66 Brees Blvd #66

San Antonio, TX 78209

$99,500D

1 bd · 1.0 ba · 445 sqft · Built 1965 · Condo · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,080/mo
• Mortgage (P&I): −$522
• Tax + insurance: −$166
• HOA: −$222
• Vac / Maint / Mgmt: −$227
• Net cashflow: $-56/mo
• Annual: $-677/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.43%
• DSCR: 0.89
• 1% rule: 1.09%
• Cash to close: $27,860

Investor read

• This is a 1-bed/1.0-bath condo listed at $100k. Condition is rated good.
• At list price, monthly cash flow is $-56 ($-677/yr) — negative.
• To cash-flow at today's rent, offer at most $91k (8.2% below list).
• Meets the 1% rule at list price ($1k rent vs $100k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $91k (8.2% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $688 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• 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: crime F.
• Alamo Heights ISD (urban): math 52% / reading 60% proficiency, ranked #73 of 826 in TX (top 9%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Woodridge El (math 51% / reading 64%, grade C+, #492 of 4,322 statewide, top 12%, 878 students, 19% FRL); Alamo Heights J H (math 54% / reading 57%, grade B-, #240 of 1,662 statewide, top 15%, 1,090 students, 24% FRL); Alamo Heights H S (math 60% / reading 71%, grade B, #193 of 1,632 statewide, top 12%, 1,606 students, 17% FRL) — zoned schools at 20% FRL track the district average.
• Watch-outs: HOA is 21% of rent.
• Market conditions: Rents soft (-1.0%/yr); 373 active listings in the ZIP; solid renter incomes; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• Cap rate 5.6% 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.
• This rent is only 15% of the median local income ($87k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• 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?
• Built in 1965 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.