902 S 20th St Unit 902A · Manitowoc, WI 54220

$215,000

6 bd · 2.0 ba · 2,298 sqft · MultiFamily · 9 Days on market

Built 1870 Fair condition 6,534 sqft lot Est $165k · 30% over

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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).

• Cash flow +15.6/30.0
• DSCR +4.8/10.0
• 1% rule +4.3/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• Condition / age +2.2/5.0
• 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

Attention Manitowoc Investors! Whether you're looking to expand your portfolio, owner-occupy, or start your journey as a landlord, this duplex offers great potential. Each unit features 3 bedrooms with spacious rooms and comfortable living areas. The upper unit includes a porch, providing additional outdoor space for tenants to enjoy. A detached 4-car garage offers flexibility for tenant use or the opportunity to generate additional rental income. Conveniently located near shopping, downtown, parks, restaurants, and other amenities. Don't miss this versatile investment opportunity with multiple income possibilities!

Key facts

• Upper unit porch
• Near shopping
• Near downtown

Tags

• UPPER UNIT PORCH
• DETACHED 4 CAR GARAGE
• NEAR SHOPPING
• NEAR DOWNTOWN
• NEAR PARKS
• NEAR RESTAURANTS

Property features AI

Finance

• Other: Appliances included: two ovens/ranges and two refrigerators; Seller and tenants' personal property excluded
• Financial info: Property listed as multi-family (duplex) with two units

Exterior

• Parking: Detached garage with parking for 4+ cars (4 garage spaces total)
• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex (multi-family)
• Construction: Duplex construction; Basement: full, poured concrete with brick
• Exterior features: Vinyl exterior; Lot under 1/2 acre (approx. 0.15 acre); Zoned residential

Interior

• Kitchen: Each unit includes an oven/range and refrigerator
• Bedrooms: Each unit has 3 bedrooms; Unit 2 master and other bedrooms are on the upper level (master ~12 x 15, bedroom 2 ~11 x 10)
• Bathrooms: Each unit has 1 full bathroom
• Interior features: Full poured concrete basement with brick; Upper-level living areas in one unit
• Laundry & utility: Separate electric and gas meters for each unit (2 electric meters, 2 gas meters)

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $215k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $90 ($1k/yr) — positive. Per door: $45/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (7.2% below list).
• Recommended offer: $200k (7.2% below list) — sets the bar for 1% rule.
• Cap rate 6.8% 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: 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.
• Zoned schools: Jefferson Elementary (math 17% / reading 17%, grade F, #885 of 1,041 statewide, top 86%, 360 students, 73% FRL); Washington Middle (math 14% / reading 24%, grade F, #354 of 383 statewide, top 93%, 491 students, 62% FRL); Lincoln High (math 23% / reading 38%, grade F, #207 of 483 statewide, top 43%, 1,484 students, 39% FRL) — zoned schools average 58% FRL vs 38% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: 98 active listings in the ZIP; 100 units permitted in Manitowoc County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($66k/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 9 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,500 (7.2% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 0.93% ✗
• Cap rate: 6.80%
• Cash-on-cash: 1.80%
• DSCR: 1.08
• GRM: 9.0

CMA / ARV

• ARV (on-the-fly): $165,456
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1040 S 19th St	0.22mi	5/2.0 (-1)	2,264 (-2%)	9mo	$160,000	$71	75
921 S 18th St	0.14mi	6/2.0	1,983 (-14%)	9mo	$150,000	$76	63
2312 Washington St	0.21mi	5/2.0 (-1)	2,160 (-6%)	16mo	$154,800	$72	62
931 S 23rd St	0.15mi	6/2.0	2,037 (-11%)	22mo	$170,000	$83	56
1510 Clark St	0.32mi	5/2.0 (-1)	2,487 (+8%)	15mo	$146,000	$59	54
3105 Mero St	0.64mi	6/2.0	2,056 (-10%)	11mo	$195,000	$95	44
1224 S 12th St	0.66mi	5/2.0 (-1)	2,160 (-6%)	20mo	$144,000	$67	37
1118 S 14th St	0.47mi	5/2.0 (-1)	2,568 (+12%)	23mo	$159,000	$62	35

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: -13.4%
• Equity multiple: 0.52×
• Total profit: $-29,062
• Equity at exit: $32,057

10-year hold

• IRR: -4.5%
• Equity multiple: 0.70×
• Total profit: $-17,784
• Equity at exit: $18,589

Cash invested: $60,200 (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: 18.0×

Monthly cashflow live

• Estimated rent: $1,995 high
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $90

Break-even live

Break-even rent $1,881

Max offer price $215,000

Occupancy floor 90%

Sensitivity live

Price	-10% $239	-5% $165	+0% $90	+5% $16	+10% $-58
Rent	-10% $-67	-5% $11	+0% $90	+5% $169	+10% $248
Rate	-1.0pp $199	-0.5pp $145	base $90	+0.5pp $35	+1.0pp $-22

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$1,994
Total (2 units)			$1,995

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-21
   days on market $215,000 Active 9 DOM
2. 2026-06-19
   days on market $215,000 Active 7 DOM
3. 2026-06-18
   days on market $215,000 Active 6 DOM
4. 2026-06-17
   days on market $215,000 Active 5 DOM
5. 2026-06-16
   days on market $215,000 Active 4 DOM
6. 2026-06-15
   days on market $215,000 Active 3 DOM
7. 2026-06-13
   remarks 623-char remark
8. 2026-06-13
   listed $215,000 Active 1 DOM

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

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: $23,940
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$1,915
• − Management: −$1,915
• − Depreciation: −$6,255
• Taxable loss: −$2,488
• Est. tax savings @ 24.0%: +$597
• After-tax cash flow: $1,680/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations, including new appliances, exterior painting, and landscaping, to improve its condition and value.

Repairs flagged

• Major Appliances — Outdated and need replacement.
• Moderate Exterior siding — Weathered and may need repainting or replacement.
• Minor Paint — Slight wear and could benefit from touch-up or fresh coat.

Value-add opportunities

• Resale New appliances — Modern appliances will attract more buyers.
• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics.
• Rental Landscaping — Improved landscaping increases rental value and tenant satisfaction.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Appliances · Outdated and need replacement.	Major	$15,000–50,000
Exterior siding · Weathered and may need repainting or replacement.	Moderate	$3,000–15,000
Paint · Slight wear and could benefit from touch-up or fresh coat.	Minor	$500–3,000
Total estimated repair cost · 3 items		$18,500–68,000

Value-add ROI direction

• Resale New appliances — Modern appliances will attract more buyers. ↑
• Both Painting exterior and interior — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Rental Landscaping — Improved landscaping increases rental value and tenant satisfaction. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

• 2026-06-12 Listed $215,000 METROMLS