111 N Orchard St · Watertown, NY 13601

$94,900

6 bd · 2.0 ba · 2,064 sqft · MultiFamily public records · 25 Days on market

Built 1880 Fair condition 0.25 ac lot $46/sqft · 54% below area ↓ 30% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• Rent growth +5.0/5.0
• Livability +3.4/5.0
• Condition / age +2.2/5.0
• 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

Strong Investment Potential – Investment Fixer-upper Opportunity awaits with this two-unit property offering flexible use and value-add potential. Whether continuing as a multi-unit residence, living in one side and having income from the 2nd unit or exploring renovation options, this property presents a range of possibilities, some of which have already been started, including the kitchen. The first unit spans two levels and includes four bedrooms, one full bathroom, a partially completed kitchen, formal dining room, living room, 1st floor laundry room, front and back porches, along with access to a spacious backyard.

Key facts

• Large yard
• Multi-unit residence
• 0.25 acre lot

Tags

• MULTI-UNIT RESIDENCE
• PARTIALLY COMPLETED KITCHEN
• ORIGINAL TIN CEILINGS
• DEDICATED LAUNDRY ROOM
• LARGE YARD
• CLOSE PROXIMITY TO SHOPPING

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $95k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $95k).
• Recommended offer: $93k (1.5% below list) — sets the bar for market timing.
• Cap rate 26.1% vs local median 6.1% 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-, 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: Sherman School (math 42% / reading 52%, grade D-, #1,195 of 2,108 statewide, top 60%, 320 students, 57% 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).
• Market conditions: Rents rising fast (+10.0%/yr); 294 active listings in the ZIP; 196 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• At $2,814/mo this rent would consume 57% of the median local household income ($59k/yr) — 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 $656 of loan paydown is wiped out by about $3k 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 $27k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 25 days — a 2% lower offer ($93k) is reasonable based on typical stale-listing flexibility.
• 2 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 1880 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $93,476 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1880 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 2.97% ✓
• Cap rate: 26.09%
• Cash-on-cash: 70.69%
• DSCR: 4.15
• GRM: 2.8

CMA / ARV

• ARV (median comp): $208,521
• List price: $94,900
• Delta: -44.90%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
411 Prospect St	0.10mi	5/2.0 (-1)	1,719 (-17%)	2mo	$112,500	$65	63
472 Coffeen St	0.22mi	6/2.5	2,400 (+16%)	7mo	$185,000	$77	57
310 Howk St	0.24mi	6/3.0	1,810 (-12%)	18mo	$181,000	$100	49
146-148 E Main St	0.71mi	6/2.0	2,048 (-1%)	21mo	$160,500	$78	48
810 Boyd St	1.12mi	5/2.0 (-1)	1,934 (-6%)	2mo	$179,900	$93	47
512 Hamlin St	0.85mi	5/2.5 (-1)	2,220 (+8%)	5mo	$236,000	$106	41
712 Cadwell St	1.04mi	5/2.0 (-1)	2,108 (+2%)	23mo	$82,500	$39	37
159 Mechanic St	0.76mi	6/2.0	2,263 (+10%)	17mo	$72,000	$32	35

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: 75.9%
• Equity multiple: 4.73×
• Total profit: $99,239
• Equity at exit: $14,150

10-year hold

• IRR: 81.0%
• Equity multiple: 11.64×
• Total profit: $282,661
• Equity at exit: $8,205

Cash invested: $26,572 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 2 active · 2 under contract
• Months of supply: 4.0 mo (25%/mo absorbed)
• Median asking: $197,450 ($79/sqft)
• Median days on market: 77 d
• This list price: 50% of active listings are priced below it
• ARV vs active asking: +28.2% above current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 13601

• Home prices YoY: -5.6%
• Rents YoY: 10.0%
• Active inventory: 294
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,814 high
• Mortgage (P&I): −$498
• Tax from tax record: −$120 /mo · $1,445/yr
• Insurance: −$40
• HOA: −$0
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $1,565

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

Units	Beds	Baths	Est. rent
1× unit	4	1	$1,692
1× unit	0	0	$1,122
Total (2 units)			$2,814

Break-even live

Break-even rent $832

Max offer price $94,900

Occupancy floor 39%

Sensitivity live

Price	-10% $1,619	-5% $1,592	+0% $1,565	+5% $1,539	+10% $1,512
Rent	-10% $1,343	-5% $1,454	+0% $1,565	+5% $1,677	+10% $1,788
Rate	-1.0pp $1,613	-0.5pp $1,590	base $1,565	+0.5pp $1,541	+1.0pp $1,516

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: $23,725
• Closing costs: $2,847
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
136 N Meadow St Unit A Watertown, NY	2.0	1.0	1000	$995	$0.99	93d	1	0.05mi
400 Coffeen St Unit 3 Watertown, NY	2.0	1.0	—	$1,350	—	93d	1	0.22mi
161 Breen Ave Watertown, NY	2.0	1.0	—	$1,200	—	93d	1	0.36mi
152 Court St Unit 5 Watertown, NY	1.0	1.0	850	$1,375	$1.62	93d	1	0.37mi
152 Court St Unit 1 Watertown, NY	1.0	1.0	20880	$1,300	$0.06	93d	1	0.37mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	93d	1	0.41mi
351 W Main St Watertown, NY	1.0	1.0	1000	$995	$0.99	93d	1	0.43mi
159 Mullin St Unit 2 Watertown, NY	2.0	1.0	900	$1,200	$1.33	93d	1	0.47mi
611 Cooper St Watertown, NY	3.0	1.0	1190	$1,495	$1.26	93d	1	0.64mi
173 Ely St Watertown, NY	2.0	1.0	1940	$1,150	$0.59	93d	1	0.65mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	93d	1	0.70mi
702 Leray St Watertown, NY	3.0	1.0	2700	$1,300	$0.48	93d	1	0.70mi
334 Clay St Watertown, NY	1.0	1.0	—	$1,071	—	93d	1	0.71mi
142 E Main St Unit A Watertown, NY	1.0	1.0	—	$825	—	93d	1	0.71mi
334 Clay St Unit 4 Watertown, NY	1.0	1.0	700	$1,070	$1.53	93d	1	0.71mi
409 Franklin St Unit 2 Watertown, NY	2.0	1.0	—	$850	—	93d	1	0.86mi
417 Franklin St Watertown, NY	3.0	2.5	3000	$1,750	$0.58	93d	1	0.87mi
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	93d	1	0.89mi
836 Leray St Watertown, NY	2.0	1.0	1782	$1,200	$0.67	93d	1	0.90mi
207 Wealtha Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,304	$0.91	93d	9	0.90mi
311 High St Watertown, NY	2.0	1.0	851	$1,200	$1.41	93d	1	0.91mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	93d	1	0.97mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	93d	1	0.98mi
720 Cadwell St Watertown, NY	2.0	1.5	1300	$995	$0.77	93d	1	1.08mi
816 Boyd St Unit 1 Watertown, NY	2.0	1.0	980	$1,500	$1.53	93d	1	1.15mi
911 State St Watertown, NY	3.0	1.0	12136	$1,100	$0.09	93d	1	1.20mi
911 State St Unit 3 Watertown, NY	3.0	1.0	1200	$995	$0.83	93d	1	1.20mi
927 State St Watertown, NY	2.0	1.0	900	$1,000	$1.11	93d	1	1.23mi
1029 Gill St Watertown, NY	3.0	1.0	1275	$1,950	$1.53	93d	1	1.35mi

Property features AI

Finance

• Financial info: Operating expense details: see remarksOwner pays: see remarks

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Public water (connected)Sewer connected
• Home design: Single-story buildingExisting property
• Construction: Vinyl sidingMetal roofStone foundationBuilt (existing)
• Exterior features: Rectangular residential lotCity street frontageLot dimensions approximately 55 x 198

Interior

• Kitchen: Gas water heater
• Bedrooms: Multifamily property with 2 total units
• Flooring: CarpetVinylVaried flooring
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Separate gas meters for each unitSeparate electric meters for each unit

Listing history 50 events

1. 2026-08-08
   days on market $94,900 Active 25 DOM
2. 2026-08-07
   days on market $94,900 Active 24 DOM
3. 2026-08-06
   days on market $94,900 Active 23 DOM
4. 2026-08-05
   days on market $94,900 Active 22 DOM
5. 2026-08-04
   days on market $94,900 Active 21 DOM
6. 2026-08-03
   days on market $94,900 Active 20 DOM
7. 2026-07-31
   days on market $94,900 Active 17 DOM
8. 2026-07-30
   days on market $94,900 Active 16 DOM
9. 2026-07-29
   days on market $94,900 Active 15 DOM
10. 2026-07-27
    days on market $94,900 Active 13 DOM
11. 2026-07-25
    days on market $94,900 Active 11 DOM
12. 2026-07-23
    days on market $94,900 Active 9 DOM
13. 2026-07-22
    days on market $94,900 Active 8 DOM
14. 2026-07-21
    days on market $94,900 Active 7 DOM
15. 2026-07-18
    days on market $94,900 Active 4 DOM
16. 2026-07-16
    days on market $94,900 Active 2 DOM
17. 2026-07-14
    pricedays on marketlisting id $94,900 Active 1 DOM
18. 2026-07-13
    days on market $114,900 Active 70 DOM
19. 2026-07-12
    days on market $114,900 Active 69 DOM
20. 2026-07-11
    days on market $114,900 Active 68 DOM
21. 2026-07-10
    days on market $114,900 Active 67 DOM
22. 2026-07-09
    days on market $114,900 Active 66 DOM
23. 2026-07-08
    days on market $114,900 Active 65 DOM
24. 2026-07-07
    days on market $114,900 Active 64 DOM
25. 2026-07-06
    days on market $114,900 Active 63 DOM
26. 2026-07-05
    days on market $114,900 Active 62 DOM
27. 2026-07-04
    days on market $114,900 Active 61 DOM
28. 2026-07-03
    days on market $114,900 Active 60 DOM
29. 2026-07-02
    days on market $114,900 Active 59 DOM
30. 2026-07-01
    days on market $114,900 Active 58 DOM
31. 2026-06-30
    days on market $114,900 Active 57 DOM
32. 2026-06-29
    days on market $114,900 Active 56 DOM
33. 2026-06-28
    days on market $114,900 Active 55 DOM
34. 2026-06-27
    days on market $114,900 Active 54 DOM
35. 2026-06-26
    pricedays on market $114,900 Active 52 DOM
36. 2026-06-22
    days on market $125,000 Active 49 DOM
37. 2026-06-21
    days on market $125,000 Active 48 DOM
38. 2026-06-19
    days on market $125,000 Active 46 DOM
39. 2026-06-18
    days on market $125,000 Active 45 DOM
40. 2026-06-17
    days on market $125,000 Active 44 DOM
41. 2026-06-16
    days on market $125,000 Active 43 DOM
42. 2026-06-15
    days on market $125,000 Active 42 DOM
43. 2026-06-14
    days on market $125,000 Active 40 DOM
44. 2026-06-12
    days on market $125,000 Active 39 DOM
45. 2026-06-09
    days on market $125,000 Active 36 DOM
46. 2026-06-08
    days on market $125,000 Active 35 DOM
47. 2026-06-07
    days on market $125,000 Active 34 DOM
48. 2026-06-05
    days on market $125,000 Active 31 DOM
49. 2026-06-03
    days on market $125,000 Active 30 DOM
50. 2026-06-02
    days on market $125,000 Active 29 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: $1,445 · $120/mo
• Projected year-2 tax: $1,525 · $127/mo
• Expected delta: +$79/yr (+$7/mo · 5.5%)

ⓘ 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: $33,768
• − Mortgage interest: −$5,316
• − Property taxes: −$1,445
• − Insurance: −$474
• − Repairs & maintenance: −$2,701
• − Management: −$2,701
• − Depreciation: −$2,761
• Taxable income: $18,369
• Est. tax owed @ 24.0%: −$4,409
• After-tax cash flow: $14,376/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab Est. rehab $51,600–$92,880 screening

This two-unit property requires moderate renovations, including painting the exterior siding and landscaping, to improve its curb appeal and value. The kitchen is partially completed and could be fully renovated to enhance functionality and value.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be missing shingles and has visible damage.
• Major Windows (windows) — The windows have visible damage and appear to be in poor condition.
• Major Electrical (electrical) — The electrical panel is not visible, but the house appears to be in disrepair, suggesting potential electrical issues.
• Major Exterior (exterior) — The exterior of the house is in poor condition, with visible damage and missing shingles.

Repairs flagged

• Moderate exterior siding — Weathered appearance
• Moderate landscaping — Overgrown and unkempt

Value-add opportunities

• Both paint exterior siding — Enhances curb appeal and property value ↑
• Both landscaping — Improves curb appeal and enhances property value ↑
• Both paint interior walls and trim — Enhances interior appearance and value ↑
• Both update kitchen — Completes the kitchen and improves functionality ↑

ⓘ Rehab cost is a screening estimate — Moderate scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

D Composite school gradezoned avg 56/100

Zoned Schools

Elementary Sherman School D- NY #1,195/2,108 Nat'l #14,504/41,679 Middle Case Middle School F NY #566/729 Nat'l #9,290/14,009 High Watertown Senior High School A+ NY #231/1,100 Nat'l #375/17,239

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

C Composite livability gradescore 68/100

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 · 111,748 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: 12% of renters

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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%

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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%

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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

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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

Property features AI

Finance

• Financial info: Operating expense details: see remarksOwner pays: see remarks

Exterior

• Parking: Paved parking with two or more spaces
• Utilities: Public water (connected)Sewer connected
• Home design: Single-story buildingExisting property
• Construction: Vinyl sidingMetal roofStone foundationBuilt (existing)
• Exterior features: Rectangular residential lotCity street frontageLot dimensions approximately 55 x 198

Interior

• Kitchen: Gas water heater
• Bedrooms: Multifamily property with 2 total units
• Flooring: CarpetVinylVaried flooring
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Gas forced-air heating
• Interior features: Full basement
• Laundry & utility: Separate gas meters for each unitSeparate electric meters for each unit

Price history

-29.7% since first listed

5 events — show timeline

• 2026-07-14 Listed $94,900 CNYIS
• 2026-07-13 Listing Removed — CNYIS
• 2026-06-24 Price Changed $114,900 CNYIS
• 2026-05-19 Price Changed $125,000 CNYIS
• 2026-05-04 Listed $134,900 CNYIS

Property tax history

+18.7%/yr

Latest (2025): $1,445 · +3.9% YoY. Source: county tax records.