927 S 23rd St · Manitowoc, WI 54220

$129,900

2 bd · 2.0 ba · 1,529 sqft · SingleFamily public records · 3 Days on market

Built 1920 5,502 sqft lot Est $222k · 41% under

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Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.2/30.0
• DSCR +4.3/10.0
• 1% rule +4.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Listing remarks

Spacious 4 bed, 2 bath property located in Manitowoc offering flexibility and plenty of potential. Currently being used as a single family home, this property can be converted back into an upper/lower duplex, with each unit featuring 2 bedrooms and 1 bathroom. The home offers generous living space throughout, making it a great option for an owner occupant, investor, or anyone looking for a property with future income potential. Enjoy a large backyard with room to relax, garden, entertain, or create your ideal outdoor setup. A 2 stall detached garage provides convenient parking and additional storage. Bring your ideas and make the most of this versatile property. Schedule your showing today!

Key facts

• Upper lower duplex
• Large backyard
• Detached garage

Tags

• UPPER LOWER DUPLEX
• LARGE BACKYARD
• DETACHED GARAGE

Property features AI

Finance

• Other: Two-unit building (each unit ~851 sq ft)

Exterior

• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Multi-family property; 2-story / bi-level configuration; Residential zoning
• Construction: Information source for year built: Assessor/Public Record
• Exterior features: Vinyl exterior; Level lot

Interior

• Kitchen: Unit 2 kitchen ~12 x 12; Includes oven/range
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms (master ~14 x 11, second ~12 x 8)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning; Natural gas heat fuel
• Interior features: Full stone basement

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $21 ($252/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $119k (8.5% below list).
• Recommended offer: $119k (8.5% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 2.7% in Manitowoc — 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 81/100 on livability (#56 in WI, #1,555 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: schools D, amenities F.
• Manitowoc School District (town): math 23% / reading 30% proficiency, ranked #304 of 342 in WI (top 89%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: 98 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 $898 of loan paydown is wiped out by about $4k 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 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,839 (8.5% below list)

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.91% ✗
• Cap rate: 6.49%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $221,705
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1013 S 22nd St	0.12mi	3/1.5 (+1)	1,523 (-0%)	4mo	$250,000	$164	84
1110 S 24th St	0.22mi	3/2.0 (+1)	1,528 (-0%)	8mo	$195,000	$128	78
2111 Hamilton St	0.32mi	3/2.0 (+1)	1,473 (-4%)	1mo	$175,000	$119	73
1223 S 25th St	0.38mi	2/2.0	1,443 (-6%)	5mo	$231,000	$160	69
519 Riverview Dr	0.51mi	3/2.0 (+1)	1,520 (-1%)	2mo	$255,000	$168	69
1122 S 22nd St	0.24mi	3/1.0 (+1)	1,387 (-9%)	2mo	$190,000	$137	63
2315 Clark St	0.17mi	3/1.0 (+1)	1,365 (-11%)	3mo	$103,000	$75	63
1030 S 21st St	0.16mi	3/2.0 (+1)	1,728 (+13%)	5mo	$200,000	$116	61
1144 S 25th St	0.31mi	3/1.0 (+1)	1,391 (-9%)	1mo	$202,100	$145	60
1409 S 26th St	0.58mi	3/2.0 (+1)	1,684 (+10%)	0mo	$255,000	$151	50
625 S 27th St	0.39mi	3/1.5 (+1)	1,307 (-14%)	2mo	$202,000	$155	48
1503 S 25th St	0.64mi	3/1.0 (+1)	1,651 (+8%)	2mo	$225,000	$136	46

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: -15.2%
• Equity multiple: 0.46×
• Total profit: $-19,683
• Equity at exit: $19,369

10-year hold

• IRR: -6.6%
• Equity multiple: 0.58×
• Total profit: $-15,297
• Equity at exit: $11,231

Cash invested: $36,372 (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 54220

• Home prices YoY: -25.5%
• Active inventory: 98
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,188 medium
• Mortgage (P&I): −$681
• Tax from tax record: −$183 /mo · $2,190/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$250
• Net cashflow: $21

Break-even live

Break-even rent $1,162

Max offer price $129,900

Occupancy floor 93%

Sensitivity live

Price	-10% $95	-5% $58	+0% $21	+5% $-16	+10% $-53
Rent	-10% $-73	-5% $-26	+0% $21	+5% $68	+10% $115
Rate	-1.0pp $86	-0.5pp $54	base $21	+0.5pp $-13	+1.0pp $-47

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-21
   days on market $129,900 Active 3 DOM
2. 2026-06-19
   remarks 699-char remark
3. 2026-06-19
   listed $129,900 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: $2,190 · $183/mo
• Projected year-2 tax: $2,297 · $191/mo
• Expected delta: +$106/yr (+$9/mo · 4.9%)

ⓘ 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 ≥91°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: $14,261
• − Mortgage interest: −$7,276
• − Property taxes: −$2,190
• − Insurance: −$650
• − Repairs & maintenance: −$1,141
• − Management: −$1,141
• − Depreciation: −$3,779
• Taxable loss: −$1,916
• Est. tax savings @ 24.0%: +$460
• After-tax cash flow: $712/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: Manitowoc School District
• NCES district ID: 5508610
• Math proficiency: 23% ▼ -8.00%
• Reading proficiency: 30% ▼ -3.00%
• Median HH income: $44,540
• Composite: 22.76/100
• National rank: #8029
• State rank: #304 of 342 in WI

Livability — Manitowoc

• Score: 81/100
• State rank: #56
• US rank: #1555

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Manitowoc, WI
• County: Manitowoc County · 55,069 people
• City population: 40,949
• Metro: Manitowoc, WI
• Population (ZIP): 40,949
• Household income: $66,035
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 825.0

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 (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 4% Black 1%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Lithuanian 6% Portuguese 4%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 4% Other Asian/Pacific 2% Chinese 1%

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: ▼ -88.08%
• Current HPI: 256.8561
• 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

1 event — show timeline

• 2026-06-18 Listed $129,900 RANW

Property tax history

+4.0%/yr

Latest (2025): $2,190 · +74.4% YoY. Source: county tax records.