204 Piedmont · San Antonio, TX 78203

$160,000

3 bd · 2.0 ba · 1,664 sqft · SingleFamily public records · 148 Days on market

Built 1910 4,399 sqft lot $96/sqft · 40% below area Est $267k · 40% under

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Why this score? — see what drove the C+ 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 +16.8/30.0
• ARV discount +15.0/15.0
• 1% rule +6.8/10.0
• Appreciation +5.7/10.0
• DSCR +5.2/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

**Investor Special** AS-SALE. Home is currently set up as a duplex with 1 bedroom and 1 bathroom on each side. Lot has been split in two using a condo regime. New survey is attached in documents. Offers will not be considered unless you have viewed and assessed the property. NO WHOLESALERS.

Key facts

• 4,399 sq ft lot
• Built 1910
• Listed 148 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.1% 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: 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.
• Market conditions: Rents rising fast (+10.9%/yr); 99 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); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• At $1,895/mo this rent would consume 64% of the median local household income ($36k/yr) (locally 470% 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 $3k of equity ($1k loan paydown + $2k appreciation (1.3% local appreciation)).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (1.3% appreciation + 8.0% rent growth), your $45k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 148 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 3.7% of price; built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 148 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.18% ✓
• Cap rate: 7.06%
• Cash-on-cash: 2.75%
• DSCR: 1.12
• GRM: 7.0

CMA / ARV

• ARV (median comp): $267,001
• List price: $160,000
• Delta: -40.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1108 Center St	0.31mi	3/3.0	1,628 (-2%)	3mo	$324,000	$199	75
1502 Nolan St	0.69mi	3/2.0	1,625 (-2%)	1mo	$345,000	$212	63
1448 Montana	0.46mi	4/3.0 (+1)	1,562 (-6%)	1mo	$309,900	$198	58
403 N Palmetto	0.39mi	3/2.0	1,443 (-13%)	2mo	$375,000	$260	58
621 Center St	0.45mi	3/2.5	1,515 (-9%)	6mo	$389,500	$257	57
938 Dawson St	0.55mi	3/2.5	1,778 (+7%)	6mo	$370,000	$208	56
1323 Nolan	0.69mi	3/2.0	1,550 (-7%)	2mo	$349,000	$225	55
2235 E Houston	0.65mi	4/2.0 (+1)	1,556 (-6%)	3mo	$110,000	$71	51
2243 E Houston	0.66mi	3/1.0	1,516 (-9%)	6mo	$59,900	$40	45
1217 Delaware St	0.72mi	3/2.0	1,476 (-11%)	7mo	$299,900	$203	42
219 Nelson Ave	0.61mi	4/2.0 (+1)	1,424 (-14%)	4mo	$249,000	$175	39
414 Canton	0.64mi	4/2.5 (+1)	1,899 (+14%)	3mo	$230,000	$121	37

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.34% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.50×
• Total profit: $22,403
• Equity at exit: $57,433

10-year hold

• IRR: 16.5%
• Equity multiple: 3.40×
• Total profit: $107,693
• Equity at exit: $78,547

Cash invested: $44,800 (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 78203

• Home prices YoY: 0.5%
• Rents YoY: 10.9%
• Active inventory: 99
• Price-to-rent: 7.0×

Monthly cashflow live

• Estimated rent: $1,895 high
• Mortgage (P&I): −$839
• Tax from tax record: −$488 /mo · $5,857/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $103

Break-even live

Break-even rent $1,764

Max offer price $160,000

Occupancy floor 90%

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
210 Piedmont Ave Unit 101 San Antonio, TX	2.0	2.5	1050	$1,395	$1.33	43d	1	0.01mi
1419 Wyoming St San Antonio, TX	2.0	1.0	1232	$1,550	$1.26	4d	1	0.04mi
811 Montana St Unit 1301 San Antonio, TX	2.0	2.0	1240	$1,800	$1.45	43d	1	0.11mi
802 Montana St Unit 2 San Antonio, TX	3.0	1.0	1440	$1,500	$1.04	10d	1	0.11mi
316 Toledo St Unit 102 San Antonio, TX	2.0	2.0	1168	$2,200	$1.88	43d	1	0.12mi
1205 Wyoming St San Antonio, TX	2.0	2.0	1114	$2,300	$2.06	43d	1	0.18mi
630 Montana St Unit 301 San Antonio, TX	2.0	2.0	1320	$2,250	$1.70	14d	1	0.21mi
218 S Olive St #2101 San Antonio, TX	3.0	3.5	1800	$3,199	$1.78	43d	1	0.26mi
850 Nevada St Unit NA San Antonio, TX	2.0	1.0	1345	$1,795	$1.33	12d	1	0.26mi
222 S Olive St San Antonio, TX	3.0	3.5	2073	$2,500	$1.21	43d	1	0.28mi
222 S Olive St #1102 San Antonio, TX	3.0	3.5	2073	$2,500	$1.21	43d	1	0.28mi
723 Paso Hondo San Antonio, TX	3.0	1.0	1224	$1,500	$1.23	43d	1	0.28mi
415 S Olive St San Antonio, TX	3.0	2.0	1348	$2,600	$1.93	43d	1	0.35mi
207 Gravel St Unit 102 San Antonio, TX	3.0	2.5	1394	$1,800	$1.29	23d	1	0.36mi
114 Gravel St San Antonio, TX	4.0	3.5	1936	$2,095	$1.08	4d	1	0.40mi
631 Potomac San Antonio, TX	3.0	2.5	1844	$1,797	$0.97	23d	1	0.44mi
1138 Iowa St San Antonio, TX	3.0	2.0	1505	$1,650	$1.10	23d	1	0.47mi
1618 Dakota St Unit 102 San Antonio, TX	3.0	2.5	1768	$1,925	$1.09	16d	1	0.49mi
718 S Pine St San Antonio, TX	2.0	2.0	1213	$1,650	$1.36	4d	1	0.49mi
155 Canton San Antonio, TX	2.0	2.0	1078	$1,250	$1.16	23d	1	0.49mi
431 S Mesquite St San Antonio, TX	3.0	2.0	1220	$1,750	$1.43	16d	1	0.50mi
326 Cactus St San Antonio, TX	3.0	2.5	2059	$2,500	$1.21	23d	1	0.50mi
521 S Polaris St San Antonio, TX	3.0	1.0	1200	$1,249	$1.04	4d	1	0.51mi
732 S Pine St Unit 1 San Antonio, TX	3.0	2.0	1371	$1,650	$1.20	43d	1	0.51mi
104 Shenandoah San Antonio, TX	3.0	2.5	1580	$1,925	$1.22	17d	1	0.53mi
707 S Olive St Unit B San Antonio, TX	3.0	2.0	2054	$1,500	$0.73	44d	1	0.53mi
511 N Monumental San Antonio, TX	2.0	2.0	1206	$1,595	$1.32	4d	1	0.53mi
603 S Mesquite St San Antonio, TX	3.0	2.5	1333	$1,750	$1.31	21d	1	0.54mi
1101 Gibbs San Antonio, TX	3.0	1.0	1100	$1,345	$1.22	23d	1	0.56mi
1101 Gibbs San Antonio, TX	3.0	1.0	1100	$1,345	$1.22	14d	1	0.56mi
113 Dilworth St San Antonio, TX	3.0	3.0	1383	$1,850	$1.34	23d	1	0.56mi
123 Dilworth St San Antonio, TX	3.0	2.0	1384	$1,900	$1.37	43d	1	0.57mi
1111 Gibbs San Antonio, TX	3.0	2.0	1476	$1,595	$1.08	23d	1	0.58mi
419 Cactus St Unit 102 San Antonio, TX	2.0	1.5	1091	$1,750	$1.60	43d	1	0.58mi
136 Nelson Ave San Antonio, TX	3.0	1.0	1092	$1,316	$1.21	43d	1	0.59mi
807 Dreiss St San Antonio, TX	3.0	2.0	1200	$2,095	$1.75	23d	1	0.61mi
211 Utah St #601 San Antonio, TX	2.0	2.5	1208	$1,650	$1.37	43d	1	0.63mi
610 Virginia Blvd Unit 2 San Antonio, TX	3.0	1.0	1722	$1,150	$0.67	4d	1	0.63mi
115 Saint Charles San Antonio, TX	3.0	2.0	1680	$2,050	$1.22	10d	1	0.63mi
210 Utah St #101 San Antonio, TX	3.0	2.5	1208	$1,695	$1.40	43d	1	0.66mi

Listing history 14 events

1. 2026-06-18
   days on market $160,000 Active 148 DOM
2. 2026-06-17
   days on market $160,000 Active 147 DOM
3. 2026-06-16
   days on market $160,000 Active 146 DOM
4. 2026-06-15
   days on market $160,000 Active 145 DOM
5. 2026-06-13
   days on market $160,000 Active 143 DOM
6. 2026-06-09
   days on market $160,000 Active 139 DOM
7. 2026-06-08
   days on market $160,000 Active 138 DOM
8. 2026-06-07
   days on market $160,000 Active 137 DOM
9. 2026-06-04
   days on market $160,000 Active 134 DOM
10. 2026-06-03
    days on market $160,000 Active 133 DOM
11. 2026-06-02
    days on market $160,000 Active 132 DOM
12. 2026-06-01
    days on market $160,000 Active 131 DOM
13. 2026-05-31
    days on market $160,000 Active 130 DOM
14. 2026-01-21
    listed $160,000 New 291-char remark

    Show marketing remark (291 chars)

    **Investor Special** AS-SALE. Home is currently set up as a duplex with 1 bedroom and 1 bathroom on each side. Lot has been split in two using a condo regime. New survey is attached in documents. Offers will not be considered unless you have viewed and assessed the property. NO WHOLESALERS.

ⓘ 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: $5,857 · $488/mo
• Projected year-2 tax: $5,857 · $488/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 20 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,734
• − Mortgage interest: −$8,962
• − Property taxes: −$5,857
• − Insurance: −$800
• − Repairs & maintenance: −$1,819
• − Management: −$1,819
• − Depreciation: −$4,655
• Taxable loss: −$1,178
• Est. tax savings @ 24.0%: +$283
• After-tax cash flow: $1,517/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: San Antonio ISD
• NCES district ID: 4838730
• Math proficiency: 12% ▼ -21.00%
• Reading proficiency: 22% ▼ -7.00%
• Median HH income: $30,952
• Composite: 13.57/100
• National rank: #9512
• State rank: #805 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): 5,200
• Household income: $35,536
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 470.0

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 (84%)
• Race & ethnicity: Hispanic / Latino 84% Two or more races 37% Black 8% White 7% Native American 1%
• Hispanic origin (detail): Mexican 67% Puerto Rican 3%
• Common ancestry: Portuguese 2% Lithuanian 2%
• Foreign-born: 18% · Canada
• Languages at home: 53% English-only · Spanish 46%

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: ▲ 1.34%
• Current HPI: 257.4183
• Rent YoY: ▲ 10.86%
• 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

1 event — show timeline

• 2026-01-21 Listed $160,000 LERA

Property tax history

+9.0%/yr

Latest (2025): $5,857 · +0.0% YoY. Source: county tax records.