8038 Broadway #123 · San Antonio, TX 78209

$114,900

2 bd · 1.0 ba · 895 sqft · Condo · 87 Days on market

Built 1964 $375/mo HOA · 26% of rent ↓ 15% since listing

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Why this score? — see what drove the D 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 +11.4/30.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• Schools +5.0/10.0
• Livability +4.0/5.0
• DSCR +3.3/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Key facts

• $375 HOA
• Community pool
• Built 1964

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $-40 ($-484/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (5.1% below list).
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• Cap rate 5.9% 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.
• 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.
• Market conditions: Rents soft (-1.0%/yr); 373 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $794 of loan paydown is wiped out by about $3k 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 87 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 26% of rent.
• Climate carrying-cost: major wind risk, 77% 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.

Recommended offer $108,006 (6.0% 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 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.24% ✓
• Cap rate: 5.87%
• Cash-on-cash: -1.50%
• DSCR: 0.93
• GRM: 6.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -23.7%
• Equity multiple: 0.22×
• Total profit: $-25,123
• Equity at exit: $17,132

10-year hold

• IRR: -40.3%
• Equity multiple: -0.25×
• Total profit: $-40,343
• Equity at exit: $9,934

Cash invested: $32,172 (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 78209

• Rents YoY: -1.0%
• Active inventory: 373
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,429 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,724/yr
• Insurance: −$48
• HOA: −$375
• Vacancy / Maint / Mgmt: −$300
• Net cashflow: $-40

Break-even live

Break-even rent $1,480

Max offer price $109,062

Occupancy floor 98%

Sensitivity live

Price	-10% $39	-5% $-1	+0% $-40	+5% $-80	+10% $-120
Rent	-10% $-153	-5% $-97	+0% $-40	+5% $16	+10% $73
Rate	-1.0pp $18	-0.5pp $-11	base $-40	+0.5pp $-70	+1.0pp $-100

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8030 Broadway San Antonio, TX	1.0	1.0	871	$1,671	$1.92	45d	1	0.05mi
8051 Broadway San Antonio, TX	1.0–3.0	1.0–2.0	1035	$1,322	$1.28	0d	28	0.11mi
7926 Broadway #608 San Antonio, TX	2.0	2.0	1075	$1,795	$1.67	25d	1	0.21mi
8222 Gault Ln Unit 710 San Antonio, TX	2.0	2.0	789	$973	$1.23	0d	1	0.36mi
8222 Gault Ln Unit 610 San Antonio, TX	1.0	1.0	681	$897	$1.32	0d	1	0.36mi
327 W Sunset Rd San Antonio, TX	1.0–2.0	1.0–2.0	847	$1,563	$1.85	0d	2	0.39mi
8011 N New Braunfels Ave San Antonio, TX	1.0–2.0	1.0–2.0	775	$1,399	$1.81	45d	4	0.41mi
2118 Edgehill Dr Unit 710 San Antonio, TX	2.0	2.0	750	$1,324	$1.77	0d	1	0.43mi
2118 Edgehill Dr Unit 610 San Antonio, TX	1.0	1.0	650	$1,069	$1.64	0d	1	0.43mi
1779 Nacogdoches Rd Unit 157 San Antonio, TX	1.0	1.0	633	$1,050	$1.66	45d	1	0.44mi
1779 Nacogdoches Rd Apt 132 San Antonio, TX	1.0	1.0	550	$1,000	$1.82	45d	1	0.44mi
384 Treeline Park San Antonio, TX	1.0–3.0	1.0–2.0	956	$1,435	$1.50	0d	7	0.47mi
8401 N New Braunfels Ave San Antonio, TX	1.0–2.0	1.0–2.0	793	$1,150	$1.45	25d	5	0.50mi
8446 Country Village St Unit 710 San Antonio, TX	2.0	2.0	850	$873	$1.03	0d	1	0.50mi
8446 Country Village St Unit 610 San Antonio, TX	1.0	1.0	650	$978	$1.50	0d	1	0.50mi
7731 Broadway San Antonio, TX	1.0	1.0	874	$1,597	$1.83	25d	1	0.50mi
340 Treeline Park San Antonio, TX	1.0–3.0	1.0–2.0	1001	$1,630	$1.63	0d	30	0.51mi
100 Lorenz Rd San Antonio, TX	1.0–2.0	1.0–2.0	1016	$1,800	$1.77	25d	2	0.52mi
8446 Country Village St San Antonio, TX	1.0–3.0	1.0	800	$1,176	$1.47	25d	45	0.52mi
8401 N New Braunfels Ave Unit 207A San Antonio, TX	1.0	1.0	652	$1,045	$1.60	45d	1	0.54mi
7711 Broadway Unit 27C San Antonio, TX	2.0	2.0	1123	$1,950	$1.74	45d	1	0.54mi
7709 Broadway Unit 121 San Antonio, TX	1.0	1.0	645	$1,300	$2.02	45d	1	0.57mi
7709 Broadway #123 San Antonio, TX	1.0	1.0	816	$1,100	$1.35	23d	1	0.57mi
7709 Broadway San Antonio, TX	1.0	1.0	724	$1,725	$2.38	45d	1	0.57mi
7709 Broadway #323 San Antonio, TX	1.0	1.0	862	$1,500	$1.74	45d	1	0.57mi
7709 Broadway San Antonio, TX	1.0	1.0	816	$1,200	$1.47	25d	1	0.57mi
390 Treeline Park San Antonio, TX	1.0	1.0	712	$1,145	$1.61	45d	1	0.58mi
250 Treeline Park Apt 610 San Antonio, TX	1.0	1.0	834	$1,451	$1.74	0d	1	0.58mi
7707 Broadway Unit 12 San Antonio, TX	2.0	1.0	866	$1,400	$1.62	6d	1	0.59mi
7600 Broadway San Antonio, TX	1.0–2.0	1.0–2.5	1264	$5,231	$4.14	0d	20	0.69mi
7918 Jones Maltsberger Rd Unit 610 San Antonio, TX	1.0	1.0	640	$899	$1.40	0d	1	0.92mi
7918 Jones Maltsberger Rd Unit 710 San Antonio, TX	2.0	2.0	950	$1,349	$1.42	0d	1	0.92mi
2300 Nacogdoches Rd Unit 307B San Antonio, TX	1.0	1.0	654	$1,100	$1.68	14d	1	0.94mi
1385 Oblate Dr San Antonio, TX	2.0	1.0	904	$1,425	$1.58	45d	1	1.01mi
1379 Oblate Dr San Antonio, TX	2.0	1.0	1064	$1,450	$1.36	45d	1	1.03mi
467 Shannon Lee St San Antonio, TX	3.0	2.0	1072	$1,795	$1.67	25d	1	1.15mi
422 Sandalwood San Antonio, TX	2.0	1.0	983	$1,550	$1.58	6d	1	1.16mi
355 Barbara Dr San Antonio, TX	3.0	1.0	1028	$1,499	$1.46	6d	1	1.16mi
8607 Jones Maltsberger Rd San Antonio, TX	1.0–2.0	1.0–2.0	822	$1,125	$1.37	0d	6	1.19mi
300 E Basse Rd San Antonio, TX	1.0–3.0	1.0–2.0	1086	$2,298	$2.12	0d	22	1.20mi

HOA detail condo

• Monthly dues: $375 · $4,500/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-02-12
   soldstatus Closed
2. 2026-01-28
   status Pending
3. 2026-01-19
   status Pending
4. 2025-10-27
   price $114,900
5. 2025-10-24
   listed $114,900 New
6. 2025-10-24
   historical
7. 2025-09-17
   status Back on Market
8. 2025-09-17
   status Active
9. 2025-09-11
   status Pending
10. 2025-09-11
    status Pending
11. 2025-08-20
    historical $1,000
12. 2025-08-17
    listed $1,000
13. 2025-08-15
    listed $124,900 New
14. 2025-08-15
    historical
15. 2025-07-27
    price $124,900
16. 2025-07-14
    price $124,900
17. 2025-04-26
    listed $134,900 Active
18. 2025-04-23
    listed $134,900 New

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

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 · 22 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 77% 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: $17,145
• − Mortgage interest: −$6,436
• − Property taxes: −$1,724
• − Insurance: −$574
• − Repairs & maintenance: −$1,372
• − Management: −$1,372
• − HOA: −$4,500
• − Depreciation: −$3,343
• Taxable loss: −$2,175
• Est. tax savings @ 24.0%: +$522
• After-tax cash flow: $38/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: Alamo Heights ISD
• NCES district ID: 4807590
• Math proficiency: 52% ▼ -9.00%
• Reading proficiency: 60% ▼ -3.00%
• Median HH income: $78,337
• Composite: 50.44/100
• National rank: #1865
• State rank: #73 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): 43,400
• Household income: $86,514
• Rent vs Own: 50.0% rent · 50.0% own
• Severe rent burden: 1480.0

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: Diverse neighborhood (Simpson 0.56)
• Race & ethnicity: White 59% Hispanic / Latino 30% Two or more races 19% Black 4% Asian 3%
• Hispanic origin (detail): Mexican 25%
• Common ancestry: Slovak 3% Lithuanian 2% Romanian 2%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 79% English-only · Spanish 17% Other Indo-European 2% 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: ▼ -386.19%
• Current HPI: 251.5759
• Rent YoY: ▼ -1.04%
• 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

-14.8% since first listed

18 events — show timeline

• 2026-02-12 Sold (MLS) — HARMLS
• 2026-01-28 Pending — HARMLS
• 2026-01-19 Pending — LERA
• 2025-10-27 Price Changed $114,900 HARMLS
• 2025-10-24 Listing Removed — LERA
• 2025-10-24 Listed $114,900 LERA
• 2025-09-17 Relisted — LERA
• 2025-09-17 Relisted — HARMLS
• 2025-09-11 Pending — HARMLS
• 2025-09-11 Pending — LERA
• 2025-08-20 Rental Removed $1,000 SABOR
• 2025-08-17 Listed for Rent $1,000 SABOR
• 2025-08-15 Listing Removed — LERA
• 2025-08-15 Listed $124,900 LERA
• 2025-07-27 Price Changed $124,900 LERA
• 2025-07-14 Price Changed $124,900 HARMLS
• 2025-04-26 Listed $134,900 HARMLS
• 2025-04-23 Listed $134,900 LERA