602 Chauncey · San Antonio, TX 78216

$749,000

66 bd · 66.0 ba · 2,232 sqft · MultiFamily public records · 44 Days on market

Built 1982 0.30 ac lot $336/sqft · 17% above area

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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 +9.6/30.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.8/10.0
• 1% rule +3.2/10.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• Rent growth +1.6/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

602 Chauncey is a 6-unit multifamily investment opportunity located in North Central San Antonio. Zoned MF-33 and built in 1982, the property consists of two buildings totaling approximately 6,432 SF, with Building 1 at approximately 4,200 SF and Building 2 at approximately 2,232 SF. The unit mix includes five 2-bedroom/2-bath units and one 1-bedroom/1-bath unit. The property benefits from long-term tenants, separate electric meters, a large shared tenant storage room, and an on-site utility/laundry room with several coin-operated washers and dryers. Landlord currently pays water, creating potential future upside through RUBS implementation at lease renewal. Reported 2025 NOI is $40,271.85

Key facts

• Value add potential
• 0.3 acre lot
• 6 parking spots

Tags

• SEPARATE ELECTRIC METERS
• ON SITE UTILITY LAUNDRY ROOM
• VALUE ADD POTENTIAL
• ESTABLISHED RENTAL SUBMARKET

Property features AI

Finance

• Other: Sale includes buildings, fixtures, land and other items as noted
• Financial info: Total of 6 units; Gross annual income: $70,442.80; Net operating income: $40,271.85; Annual operating expenses: $30,170.95; Operating expenses include taxes, insurance, maintenance; Unit rents: Units 1–5 at $1,000 each; Unit 6 at $900; Vacancy rate: 0%
• HOA & community: Located in Harmony Hills subdivision; Zoning: MF-33

Exterior

• Parking: Street parking (each unit assigned 1 space)
• Utilities: Separate electric meters; Common water meters; Electric service by CPS; Water service by SAWS (city); Sewer service by SAWS; City garbage service
• Home design: 4-sided masonry, stone/rock and cement fiber exterior; Pre-owned building; Level entry (no steps)
• Construction: Approximate age: 44 years; Slab foundation; Composition roof
• Exterior features: Patio slab; Covered patio; Gutters; Mature trees; Level lot; Level drive

Interior

• Kitchen: Oven/Stove; Disposal; Dishwasher; Refrigerator
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 2 bedrooms; Unit 4: 2 bedrooms; Unit 5: 2 bedrooms; Unit 6: 1 bedroom
• Flooring: Carpeting; Ceramic tile
• Bathrooms: Unit 1: 2 full bathrooms; Unit 2: 2 full bathrooms; Unit 3: 2 full bathrooms; Unit 4: 2 full bathrooms; Unit 5: 2 full bathrooms; Unit 6: 1 full bathroom
• Heating & cooling: Central heating (electric); Central air conditioning (multiple units)
• Interior features: Accessible/adaptive home with multiple access exits; Interior door openings 32"+; Doors swing in; Entry slope less than 1 foot; No steps down; Bathroom on first floor; Bedroom on first floor; Wheelchair accessible; Common utility room
• Laundry & utility: Common utility room

🏷️ Possibly a rental listed for sale. The $749,000 price doesn't fit this home's estimated sale value (~$1,847,691) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5×2bd/2ba + 1×1bd/1ba units multifamily listed at $749k.

Deal economics

• At list price, monthly cash flow is $-509 ($-6k/yr) — negative. Per door: $-85/mo.
• To cash-flow at today's rent, offer at most $659k (12.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $616k (17.8% below list).
• Recommended offer: $616k (17.8% below list) — sets the bar for 1% rule.
• Cap rate 5.5% 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: crime F.
• North East ISD (urban): math 38% / reading 49% proficiency, ranked #276 of 826 in TX (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harmony Hills El (math 22% / reading 27%, grade F, #3,052 of 4,322 statewide, top 74%, 400 students, 81% FRL); Eisenhower Middle (math 19% / reading 36%, grade F, #1,156 of 1,662 statewide, top 71%, 880 students, 67% FRL); Churchill H S (math 35% / reading 56%, grade D-, #634 of 1,632 statewide, top 39%, 2,510 students, 43% FRL) — zoned schools average 64% FRL vs 41% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents falling (-3.8%/yr); 116 active listings in the ZIP; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• At $6,158/mo this rent would consume 125% of the median local household income ($59k/yr) (locally 2909% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k 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 44 days — a 3% lower offer ($727k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: major wind risk, 71% chance of damaging wind over 30y; extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $615,800 (17.8% 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 44 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.82% ✗
• Cap rate: 5.48%
• Cash-on-cash: -2.91%
• DSCR: 0.87
• GRM: 10.1

CMA / ARV

• ARV (median comp): $1,847,691
• List price: $749,000
• Delta: -59.46%
• Verdict: UNDERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -24.7%
• Equity multiple: 0.18×
• Total profit: $-171,611
• Equity at exit: $111,678

10-year hold

• IRR: -33.3%
• Equity multiple: -0.24×
• Total profit: $-260,039
• Equity at exit: $64,760

Cash invested: $209,720 (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 78216

• Home prices YoY: -15.0%
• Rents YoY: -3.8%
• Active inventory: 116
• Price-to-rent: 59.7×

Monthly cashflow live

• Estimated rent: $6,158 medium
• Mortgage (P&I): −$3,928
• Tax from tax record: −$1,134 /mo · $13,605/yr
• Insurance: −$312
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,293
• Net cashflow: $-509

Break-even live

Break-even rent $6,802

Max offer price $659,112

Occupancy floor —

Sensitivity live

Price	-10% $-85	-5% $-297	+0% $-509	+5% $-721	+10% $-933
Rent	-10% $-995	-5% $-752	+0% $-509	+5% $-266	+10% $-22
Rate	-1.0pp $-132	-0.5pp $-318	base $-509	+0.5pp $-703	+1.0pp $-900

6-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 5× units	2	2	$5,225
1× unit	1	1	$935
Total (6 units)			$6,158

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: $187,250
• Closing costs: $22,470
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-21
   days on market $749,000 Active 44 DOM
2. 2026-06-18
   days on market $749,000 Active 41 DOM
3. 2026-06-17
   days on market $749,000 Active 40 DOM
4. 2026-06-16
   days on market $749,000 Active 39 DOM
5. 2026-06-13
   days on market $749,000 Active 36 DOM
6. 2026-06-13
   days on market $749,000 Active 35 DOM
7. 2026-06-09
   days on market $749,000 Active 32 DOM
8. 2026-06-08
   days on market $749,000 Active 31 DOM
9. 2026-06-07
   days on market $749,000 Active 30 DOM
10. 2026-06-04
    days on market $749,000 Active 27 DOM
11. 2026-06-03
    days on market $749,000 Active 26 DOM
12. 2026-06-02
    days on market $749,000 Active 25 DOM
13. 2026-06-01
    days on market $749,000 Active 24 DOM
14. 2026-05-31
    days on market $749,000 Active 23 DOM
15. 2026-05-08
    listed $749,000 New 999-char remark
16. 2021-01-15
    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: $13,605 · $1,134/mo
• Projected year-2 tax: $13,707 · $1,142/mo
• Expected delta: +$102/yr (+$8/mo · 0.7%)

ⓘ 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 · 21 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 71% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $73,896
• − Mortgage interest: −$41,956
• − Property taxes: −$13,605
• − Insurance: −$3,745
• − Repairs & maintenance: −$5,912
• − Management: −$5,912
• − Depreciation: −$21,789
• Taxable loss: −$19,022
• Est. tax savings @ 24.0%: +$4,565
• After-tax cash flow: $-1,541/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: North East ISD
• NCES district ID: 4832940
• Math proficiency: 38% ▼ -14.00%
• Reading proficiency: 49% ▼ -4.00%
• Median HH income: $57,715
• Composite: 38.1/100
• National rank: #4276
• State rank: #276 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): 41,180
• Household income: $59,110
• Rent vs Own: 64.8% rent · 35.2% own
• Severe rent burden: 2909.0

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: Majority Hispanic (59%)
• Race & ethnicity: Hispanic / Latino 59% Two or more races 35% White 33% Black 4%
• Hispanic origin (detail): Mexican 48% Puerto Rican 3%
• Common ancestry: Slovak 1% Lithuanian 1% Italian 1%
• Foreign-born: 13% · Canada, Jamaica
• Languages at home: 67% English-only · Spanish 31%

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: ▼ -44.28%
• Current HPI: 250.1968
• Rent YoY: ▼ -3.79%
• 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

2 events — show timeline

• 2026-05-08 Listed $749,000 LERA
• 2021-01-15 Sold (Public Records) — Public Records

Property tax history

+3.4%/yr

Latest (2025): $13,605 · -8.4% YoY. Source: county tax records.