1719 21st St · Two Rivers, WI 54241

$159,900

3 bd · 1.5 ba · 1,898 sqft · SingleFamily public records · 42 Days on market

Built 1927 4,791 sqft lot Est $211k · 24% under

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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 +16.8/30.0
• ARV discount +15.0/15.0
• DSCR +5.2/10.0
• 1% rule +4.5/10.0
• 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

Listing remarks MLS

Completely updated 3 bedroom home! Enjoy this spacious home, bask in the warmth of the pellet stove in the living room during the cold winters! Large open kitchen, dining and living room and first floor laundry area with plenty of storage. Large master bedroom has vaulted ceiling and large closets. Newer on demand gas water heater for enjoying long showers! Set up your private showing today!

Key facts

• Open-concept design
• Bonus space
• Fenced-in backyard

Tags

• OPEN-CONCEPT DESIGN
• FIRST-FLOOR LAUNDRY
• FENCED-IN BACKYARD
• LARGE DETACHED GARAGE
• BONUS SPACE

Property features AI

Exterior

• Parking: Detached 2-car garage (total 2 garage parking spaces)
• Utilities: Municipal water; Municipal sewer
• Home design: Two-story single-family home; Construction completed; Residential zoning
• Construction: Finished above-grade living area approximately 1,656; Finished below-grade area approximately 242; Less than 1/2 acre lot (0.11 acre)
• Exterior features: Fenced yard; Vinyl exterior; Sidewalks

Interior

• Kitchen: Kitchen on main level (14 x 11); Refrigerator; Stove; Microwave; Dishwasher
• Bedrooms: Master bedroom on upper level (19 x 13); Second bedroom on upper level (12 x 9); Third bedroom on upper level (15 x 9)
• Bathrooms: One full bathroom; One half bathroom
• Heating & cooling: Forced air heating; Natural gas furnace
• Interior features: Full, partially finished basement with block construction; Living room on main level (21 x 11)
• Laundry & utility: Washer; Dryer; Hot tub included

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/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 $152k (4.6% below list).
• Recommended offer: $152k (4.6% below list) — sets the bar for 1% rule.
• Cap rate 7.1% 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: Koenig Elementary (math 22% / reading 27%, grade F, #783 of 1,041 statewide, top 79%, 325 students, 65% FRL); Clarke Middle (math 17% / reading 28%, grade F, #334 of 383 statewide, top 87%, 462 students, 46% FRL); Two Rivers High (math 12% / reading 22%, grade F, #400 of 483 statewide, top 85%, 474 students, 35% FRL).
• Market conditions: 67 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 $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.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 4 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.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $152,471 (4.6% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1927 — 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 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: 0.95% ✗
• Cap rate: 7.06%
• Cash-on-cash: 2.75%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $210,678
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1719 21st St	0.00mi	3/1.5	1,898 (0%)	1mo	$159,900	$84	99
2215 Adams St	0.20mi	4/2.0 (+1)	1,882 (-1%)	7mo	$160,000	$85	77
1712 28th St	0.50mi	3/1.0	1,926 (+2%)	3mo	$210,000	$109	70
3110 School St	0.69mi	3/1.5	1,901 (+0%)	1mo	$219,000	$115	67
2714 School St	0.48mi	4/1.5 (+1)	1,820 (-4%)	7mo	$200,000	$110	60
2309 Jefferson St	0.37mi	3/1.5	1,734 (-9%)	10mo	$265,000	$153	60
1726 27th St	0.43mi	3/1.5	1,674 (-12%)	0mo	$275,000	$164	60
1313 22nd St	0.33mi	4/1.0 (+1)	1,738 (-8%)	5mo	$135,000	$78	60
819 24th St	0.71mi	3/2.0	1,960 (+3%)	2mo	$217,000	$111	57
2310 14th St	0.57mi	3/1.5	2,127 (+12%)	3mo	$215,000	$101	51
1822 29th St	0.57mi	3/1.5	1,665 (-12%)	8mo	$222,000	$133	46
1921 29th St	0.56mi	3/1.5	1,635 (-14%)	9mo	$217,500	$133	44

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: -11.9%
• Equity multiple: 0.57×
• Total profit: $-19,355
• Equity at exit: $23,842

10-year hold

• IRR: -2.8%
• Equity multiple: 0.81×
• Total profit: $-8,353
• Equity at exit: $13,825

Cash invested: $44,772 (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: 67
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,525 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$197 /mo · $2,361/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$320
• Net cashflow: $103

Break-even live

Break-even rent $1,395

Max offer price $159,900

Occupancy floor 88%

Sensitivity live

Price	-10% $193	-5% $148	+0% $103	+5% $57	+10% $12
Rent	-10% $-18	-5% $42	+0% $103	+5% $163	+10% $223
Rate	-1.0pp $183	-0.5pp $143	base $103	+0.5pp $61	+1.0pp $19

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-05-18
   status Pending
2. 2026-04-13
   historical Active w/ Contract
3. 2026-04-06
   listed $159,900 Active
4. 2024-02-27
   soldstatus $148,000
5. 2021-08-17
   soldstatus $120,800
6. 2021-08-13
   soldstatus $120,750 Sold 394-char remark

   Show marketing remark (394 chars)

   Completely updated 3 bedroom home! Enjoy this spacious home, bask in the warmth of the pellet stove in the living room during the cold winters! Large open kitchen, dining and living room and first floor laundry area with plenty of storage. Large master bedroom has vaulted ceiling and large closets. Newer on demand gas water heater for enjoying long showers! Set up your private showing today!

7. 2021-06-22
   historical Contingent 394-char remark

   Show marketing remark (394 chars)

   Completely updated 3 bedroom home! Enjoy this spacious home, bask in the warmth of the pellet stove in the living room during the cold winters! Large open kitchen, dining and living room and first floor laundry area with plenty of storage. Large master bedroom has vaulted ceiling and large closets. Newer on demand gas water heater for enjoying long showers! Set up your private showing today!

8. 2021-06-18
   listed $119,900 Active 394-char remark

   Show marketing remark (394 chars)

   Completely updated 3 bedroom home! Enjoy this spacious home, bask in the warmth of the pellet stove in the living room during the cold winters! Large open kitchen, dining and living room and first floor laundry area with plenty of storage. Large master bedroom has vaulted ceiling and large closets. Newer on demand gas water heater for enjoying long showers! Set up your private showing today!

9. 2016-04-19
   soldstatus $67,000
10. 2016-04-15
    soldstatus $67,000 Sold 425-char remark

    Show marketing remark (425 chars)

    Completely updated 3 bedroom home! Enjoy a relaxing dip in the Hot Tub off of garage or bask in the warmth of the pellet stove in the living room during the cold winters! Large open kitchen, dining and living room and first floor laundry area with plenty of storage. Large master bedroom has vaulted ceiling and large closets. Brand New on demand gas water heater for enjoying long showers! Set up your private showing today!

11. 2016-02-09
    listed $69,900 Active 425-char remark

    Show marketing remark (425 chars)

    Completely updated 3 bedroom home! Enjoy a relaxing dip in the Hot Tub off of garage or bask in the warmth of the pellet stove in the living room during the cold winters! Large open kitchen, dining and living room and first floor laundry area with plenty of storage. Large master bedroom has vaulted ceiling and large closets. Brand New on demand gas water heater for enjoying long showers! Set up your private showing today!

12. 2013-09-23
    listed $77,500
13. 2013-09-23
    historical

ⓘ 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: $2,361 · $197/mo
• Projected year-2 tax: $2,660 · $222/mo
• Expected delta: +$299/yr (+$25/mo · 12.6%)

ⓘ 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: $18,297
• − Mortgage interest: −$8,957
• − Property taxes: −$2,361
• − Insurance: −$800
• − Repairs & maintenance: −$1,464
• − Management: −$1,464
• − Depreciation: −$4,652
• Taxable loss: −$1,400
• Est. tax savings @ 24.0%: +$336
• After-tax cash flow: $1,567/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

+106.3% since first listed

13 events — show timeline

• 2026-05-18 Pending — RANW
• 2026-04-13 Contingent — RANW
• 2026-04-06 Listed $159,900 RANW
• 2024-02-27 Sold (Public Records) $148,000 Public Records
• 2021-08-17 Sold (Public Records) $120,800 Public Records
• 2021-08-13 Sold (MLS) $120,750 METROMLS
• 2021-06-22 Contingent — METROMLS
• 2021-06-18 Listed $119,900 METROMLS
• 2016-04-19 Sold (Public Records) $67,000 Public Records
• 2016-04-15 Sold (MLS) $67,000 METROMLS
• 2016-02-09 Listed $69,900 METROMLS
• 2013-09-23 Listing Removed — METROMLS
• 2013-09-23 Listed $77,500 METROMLS

Property tax history

+2.5%/yr

Latest (2025): $2,361 · +5.2% YoY. Source: county tax records.