222 Wealtha Ave · Watertown, NY 13601

$129,000

2 bd · 1.0 ba · 1,128 sqft · SingleFamily public records · 107 Days on market

Built 1910 0.74 ac lot $114/sqft · 25% below area Est $173k · 25% under

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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 +20.9/30.0
• ARV discount +15.0/15.0
• DSCR +6.6/10.0
• 1% rule +5.0/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming 2-Bedroom Home on . 74 Acres – Convenient Location! Cozy, clean, and full of potential! This well-maintained 2-bedroom, 1-bath home sits on a spacious . 74-acre lot, offering plenty of room to enjoy the outdoors while still being close to everything. Inside, you'll find a comfortable layout featuring an eat-in kitchen, a separate dining room, and inviting living spaces that make the home feel warm and welcoming. Major updates provide peace of mind, including a roof only 5 years old, furnace and hot water heater just 2 years old, and an updated electrical panel installed 3 years ago. Conveniently located just off Route 81, this home is minutes from the Salmon Run Mall, shopping, restaurants, YMCA, and the municipal building, making everyday errands and activities quick and easy. With great land and a manageable home size, this property is perfect for first-time home buyers, those looking to downsize, or anyone seeking a cozy home in a prime location. Don’t miss this opportunity to own a charming home with space, updates, and convenience!

Key facts

• Separate dining room
• Spacious lot
• Eat-in kitchen

Tags

• SPACIOUS LOT
• EAT-IN KITCHEN
• SEPARATE DINING ROOM
• UPDATED ELECTRICAL PANEL
• ROOF ONLY 5 YEARS OLD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $129k.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $129k (0.1% below list).
• Recommended offer: $117k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 6.3% in Watertown — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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-, crime F, commute 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.
• Zoned schools: North Elementary School (math 32% / reading 62%, grade D-, #1,195 of 2,108 statewide, top 60%, 455 students, 71% FRL); Case Middle School (math 17% / reading 41%, grade F, #566 of 729 statewide, top 78%, 626 students, 70% FRL); Watertown Senior High School (math 89% / reading 92%, grade A+, #231 of 1,100 statewide, top 21%, 1,083 students, 65% FRL) — zoned schools average 69% FRL vs 49% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+10.0%/yr); 224 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 46d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $892 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 $36k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $20k; list at $129k implies a 546% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,390 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — 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: 1.00% ✗
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $173,114
• List price: $129,000
• Delta: -25.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
204 Wealtha Ave	0.06mi	3/1.0 (+1)	1,240 (+10%)	22mo	$134,900	$109	57
706 Lawrence St	0.53mi	2/2.0	1,077 (-4%)	9mo	$205,000	$190	56
151 Palmer St	0.28mi	3/2.0 (+1)	1,072 (-5%)	19mo	$65,000	$61	54
146 Smith St	0.57mi	3/1.0 (+1)	1,069 (-5%)	21mo	$35,000	$33	42
207 Cedar St	0.61mi	3/1.0 (+1)	1,274 (+13%)	10mo	$205,000	$161	37
830 Anne St	0.74mi	3/1.5 (+1)	1,200 (+6%)	19mo	$130,000	$108	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: -1.9%
• Equity multiple: 0.92×
• Total profit: $-2,753
• Equity at exit: $19,234

10-year hold

• IRR: 12.4%
• Equity multiple: 2.19×
• Total profit: $43,162
• Equity at exit: $11,154

Cash invested: $36,120 (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: 8.3×

Monthly cashflow live

• Estimated rent: $1,288 high
• Mortgage (P&I): −$676
• Tax from tax record: −$109 /mo · $1,311/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$271
• Net cashflow: $178

Break-even live

Break-even rent $1,063

Max offer price $129,000

Occupancy floor 81%

Sensitivity live

Price	-10% $251	-5% $215	+0% $178	+5% $142	+10% $105
Rent	-10% $76	-5% $127	+0% $178	+5% $229	+10% $280
Rate	-1.0pp $243	-0.5pp $211	base $178	+0.5pp $145	+1.0pp $111

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: $32,250
• Closing costs: $3,870
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 Wealtha Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,304	$0.91	45d	9	0.10mi
136 N Meadow St Unit A Watertown, NY	2.0	1.0	1000	$995	$0.99	45d	1	0.85mi
351 W Main St Watertown, NY	1.0	1.0	1000	$995	$0.99	45d	1	1.16mi
152 Court St Unit 5 Watertown, NY	1.0	1.0	850	$1,375	$1.62	45d	1	1.26mi
159 Mullin St Unit 2 Watertown, NY	2.0	1.0	900	$1,200	$1.33	45d	1	1.32mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	45d	1	1.35mi
14630 Autumn Ridge Ln Watertown, NY	2.0–3.0	1.5–2.5	1280	$1,645	$1.28	45d	31	1.35mi

Listing history 21 events

1. 2026-06-21
   days on market $129,000 Active 107 DOM
2. 2026-06-19
   days on market $129,000 Active 105 DOM
3. 2026-06-18
   days on market $129,000 Active 104 DOM
4. 2026-06-17
   days on market $129,000 Active 103 DOM
5. 2026-06-16
   days on market $129,000 Active 102 DOM
6. 2026-06-15
   days on market $129,000 Active 101 DOM
7. 2026-06-14
   days on market $129,000 Active 99 DOM
8. 2026-06-12
   days on market $129,000 Active 98 DOM
9. 2026-06-09
   days on market $129,000 Active 95 DOM
10. 2026-06-08
    days on market $129,000 Active 94 DOM
11. 2026-06-07
    days on market $129,000 Active 93 DOM
12. 2026-06-05
    days on market $129,000 Active 90 DOM
13. 2026-06-03
    days on market $129,000 Active 89 DOM
14. 2026-06-02
    days on market $129,000 Active 88 DOM
15. 2026-06-01
    days on market $129,000 Active 87 DOM
16. 2026-05-31
    days on market $129,000 Active 86 DOM
17. 2026-05-30
    days on market $129,000 Active 85 DOM
18. 2026-04-29
    price $134,900 1074-char remark

    Show marketing remark (1074 chars)

    Charming 2-Bedroom Home on . 74 Acres – Convenient Location! Cozy, clean, and full of potential! This well-maintained 2-bedroom, 1-bath home sits on a spacious . 74-acre lot, offering plenty of room to enjoy the outdoors while still being close to everything. Inside, you'll find a comfortable layout featuring an eat-in kitchen, a separate dining room, and inviting living spaces that make the home feel warm and welcoming. Major updates provide peace of mind, including a roof only 5 years old, furnace and hot water heater just 2 years old, and an updated electrical panel installed 3 years ago. Conveniently located just off Route 81, this home is minutes from the Salmon Run Mall, shopping, restaurants, YMCA, and the municipal building, making everyday errands and activities quick and easy. With great land and a manageable home size, this property is perfect for first-time home buyers, those looking to downsize, or anyone seeking a cozy home in a prime location. Don’t miss this opportunity to own a charming home with space, updates, and convenience!

19. 2026-04-09
    price $139,000 1074-char remark

    Show marketing remark (1074 chars)

    Charming 2-Bedroom Home on . 74 Acres – Convenient Location! Cozy, clean, and full of potential! This well-maintained 2-bedroom, 1-bath home sits on a spacious . 74-acre lot, offering plenty of room to enjoy the outdoors while still being close to everything. Inside, you'll find a comfortable layout featuring an eat-in kitchen, a separate dining room, and inviting living spaces that make the home feel warm and welcoming. Major updates provide peace of mind, including a roof only 5 years old, furnace and hot water heater just 2 years old, and an updated electrical panel installed 3 years ago. Conveniently located just off Route 81, this home is minutes from the Salmon Run Mall, shopping, restaurants, YMCA, and the municipal building, making everyday errands and activities quick and easy. With great land and a manageable home size, this property is perfect for first-time home buyers, those looking to downsize, or anyone seeking a cozy home in a prime location. Don’t miss this opportunity to own a charming home with space, updates, and convenience!

20. 2026-03-05
    listed $145,000 Active 1074-char remark

    Show marketing remark (1074 chars)

    Charming 2-Bedroom Home on . 74 Acres – Convenient Location! Cozy, clean, and full of potential! This well-maintained 2-bedroom, 1-bath home sits on a spacious . 74-acre lot, offering plenty of room to enjoy the outdoors while still being close to everything. Inside, you'll find a comfortable layout featuring an eat-in kitchen, a separate dining room, and inviting living spaces that make the home feel warm and welcoming. Major updates provide peace of mind, including a roof only 5 years old, furnace and hot water heater just 2 years old, and an updated electrical panel installed 3 years ago. Conveniently located just off Route 81, this home is minutes from the Salmon Run Mall, shopping, restaurants, YMCA, and the municipal building, making everyday errands and activities quick and easy. With great land and a manageable home size, this property is perfect for first-time home buyers, those looking to downsize, or anyone seeking a cozy home in a prime location. Don’t miss this opportunity to own a charming home with space, updates, and convenience!

21. 2002-09-11
    soldstatus $19,980

ⓘ 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: $1,311 · $109/mo
• Projected year-2 tax: $1,746 · $145/mo
• Expected delta: +$434/yr (+$36/mo · 33.1%)

ⓘ 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 ≥93°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: $15,460
• − Mortgage interest: −$7,226
• − Property taxes: −$1,311
• − Insurance: −$645
• − Repairs & maintenance: −$1,237
• − Management: −$1,237
• − Depreciation: −$3,753
• Taxable income: $51
• Est. tax owed @ 24.0%: −$12
• After-tax cash flow: $2,127/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

+575.2% since first listed

4 events — show timeline

• 2026-04-29 Price Changed $134,900 CNYIS
• 2026-04-09 Price Changed $139,000 CNYIS
• 2026-03-05 Listed $145,000 CNYIS
• 2002-09-11 Sold (Public Records) $19,980 Public Records

Property tax history

+18.2%/yr

Latest (2025): $1,311 · +2.0% YoY. Source: county tax records.