214/218 Charles St · Watertown, NY 13601

$150,000

4 bd · 2.0 ba · 1,694 sqft · Townhouse public records · 100 Days on market

Built 1919 8,000 sqft lot $89/sqft · at area comps Est $154k · at est.

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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 +25.0/30.0
• ARV discount +8.8/15.0
• DSCR +8.1/10.0
• 1% rule +6.1/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

The perfect opportunity happens when location meets value in this cozy and inviting craftsman duplex located on a great neighborhood street, complete with a flowering crab tree in the front yard. Located just blocks from the elementary school, dining and take out, Stewart's, Tim Horton's and more, giving you added convenience. This property is set up as mirror image side by side units, with dining, living and kitchen downstairs and 2 bed, 1 bath upstairs. Each unit boasts their own front porch, front and back entrance, dedicated yard space, private dry basement with washer dryer hookups, attic crawl space access and plenty of closet space. The driveway is shared with the house next door, but is double wide, so no other property has use of your side. There is additional dedicated off street parking in rear and side of house. There is also a 2 car garage with new roof. The 218 unit is fresh and updated and ready to be occupied shortly after sale. The kitchen features open shelving and a coffee bar area. In the 214 unit, renovations have been started and it is just waiting for your finishing touches!! Some of the improvements include new sheet rock and a new tub with surround. A new sink and bathroom vanity are included in the sale, as well as current items including toilet, refrigerator, sink, gas stove/oven, washer and dryer and laundry sink. There are original hardwood floors throughout most of the unit. The entire home has some updated electrical, plumbing and windows. The drains from the street to home have been cleaned and flushed. Each unit has separate utilities (which means separate utility bills) and 150 amp service. Do not let this one pass you by, call today.

Key facts

• Dedicated yard space
• Private dry basement
• Craftsman duplex

Tags

• CRAFTSMAN DUPLEX
• DEDICATED YARD SPACE
• PRIVATE DRY BASEMENT
• DOUBLE WIDE DRIVEWAY
• DEDICATED OFF STREET PARKING
• 2 CAR GARAGE

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath townhouse listed at $150k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $136k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.9% 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; 8 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).
• 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 $42k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,500 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 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 1919 — 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: 1.11% ✓
• Cap rate: 8.89%
• Cash-on-cash: 9.28%
• DSCR: 1.41
• GRM: 7.5

CMA / ARV

• ARV (median comp): $154,362
• List price: $150,000
• Delta: -2.83%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.12×
• Total profit: $5,209
• Equity at exit: $22,365

10-year hold

• IRR: 16.8%
• Equity multiple: 2.70×
• Total profit: $71,377
• Equity at exit: $12,969

Cash invested: $42,000 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,672 high
• Mortgage (P&I): −$787
• Tax from tax record: −$147 /mo · $1,763/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$351
• Net cashflow: $325

Break-even live

Break-even rent $1,261

Max offer price $150,000

Occupancy floor 76%

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: $37,500
• Closing costs: $4,500
• 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	43d	1	0.34mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	0.58mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	43d	1	0.75mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	43d	1	0.86mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	43d	1	0.92mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	0.93mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	0.93mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	43d	9	1.07mi

Listing history 17 events

1. 2026-06-18
   days on market $150,000 Active 100 DOM
2. 2026-06-17
   days on market $150,000 Active 99 DOM
3. 2026-06-17
   status $150,000 Active 98 DOM
4. 2026-06-16
   days on market $150,000 Active Under Contract 98 DOM
5. 2026-06-15
   days on market $150,000 Active Under Contract 97 DOM
6. 2026-06-14
   days on market $150,000 Active Under Contract 95 DOM
7. 2026-06-12
   days on market $150,000 Active Under Contract 94 DOM
8. 2026-06-09
   days on market $150,000 Active Under Contract 91 DOM
9. 2026-06-08
   days on market $150,000 Active Under Contract 90 DOM
10. 2026-06-07
    days on market $150,000 Active Under Contract 89 DOM
11. 2026-06-05
    days on market $150,000 Active Under Contract 86 DOM
12. 2026-06-03
    days on market $150,000 Active Under Contract 85 DOM
13. 2026-06-02
    days on market $150,000 Active Under Contract 84 DOM
14. 2026-06-01
    days on market $150,000 Active Under Contract 83 DOM
15. 2026-05-31
    days on market $150,000 Active Under Contract 82 DOM
16. 2026-05-30
    days on market $150,000 Active Under Contract 81 DOM
17. 2026-03-10
    listed $150,000 Active 1696-char remark

    Show marketing remark (1696 chars)

    The perfect opportunity happens when location meets value in this cozy and inviting craftsman duplex located on a great neighborhood street, complete with a flowering crab tree in the front yard. Located just blocks from the elementary school, dining and take out, Stewart's, Tim Horton's and more, giving you added convenience. This property is set up as mirror image side by side units, with dining, living and kitchen downstairs and 2 bed, 1 bath upstairs. Each unit boasts their own front porch, front and back entrance, dedicated yard space, private dry basement with washer dryer hookups, attic crawl space access and plenty of closet space. The driveway is shared with the house next door, but is double wide, so no other property has use of your side. There is additional dedicated off street parking in rear and side of house. There is also a 2 car garage with new roof. The 218 unit is fresh and updated and ready to be occupied shortly after sale. The kitchen features open shelving and a coffee bar area. In the 214 unit, renovations have been started and it is just waiting for your finishing touches!! Some of the improvements include new sheet rock and a new tub with surround. A new sink and bathroom vanity are included in the sale, as well as current items including toilet, refrigerator, sink, gas stove/oven, washer and dryer and laundry sink. There are original hardwood floors throughout most of the unit. The entire home has some updated electrical, plumbing and windows. The drains from the street to home have been cleaned and flushed. Each unit has separate utilities (which means separate utility bills) and 150 amp service. Do not let this one pass you by, call today.

ⓘ 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: $1,763 · $147/mo
• Projected year-2 tax: $2,149 · $179/mo
• Expected delta: +$386/yr (+$32/mo · 21.9%)

ⓘ 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 ≥92°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: $20,061
• − Mortgage interest: −$8,402
• − Property taxes: −$1,763
• − Insurance: −$750
• − Repairs & maintenance: −$1,605
• − Management: −$1,605
• − Depreciation: −$4,364
• Taxable income: $1,573
• Est. tax owed @ 24.0%: −$377
• After-tax cash flow: $3,519/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

• 2026-03-10 Listed $150,000 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $1,763 · +2.0% YoY. Source: county tax records.