7136 Tannery Rd #19 · Two Rivers, WI 54241

$109,900

3 bd · 2.0 ba · 1,280 sqft · Condo · 2 Days on market

Built 1995

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Why this score? — see what drove the B- 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 +8.7/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Nice 3 bedroom with full bath off of the master bedroom. Laundry facility off the kitchen. 2 decks. One car garage and a storage shed which could possibly be another garage.

Key facts

• Move-in ready
• Partially fenced
• 0.44 acre lot

Tags

• MOVE-IN READY
• NEIGHBORHOOD PLAYGROUND
• LOW-MAINTENANCE OWNERSHIP
• PARTIALLY FENCED

Property features AI

Finance

• Other: Estimated living area between 1251 and 1500 square feet

Exterior

• Parking: Detached 1-car garage; One additional parking space
• Utilities: Shared well water; Private septic system; Natural gas
• Home design: Single-family home; One-story layout; Approximately 1/2 to 1 acre lot; Zoned R3
• Construction: Vinyl exterior; Built/Information source: Owner
• Exterior features: Deck; Garden shed/outbuilding

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bedrooms: Main-level primary bedroom (11 x 12); Main-level bedroom 2 (11 x 9); Main-level bedroom 3 (12 x 10)
• Bathrooms: Two full bathrooms; Primary bathroom with tub/shower combo
• Heating & cooling: Forced air heating (natural gas)
• Interior features: Seller-leased water softener
• Laundry & utility: Washer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $110k.

Deal economics

• At list price, monthly cash flow is $500 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $110k).
• Cap rate 11.8% vs local median 3.9% in Two Rivers — 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 71/100 on livability (#280 in WI) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety D-.
• Two Rivers Public School District (town): math 20% / reading 28% proficiency, ranked #318 of 342 in WI (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Two Rivers High (math 12% / reading 22%, grade F, #400 of 483 statewide, top 85%, 474 students, 35% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: 66 active listings in the ZIP; 100 units permitted in Manitowoc County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Manitowoc County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 13y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $48k; list at $110k implies a 130% gain — meaningful room to come down on a strong offer.

Recommended offer $109,900

Questions for the listing agent

1. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.37% ✓
• Cap rate: 11.76%
• Cash-on-cash: 19.51%
• DSCR: 1.87
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.5%
• Equity multiple: 1.46×
• Total profit: $14,042
• Equity at exit: $16,386

10-year hold

• IRR: 20.5%
• Equity multiple: 2.73×
• Total profit: $53,181
• Equity at exit: $9,502

Cash invested: $30,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Wisconsin: 73 Landlord-Friendly · R+2
• County: — inherits STATE
• City: — inherits STATE

5-day notice; preempted; Madison / Milwaukee have some local enforcement.

Methodology + full state rankings →

ZIP-level market 54241

• Home prices YoY: -28.7%
• Active inventory: 66
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $1,504 medium
• Mortgage (P&I): −$576
• Tax from tax record: −$66 /mo · $788/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $500

Break-even live

Break-even rent $871

Max offer price $109,900

Occupancy floor 62%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-19
   days on market $109,900 Active 2 DOM
2. 2026-06-17
   remarks 553-char remark
3. 2026-06-17
   listed $109,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast WI · Partial reset (capped growth)

• Current annual tax: $788 · $66/mo
• Projected year-2 tax: $1,410 · $118/mo
• Expected delta: +$623/yr (+$52/mo · 79.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $18,048
• − Mortgage interest: −$6,156
• − Property taxes: −$788
• − Insurance: −$550
• − Repairs & maintenance: −$1,444
• − Management: −$1,444
• − Depreciation: −$3,197
• Taxable income: $4,470
• Est. tax owed @ 24.0%: −$1,073
• After-tax cash flow: $4,932/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: Two Rivers Public School District
• NCES district ID: 5515120
• Math proficiency: 20% ▼ -11.00%
• Reading proficiency: 28% ▼ -5.00%
• Median HH income: $44,006
• Composite: 20.63/100
• National rank: #8545
• State rank: #318 of 342 in WI

Livability — Two Rivers

• Score: 71/100
• State rank: #280
• US rank: #7250

Category grades

Amenities F Commute F Cost of living A+ Crime A Employment C Housing A+ Health & safety D- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Manitowoc County · 55,069 people
• City population: 14,120
• Metro: Manitowoc, WI
• Population (ZIP): 14,120
• Household income: $61,014
• Rent vs Own: 22.3% rent · 77.7% own
• Severe rent burden: 199.0

Population outlook (Manitowoc County) Hauer SSP2

• Today (2025): 76,561 people
• By 2030: 74,096 · -3.2%
• By 2040: 67,752 · -11.5%
• By 2050: 60,731 · -20.7%
• By 2075: 48,723 · -36.4%
• By 2100: 39,250 · -48.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 7% Hispanic / Latino 5%
• Common ancestry: Romanian 12% Lithuanian 5% Portuguese 4%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 3%

Political lean MEDSL · Manitowoc

• 2024 margin: Strong R (+23.4) · D 37.6% · R 61.0% · Other 1.4%
• 2008→2024 swing: -30.9pp toward R · 2008: 7.5pp · 2024: -23.4pp
• All cycles: 2024: R+23.4 2020: R+23.2 2016: R+21.7 2012: R+2.8 2008: D+7.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -105.14%
• Current HPI: 261.6254
• Rent YoY: —
• Metro: Manitowoc, WI
• State GDP YoY: ▲ 2.10%
• F500 in state: 20

Industry mix (Fortune 500 HQ in WI)

Industry	F500 HQs	Revenue
▸Industrial Machinery	4	$23B
▸Industrial Technology	2	$36B
▸Insurance	1	$36B
▸Professional Services	1	$19B
▸Utilities	1	$9B
▸Consumer Goods	1	$3B

Price history

+475.4% since first listed

6 events — show timeline

• 2026-06-15 Listed $109,900 METROMLS
• 2020-11-23 Sold (Public Records) $47,800 Public Records
• 2013-01-12 Listing Removed — METROMLS
• 2013-01-12 Listed $44,921 METROMLS
• 2009-05-15 Sold (MLS) $32,300 METROMLS
• 2001-07-05 Sold (Public Records) $19,100 Public Records

Property tax history

-0.8%/yr

Latest (2025): $788 · +8.9% YoY. Source: county tax records.