614 Boyd St · Watertown, NY 13601

$31,500

6 bd · 2.0 ba · 2,732 sqft · MultiFamily public records · 111 Days on market

Built 1900 7,920 sqft lot ↓ 52% since listing

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Big city duplex for sale! Unit 1 features 4 beds, 2 baths with hardwood floors, tall ceilings, and an open concept layout. This side is currently vacant and ready for its new owner. With some TLC this could be a stunning apartment. Unit 2 is a 2 bed, 1 bath and has a long term tenants on a month to month lease collecting 600/month in rent. There is plenty of opportunity here! It shouldn’t be too difficult to make this into a large single family home with a mother-in-law suite, or you can also renovate the larger side for owner occupancy or for renting purposes. Either way at this price the home pays for itself! Owner is open to considering seller financing at the right purchase price with money down.

Key facts

• Multi family home
• Open floor plan
• Natural light

Tags

• MULTI FAMILY HOME
• SPACIOUS LOT
• OPEN FLOOR PLAN
• NATURAL LIGHT

🏷️ Possibly a rental listed for sale. The $31,500 price doesn't fit this home's estimated sale value (~$150,260) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $32k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $32k).
• Recommended offer: $29k (9.0% below list) — sets the bar for market timing.
• Cap rate 59.1% 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).
• This rent runs 41% 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 $218 of loan paydown is wiped out by about $945 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 $9k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 111 days — a 9% lower offer ($29k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $20k (39%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $28,665 (9.0% below list)

Questions for the listing agent

1. It's been on market 111 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 1900 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 6.44% ✓
• Cap rate: 59.09%
• Cash-on-cash: 188.57%
• DSCR: 9.39
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $150,260
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
359 Franklin St #2	0.19mi	5/3.0 (-1)	2,644 (-3%)	7mo	$70,000	$26	71
123 State Pl	0.15mi	6/4.0	3,086 (+13%)	3mo	$250,000	$81	60
114 High St	0.13mi	5/3.0 (-1)	2,500 (-8%)	18mo	$178,500	$71	56
350 Brainard St	0.41mi	6/3.5	2,859 (+5%)	20mo	$240,000	$84	51
116 S Hamilton St	0.30mi	5/2.0 (-1)	2,520 (-8%)	21mo	$190,000	$75	51
211-213 S Pleasant St	0.40mi	5/3.5 (-1)	2,998 (+10%)	5mo	$153,000	$51	50
308 - 310 S Pleasant St	0.39mi	6/2.0	3,054 (+12%)	15mo	$165,000	$54	50
1102 Salina St	0.44mi	6/2.0	2,338 (-14%)	9mo	$85,000	$36	48
329 Mcclelland St	0.60mi	6/3.0	2,986 (+9%)	22mo	$165,000	$55	34

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: —
• Equity multiple: 11.65×
• Total profit: $93,930
• Equity at exit: $4,697

10-year hold

• IRR: —
• Equity multiple: 28.71×
• Total profit: $244,413
• Equity at exit: $2,724

Cash invested: $8,820 (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: 1.3×

Monthly cashflow live

• Estimated rent: $2,030 medium
• Mortgage (P&I): −$165
• Tax est. 1.5%: −$39 /mo · $472/yr
• Insurance: −$13
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $1,386

Break-even live

Break-even rent $276

Max offer price $31,500

Occupancy floor 27%

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: $7,875
• Closing costs: $945
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-02-18
   status Pending
2. 2026-02-16
   price $31,500
3. 2026-01-14
   price $35,000
4. 2025-12-19
   price $40,000
5. 2025-12-17
   status Active
6. 2025-12-09
   status Pending
7. 2025-11-22
   price $50,000
8. 2025-10-22
   listed $51,500 Active
9. 2021-12-08
   soldstatus $70,000 Closed Sale or Rented 715-char remark

   Show marketing remark (715 chars)

   Big city duplex for sale! Unit 1 features 4 beds, 2 baths with hardwood floors, tall ceilings, and an open concept layout. This side is currently vacant and ready for its new owner. With some TLC this could be a stunning apartment. Unit 2 is a 2 bed, 1 bath and has a long term tenants on a month to month lease collecting 600/month in rent. There is plenty of opportunity here! It shouldn’t be too difficult to make this into a large single family home with a mother-in-law suite, or you can also renovate the larger side for owner occupancy or for renting purposes. Either way at this price the home pays for itself! Owner is open to considering seller financing at the right purchase price with money down.

10. 2021-08-24
    status Pending Sale 715-char remark

    Show marketing remark (715 chars)

    Big city duplex for sale! Unit 1 features 4 beds, 2 baths with hardwood floors, tall ceilings, and an open concept layout. This side is currently vacant and ready for its new owner. With some TLC this could be a stunning apartment. Unit 2 is a 2 bed, 1 bath and has a long term tenants on a month to month lease collecting 600/month in rent. There is plenty of opportunity here! It shouldn’t be too difficult to make this into a large single family home with a mother-in-law suite, or you can also renovate the larger side for owner occupancy or for renting purposes. Either way at this price the home pays for itself! Owner is open to considering seller financing at the right purchase price with money down.

11. 2021-08-23
    listed $65,000 Active 715-char remark

    Show marketing remark (715 chars)

    Big city duplex for sale! Unit 1 features 4 beds, 2 baths with hardwood floors, tall ceilings, and an open concept layout. This side is currently vacant and ready for its new owner. With some TLC this could be a stunning apartment. Unit 2 is a 2 bed, 1 bath and has a long term tenants on a month to month lease collecting 600/month in rent. There is plenty of opportunity here! It shouldn’t be too difficult to make this into a large single family home with a mother-in-law suite, or you can also renovate the larger side for owner occupancy or for renting purposes. Either way at this price the home pays for itself! Owner is open to considering seller financing at the right purchase price with money down.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,360
• − Mortgage interest: −$1,764
• − Property taxes: −$472
• − Insurance: −$158
• − Repairs & maintenance: −$1,949
• − Management: −$1,949
• − Depreciation: −$916
• Taxable income: $17,151
• Est. tax owed @ 24.0%: −$4,116
• After-tax cash flow: $12,516/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

-51.5% since first listed

11 events — show timeline

• 2026-02-18 Pending — UNYREIS
• 2026-02-16 Price Changed $31,500 UNYREIS
• 2026-01-14 Price Changed $35,000 UNYREIS
• 2025-12-19 Price Changed $40,000 UNYREIS
• 2025-12-17 Relisted — UNYREIS
• 2025-12-09 Pending — UNYREIS
• 2025-11-22 Price Changed $50,000 UNYREIS
• 2025-10-22 Listed $51,500 UNYREIS
• 2021-12-08 Sold (MLS) $70,000 CNYIS
• 2021-08-24 Pending — CNYIS
• 2021-08-23 Listed $65,000 CNYIS

Property tax history

+18.2%/yr

Latest (2025): $1,623 · +2.0% YoY. Source: county tax records.