2219 Jefferson St · Two Rivers, WI 54241

$90,900

4 bd · 2.0 ba · 1,520 sqft · MultiFamily public records · 64 Days on market

Built 1900 5,662 sqft lot Est $82k · 11% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.6/5.0
• ARV discount +2.7/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

1520 Sq Ft Multi Family property. Aluminum siding, some work is completed on the inside of the property. Access to the upstairs is separate from the main floor apartment. Both units have basement access. 2 electrical meter options, 2 water meter options, 2 gas meter options. Great Owner occupied or investment property. Bring your tools and lets finish this GEM.

Key facts

• Basement access
• Separate access
• Gas meter options

Tags

• SEPARATE ACCESS
• BASEMENT ACCESS
• ELECTRICAL METER OPTIONS
• WATER METER OPTIONS
• GAS METER OPTIONS

Property features AI

Exterior

• Utilities: Municipal water; Municipal sewer; 2 electric meters; 2 gas meters
• Home design: 2-story duplex; Multi-family property; Residential zoning
• Construction: Less than 1/2 acre lot (0.13 acre)
• Exterior features: Aluminum/steel exterior

Interior

• Kitchen: Unit 2 kitchen on upper level
• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms (both bedrooms on upper level)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $91k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $91k).
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Cap rate 19.6% 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: 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: 68 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 $628 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $22k; list at $91k implies a 313% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $85,446 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 2.32% ✓
• Cap rate: 19.58%
• Cash-on-cash: 47.46%
• DSCR: 3.11
• GRM: 3.6

CMA / ARV

• ARV (on-the-fly): $82,080
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1910 E River St	0.23mi	4/2.0	1,600 (+5%)	7mo	$64,000	$40	75
2122 Washington St	0.12mi	4/2.0	1,638 (+8%)	21mo	$100,000	$61	64
1911 Monroe St	0.32mi	4/2.0	1,729 (+14%)	18mo	$94,000	$54	47

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: 44.9%
• Equity multiple: 2.94×
• Total profit: $49,427
• Equity at exit: $13,553

10-year hold

• IRR: 50.8%
• Equity multiple: 5.94×
• Total profit: $125,790
• Equity at exit: $7,859

Cash invested: $25,452 (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: 7.2×

Monthly cashflow live

• Estimated rent: $2,106 medium
• Mortgage (P&I): −$477
• Tax from tax record: −$143 /mo · $1,712/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $1,007

Break-even live

Break-even rent $832

Max offer price $90,900

Occupancy floor 47%

Sensitivity live

Price	-10% $1,058	-5% $1,032	+0% $1,007	+5% $981	+10% $955
Rent	-10% $840	-5% $923	+0% $1,007	+5% $1,090	+10% $1,173
Rate	-1.0pp $1,052	-0.5pp $1,030	base $1,007	+0.5pp $983	+1.0pp $959

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,106
Total (2 units)			$2,106

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: $22,725
• Closing costs: $2,727
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $90,900 Active 64 DOM
2. 2026-06-19
   days on market $90,900 Active 62 DOM
3. 2026-06-18
   days on market $90,900 Active 61 DOM
4. 2026-06-17
   days on market $90,900 Active 60 DOM
5. 2026-06-16
   days on market $90,900 Active 59 DOM
6. 2026-06-15
   days on market $90,900 Active 58 DOM
7. 2026-06-14
   days on market $90,900 Active 56 DOM
8. 2026-06-12
   days on market $90,900 Active 55 DOM
9. 2026-06-09
   days on market $90,900 Active 52 DOM
10. 2026-06-08
    days on market $90,900 Active 51 DOM
11. 2026-06-07
    days on market $90,900 Active 50 DOM
12. 2026-06-03
    days on market $90,900 Active 46 DOM
13. 2026-06-02
    days on market $90,900 Active 45 DOM
14. 2026-06-01
    days on market $90,900 Active 44 DOM
15. 2026-05-31
    days on market $90,900 Active 43 DOM
16. 2026-05-30
    days on market $90,900 Active 42 DOM
17. 2026-04-17
    listed $90,900 Active
18. 2006-06-22
    soldstatus $22,000
19. 2006-06-15
    soldstatus $22,000

ⓘ 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: $1,712 · $143/mo
• Projected year-2 tax: $1,712 · $143/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $25,272
• − Mortgage interest: −$5,092
• − Property taxes: −$1,712
• − Insurance: −$454
• − Repairs & maintenance: −$2,022
• − Management: −$2,022
• − Depreciation: −$2,644
• Taxable income: $11,326
• Est. tax owed @ 24.0%: −$2,718
• After-tax cash flow: $9,360/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

+313.2% since first listed

3 events — show timeline

• 2026-04-17 Listed $90,900 METROMLS
• 2006-06-22 Sold (Public Records) $22,000 Public Records
• 2006-06-15 Sold (MLS) $22,000 METROMLS

Property tax history

+2.6%/yr

Latest (2025): $1,712 · +5.4% YoY. Source: county tax records.