1420 Hawthorne Ave · Two Rivers, WI 54241

$182,000

4 bd · 2.0 ba · 2,260 sqft · MultiFamily public records · 37 Days on market

Built 1895 0.29 ac lot

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Why this score? — see what drove the B- 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
• ARV discount +7.5/15.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Big opportunity with built-in flexibility! This spacious home already has interior access to the upper level--making it ideal for a 5 bed, 2 bath single-family layout or an easy owner-occupied duplex conversion. The main level offers 2 bedrooms and a full bath, while the upper features 3 bedrooms and another full bath. You'll love the original woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage adds extra room for storage, hobbies, or a workshop. Whether you're looking for space to grow or a smart investment, this property delivers. Schedule your private showing today! Also listed as a 2-family (MLS#1956857). Updated electrical through out the house and newer furnace in 2025.

Key facts

• Updated electrical
• 2 car garage
• Original woodwork

Tags

• INTERIOR ACCESS TO UPPER LEVEL
• ORIGINAL WOODWORK
• HARDWOOD FLOORS
• GENEROUSLY SIZED LIVING SPACES
• 2 CAR GARAGE
• UPDATED ELECTRICAL

Property features AI

Finance

• Other: Estimated living area in the 2001–2500 sq. ft. range

Exterior

• Parking: Detached 2-car garage with opener (2 garage spaces total)
• Utilities: Municipal water; Municipal sewer; Natural gas
• Home design: Two-story single-family home; Less than 1/2 acre lot; Residential R3 zoning
• Construction: Brick, brick/stone and vinyl construction
• Exterior features: Brick, brick/stone and vinyl exterior; Garden shed; Sidewalks

Interior

• Kitchen: Kitchen with island; Convection double oven; Range; Refrigerator; Dishwasher
• Bedrooms: Main-level primary bedroom (11 x 12); Main-level bedroom (15 x 6); Upper-level bedroom (12 x 11); Upper-level bedroom (13 x 7); Upper-level bedroom (12 x 10)
• Flooring: Wood floors
• Bathrooms: Two full bathrooms; Showers over tubs
• Heating & cooling: Forced air heating; Wall furnace; Natural gas heat
• Interior features: Pantry; Wood floors; Full basement; Foyer
• Laundry & utility: Washer and dryer

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $182k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $182k).
• Recommended offer: $177k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.2% 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: 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).
• At $3,629/mo this rent would consume 71% 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 $51k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($177k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago; this cycle's ask has dropped $13k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $182k implies a 204% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $176,540 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 1.99% ✓
• Cap rate: 17.16%
• Cash-on-cash: 38.81%
• DSCR: 2.73
• GRM: 4.2

CMA / ARV

• ARV (on-the-fly): $115,260
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1712 18th St	0.39mi	5/2.0 (+1)	2,510 (+11%)	5mo	$128,000	$51	54

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: 35.0%
• Equity multiple: 2.48×
• Total profit: $75,512
• Equity at exit: $27,137

10-year hold

• IRR: 41.8%
• Equity multiple: 4.95×
• Total profit: $201,049
• Equity at exit: $15,736

Cash invested: $50,960 (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: 14.5×

Monthly cashflow live

• Estimated rent: $3,629 medium
• Mortgage (P&I): −$954
• Tax from tax record: −$188 /mo · $2,262/yr
• Insurance: −$76
• HOA: −$0
• Vacancy / Maint / Mgmt: −$762
• Net cashflow: $1,648

Break-even live

Break-even rent $1,543

Max offer price $182,000

Occupancy floor 50%

Sensitivity live

Price	-10% $1,751	-5% $1,700	+0% $1,648	+5% $1,597	+10% $1,545
Rent	-10% $1,361	-5% $1,505	+0% $1,648	+5% $1,792	+10% $1,935
Rate	-1.0pp $1,740	-0.5pp $1,694	base $1,648	+0.5pp $1,601	+1.0pp $1,553

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,049
▸ 2× units	3	1	$2,580
Total (3 units)			$3,629

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: $45,500
• Closing costs: $5,460
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $182,000 Active 37 DOM
2. 2026-06-19
   days on market $182,000 Active 35 DOM
3. 2026-06-18
   days on market $182,000 Active 34 DOM
4. 2026-06-17
   days on market $182,000 Active 33 DOM
5. 2026-06-16
   days on market $182,000 Active 32 DOM
6. 2026-06-15
   days on market $182,000 Active 31 DOM
7. 2026-06-14
   days on market $182,000 Active 29 DOM
8. 2026-06-12
   days on market $182,000 Active 28 DOM
9. 2026-06-09
   days on market $182,000 Active 25 DOM
10. 2026-06-08
    days on market $182,000 Active 24 DOM
11. 2026-06-07
    pricedays on market $182,000 Active 23 DOM
12. 2026-06-03
    days on market $192,000 Active 19 DOM
13. 2026-06-02
    days on market $192,000 Active 18 DOM
14. 2026-06-01
    days on market $192,000 Active 17 DOM
15. 2026-05-31
    days on market $192,000 Active 16 DOM
16. 2026-05-30
    days on market $192,000 Active 15 DOM
17. 2026-05-15
    historical 713-char remark

    Show marketing remark (725 chars)

    Smart investment or ideal owner-occupied opportunity! This versatile duplex offers a 2-bedroom, 1-bath lower unit and a spacious 3-bedroom, 1-bath upper. Character shines with beautiful natural woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage provides added storage or workshop potential. With existing interior access, the property can easily be converted back to a single-family home--perfect for a 5-bedroom, 2-bath layout. Whether you're looking to offset your mortgage or expand your portfolio, this property delivers flexibility and value. Updated electrical through out the house and newer furnace in 2025. Also listed as a single-family home (MLS#1956870). Schedule your showing today!

18. 2026-05-15
    historical 725-char remark

    Show marketing remark (725 chars)

    Smart investment or ideal owner-occupied opportunity! This versatile duplex offers a 2-bedroom, 1-bath lower unit and a spacious 3-bedroom, 1-bath upper. Character shines with beautiful natural woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage provides added storage or workshop potential. With existing interior access, the property can easily be converted back to a single-family home--perfect for a 5-bedroom, 2-bath layout. Whether you're looking to offset your mortgage or expand your portfolio, this property delivers flexibility and value. Updated electrical through out the house and newer furnace in 2025. Also listed as a single-family home (MLS#1956870). Schedule your showing today!

19. 2026-05-15
    listed $195,000 Active

    Show marketing remark (725 chars)

    Smart investment or ideal owner-occupied opportunity! This versatile duplex offers a 2-bedroom, 1-bath lower unit and a spacious 3-bedroom, 1-bath upper. Character shines with beautiful natural woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage provides added storage or workshop potential. With existing interior access, the property can easily be converted back to a single-family home--perfect for a 5-bedroom, 2-bath layout. Whether you're looking to offset your mortgage or expand your portfolio, this property delivers flexibility and value. Updated electrical through out the house and newer furnace in 2025. Also listed as a single-family home (MLS#1956870). Schedule your showing today!

20. 2026-05-14
    listed $195,000 Active
21. 2026-04-29
    price $196,000 713-char remark

    Show marketing remark (725 chars)

    Smart investment or ideal owner-occupied opportunity! This versatile duplex offers a 2-bedroom, 1-bath lower unit and a spacious 3-bedroom, 1-bath upper. Character shines with beautiful natural woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage provides added storage or workshop potential. With existing interior access, the property can easily be converted back to a single-family home--perfect for a 5-bedroom, 2-bath layout. Whether you're looking to offset your mortgage or expand your portfolio, this property delivers flexibility and value. Updated electrical through out the house and newer furnace in 2025. Also listed as a single-family home (MLS#1956870). Schedule your showing today!

22. 2026-04-29
    price $196,000 725-char remark

    Show marketing remark (725 chars)

    Smart investment or ideal owner-occupied opportunity! This versatile duplex offers a 2-bedroom, 1-bath lower unit and a spacious 3-bedroom, 1-bath upper. Character shines with beautiful natural woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage provides added storage or workshop potential. With existing interior access, the property can easily be converted back to a single-family home--perfect for a 5-bedroom, 2-bath layout. Whether you're looking to offset your mortgage or expand your portfolio, this property delivers flexibility and value. Updated electrical through out the house and newer furnace in 2025. Also listed as a single-family home (MLS#1956870). Schedule your showing today!

23. 2026-04-11
    listed $198,000 Active 725-char remark

    Show marketing remark (713 chars)

    Big opportunity with built-in flexibility! This spacious home already has interior access to the upper level--making it ideal for a 5 bed, 2 bath single-family layout or an easy owner-occupied duplex conversion. The main level offers 2 bedrooms and a full bath, while the upper features 3 bedrooms and another full bath. You'll love the original woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage adds extra room for storage, hobbies, or a workshop. Whether you're looking for space to grow or a smart investment, this property delivers. Schedule your private showing today! Also listed as a 2-family (MLS#1956857). Updated electrical through out the house and newer furnace in 2025.

24. 2026-04-11
    listed $198,000 Active 713-char remark

    Show marketing remark (713 chars)

    Big opportunity with built-in flexibility! This spacious home already has interior access to the upper level--making it ideal for a 5 bed, 2 bath single-family layout or an easy owner-occupied duplex conversion. The main level offers 2 bedrooms and a full bath, while the upper features 3 bedrooms and another full bath. You'll love the original woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage adds extra room for storage, hobbies, or a workshop. Whether you're looking for space to grow or a smart investment, this property delivers. Schedule your private showing today! Also listed as a 2-family (MLS#1956857). Updated electrical through out the house and newer furnace in 2025.

25. 2026-04-08
    historical $198,000 713-char remark

    Show marketing remark (725 chars)

    Smart investment or ideal owner-occupied opportunity! This versatile duplex offers a 2-bedroom, 1-bath lower unit and a spacious 3-bedroom, 1-bath upper. Character shines with beautiful natural woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage provides added storage or workshop potential. With existing interior access, the property can easily be converted back to a single-family home--perfect for a 5-bedroom, 2-bath layout. Whether you're looking to offset your mortgage or expand your portfolio, this property delivers flexibility and value. Updated electrical through out the house and newer furnace in 2025. Also listed as a single-family home (MLS#1956870). Schedule your showing today!

26. 2026-04-08
    historical $198,000 725-char remark

    Show marketing remark (725 chars)

    Smart investment or ideal owner-occupied opportunity! This versatile duplex offers a 2-bedroom, 1-bath lower unit and a spacious 3-bedroom, 1-bath upper. Character shines with beautiful natural woodwork, hardwood floors, and generous living spaces throughout. A 2-car garage provides added storage or workshop potential. With existing interior access, the property can easily be converted back to a single-family home--perfect for a 5-bedroom, 2-bath layout. Whether you're looking to offset your mortgage or expand your portfolio, this property delivers flexibility and value. Updated electrical through out the house and newer furnace in 2025. Also listed as a single-family home (MLS#1956870). Schedule your showing today!

27. 2014-08-09
    historical
28. 2014-08-09
    listed $59,900
29. 2014-08-06
    soldstatus $59,900

ⓘ 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: $2,262 · $188/mo
• Projected year-2 tax: $2,814 · $235/mo
• Expected delta: +$553/yr (+$46/mo · 24.4%)

ⓘ 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 ≥90°F today · 14 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,548
• − Mortgage interest: −$10,195
• − Property taxes: −$2,262
• − Insurance: −$910
• − Repairs & maintenance: −$3,484
• − Management: −$3,484
• − Depreciation: −$5,295
• Taxable income: $17,919
• Est. tax owed @ 24.0%: −$4,301
• After-tax cash flow: $15,477/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

+225.5% since first listed

13 events — show timeline

• 2026-05-15 Listing Removed — METROMLS
• 2026-05-15 Listing Removed — METROMLS
• 2026-05-15 Listed $195,000 METROMLS
• 2026-05-14 Listed $195,000 METROMLS
• 2026-04-29 Price Changed $196,000 METROMLS
• 2026-04-29 Price Changed $196,000 METROMLS
• 2026-04-11 Listed $198,000 METROMLS
• 2026-04-11 Listed $198,000 METROMLS
• 2026-04-08 Coming Soon $198,000 METROMLS
• 2026-04-08 Coming Soon $198,000 METROMLS
• 2014-08-09 Listed $59,900 METROMLS
• 2014-08-09 Listing Removed — METROMLS
• 2014-08-06 Sold (MLS) $59,900 METROMLS

Property tax history

+1.1%/yr

Latest (2025): $2,262 · +7.7% YoY. Source: county tax records.