16044 Mahogany Way

Elmendorf, TX 78112

$268,020D-

5 bd · 2.5 ba · 1,971 sqft · Built 2026 · SingleFamily · Pending · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,873/mo
• Mortgage (P&I): −$1,406
• Tax + insurance: −$447
• HOA: −$40
• Vac / Maint / Mgmt: −$393
• Net cashflow: $-413/mo
• Annual: $-4,952/yr
• Cap rate: 4.45%
• Cash-on-cash: -6.60%
• DSCR: 0.71
• 1% rule: 0.70%
• Cash to close: $75,046

Investor read

• This is a 5-bed/2.5-bath single-family listed at $268k.
• At list price, monthly cash flow is $-413 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $208k (22.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $187k (30.1% below list).
• It's been on market 63 days — a 6% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (30.1% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($2k loan paydown + $-443 appreciation (-0.2% local appreciation)).
• Location reads 58/100 on livability (#1,189 in TX) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• East Central ISD (rural): math 16% / reading 25% proficiency, ranked #758 of 826 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Harmony El (math 21% / reading 17%, grade F, #3,739 of 4,322 statewide, top 87%, 684 students, 75% FRL); East Central Heritage Middle (math 11% / reading 26%, grade F, #1,478 of 1,662 statewide, top 90%, 1,120 students, 44% FRL); East Central H S (math 21% / reading 28%, grade F, #1,264 of 1,632 statewide, top 82%, 3,252 students, 52% FRL) — zoned schools at 57% FRL track the district average.
• Market conditions: 449 active listings in the ZIP; 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.
• Cap rate 4.4% vs local median 3.5% in Elmendorf — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 63 days. Have you received any prior offers? Is the seller open to a 30% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.