Place roast, fat side up, on a rack in a roasting pan. Sprinkle with salt and pepper. Add 1/4 inch water to bottom of pan.
Reduce oven temperature to 350°, and bake on middle oven rack until a meat thermometer inserted into roast registers 145° or to desired degree of doneness. Remove from oven, and let stand loosely covered with foil 10 to 15 minutes. Slice roast beef thinly for sandwiches.