206 S Hamilton St #2 · Watertown, NY 13601

$199,900

5 bd · 2.0 ba · 2,198 sqft · MultiFamily public records · 104 Days on market

Built 1910 5,428 sqft lot Est $165k · 21% over

---

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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Great investment opportunity or perfect for owner-occupancy! This well-maintained duplex offers two spacious units, separate utilities (except water) and a convenient location close to schools, shopping, and Fort Drum. The upstairs apartment features 2 bedrooms and 1 full bath, a bright living area, spacious kitchen and a clean, modern feel throughout. The downstairs unit offers 3 bedrooms and 1.5 baths, a generously sized living room, and a large kitchen with plenty of cabinet space—ideal for a primary residence or strong rental income. Both units have separate meters, and the property includes a full basement. Outside, enjoy a nice front porch. Plenty of parking with off street park

Key facts

• Bright living area
• Off street parking
• Front porch

Tags

• CONVENIENT LOCATION
• BRIGHT LIVING AREA
• LARGE KITCHEN
• FULL BASEMENT
• FRONT PORCH
• OFF STREET PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $844 ($10k/yr) — positive. Per door: $422/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $182k (9.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 3 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 $2,710/mo this rent would consume 55% 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 104 days — a 9% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $169k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $181,909 (9.0% below list)

Questions for the listing agent

1. It's been on market 104 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.36% ✓
• Cap rate: 11.36%
• Cash-on-cash: 18.09%
• DSCR: 1.80
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $164,850
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
112 S Pleasant St	0.10mi	4/2.0 (-1)	2,182 (-1%)	10mo	$152,000	$70	81
810 Boyd St	0.13mi	5/2.0	1,934 (-12%)	1mo	$179,900	$93	73
512 Hamlin St	0.50mi	5/2.5	2,220 (+1%)	3mo	$236,000	$106	70
1102 Salina St	0.23mi	6/2.0 (+1)	2,338 (+6%)	9mo	$85,000	$36	66
116 S Hamilton St	0.06mi	5/2.0	2,520 (+15%)	21mo	$190,000	$75	56
502 Academy St	0.39mi	4/2.5 (-1)	2,112 (-4%)	16mo	$180,000	$85	55
159 Mechanic St	0.52mi	6/2.0 (+1)	2,263 (+3%)	15mo	$72,000	$32	53
345 N Colorado Ave	0.59mi	6/2.0 (+1)	2,160 (-2%)	14mo	$174,900	$81	53
207 N Indiana Ave	0.34mi	6/2.0 (+1)	1,932 (-12%)	8mo	$194,900	$101	52
713 Myrtle Ave	0.64mi	4/2.0 (-1)	2,016 (-8%)	8mo	$140,000	$69	44
301 Keyes Ave	0.57mi	4/2.0 (-1)	2,450 (+12%)	8mo	$30,000	$12	43
114 High St	0.37mi	5/3.0	2,500 (+14%)	18mo	$178,500	$71	41

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: 15.0%
• Equity multiple: 1.64×
• Total profit: $35,661
• Equity at exit: $29,806

10-year hold

• IRR: 27.1%
• Equity multiple: 3.95×
• Total profit: $165,396
• Equity at exit: $17,284

Cash invested: $55,972 (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: 12.3×

Monthly cashflow live

• Estimated rent: $2,710 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$165 /mo · $1,986/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$569
• Net cashflow: $844

Break-even live

Break-even rent $1,642

Max offer price $199,900

Occupancy floor 64%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3.0	1.5	$2,710
Total (2 units)			$2,710

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
256 Michigan Ave Watertown, NY	2.0–4.0	1.0–2.5	1435	$1,626	$1.13	44d	9	0.61mi
1815 Olmstead Dr Watertown, NY	2.0–4.0	1.0–2.0	1380	$1,676	$1.21	44d	6	1.00mi
156 N Meadow St Watertown, NY	4.0	1.0	2535	$1,500	$0.59	44d	1	1.29mi

Listing history 10 events

1. 2026-06-03
   days on market $199,900 Active 104 DOM
2. 2026-06-02
   days on market $199,900 Active 103 DOM
3. 2026-06-01
   days on market $199,900 Active 102 DOM
4. 2026-05-31
   days on market $199,900 Active 101 DOM
5. 2026-05-30
   days on market $199,900 Active 100 DOM
6. 2026-04-13
   historical Active Under Contract
7. 2026-02-19
   listed $199,900 Active
8. 2021-01-22
   soldstatus $169,000
9. 2011-03-08
   soldstatus $134,000
10. 2007-06-19
    soldstatus $145,000

ⓘ 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: $1,986 · $165/mo
• Projected year-2 tax: $2,682 · $224/mo
• Expected delta: +$696/yr (+$58/mo · 35.1%)

ⓘ 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 ≥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: $32,520
• − Mortgage interest: −$11,198
• − Property taxes: −$1,986
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,602
• − Management: −$2,602
• − Depreciation: −$5,815
• Taxable income: $7,319
• Est. tax owed @ 24.0%: −$1,756
• After-tax cash flow: $8,369/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

+37.9% since first listed

5 events — show timeline

• 2026-04-13 Contingent — CNYIS
• 2026-02-19 Listed $199,900 CNYIS
• 2021-01-22 Sold (Public Records) $169,000 Public Records
• 2011-03-08 Sold (Public Records) $134,000 Public Records
• 2007-06-19 Sold (Public Records) $145,000 Public Records

Property tax history

+15.5%/yr

Latest (2025): $1,986 · +2.3% YoY. Source: county tax records.