117 Bowers Ave · Watertown, NY 13601

$239,900

4 bd · 2.0 ba · 2,175 sqft · MultiFamily public records · 2 Days on market

Built 1890 10,050 sqft lot

---

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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +5.7/10.0
• 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

Amazing Investment Opportunity! This 2-unit duplex is steps away from the Samaritan Medical Center. The property has a strong rental history and features 2BR/1BA downstairs, 2BR/1BA upstairs, original woodwork, detached garage, ample parking and private backyard. Live in one appt and rent the other to pay your mortgage. Ideal location and meticulously cared for. Call now for details & showing. 24 hours due to tenant upstairs.

Key facts

• Formal dining room
• Prime location
• 0.23 acre lot

Tags

• PRIME LOCATION
• WELL MAINTAINED PROPERTY
• COMFORTABLE LIVING AREA
• FORMAL DINING ROOM
• CONVENIENT FIRST FLOOR LAUNDRY
• FRONT AND BACK ENTRANCES

Property features AI

Finance

• Financial info: Property configured as two units with separate gas and electric meters; Unit rents reported: one unit at $1,100 and one unit at $1,400; Owner pays water; water is included in rent; Operating expenses include snow removal and water/sewer

Exterior

• Parking: Garage (1 car); Paved parking; At least two parking spaces
• Utilities: Public water connected; Sewer connected
• Home design: Two-story building; Existing/resale property
• Construction: Vinyl siding; Built previously (existing)
• Exterior features: Rectangular residential lot; 67 x 150 lot dimensions; City street frontage

Interior

• Kitchen: Eat-in kitchen (one unit); Kitchen included in both units
• Bedrooms: Two 2-bedroom units
• Flooring: Carpet; Hardwood; Tile; Varied flooring
• Bathrooms: Each unit has one full bathroom (2 full bathrooms total)
• Heating & cooling: Gas forced-air heating; Has heating
• Interior features: Full basement
• Laundry & utility: Laundry in unit (one unit)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $536 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 9.0% 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; 9 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).
• At $2,568/mo this rent would consume 52% 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 $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 14y ago 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.
• Current owner paid $165k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $239,900

Questions for the listing agent

1. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.07% ✓
• Cap rate: 8.97%
• Cash-on-cash: 9.58%
• DSCR: 1.43
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $150,075
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
713 Myrtle Ave	0.22mi	4/2.0	2,016 (-7%)	8mo	$140,000	$69	71
512 Hamlin St	0.41mi	5/2.5 (+1)	2,220 (+2%)	3mo	$236,000	$106	68
159 Winslow St	0.28mi	4/3.0	2,073 (-5%)	21mo	$98,000	$47	57
502 Academy St	0.56mi	4/2.5	2,112 (-3%)	16mo	$180,000	$85	54
301 Keyes Ave	0.40mi	4/2.0	2,450 (+13%)	8mo	$30,000	$12	53
636 Gotham St	0.25mi	3/2.0 (-1)	1,979 (-9%)	18mo	$152,000	$77	53
712 Cadwell St	0.47mi	5/2.0 (+1)	2,108 (-3%)	22mo	$82,500	$39	50

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: 3.2%
• Equity multiple: 1.13×
• Total profit: $8,784
• Equity at exit: $35,770

10-year hold

• IRR: 16.8%
• Equity multiple: 2.68×
• Total profit: $113,135
• Equity at exit: $20,742

Cash invested: $67,172 (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: 15.6×

Monthly cashflow live

• Estimated rent: $2,568 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$135 /mo · $1,614/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$539
• Net cashflow: $536

Break-even live

Break-even rent $1,889

Max offer price $239,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,568
Total (2 units)			$2,568

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
128 Park Ave Watertown, NY	3.0	2.0	2300	$2,400	$1.04	43d	1	0.05mi
328 Clay St Unit 3 Watertown, NY	3.0	2.0	1500	$1,650	$1.10	43d	1	0.48mi
417 Franklin St Watertown, NY	3.0	2.5	3000	$1,750	$0.58	43d	1	0.53mi
621 Academy St Watertown, NY	3.0	2.0	1652	$1,600	$0.97	43d	1	0.64mi
123 State Pl Watertown, NY	3.0	1.5	1500	$1,750	$1.17	43d	1	0.82mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	43d	1	0.98mi
377 W Main St Unit 1 Watertown, NY	3.0	1.0	1991	$1,350	$0.68	43d	1	1.09mi
702 Leray St Watertown, NY	3.0	1.0	2700	$1,300	$0.48	43d	1	1.40mi
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	43d	9	1.48mi

Listing history 11 events

1. 2026-06-19
   days on market $239,900 Active 2 DOM
2. 2026-06-18
   days on marketlisting id $239,900 Active 1 DOM
3. 2026-06-17
   days on market $239,900 Active 12 DOM
4. 2026-06-16
   days on market $239,900 Active 11 DOM
5. 2026-06-15
   days on market $239,900 Active 10 DOM
6. 2026-06-14
   days on market $239,900 Active 8 DOM
7. 2026-06-12
   days on market $239,900 Active 7 DOM
8. 2026-06-09
   days on market $239,900 Active 4 DOM
9. 2026-06-08
   days on market $239,900 Active 3 DOM
10. 2026-06-07
    remarks 693-char remark
11. 2026-06-07
    listed $239,900 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: $1,614 · $135/mo
• Projected year-2 tax: $2,834 · $236/mo
• Expected delta: +$1,220/yr (+$102/mo · 75.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥91°F today · 16 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: $30,816
• − Mortgage interest: −$13,438
• − Property taxes: −$1,614
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,465
• − Management: −$2,465
• − Depreciation: −$6,979
• Taxable income: $2,655
• Est. tax owed @ 24.0%: −$637
• After-tax cash flow: $5,797/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

+369.5% since first listed

12 events — show timeline

• 2026-06-05 Listed $239,900 CNYIS
• 2023-05-19 Sold (Public Records) $165,000 Public Records
• 2023-05-18 Sold (MLS) $165,000 CNYIS
• 2023-03-27 Contingent — CNYIS
• 2023-03-23 Listed $174,000 CNYIS
• 2019-03-13 Listing Removed — CNYIS
• 2018-10-31 Listed $144,900 CNYIS
• 2012-12-05 Sold (Public Records) $114,000 Public Records
• 2012-12-05 Sold (MLS) $114,000 CNYIS
• 2012-04-30 Listed $119,900 CNYIS
• 2006-12-15 Sold (Public Records) $120,000 Public Records
• 2002-12-23 Sold (Public Records) $51,100 Public Records

Property tax history

+18.7%/yr

Latest (2025): $1,614 · +3.9% YoY. Source: county tax records.