2609 W Poplar · San Antonio, TX 78207

$189,000

4 bd · 2.0 ba · 1,344 sqft · SingleFamily public records · 37 Days on market

Built 2003 5,619 sqft lot $141/sqft · 20% below area Est $237k · 20% under ↓ 6% since listing

---

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).

• ARV discount +15.0/15.0
• Cash flow +10.3/30.0
• Appreciation +10.0/10.0
• Rent growth +4.4/5.0
• 1% rule +4.0/10.0
• Livability +4.0/5.0
• DSCR +3.0/10.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks

Immediate ROI: Stabilized & Professionally Managed Duplex Generate $22,236 annually from day one with this turn-key duplex, currently under professional management for a truly passive ownership experience. Tenants pay all utilities via individual meters, ensuring low overhead and maximized margins. Available as an individual high-performing asset or at a bulk-purchase discount within our 5-property portfolio. Premier cornerstone for any investment strategy.

Key facts

• 5,619 sq ft lot
• 2 parking spots
• Built 2003

Property features AI

Finance

• Financial info: Gross annual income: $22,236; Net operating income: $12,229; Annual operating expense: $8,895; Operating expenses include taxes, insurance, maintenance, and management; Unit 1 rent: $978 (occupied); Unit 2 rent: $875 (occupied); Vacancy rate assumed: 5%

Exterior

• Parking: Unit 1: 1 parking space (street parking); Unit 2: 1 parking space (street parking)
• Utilities: Separate electric meters
• Home design: Duplex (2 units); Approximately 23 years old
• Construction: Pre-owned condition; Metal roof
• Exterior features: Siding exterior

Interior

• Kitchen: Oven/stove (both units); Refrigerator (both units)
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Flooring: Vinyl
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Window unit heating; Electric heat; Window/wall air conditioning
• Interior features: Vinyl flooring
• Laundry & utility: Washer connection (both units); Dryer connection (both units)

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $189k.

Deal economics

• At list price, monthly cash flow is $-103 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $171k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $171k (9.6% below list).
• Recommended offer: $171k (9.7% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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.
• 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.
• Zoned schools: Lanier H S (math 9% / reading 15%, grade F, #1,554 of 1,632 statewide, top 95%, 1,547 students, 97% FRL) — zoned schools average 97% FRL vs 80% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+7.7%/yr); 154 active listings in the ZIP; 34 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• At $1,708/mo this rent would consume 63% of the median local household income ($32k/yr) (locally 2789% 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 $20k of equity ($1k loan paydown + $19k appreciation (10.0% local appreciation)).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y ago 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→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $170,736 (9.7% 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 37 days. Have you received any prior offers? Is the seller open to a 10% concession, seller financing, or rate buy-down credit?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 0.90% ✗
• Cap rate: 5.64%
• Cash-on-cash: -2.34%
• DSCR: 0.90
• GRM: 9.2

CMA / ARV

• ARV (median comp): $237,483
• List price: $189,000
• Delta: -20.42%
• Verdict: UNDERPRICED
• Comps: 7 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2614 W Poplar	0.03mi	3/2.0 (-1)	1,377 (+2%)	10mo	$229,000	$166	81
1617 NW 22nd	0.40mi	3/2.0 (-1)	1,337 (-0%)	5mo	$189,999	$142	71
1423 Delgado St	0.23mi	3/2.0 (-1)	1,404 (+4%)	7mo	$210,000	$150	71
230 Micklejohn	0.58mi	3/2.0 (-1)	1,368 (+2%)	2mo	$94,900	$69	63
1806 Delgado St	0.28mi	3/1.0 (-1)	1,224 (-9%)	9mo	$115,000	$94	56
3718 W Martin St	0.63mi	3/2.0 (-1)	1,236 (-8%)	2mo	$90,000	$73	50
3714 Martin	0.62mi	3/1.0 (-1)	1,404 (+4%)	8mo	$89,900	$64	48
819 N Hamilton Ave	0.39mi	3/1.0 (-1)	1,144 (-15%)	2mo	$55,000	$48	46
114 Alexander	0.64mi	3/2.0 (-1)	1,236 (-8%)	7mo	$300,000	$243	46
3523 W Martin	0.62mi	3/2.0 (-1)	1,232 (-8%)	8mo	$85,000	$69	45
107 Blueridge	0.37mi	3/2.0 (-1)	1,143 (-15%)	9mo	$200,000	$175	45
3322 W Poplar St	0.57mi	3/2.0 (-1)	1,508 (+12%)	5mo	$230,000	$153	43

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

Projected returns pro-forma

10.0% appreciation · 7.73% rent growth · sell at horizon

5-year hold

• IRR: 24.3%
• Equity multiple: 2.98×
• Total profit: $104,983
• Equity at exit: $170,266

10-year hold

• IRR: 22.9%
• Equity multiple: 7.34×
• Total profit: $335,448
• Equity at exit: $367,185

Cash invested: $52,920 (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 78207

• Home prices YoY: 15.2%
• Rents YoY: 7.7%
• Active inventory: 154
• Price-to-rent: 9.2×

Monthly cashflow live

• Estimated rent: $1,708 high
• Mortgage (P&I): −$991
• Tax from tax record: −$383 /mo · $4,597/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $-103

Break-even live

Break-even rent $1,839

Max offer price $170,736

Occupancy floor —

Sensitivity live

Price	-10% $4	-5% $-50	+0% $-103	+5% $-157	+10% $-210
Rent	-10% $-238	-5% $-171	+0% $-103	+5% $-36	+10% $32
Rate	-1.0pp $-8	-0.5pp $-55	base $-103	+0.5pp $-152	+1.0pp $-202

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Rent comps 34 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1231 Rivas St Unit 102 San Antonio, TX	3.0	2.0	1120	$1,299	$1.16	44d	1	0.30mi
1230 Rivas St San Antonio, TX	3.0	2.5	1287	$1,999	$1.55	24d	1	0.31mi
206 Roberts St Unit 201 San Antonio, TX	3.0	2.0	1100	$1,350	$1.23	24d	1	0.38mi
155 S Josephine Tobin Dr San Antonio, TX	3.0	2.5	1782	$1,900	$1.07	22d	1	0.56mi
230 Micklejohn St San Antonio, TX	3.0	2.0	1368	$1,595	$1.17	24d	1	0.59mi
230 Micklejohn St San Antonio, TX	3.0	2.0	1368	$1,695	$1.24	44d	1	0.59mi
3918 W Martin St San Antonio, TX	3.0	1.0	1200	$1,300	$1.08	24d	1	0.67mi
155 N Josephine Tobin Dr San Antonio, TX	4.0	3.0	1782	$1,900	$1.07	15d	1	0.77mi
1615 N Navidad St Unit 101 San Antonio, TX	3.0	2.0	1804	$999	$0.55	5d	1	0.82mi
3038 W Salinas Unit 101 San Antonio, TX	3.0	2.5	1149	$1,550	$1.35	5d	1	0.85mi
811 Rivas St San Antonio, TX	3.0	2.0	1276	$1,580	$1.24	24d	1	0.91mi
2607 W Craig Pl San Antonio, TX	3.0	1.0	1312	$1,475	$1.12	24d	1	0.92mi
2231 W Woodlawn Ave San Antonio, TX	3.0	2.0	1744	$1,900	$1.09	24d	1	0.92mi
2102 W Mistletoe Ave San Antonio, TX	3.0	2.0	1506	$1,925	$1.28	24d	1	0.93mi
2050 W Mistletoe Ave San Antonio, TX	3.0	2.0	1442	$4,500	$3.12	24d	1	0.93mi
2148 Texas Ave San Antonio, TX	3.0	1.0	1131	$1,375	$1.22	24d	1	1.00mi
1621 W French Pl San Antonio, TX	3.0	3.0	1764	$1,895	$1.07	44d	1	1.01mi
2811 Buena Vista St San Antonio, TX	4.0	2.0	1750	$2,350	$1.34	24d	1	1.03mi
2530 W Woodlawn Ave San Antonio, TX	3.0	2.0	1416	$2,195	$1.55	44d	1	1.05mi
1932 W Huisache Ave San Antonio, TX	3.0	2.0	1540	$1,975	$1.28	44d	1	1.09mi
1623 W Ashby Pl San Antonio, TX	4.0	2.0	1556	$1,900	$1.22	24d	1	1.09mi
135 Harvard Ter San Antonio, TX	3.0	2.0	1509	$1,875	$1.24	5d	1	1.11mi
614 N Sabinas St San Antonio, TX	3.0	2.0	930	$1,249	$1.34	5d	1	1.11mi
520 Cincinnati Ave San Antonio, TX	3.0	2.0	1216	$2,000	$1.64	44d	1	1.17mi
2425 Monterey St San Antonio, TX	3.0	2.0	1416	$2,000	$1.41	44d	1	1.20mi
2331 Cincinnati Ave Unit 2345 03 San Antonio, TX	3.0	1.0	950	$1,300	$1.37	4d	1	1.22mi
2331 Cincinnati Ave San Antonio, TX	1.0–3.0	1.0	850	$1,300	$1.53	13d	3	1.22mi
2313 Texas Ave San Antonio, TX	3.0	1.0	1309	$1,400	$1.07	45d	1	1.25mi
542 Rivas St Unit B San Antonio, TX	3.0	2.0	876	$999	$1.14	5d	1	1.26mi
2246 W Houston St San Antonio, TX	4.0	3.0	1654	$2,100	$1.27	11d	1	1.28mi
214 Aztec St San Antonio, TX	3.0	2.0	973	$1,275	$1.31	15d	1	1.32mi
1311 W French Pl San Antonio, TX	3.0	2.0	1400	$2,500	$1.79	24d	1	1.38mi
219 Princeton Ave San Antonio, TX	3.0	2.0	1230	$2,200	$1.79	24d	1	1.49mi
1820 W Houston St San Antonio, TX	3.0	2.0	1132	$2,300	$2.03	44d	1	1.50mi

Listing history 25 events

1. 2026-06-18
   days on market $189,000 Active 37 DOM
2. 2026-06-17
   days on market $189,000 Active 36 DOM
3. 2026-06-16
   days on market $189,000 Active 35 DOM
4. 2026-06-15
   days on market $189,000 Active 34 DOM
5. 2026-06-13
   days on market $189,000 Active 32 DOM
6. 2026-06-09
   days on market $189,000 Active 28 DOM
7. 2026-06-08
   days on market $189,000 Active 27 DOM
8. 2026-06-07
   days on market $189,000 Active 26 DOM
9. 2026-06-04
   days on market $189,000 Active 23 DOM
10. 2026-06-03
    days on market $189,000 Active 22 DOM
11. 2026-06-02
    days on market $189,000 Active 21 DOM
12. 2026-06-01
    days on market $189,000 Active 20 DOM
13. 2026-05-31
    days on market $189,000 Active 19 DOM
14. 2026-05-12
    listed $189,000 New 466-char remark
15. 2024-12-31
    historical
16. 2023-12-28
    listed $200,000 New
17. 2023-11-01
    historical
18. 2023-08-16
    listed $200,000 New
19. 2022-02-16
    soldstatus
20. 2022-02-16
    soldstatus
21. 2022-02-02
    soldstatus
22. 2020-02-28
    soldstatus
23. 2009-07-28
    soldstatus
24. 2005-06-30
    soldstatus
25. 2002-11-04
    soldstatus

ⓘ 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: $4,597 · $383/mo
• Projected year-2 tax: $4,597 · $383/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 ≥109°F today · 21 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,499
• − Mortgage interest: −$10,587
• − Property taxes: −$4,597
• − Insurance: −$945
• − Repairs & maintenance: −$1,640
• − Management: −$1,640
• − Depreciation: −$5,498
• Taxable loss: −$4,407
• Est. tax savings @ 24.0%: +$1,058
• After-tax cash flow: $-183/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): 55,474
• Household income: $32,472
• Rent vs Own: 59.7% rent · 40.3% own
• Severe rent burden: 2789.0

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 (88%)
• Race & ethnicity: Hispanic / Latino 88% Two or more races 41% White 6% Black 5% Native American 2%
• Hispanic origin (detail): Mexican 79%
• Foreign-born: 19% · Canada
• Languages at home: 39% English-only · Spanish 60%

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: ▲ 34.92%
• Current HPI: 264.7559
• Rent YoY: ▲ 7.73%
• 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

-5.5% since first listed

12 events — show timeline

• 2026-05-12 Listed $189,000 LERA
• 2024-12-31 Listing Removed — LERA
• 2023-12-28 Listed $200,000 LERA
• 2023-11-01 Listing Removed — LERA
• 2023-08-16 Listed $200,000 LERA
• 2022-02-16 Sold (Public Records) — Public Records
• 2022-02-16 Sold (Public Records) — Public Records
• 2022-02-02 Sold (Public Records) — Public Records
• 2020-02-28 Sold (Public Records) — Public Records
• 2009-07-28 Sold (Public Records) — Public Records
• 2005-06-30 Sold (Public Records) — Public Records
• 2002-11-04 Sold (Public Records) — Public Records

Property tax history

+6.0%/yr

Latest (2025): $4,597 · -8.8% YoY. Source: county tax records.