11331 Evergreen Rose

San Antonio, TX 78109

$202,999D

4 bd · 2.0 ba · 1,483 sqft · Built 2026 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,845/mo
• Mortgage (P&I): −$1,065
• Tax + insurance: −$338
• HOA: −$69
• Vac / Maint / Mgmt: −$388
• Net cashflow: $-14/mo
• Annual: $-167/yr
• Cap rate: 6.21%
• Cash-on-cash: -0.29%
• DSCR: 0.99
• 1% rule: 0.91%
• Cash to close: $56,840

Investor read

• This is a 4-bed/2.0-bath single-family listed at $203k. Condition is rated good.
• At list price, monthly cash flow is $-14 ($-167/yr) — negative.
• To cash-flow at today's rent, offer at most $201k (1.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $185k (9.1% below list).
• It's been on market 59 days — a 3% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $185k (9.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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: schools C-, crime F.
• East Central ISD (rural): math 16% / reading 25% proficiency, ranked #758 of 826 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents soft (-1.1%/yr); 1208 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• Cap rate 6.2% 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 59 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.
• 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.