%)	8mo	$110,000	$21	62
357 Keyes Ave	0.67mi	8/4.0	4,914 (-13%)	2mo	$301,250	$61	46
338 Academy St	0.68mi	7/4.0 (-1)	4,926 (-13%)	12mo	$375,000	$76	32

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: 10.5%
• Equity multiple: 1.44×
• Total profit: $55,184
• Equity at exit: $67,096

10-year hold

• IRR: 23.1%
• Equity multiple: 3.43×
• Total profit: $306,239
• Equity at exit: $38,908

Cash invested: $126,000 (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: 27.6×

Monthly cashflow live

• Estimated rent: $5,430 high
• Mortgage (P&I): −$2,360
• Tax from tax record: −$179 /mo · $2,150/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,140
• Net cashflow: $1,563

Break-even live

Break-even rent $3,451

Max offer price $450,000

Occupancy floor 66%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$5,428
Total (4 units)			$5,430

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-19
   days on market $450,000 Active 14 DOM
2. 2026-06-18
   days on market $450,000 Active 13 DOM
3. 2026-06-17
   days on market $450,000 Active 12 DOM
4. 2026-06-16
   days on market $450,000 Active 11 DOM
5. 2026-06-15
   days on market $450,000 Active 10 DOM
6. 2026-06-14
   days on market $450,000 Active 8 DOM
7. 2026-06-12
   days on market $450,000 Active 7 DOM
8. 2026-06-09
   days on market $450,000 Active 4 DOM
9. 2026-06-08
   days on market $450,000 Active 3 DOM
10. 2026-06-07
    remarks 699-char remark
11. 2026-06-07
    listed $450,000 Active 2 DOM

ⓘ 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: $2,150 · $179/mo
• Projected year-2 tax: $4,877 · $406/mo
• Expected delta: +$2,728/yr (+$227/mo · 126.9%)

ⓘ 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: $65,160
• − Mortgage interest: −$25,207
• − Property taxes: −$2,150
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,213
• − Management: −$5,213
• − Depreciation: −$13,091
• Taxable income: $12,037
• Est. tax owed @ 24.0%: −$2,889
• After-tax cash flow: $15,870/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

+12.5% since first listed

6 events — show timeline

• 2026-06-05 Listed $450,000 CNYIS
• 2025-12-08 Rental Removed $1,300 CNYIS
• 2025-12-04 Listed for Rent $1,300 CNYIS
• 2025-02-26 Sold (Public Records) $400,000 Public Records
• 2025-01-27 Listed $400,000 CNYIS
• 2025-01-27 Sold (MLS) $400,000 CNYIS

Property tax history

+18.7%/yr

Latest (2025): $2,150 · +3.9% YoY. Source: county tax records.