Location: Watertown-Fort Drum, NY | Metro: Watertown-Fort Drum, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 13674, part of the Watertown-Fort Drum, NY MSA metro area, reveals several key points for landlords and small-portfolio investors.
First, regarding whether the rent math works, the Fair Market Rent (FMR) set at $1100 for the fiscal year 2024 does not provide a complete picture due to the lack of available market rent data. This means that without concrete market rent figures, it's challenging to determine if the rent charged aligns with what tenants can afford or are willing to pay in this specific zip code.
Second, on the affordability of acquisitions, the data is insufficient to make a definitive judgment. The median home value, days on market (DOM), and percentage of homes requiring price cuts are all marked as 'N/A'. Therefore, it's unclear how competitive or affordable the housing market is for potential acquisitions.
Third, concerning tenant demand, the zip code has a population of 178 people, but the renter share is listed as 0.0%. This indicates that there is no rental activity recorded in the dataset, suggesting that the majority of residents in this zip code likely own their homes rather than renting.
Verdict: Based on the available data, ZIP 13674 presents challenges for both rental income viability and property acquisition affordability. The lack of market rent data and the absence of information on median home values and sales trends prevent a thorough assessment of the financial feasibility of rental properties in this area. Additionally, the near-zero renter share suggests a low demand for rental units, which could result in difficulty finding tenants. Investors should proceed with caution and seek additional, more detailed local market data before making any investment decisions in this zip code.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.