2010 Lincoln St · Two Rivers, WI 54241

$175,000

5 bd · 3.0 ba · 2,040 sqft · MultiFamily public records · 23 Days on market

Built 1910 5,227 sqft lot Est $143k · 23% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.1/10.0
• ARV discount +0.0/15.0
• 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

Well-maintained duplex or convert to single offers rental potential and value-add opportunity. Upper unit features 3 bedrooms and 1 bathroom with elec heat. Lower unitoffers 2 bedrooms and 1 bathroom. Cosmetic rehab completed approx. 2 years ago including updated LVP floor, paint, newer vanities, fixtures, and sinks in both units, plumbing updates. Property features slate composite siding, maintenance-free white rock front yard, large covered porch detached garage with vinyl siding. Furnace is less than 10 years old and roof isapprox 15 years old. Basement includes laundry area, full bathroom, separate entrance. Add'l rooms with potential to finish for added living space or possible future rental growth. Bothunits feature non-standard shorter bathtubs. Investor or owner occupant.

Key facts

• Plumbing updates
• Separate entrance
• Updated lvp floor

Tags

• UPDATED LVP FLOOR
• LARGE COVERED PORCH
• DETACHED GARAGE
• PLUMBING UPDATES
• LAUNDRY AREA
• SEPARATE ENTRANCE

Property features AI

Finance

• Other: Building contains 2 units
• Financial info: Total taxes listed (information provided)

Exterior

• Parking: Outside parking
• Utilities: Municipal water; Municipal sewer; Electric service; Natural gas
• Home design: 2-story / bi-level building; Estimated total living area in the 2,001–2,500 sq ft range; Zoned for 2-family/duplex
• Construction: Assessor/public record used for year-built information
• Exterior features: Property is a multi-family duplex; Exterior described as Other; Lot is approximately 0.12 acres (< 1/2 acre)

Interior

• Kitchen: Unit 2 kitchen ~10 x 13
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 3 bedrooms (master ~10 x 12; second bedroom ~12 x 14)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas and electric); Central air conditioning
• Interior features: Full basement with block and stone foundation; Sump pump in basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $175k.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive. Per door: $359/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $172k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.2% vs local median 4.0% 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: 68 active listings in the ZIP; 100 units permitted in Manitowoc County in 2024 (0 in 5+ unit buildings).
• At $2,476/mo this rent would consume 49% of the median local household income ($61k/yr) (locally 199% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 6 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 $74k; list at $175k implies a 136% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,375 (1.5% below list)

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 1910 — 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: 1.41% ✓
• Cap rate: 11.22%
• Cash-on-cash: 17.59%
• DSCR: 1.78
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $142,800
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2014 Emmet St	0.06mi	4/2.0 (-1)	2,028 (-1%)	1mo	$95,000	$47	86
1412 23rd St	0.45mi	5/2.0	1,856 (-9%)	8mo	$165,000	$89	53
912 18th St	0.15mi	4/2.0 (-1)	1,778 (-13%)	15mo	$125,000	$70	50
1610 17th St	0.60mi	5/2.0	1,840 (-10%)	3mo	$200,000	$109	49
1920 Monroe St	0.61mi	4/2.0 (-1)	1,808 (-11%)	6mo	$121,000	$67	39

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: 9.1%
• Equity multiple: 1.36×
• Total profit: $17,454
• Equity at exit: $26,093

10-year hold

• IRR: 18.3%
• Equity multiple: 2.52×
• Total profit: $74,340
• Equity at exit: $15,131

Cash invested: $49,000 (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: 68
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,476 medium
• Mortgage (P&I): −$918
• Tax from tax record: −$247 /mo · $2,964/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$520
• Net cashflow: $718

Break-even live

Break-even rent $1,567

Max offer price $175,000

Occupancy floor 66%

Sensitivity live

Price	-10% $817	-5% $768	+0% $718	+5% $669	+10% $619
Rent	-10% $523	-5% $621	+0% $718	+5% $816	+10% $914
Rate	-1.0pp $807	-0.5pp $763	base $718	+0.5pp $673	+1.0pp $627

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,476
Total (2 units)			$2,476

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-21
   days on market $175,000 Active 23 DOM
2. 2026-06-19
   days on market $175,000 Active 21 DOM
3. 2026-06-18
   days on market $175,000 Active 20 DOM
4. 2026-06-17
   days on market $175,000 Active 19 DOM
5. 2026-06-16
   days on market $175,000 Active 18 DOM
6. 2026-06-15
   days on market $175,000 Active 17 DOM
7. 2026-06-14
   days on market $175,000 Active 15 DOM
8. 2026-06-12
   days on market $175,000 Active 14 DOM
9. 2026-06-09
   days on market $175,000 Active 11 DOM
10. 2026-06-08
    days on market $175,000 Active 10 DOM
11. 2026-06-07
    days on market $175,000 Active 9 DOM
12. 2026-06-03
    days on market $175,000 Active 5 DOM
13. 2026-06-02
    days on market $175,000 Active 4 DOM
14. 2026-06-01
    days on market $175,000 Active 3 DOM
15. 2026-05-31
    days on market $175,000 Active 2 DOM
16. 2026-05-30
    listing id $175,000 Active 1 DOM
17. 2026-05-28
    listed $175,000 Active 790-char remark

    Show marketing remark (790 chars)

    Well-maintained duplex or convert to single offers rental potential and value-add opportunity. Upper unit features 3 bedrooms and 1 bathroom with elec heat. Lower unitoffers 2 bedrooms and 1 bathroom. Cosmetic rehab completed approx. 2 years ago including updated LVP floor, paint, newer vanities, fixtures, and sinks in both units, plumbing updates. Property features slate composite siding, maintenance-free white rock front yard, large covered porch detached garage with vinyl siding. Furnace is less than 10 years old and roof isapprox 15 years old. Basement includes laundry area, full bathroom, separate entrance. Add'l rooms with potential to finish for added living space or possible future rental growth. Bothunits feature non-standard shorter bathtubs. Investor or owner occupant.

18. 2026-05-28
    listed $175,000 Active

    Show marketing remark (790 chars)

    Well-maintained duplex or convert to single offers rental potential and value-add opportunity. Upper unit features 3 bedrooms and 1 bathroom with elec heat. Lower unitoffers 2 bedrooms and 1 bathroom. Cosmetic rehab completed approx. 2 years ago including updated LVP floor, paint, newer vanities, fixtures, and sinks in both units, plumbing updates. Property features slate composite siding, maintenance-free white rock front yard, large covered porch detached garage with vinyl siding. Furnace is less than 10 years old and roof isapprox 15 years old. Basement includes laundry area, full bathroom, separate entrance. Add'l rooms with potential to finish for added living space or possible future rental growth. Bothunits feature non-standard shorter bathtubs. Investor or owner occupant.

19. 2022-11-13
    historical
20. 2021-10-12
    soldstatus $74,000 Sold 743-char remark

    Show marketing remark (743 chars)

    ATTENTION INVESTORS! This one is for you! 2 Blocks from the beach!! This home has currently been used as a 2 family however could be converted back to a single family. Spacious rooms, a fantastic courtyard, lots of parking space, and a nice sized 2 car garage. The former owner loved the natural landscaping with native plants. Keep it as is or manicure it and make it your own. There is even a full bath in the lower level. Give this home your personal touch and you will have a fantastic income generator for years to come! OR-- owner occupy and let the tenant help to pay down your mortgage. Walking distance to Lake Michigan, Shopping, Walsh Field, Neshotah Park, Gas Stations, Restaurants, and more! Also listed as #1764885 Single Family.

21. 2021-10-12
    soldstatus $74,000 Sold

    Show marketing remark (743 chars)

    ATTENTION INVESTORS! This one is for you! 2 Blocks from the beach!! This home has currently been used as a 2 family however could be converted back to a single family. Spacious rooms, a fantastic courtyard, lots of parking space, and a nice sized 2 car garage. The former owner loved the natural landscaping with native plants. Keep it as is or manicure it and make it your own. There is even a full bath in the lower level. Give this home your personal touch and you will have a fantastic income generator for years to come! OR-- owner occupy and let the tenant help to pay down your mortgage. Walking distance to Lake Michigan, Shopping, Walsh Field, Neshotah Park, Gas Stations, Restaurants, and more! Also listed as #1764885 Single Family.

22. 2021-09-27
    historical Contingent 743-char remark

    Show marketing remark (743 chars)

    ATTENTION INVESTORS! This one is for you! 2 Blocks from the beach!! This home has currently been used as a 2 family however could be converted back to a single family. Spacious rooms, a fantastic courtyard, lots of parking space, and a nice sized 2 car garage. The former owner loved the natural landscaping with native plants. Keep it as is or manicure it and make it your own. There is even a full bath in the lower level. Give this home your personal touch and you will have a fantastic income generator for years to come! OR-- owner occupy and let the tenant help to pay down your mortgage. Walking distance to Lake Michigan, Shopping, Walsh Field, Neshotah Park, Gas Stations, Restaurants, and more! Also listed as #1764885 Single Family.

23. 2021-09-27
    historical Contingent

    Show marketing remark (743 chars)

    ATTENTION INVESTORS! This one is for you! 2 Blocks from the beach!! This home has currently been used as a 2 family however could be converted back to a single family. Spacious rooms, a fantastic courtyard, lots of parking space, and a nice sized 2 car garage. The former owner loved the natural landscaping with native plants. Keep it as is or manicure it and make it your own. There is even a full bath in the lower level. Give this home your personal touch and you will have a fantastic income generator for years to come! OR-- owner occupy and let the tenant help to pay down your mortgage. Walking distance to Lake Michigan, Shopping, Walsh Field, Neshotah Park, Gas Stations, Restaurants, and more! Also listed as #1764885 Single Family.

24. 2021-09-18
    listed $79,000 Active 743-char remark

    Show marketing remark (743 chars)

    ATTENTION INVESTORS! This one is for you! 2 Blocks from the beach!! This home has currently been used as a 2 family however could be converted back to a single family. Spacious rooms, a fantastic courtyard, lots of parking space, and a nice sized 2 car garage. The former owner loved the natural landscaping with native plants. Keep it as is or manicure it and make it your own. There is even a full bath in the lower level. Give this home your personal touch and you will have a fantastic income generator for years to come! OR-- owner occupy and let the tenant help to pay down your mortgage. Walking distance to Lake Michigan, Shopping, Walsh Field, Neshotah Park, Gas Stations, Restaurants, and more! Also listed as #1764885 Single Family.

25. 2021-09-18
    listed $79,000 Active

    Show marketing remark (743 chars)

    ATTENTION INVESTORS! This one is for you! 2 Blocks from the beach!! This home has currently been used as a 2 family however could be converted back to a single family. Spacious rooms, a fantastic courtyard, lots of parking space, and a nice sized 2 car garage. The former owner loved the natural landscaping with native plants. Keep it as is or manicure it and make it your own. There is even a full bath in the lower level. Give this home your personal touch and you will have a fantastic income generator for years to come! OR-- owner occupy and let the tenant help to pay down your mortgage. Walking distance to Lake Michigan, Shopping, Walsh Field, Neshotah Park, Gas Stations, Restaurants, and more! Also listed as #1764885 Single Family.

26. 2013-04-15
    historical
27. 2013-04-15
    listed $65,900
28. 2013-04-15
    historical
29. 2013-04-15
    listed $73,900
30. 2010-10-01
    soldstatus $50,000

ⓘ 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: $2,964 · $247/mo
• Projected year-2 tax: $3,101 · $258/mo
• Expected delta: +$137/yr (+$11/mo · 4.6%)

ⓘ 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: $29,712
• − Mortgage interest: −$9,803
• − Property taxes: −$2,964
• − Insurance: −$875
• − Repairs & maintenance: −$2,377
• − Management: −$2,377
• − Depreciation: −$5,091
• Taxable income: $6,226
• Est. tax owed @ 24.0%: −$1,494
• After-tax cash flow: $7,127/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

+250.0% since first listed

14 events — show timeline

• 2026-05-28 Listed $175,000 RANW
• 2026-05-28 Listed $175,000 METROMLS
• 2022-11-13 Rental Removed — RENT.
• 2021-10-12 Sold (MLS) $74,000 METROMLS
• 2021-10-12 Sold (MLS) $74,000 METROMLS
• 2021-09-27 Contingent — METROMLS
• 2021-09-27 Contingent — METROMLS
• 2021-09-18 Listed $79,000 METROMLS
• 2021-09-18 Listed $79,000 METROMLS
• 2013-04-15 Listed $65,900 METROMLS
• 2013-04-15 Listing Removed — METROMLS
• 2013-04-15 Listed $73,900 METROMLS
• 2013-04-15 Listing Removed — METROMLS
• 2010-10-01 Sold (MLS) $50,000 METROMLS

Property tax history

+6.0%/yr

Latest (2025): $2,964 · -59.9% YoY. Source: county tax records.