23197 W Addison St

San Antonio, TX 78264

$180,000C-

3 bd · 2.0 ba · 924 sqft · Built 2024 · Manufactured · Active · 228 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,530/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$321
• Net cashflow: $-5/mo
• Annual: $-63/yr
• Cap rate: 6.70%
• Cash-on-cash: 1.46%
• DSCR: 1.06
• 1% rule: 0.85%
• Cash to close: $50,400

Investor read

• This is a 3-bed/2.0-bath manufactured listed at $180k. Condition is rated good.
• At list price, monthly cash flow is $-5 ($-63/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $153k (15.0% below list).
• It's been on market 228 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (15.0% below list) — sets the bar for 1% rule.
• In year one you build about $8k of equity ($1k loan paydown + $7k appreciation (3.9% local appreciation)).
• 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.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 359 active listings in the ZIP; 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.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.9% appreciation + 3.0% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: major flood risk; severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.7% 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.

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?
• It's been on market 228 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.
• 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.