6511 Delgado Run

San Antonio, TX 78220

$188,600D+

3 bd · 2.0 ba · 1,450 sqft · Built 2020 · SingleFamily · Pending · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,648/mo
• Mortgage (P&I): −$989
• Tax + insurance: −$567
• HOA: −$17
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-271/mo
• Annual: $-3,257/yr
• Cap rate: 4.57%
• Cash-on-cash: -6.17%
• DSCR: 0.73
• 1% rule: 0.87%
• Cash to close: $52,808

Investor read

• This is a 3-bed/2.0-bath single-family listed at $189k.
• At list price, monthly cash flow is $-271 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $141k (25.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (12.6% below list).
• It's been on market 48 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $141k (25.4% below list) — sets the bar for cash-flow.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (10.0% 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.
• San Antonio ISD (urban): math 12% / reading 22% proficiency, ranked #805 of 826 in TX (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: property tax is 3.1% of price.
• Market conditions: Rents flat; 113 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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 $16k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.6% vs local median 3.8% in San Antonio — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $1,648/mo this rent would consume 47% of the median local household income ($42k/yr) (locally 705% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 48 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.