114 - 116 Garner St · San Antonio, TX 78237

$229,900

6 bd · 5.0 ba · 2,647 sqft · MultiFamily · 47 Days on market

Built 2007 9,278 sqft lot

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Why this score? — see what drove the B 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 +28.0/30.0
• Appreciation +10.0/10.0
• DSCR +9.9/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great rental. Solid tenant base in area. We have had long term tenants for years. One side is a Section 8 resident with SAHA. 114 is on Section 8 and is redoing their lease. 116 is being redone, lease is due to be redone next month

Key facts

• 9,278 sq ft lot
• 2 parking spots
• Built 2007

Property features AI

Finance

• Financial info: Gross annual income: $16,356; Net operating income: $10,956; Annual operating expenses: $5,400; Operating expenses include taxes; Unit 1 rent: $1,000 (vacant); Unit 2 rent: $1,363 (occupied); Vacancy rate: 50%
• HOA & community: Subdivision: EDGEWOOD

Exterior

• Parking: Pad parking (1 space per unit)
• Utilities: Separate water meters
• Home design: 2-unit multifamily property; Approximately 19 years old
• Construction: Composition roof; Slab foundation; Brick construction
• Exterior features: Brick exterior; Recent rehab

Interior

• Kitchen: Each unit includes an oven/stove
• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 3 bedrooms
• Flooring: Linoleum
• Bathrooms: Unit 1: 2 full bathrooms and 1 half bathroom; Unit 2: 2 full bathrooms and 1 half bathroom
• Heating & cooling: Central heating; Electric heat; Unit central air conditioning
• Interior features: Linoleum flooring; Oven/Stove in each unit
• Laundry & utility: Separate water meters

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $230k.

Deal economics

• At list price, monthly cash flow is $712 ($9k/yr) — positive. Per door: $356/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $230k).
• Recommended offer: $223k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.0% 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.
• Edgewood ISD (urban): math 12% / reading 21% proficiency, ranked #812 of 826 in TX (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: H B Gonzalez El (math 12% / reading 17%, grade F, #4,048 of 4,322 statewide, top 95%, 401 students, 97% FRL); E T Wrenn Middle (math 11% / reading 22%, grade F, #1,536 of 1,662 statewide, top 93%, 496 students, 97% FRL); John F Kennedy H S (math 17% / reading 18%, grade F, #1,451 of 1,632 statewide, top 89%, 1,042 students, 92% FRL) — zoned schools average 95% FRL vs 24% district-wide (71 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.1%/yr); 140 active listings in the ZIP; lower-income renter base — watch delinquency; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• At $2,913/mo this rent would consume 82% of the median local household income ($43k/yr) (locally 1185% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $25k of equity ($2k loan paydown + $23k appreciation (10.0% local appreciation)).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 6.1% rent growth), your $64k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($223k) is reasonable based on typical stale-listing flexibility.
• 2 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

• 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 $223,003 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.27% ✓
• Cap rate: 10.01%
• Cash-on-cash: 13.28%
• DSCR: 1.59
• GRM: 6.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

10.0% appreciation · 6.13% rent growth · sell at horizon

5-year hold

• IRR: 35.6%
• Equity multiple: 3.80×
• Total profit: $180,093
• Equity at exit: $207,112

10-year hold

• IRR: 31.7%
• Equity multiple: 9.02×
• Total profit: $516,528
• Equity at exit: $446,645

Cash invested: $64,372 (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 78237

• Home prices YoY: 14.1%
• Rents YoY: 6.1%
• Active inventory: 140
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,913 medium
• Mortgage (P&I): −$1,206
• Tax est. 1.5%: −$287 /mo · $3,448/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$612
• Net cashflow: $712

Break-even live

Break-even rent $2,011

Max offer price $229,900

Occupancy floor 71%

Sensitivity live

Price	-10% $871	-5% $792	+0% $712	+5% $633	+10% $554
Rent	-10% $482	-5% $597	+0% $712	+5% $828	+10% $943
Rate	-1.0pp $828	-0.5pp $771	base $712	+0.5pp $653	+1.0pp $592

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,914
Total (2 units)			$2,913

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: $57,475
• Closing costs: $6,897
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $229,900 Active 47 DOM
2. 2026-06-21
   days on market $229,900 Active 46 DOM
3. 2026-06-18
   days on market $229,900 Active 44 DOM
4. 2026-06-17
   days on market $229,900 Active 43 DOM
5. 2026-06-16
   days on market $229,900 Active 42 DOM
6. 2026-06-15
   days on market $229,900 Active 41 DOM
7. 2026-06-13
   days on market $229,900 Active 39 DOM
8. 2026-06-12
   days on market $229,900 Active 38 DOM
9. 2026-06-09
   days on market $229,900 Active 35 DOM
10. 2026-06-08
    days on market $229,900 Active 34 DOM
11. 2026-06-08
    days on market $229,900 Active 33 DOM
12. 2026-06-07
    days on market $229,900 Active 32 DOM
13. 2026-06-03
    days on market $229,900 Active 29 DOM
14. 2026-06-02
    days on market $229,900 Active 28 DOM
15. 2026-06-01
    days on market $229,900 Active 27 DOM
16. 2026-05-31
    remarks 291-char remark
17. 2026-05-31
    listed $229,900 Active 26 DOM

ⓘ 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 2/10 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: $34,956
• − Mortgage interest: −$12,878
• − Property taxes: −$3,448
• − Insurance: −$1,150
• − Repairs & maintenance: −$2,796
• − Management: −$2,796
• − Depreciation: −$6,688
• Taxable income: $5,199
• Est. tax owed @ 24.0%: −$1,248
• After-tax cash flow: $7,302/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: Edgewood ISD
• NCES district ID: 4818150
• Math proficiency: 12% ▼ -18.00%
• Reading proficiency: 21% ▼ -5.00%
• Median HH income: $27,419
• Composite: 12.82/100
• National rank: #9597
• State rank: #812 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): 37,379
• Household income: $42,772
• Rent vs Own: 38.7% rent · 61.3% own
• Severe rent burden: 1185.0

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: Predominantly Hispanic (95%)
• Race & ethnicity: Hispanic / Latino 95% Two or more races 50% White 3% Native American 2% Black 2%
• Hispanic origin (detail): Mexican 84%
• Foreign-born: 18% · Canada
• Languages at home: 34% English-only · Spanish 66%

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: ▲ 30.52%
• Current HPI: 247.7257
• Rent YoY: ▲ 6.13%
• 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

+4.5% since first listed

5 events — show timeline

• 2026-05-05 Listed $229,900 LERA
• 2025-04-25 Sold (MLS) — LERA
• 2025-04-09 Contingent — LERA
• 2025-04-04 Price Changed $230,000 LERA
• 2025-04-01 Listed $220,000 LERA