1807 21st St · Two Rivers, WI 54241

$189,900

4 bd · 2.0 ba · 1,506 sqft · MultiFamily public records · 1 Days on market

Built 1905 2,178 sqft lot

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Why this score? — see what drove the C 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 +25.2/30.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• 1% rule +6.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Charming & Updated Duplex in Two Rivers! This well-maintained upper/lower duplex offers a fantastic investment opportunity or owner-occupant potential. Featuring separate utility meters, tenants can conveniently handle their own utilities. A spacious shared basement provides ample storage and includes a washer and dryer for added convenience. Recent updates throughout the building include newer paint, flooring, furnace, windows, and appliances, ensuring a modern and move-in-ready space. Off-street parking for one car adds extra value. Don't miss this great opportunity in a prime location--schedule your showing today!

Key facts

• Balcony handrails
• Newer flooring
• Front stairs

Tags

• NEW ROOF
• BALCONY HANDRAILS
• FRONT STAIRS
• NEWER FLOORING
• FURNACE
• WINDOWS

Property features AI

Finance

• Other: Two-unit building (duplex)

Exterior

• Parking: Outside parking
• Utilities: Municipal water; Municipal sewer; Separate electric meters
• Home design: Multi-family property; 2-story / bi-level building; Estimated total living area between 1,501 and 1,750 sq ft
• Construction: Assessor/public record lists year built; Finished below-grade area: none
• Exterior features: Vinyl exterior; Lot under 1/2 acre (approx. 0.05 acre); Residential zoning

Interior

• Kitchen: Two stoves and two refrigerators included (one set per unit)
• Bedrooms: Each unit has 2 bedrooms (Unit 2 bedrooms: 12 x 13 and 12 x 10)
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Forced air heating; Natural gas heat
• Interior features: Cable/satellite available; Full stone basement
• Laundry & utility: Separate electric meters

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive. Per door: $213/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 9.0% 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: schools D-, amenities F, commute F.
• 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.
• Market conditions: 66 active listings in the ZIP; 100 units permitted in Manitowoc County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 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 $135k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $189,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.10% ✓
• Cap rate: 8.98%
• Cash-on-cash: 9.60%
• DSCR: 1.43
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $91,866
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1910 E River St	0.42mi	4/2.0	1,600 (+6%)	7mo	$64,000	$40	64
2122 Washington St	0.26mi	4/2.0	1,638 (+9%)	21mo	$100,000	$61	56
1911 Monroe St	0.16mi	4/2.0	1,729 (+15%)	18mo	$94,000	$54	53
2213 14th St	0.52mi	4/2.0	1,728 (+15%)	8mo	$175,000	$101	45

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -1.8%
• Equity multiple: 0.93×
• Total profit: $-3,700
• Equity at exit: $28,315

10-year hold

• IRR: 7.8%
• Equity multiple: 1.59×
• Total profit: $31,589
• Equity at exit: $16,419

Cash invested: $53,172 (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: 15.1×

Monthly cashflow live

• Estimated rent: $2,098 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$157 /mo · $1,885/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $425

Break-even live

Break-even rent $1,560

Max offer price $189,900

Occupancy floor 75%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,098
Total (2 units)			$2,098

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-18
   remarks 524-char remark
2. 2026-06-18
   listed $189,900 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: $1,885 · $157/mo
• Projected year-2 tax: $2,699 · $225/mo
• Expected delta: +$814/yr (+$68/mo · 43.2%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 1/10 Low 7 d/yr ≥89°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,176
• − Mortgage interest: −$10,637
• − Property taxes: −$1,885
• − Insurance: −$950
• − Repairs & maintenance: −$2,014
• − Management: −$2,014
• − Depreciation: −$5,524
• Taxable income: $2,151
• Est. tax owed @ 24.0%: −$516
• After-tax cash flow: $4,588/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

• Census place: Two Rivers, WI
• 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

+259.0% since first listed

19 events — show timeline

• 2026-06-18 Listed $189,900 RANW
• 2025-04-21 Sold (Public Records) $135,000 Public Records
• 2025-04-18 Sold (MLS) $135,000 METROMLS
• 2025-03-23 Pending — METROMLS
• 2025-02-24 Listed $140,000 METROMLS
• 2024-08-08 Listing Removed — METROMLS
• 2024-07-06 Listed $129,900 METROMLS
• 2024-01-01 Rental Removed $850 APPFOLIO
• 2023-10-21 Listed for Rent $850 APPFOLIO
• 2023-10-16 Sold (Public Records) $110,500 Public Records
• 2022-12-05 Sold (MLS) $50,000 METROMLS
• 2022-11-17 Contingent — METROMLS
• 2022-11-14 Price Changed $74,900 METROMLS
• 2022-11-07 Price Changed $79,900 METROMLS
• 2022-11-07 Relisted — METROMLS
• 2022-10-23 Contingent — METROMLS
• 2022-10-18 Listed $89,900 METROMLS
• 2013-04-15 Listed $52,900 METROMLS
• 2013-04-15 Listing Removed — METROMLS

Property tax history

+4.0%/yr

Latest (2025): $1,885 · +5.4% YoY. Source: county tax records.