I lean towards the work probably dating to the early 20th century. This complex and impressive work was awkwardly framed years ago, without glass, in a simple wood frame. The paper was amateurishly affixed at corners/edges to an old illustration board, then crudely stuffed into the cheap framing situation, causing ballooning of the paper. The pressure eventually causing a roughly horizontal 8 tear in the brittle paper at lower right, and loss of the extreme right lower corner. I imagine that could all be repaired.
The watercolor needs to be removed from frame and flattened, then reframed with a proper mat. It is a lucky survivor for sure. I have tried my best to illustrate the condition situation.
The detail is fine, the colors mellow and delicate; all in all I believe it is a rare and unusual item. From comparison to image online, I believe this likely to be the Toshogu Shrine at Nikko.