438 Rigsby · San Antonio, TX 78210

$249,000

2 bd · 1.0 ba · 1,044 sqft · SingleFamily public records · 94 Days on market

Built 1925 6,011 sqft lot $239/sqft · 94% above area Est $277k · 10% under ↓ 4% since listing

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Why this score? — see what drove the F 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 +12.0/15.0
• Livability +4.0/5.0
• Rent growth +2.8/5.0
• Cash flow +2.7/30.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0
• 1% rule +0.1/10.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Step into timeless charm with this unique 1920s-built historic home nestled in the heart of desirable Highland Park in central San Antonio. Easy highway access, near Frost Bank, DT, and the Pearl. Full of character and depth, this 3-bedroom, 2 bath, plus dedicated office offers the perfect blend of vintage appeal and modern convenience. Not to mention, an open living and dining area perfect for everyday living and entertaining. Recent updates include a new water heater and newer roofs (2023 main & 2025 apartment). The property also includes a detached full-size apartment with its own kitchen, living room, and full bath-ideal for guests, rental income, or multi-generational living. Additional highlights include an extended paved driveway, covered carport, and electric gate for added privacy. A rare opportunity to own in the beautiful and established Highland Park area, a one-of-a-kind property that offers historic charm, versatile living space, and upgrades.

Key facts

• Electric gate
• Covered carport
• Historic home

Tags

• HISTORIC HOME
• DETACHED FULL-SIZE APARTMENT
• OPEN LIVING AND DINING AREA
• EXTENDED PAVED DRIVEWAY
• COVERED CARPORT
• ELECTRIC GATE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $249k.

Deal economics

• At list price, monthly cash flow is $-837 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $104k (58.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $127k (48.9% below list).
• Recommended offer: $104k (58.3% below list) — sets the bar for cash-flow.
• Cap rate 2.3% vs local median 3.8% in San Antonio — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Location & tenants

• Location reads 80/100 on livability (#31 in TX, #1,616 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: schools C-, crime F.
• San Antonio ISD (urban): math 12% / reading 22% proficiency, ranked #805 of 826 in TX (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.1%/yr); 280 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($227k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $103,881 (58.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 58% concession, seller financing, or rate buy-down credit?
3. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
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 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: 0.51% ✗
• Cap rate: 2.26%
• Cash-on-cash: -14.40%
• DSCR: 0.36
• GRM: 16.3

CMA / ARV

• ARV (median comp): $276,822
• List price: $249,000
• Delta: -10.05%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
717 Kayton	0.35mi	2/1.0	1,034 (-1%)	0mo	$80,000	$77	82
543 Kayton	0.16mi	2/1.0	1,144 (+10%)	2mo	$175,500	$153	75
1306 Mckinley	0.40mi	2/1.0	972 (-7%)	1mo	$110,000	$113	69
1530 Schley	0.50mi	2/2.0	1,032 (-1%)	2mo	$244,900	$237	68
246 W Boyer St	0.54mi	2/1.0	1,006 (-4%)	3mo	$99,900	$99	66
837 Westfall	0.43mi	2/1.0	958 (-8%)	3mo	$139,000	$145	64
715 Avant	0.39mi	2/2.0	1,136 (+9%)	2mo	$210,000	$185	61
934 Schley	0.51mi	3/1.0 (+1)	1,124 (+8%)	3mo	$99,900	$89	56
621 Porter St	0.73mi	3/2.0 (+1)	1,002 (-4%)	0mo	$99,900	$100	50
310 Aransas Ave	0.59mi	3/2.5 (+1)	1,096 (+5%)	5mo	$169,000	$154	49
743 Avant	0.45mi	3/2.0 (+1)	1,152 (+10%)	5mo	$235,000	$204	49
1007 Pine	0.70mi	2/1.0	918 (-12%)	3mo	$112,000	$122	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 · 1.07% rent growth · sell at horizon

5-year hold

• IRR: -45.9%
• Equity multiple: -0.38×
• Total profit: $-95,982
• Equity at exit: $37,127

10-year hold

• IRR: -99.2%
• Equity multiple: -1.32×
• Total profit: $-161,405
• Equity at exit: $21,529

Cash invested: $69,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 87 Strongly Landlord-Friendly
• State Texas: 87 Strongly Landlord-Friendly · R+5
• County: — inherits STATE
• City: — inherits STATE

3-day notice; statewide preemption; one of the fastest eviction climates; Travis County (Austin) slightly slower.

Methodology + full state rankings →

ZIP-level market 78210

• Rents YoY: 1.1%
• Active inventory: 280
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $1,273 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$433 /mo · $5,194/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $-837

Break-even live

Break-even rent $2,332

Max offer price $103,881

Occupancy floor —

Sensitivity live

Price	-10% $-696	-5% $-766	+0% $-837	+5% $-907	+10% $-978
Rent	-10% $-937	-5% $-887	+0% $-837	+5% $-787	+10% $-736
Rate	-1.0pp $-711	-0.5pp $-774	base $-837	+0.5pp $-901	+1.0pp $-967

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
508 Kayton Ave San Antonio, TX	2.0	1.0	1058	$1,200	$1.13	17d	1	0.10mi
534 Rigsby Ave San Antonio, TX	3.0	2.0	1438	$1,950	$1.36	25d	1	0.12mi
538 Kayton Ave Unit 540 San Antonio, TX	1.0	1.0	731	$925	$1.27	18d	1	0.14mi
538 Kayton Ave San Antonio, TX	1.0	1.0	735	$925	$1.26	17d	1	0.14mi
540 Kayton Ave Unit 540 San Antonio, TX	1.0	1.0	730	$925	$1.27	18d	1	0.15mi
540 Kayton Ave San Antonio, TX	1.0	1.0	730	$950	$1.30	18d	1	0.15mi
510 Avant Ave San Antonio, TX	1.0	1.0	956	$700	$0.73	4d	1	0.21mi
1914 S Pine St San Antonio, TX	2.0	1.0	1025	$1,250	$1.22	44d	1	0.22mi
331 Avant Ave San Antonio, TX	3.0	2.0	1200	$1,825	$1.52	25d	1	0.23mi
636 Rigsby Ave San Antonio, TX	3.0	1.0	1327	$1,595	$1.20	44d	1	0.26mi
523 Bailey Ave San Antonio, TX	2.0	2.0	960	$1,500	$1.56	25d	1	0.26mi
2219 S New Braunfels Ave San Antonio, TX	2.0	1.0	952	$1,050	$1.10	25d	1	0.29mi
647 Hammond Ave San Antonio, TX	2.0	1.0	780	$1,110	$1.42	21d	1	0.30mi
647 Hammond Ave Unit 201 San Antonio, TX	2.0	1.0	780	$1,110	$1.42	25d	1	0.30mi
2407 S New Braunfels Ave Unit 3 San Antonio, TX	2.0	1.0	800	$825	$1.03	25d	1	0.35mi
2407 S New Braunfels Ave Unit 3 San Antonio, TX	2.0	1.0	800	$825	$1.03	44d	1	0.35mi
142 Avant Ave Unit 3 San Antonio, TX	1.0	1.0	700	$950	$1.36	44d	1	0.40mi
142 Avant Ave #1 San Antonio, TX	3.0	1.0	1314	$1,495	$1.14	18d	1	0.41mi
627 Essex St San Antonio, TX	3.0	2.5	1402	$1,850	$1.32	25d	1	0.42mi
1131 McKinley Ave San Antonio, TX	2.0	1.0	1000	$1,550	$1.55	5d	1	0.42mi
1506 Schley Ave San Antonio, TX	1.0	1.0	725	$850	$1.17	44d	1	0.45mi
1301 S Palmetto San Antonio, TX	2.0	1.0	836	$1,150	$1.38	5d	1	0.46mi
439 Dunning Ave San Antonio, TX	2.0	2.0	1050	$1,500	$1.43	5d	1	0.49mi
1528 Steves Ave Unit 1 San Antonio, TX	2.0	1.0	940	$1,025	$1.09	44d	1	0.51mi
838 Hammond Ave San Antonio, TX	2.0	1.0	888	$1,300	$1.46	44d	1	0.52mi
1510 Steves Ave San Antonio, TX	3.0	2.0	1330	$1,800	$1.35	25d	1	0.53mi
510 Vanderbilt St San Antonio, TX	2.0	1.0	1208	$1,150	$0.95	44d	1	0.56mi
1627 Schley Ave San Antonio, TX	3.0	1.0	1408	$1,650	$1.17	25d	1	0.57mi
1005 Essex St Unit 202 San Antonio, TX	2.0	2.0	800	$1,450	$1.81	44d	1	0.61mi
1005 Essex St Unit 101 San Antonio, TX	2.0	2.0	800	$1,425	$1.78	3d	1	0.61mi
1146 S Olive St San Antonio, TX	2.0	2.0	1276	$1,800	$1.41	5d	1	0.63mi
241 Delmar St San Antonio, TX	2.0	1.0	758	$1,120	$1.48	25d	1	0.65mi
413 Nopal St Unit 102 San Antonio, TX	2.0	1.0	743	$1,450	$1.95	3d	1	0.65mi
926 E Drexel Ave Unit 1 San Antonio, TX	1.0	1.0	850	$975	$1.15	25d	1	0.65mi
730 Aransas Ave Unit 3 San Antonio, TX	2.0	1.0	800	$975	$1.22	44d	1	0.67mi
1221 Delaware St San Antonio, TX	1.0	1.0	1300	$1,200	$0.92	44d	1	0.70mi
618 Porter St San Antonio, TX	1.0	1.0	1360	$895	$0.66	5d	1	0.71mi
1022 Delaware St Unit 3 San Antonio, TX	3.0	2.5	1244	$1,850	$1.49	25d	1	0.73mi
210 Utah St #101 San Antonio, TX	3.0	2.5	1208	$1,695	$1.40	44d	1	0.73mi
730 E Carolina St San Antonio, TX	1.0	1.0	1176	$700	$0.60	25d	1	0.75mi

Listing history 18 events

1. 2026-06-21
   days on market $249,000 Active 94 DOM
2. 2026-06-18
   days on market $249,000 Active 91 DOM
3. 2026-06-17
   days on market $249,000 Active 90 DOM
4. 2026-06-16
   days on market $249,000 Active 89 DOM
5. 2026-06-15
   days on market $249,000 Active 88 DOM
6. 2026-06-13
   days on market $249,000 Active 86 DOM
7. 2026-06-09
   days on market $249,000 Active 82 DOM
8. 2026-06-08
   statusdays on market $249,000 Active 81 DOM
9. 2026-06-07
   days on market $249,000 Price Change 80 DOM
10. 2026-06-04
    days on market $249,000 Price Change 77 DOM
11. 2026-06-03
    days on market $249,000 Price Change 76 DOM
12. 2026-06-02
    days on market $249,000 Price Change 75 DOM
13. 2026-06-01
    days on market $249,000 Price Change 74 DOM
14. 2026-05-31
    days on market $249,000 Price Change 73 DOM
15. 2026-04-30
    price $259,000 978-char remark

    Show marketing remark (978 chars)

    Step into timeless charm with this unique 1920s-built historic home nestled in the heart of desirable Highland Park in central San Antonio. Easy highway access, near Frost Bank, DT, and the Pearl. Full of character and depth, this 3-bedroom, 2 bath, plus dedicated office offers the perfect blend of vintage appeal and modern convenience. Not to mention, an open living and dining area perfect for everyday living and entertaining. Recent updates include a new water heater and newer roofs (2023 main & 2025 apartment). The property also includes a detached full-size apartment with its own kitchen, living room, and full bath-ideal for guests, rental income, or multi-generational living. Additional highlights include an extended paved driveway, covered carport, and electric gate for added privacy. A rare opportunity to own in the beautiful and established Highland Park area, a one-of-a-kind property that offers historic charm, versatile living space, and upgrades.

16. 2026-03-19
    listed $269,000 New 978-char remark

    Show marketing remark (978 chars)

    Step into timeless charm with this unique 1920s-built historic home nestled in the heart of desirable Highland Park in central San Antonio. Easy highway access, near Frost Bank, DT, and the Pearl. Full of character and depth, this 3-bedroom, 2 bath, plus dedicated office offers the perfect blend of vintage appeal and modern convenience. Not to mention, an open living and dining area perfect for everyday living and entertaining. Recent updates include a new water heater and newer roofs (2023 main & 2025 apartment). The property also includes a detached full-size apartment with its own kitchen, living room, and full bath-ideal for guests, rental income, or multi-generational living. Additional highlights include an extended paved driveway, covered carport, and electric gate for added privacy. A rare opportunity to own in the beautiful and established Highland Park area, a one-of-a-kind property that offers historic charm, versatile living space, and upgrades.

17. 2003-05-19
    soldstatus
18. 1996-03-01
    soldstatus

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

Tax reassessment forecast TX · Resets to sale price

• Current annual tax: $5,194 · $433/mo
• Projected year-2 tax: $5,194 · $433/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 8/10 Severe 7 d/yr ≥108°F today · 22 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,273
• − Mortgage interest: −$13,948
• − Property taxes: −$5,194
• − Insurance: −$1,245
• − Repairs & maintenance: −$1,222
• − Management: −$1,222
• − Depreciation: −$7,244
• Taxable loss: −$14,801
• Est. tax savings @ 24.0%: +$3,552
• After-tax cash flow: $-6,490/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: San Antonio ISD
• NCES district ID: 4838730
• Math proficiency: 12% ▼ -21.00%
• Reading proficiency: 22% ▼ -7.00%
• Median HH income: $30,952
• Composite: 13.57/100
• National rank: #9512
• State rank: #805 of 826 in TX

Livability — San Antonio

• Score: 80/100
• State rank: #31
• US rank: #1616

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: San Antonio, TX
• County: Bexar County · 1,990,555 people
• City population: 1,806,925
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 34,940
• Household income: $55,028
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 1708.0

Population outlook (Bexar County) Hauer SSP2

• Today (2025): 2,336,851 people
• By 2030: 2,560,728 · +9.6%
• By 2040: 3,020,569 · +29.3%
• By 2050: 3,493,522 · +49.5%
• By 2075: 4,668,459 · +99.8%
• By 2100: 5,533,242 · +136.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Hispanic (83%)
• Race & ethnicity: Hispanic / Latino 83% Two or more races 29% White 11% Black 4% Native American 2%
• Hispanic origin (detail): Mexican 72% Puerto Rican 2%
• Common ancestry: Lithuanian 1%
• Foreign-born: 12% · Canada
• Languages at home: 55% English-only · Spanish 44%

Political lean MEDSL · Bexar

• 2024 margin: Lean D (+9.8) · D 54.3% · R 44.6% · Other 1.1%
• 2008→2024 swing: +4.2pp toward D · 2008: 5.6pp · 2024: 9.8pp
• All cycles: 2024: D+9.8 2020: D+18.2 2016: D+13.5 2012: D+4.6 2008: D+5.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -163.42%
• Current HPI: 286.299
• Rent YoY: ▲ 1.07%
• Metro: San Antonio-New Braunfels, TX
• State GDP YoY: ▲ 3.95%
• F500 in state: 110

Industry mix (Fortune 500 HQ in TX)

Industry	F500 HQs	Revenue
▸Energy	16	$1,198B
▸Technology	5	$198B
▸Engineering / Construction	4	$72B
▸Energy Services	3	$60B
▸Utilities	3	$41B
▸Healthcare	2	$330B

Price history

-3.7% since first listed

4 events — show timeline

• 2026-04-30 Price Changed $259,000 LERA
• 2026-03-19 Listed $269,000 LERA
• 2003-05-19 Sold (Public Records) — Public Records
• 1996-03-01 Sold (Public Records) — Public Records

Property tax history

+12.2%/yr

Latest (2025): $5,194 · +0.6% YoY. Source: county tax records.