2721 Morganite Ring · San Antonio, TX 78264

$181,999

3 bd · 2.0 ba · 1,402 sqft · SingleFamily · 70 Days on market

Built 2024 4,791 sqft lot Est $151k · 20% over $25/mo HOA · 2% of rent ↓ 15% 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).

• Cash flow +8.1/30.0
• Appreciation +7.0/10.0
• Livability +4.0/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0
• Schools +1.8/10.0
• ARV discount +0.0/15.0

Listing remarks

The Kitson - This single-level home showcases a spacious open floorplan shared between the kitchen, dining area and family room for easy entertaining during gatherings. An owner's suite enjoys a private location in a rear corner of the home, complemented by an en-suite bathroom and walk-in closet. There are two secondary bedrooms along the side of the home. Estimated Completion May 2026. The completion date, prices and features may vary and are subject to change. Please verify with Lennar directly. Photos are for illustrative purposes only.

Key facts

• Walk-in closet
• Open floorplan
• Secondary bedrooms

Tags

• OPEN FLOORPLAN
• OWNER'S SUITE
• EN-SUITE BATHROOM
• WALK-IN CLOSET
• SECONDARY BEDROOMS

Property features AI

Finance

• Financial info: Down payment assistance resource available
• HOA & community: Mandatory HOA; HOA fee $300 annually; Association transfer fee $150

Exterior

• Utilities: City gas service; City electric service; SAWS water and sewer; Connected to public water and sewer systems
• Home design: New construction by Lennar; Slab foundation; Composition roof
• Construction: Built approximately 2 years ago
• Exterior features: Privacy fence; Cement fiber exterior

Interior

• Kitchen: Stove/Range; Dishwasher
• Bedrooms: Primary bedroom on the lower level, about 14 x 15; Bedroom 2 about 12 x 11; Bedroom 3 about 11 x 12
• Flooring: Carpeting; Vinyl flooring
• Bathrooms: Two full bathrooms; Primary bathroom is shower-only
• Heating & cooling: Central heating; Electric and natural gas heating available; Central air conditioning
• Interior features: Open floor plan with a breakfast bar; Cable TV available; Utility room inside; All bedrooms on the lower level; Laundry on the main level; Walk-in closets
• Laundry & utility: Washer connection; Dryer connection; Laundry located on main level

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $182k.

Deal economics

• At list price, monthly cash flow is $-180 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (14.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $140k (23.3% below list).
• Recommended offer: $140k (23.3% below list) — sets the bar for 1% rule.
• Cap rate 5.1% vs local median 3.8% in San Antonio — 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 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.
• Southside ISD (rural): math 16% / reading 25% proficiency, ranked #771 of 826 in TX (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 76% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 359 active listings in the ZIP; 20 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

• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (3.9% local appreciation)).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($171k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $33k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $139,534 (23.3% 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 70 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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: 0.77% ✗
• Cap rate: 5.10%
• Cash-on-cash: -4.25%
• DSCR: 0.81
• GRM: 10.9

CMA / ARV

• ARV (on-the-fly): $151,416
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2721 Morganite Ring	0.00mi	3/2.0	1,402 (0%)	1mo	$181,999	$130	99
2717 Morganite Ring	0.01mi	3/2.0	1,411 (+1%)	1mo	$177,999	$126	98
2706 Jasper Stone	0.01mi	3/2.0	1,380 (-2%)	1mo	$141,999	$103	96
20626 Andalusite Way	0.14mi	3/2.5	1,360 (-3%)	0mo	$146,999	$108	86
20614 Andalusite Way	0.13mi	3/2.5	1,360 (-3%)	2mo	$148,999	$110	85
2722 Jasper Stone	0.02mi	4/2.0 (+1)	1,500 (+7%)	0mo	$150,999	$101	82
2702 Jasper Stone	0.02mi	4/2.0 (+1)	1,500 (+7%)	2mo	$166,999	$111	81
20572 Andalusite Way	0.10mi	4/2.5 (+1)	1,535 (+10%)	1mo	$159,999	$104	72
20536 Andalusite Way	0.10mi	4/2.5 (+1)	1,535 (+10%)	1mo	$159,999	$104	72
20560 Andalusite Way	0.10mi	4/2.5 (+1)	1,535 (+10%)	2mo	$159,999	$104	71
20622 Andalusite Way	0.14mi	4/2.5 (+1)	1,535 (+10%)	2mo	$179,999	$117	69
3012 Carnelian Trl	0.16mi	4/2.5 (+1)	1,535 (+10%)	3mo	$159,999	$104	67

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.94% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 6.4%
• Equity multiple: 1.39×
• Total profit: $19,735
• Equity at exit: $91,693

10-year hold

• IRR: 8.9%
• Equity multiple: 2.48×
• Total profit: $75,439
• Equity at exit: $149,507

Cash invested: $50,960 (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 78264

• Home prices YoY: 1.3%
• Active inventory: 359
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,395 high
• Mortgage (P&I): −$954
• Tax est. 1.5%: −$227 /mo · $2,730/yr
• Insurance: −$76
• HOA: −$25
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $-180

Break-even live

Break-even rent $1,624

Max offer price $155,890

Occupancy floor —

Sensitivity live

Price	-10% $-55	-5% $-118	+0% $-180	+5% $-243	+10% $-306
Rent	-10% $-291	-5% $-236	+0% $-180	+5% $-125	+10% $-70
Rate	-1.0pp $-89	-0.5pp $-134	base $-180	+0.5pp $-228	+1.0pp $-276

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: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
20511 Andalusite Way San Antonio, TX	3.0	2.5	1189	$1,450	$1.22	18d	1	0.05mi
20618 Andalusite Way San Antonio, TX	3.0	2.0	1179	$1,450	$1.23	5d	1	0.12mi
20622 Andalusite Way San Antonio, TX	4.0	2.5	1535	$1,550	$1.01	44d	1	0.13mi
2906 Carnelian Trl San Antonio, TX	3.0	2.0	1360	$1,550	$1.14	44d	1	0.14mi
3008 Carnelian Trl San Antonio, TX	3.0	2.5	1189	$1,195	$1.01	3d	1	0.14mi
20642 Andalusite Way San Antonio, TX	3.0	2.5	1189	$1,450	$1.22	22d	1	0.15mi
20356 Andalusite Way San Antonio, TX	2.0	2.5	1013	$1,199	$1.18	18d	1	0.17mi
20447 Red Coral San Antonio, TX	3.0	2.0	1230	$1,320	$1.07	24d	1	0.19mi
20448 Red Coral San Antonio, TX	3.0	2.0	1129	$1,500	$1.33	24d	1	0.21mi
20305 Andalusite Way San Antonio, TX	3.0	2.5	1207	$1,350	$1.12	44d	1	0.25mi
20305 Andalusite Way San Antonio, TX	3.0	2.5	1207	$1,400	$1.16	17d	1	0.25mi
2807 Ruby Xing San Antonio, TX	3.0	2.0	1276	$1,400	$1.10	24d	1	0.27mi
20335 Campbellton Rd San Antonio, TX	3.0	2.0	1393	$1,450	$1.04	44d	1	0.66mi
3230 South Loop 1604 E Unit A08 San Antonio, TX	3.0	2.0	1216	$995	$0.82	3d	1	0.69mi
3230 South Loop 1604 E Unit A08 San Antonio, TX	3.0	2.0	1216	$995	$0.82	24d	1	0.69mi
3230 South Loop 1604 E Unit B03 San Antonio, TX	2.0	2.0	896	$950	$1.06	24d	1	0.69mi
3230 South Loop 1604 E Unit B03 San Antonio, TX	2.0	2.0	896	$950	$1.06	3d	1	0.69mi
20823 Pinon Grv San Antonio, TX	3.0	2.0	1403	$1,650	$1.18	44d	1	1.10mi
19230 FM 1937 #4 San Antonio, TX	2.0	2.0	1316	$1,450	$1.10	24d	1	1.23mi
20414 Deets Trl San Antonio, TX	3.0	2.5	1858	$1,750	$0.94	4d	1	1.39mi

HOA detail

• Monthly dues: $25 · $300/yr

Listing history 15 events

1. 2026-04-28
   status Pending
2. 2026-04-17
   price $181,999
3. 2026-04-11
   price $184,999
4. 2026-04-10
   price $187,999
5. 2026-04-09
   status Back on Market
6. 2026-04-03
   status Pending
7. 2026-03-28
   price $185,999
8. 2026-03-24
   price $187,999
9. 2026-03-18
   price $189,999
10. 2026-03-17
    price $188,999
11. 2026-03-12
    price $191,999
12. 2026-03-04
    price $192,999
13. 2026-02-17
    price $197,999
14. 2026-02-11
    price $209,999
15. 2026-02-09
    listed $214,999 New

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

Taxation est. · year 1

• Rental income: $16,744
• − Mortgage interest: −$10,195
• − Property taxes: −$2,730
• − Insurance: −$910
• − Repairs & maintenance: −$1,340
• − Management: −$1,340
• − HOA: −$300
• − Depreciation: −$5,295
• Taxable loss: −$5,364
• Est. tax savings @ 24.0%: +$1,287
• After-tax cash flow: $-878/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: Southside ISD
• NCES district ID: 4840920
• Math proficiency: 16% ▼ -15.00%
• Reading proficiency: 25% ▼ -2.00%
• Median HH income: $43,526
• Composite: 17.68/100
• National rank: #9027
• State rank: #771 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

• City population: 1,806,925
• Population (ZIP): 11,702

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 (80%)
• Race & ethnicity: Hispanic / Latino 80% Two or more races 35% White 17% Black 2% Native American 1%
• Hispanic origin (detail): Mexican 73%
• Common ancestry: Lithuanian 1% Serbian 1% Greek 1%
• Foreign-born: 14% · Canada
• Languages at home: 48% English-only · Spanish 51% Tagalog/Filipino 0%

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: ▲ 3.94%
• Current HPI: 298.8446
• Rent YoY: —
• Metro: —
• 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

-15.3% since first listed

15 events — show timeline

• 2026-04-28 Pending — LERA
• 2026-04-17 Price Changed $181,999 LERA
• 2026-04-11 Price Changed $184,999 LERA
• 2026-04-10 Price Changed $187,999 LERA
• 2026-04-09 Relisted — LERA
• 2026-04-03 Pending — LERA
• 2026-03-28 Price Changed $185,999 LERA
• 2026-03-24 Price Changed $187,999 LERA
• 2026-03-18 Price Changed $189,999 LERA
• 2026-03-17 Price Changed $188,999 LERA
• 2026-03-12 Price Changed $191,999 LERA
• 2026-03-04 Price Changed $192,999 LERA
• 2026-02-17 Price Changed $197,999 LERA
• 2026-02-11 Price Changed $209,999 LERA
• 2026-02-09 Listed $214,999 LERA