Location: St. Lawrence County, NY | Metro: Watertown-Fort Drum, NY MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $192,882 | 0.66% | D |
| 3BR | $1,720 | $236,011 | 0.73% | D |
| 4BR | $2,110 | $262,951 | 0.8% | C |
U.S. Census Bureau data (2024)
The ZIP code 13691, located in Theresa, NY, presents an interesting balance between yield and stability for real-estate investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,180, while the current market rent stands at $990. This indicates that there is a potential for higher rental income compared to what is currently being offered in the market, especially considering the median home value of $202,515.
On the stability axis, Theresa, NY, has a relatively low percentage of renters at 22.0%. The lack of data on days on market (DOM) suggests either limited activity or a stable housing market where properties are not lingering long without offers. However, the median household income of $79,943 provides a baseline understanding of the financial capacity of residents, which can influence their ability to pay higher rents.
To classify this area, consider the following:
The FMR exceeding the market rent by $190 per month points towards a higher yield opportunity, particularly if landlords can secure tenants willing to pay closer to the FMR rate. This suggests that Theresa, NY, could be positioned as a high-yield market.
The low renter population ratio indicates less immediate demand for rental properties, which might suggest lower stability. However, the median income figure implies that the local economy supports a reasonable standard of living, potentially mitigating some risks associated with lower renter populations.
Given these factors, ZIP 13691 appears to be a blend of both high-yield and moderate stability characteristics. It is not a classic flip-style market due to the absence of significant price fluctuations and limited speculative activity. Instead, it leans more toward a steady-cashflow zone with enhanced yield opportunities, provided that landlords can navigate the slightly lower demand for rentals and position their properties competitively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.