14450 Source · San Antonio, TX 78223

$149,500

2 bd · 2.0 ba · 741 sqft · SingleFamily public records · 143 Days on market

Built 2023 Good condition 4,443 sqft lot $202/sqft · 17% below area Est $180k · 17% under $28/mo HOA · 2% of rent ↓ 12% since listing

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Why this score? — see what drove the D- 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 +7.7/30.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• 1% rule +3.2/10.0
• Schools +1.9/10.0
• DSCR +1.8/10.0
• Rent growth +1.7/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Charming bungalow style, single-story home* Nice Open-concept, Living room flows into kitchenette and breakfast nook area* Styled by an interior designer, upgraded bedrooms with gorgeous luxury flooring, no carpet* Primary suite located rear of the home for privacy with private primary bathroom and roomy walk-in closet* Second bedroom conveniently next to 2nd full Bath* Step to your spacious big backyard with private greenbelt; perfect for relaxing & entertaining* Desirable community amenities, amazing Pool, great playground & walking trails* Close to Calaveras Lake and outdoor* 2-min to I-37; near Loop-410, Loop-1604, and City Base Shopping Center*

Key facts

• Open-concept
• Big backyard
• Upgraded bedrooms

Tags

• BUNGALOW STYLE
• OPEN-CONCEPT
• UPGRADED BEDROOMS
• PRIVATE PRIMARY BATHROOM
• WALK-IN CLOSET
• BIG BACKYARD

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-175 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $122k (18.5% below list).
• Recommended offer: $119k (20.7% below list) — sets the bar for cash-flow.
• Cap rate 4.9% 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.

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.
• 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.
• Market conditions: Rents falling (-3.4%/yr); 329 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 143 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→23/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $118,537 (20.7% 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 143 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 4.89%
• Cash-on-cash: -5.02%
• DSCR: 0.78
• GRM: 10.2

CMA / ARV

• ARV (median comp): $180,039
• List price: $149,500
• Delta: -16.96%
• Verdict: UNDERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -28.6%
• Equity multiple: 0.07×
• Total profit: $-38,878
• Equity at exit: $22,291

10-year hold

• IRR: -48.3%
• Equity multiple: -0.47×
• Total profit: $-61,696
• Equity at exit: $12,926

Cash invested: $41,860 (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 78223

• Home prices YoY: -16.4%
• Rents YoY: -3.4%
• Active inventory: 329
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $1,219 medium
• Mortgage (P&I): −$784
• Tax from tax record: −$264 /mo · $3,167/yr
• Insurance: −$62
• HOA: −$28
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $-175

Break-even live

Break-even rent $1,441

Max offer price $118,537

Occupancy floor —

Sensitivity live

Price	-10% $-91	-5% $-133	+0% $-175	+5% $-218	+10% $-260
Rent	-10% $-272	-5% $-223	+0% $-175	+5% $-127	+10% $-79
Rate	-1.0pp $-100	-0.5pp $-137	base $-175	+0.5pp $-214	+1.0pp $-253

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: $37,375
• Closing costs: $4,485
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4247 Thalweg Way San Antonio, TX	1.0	1.0	520	$1,100	$2.12	44d	1	0.13mi
14050 Southton Rd Elmendorf, TX	1.0–2.0	1.0–2.0	839	$1,550	$1.85	2d	18	0.96mi

HOA detail

• Monthly dues: $28 · $336/yr
• Likely covers: pool

Listing history 17 events

1. 2026-06-08
   days on market $149,500 Active 143 DOM
2. 2026-06-07
   days on market $149,500 Active 142 DOM
3. 2026-06-04
   days on market $149,500 Active 139 DOM
4. 2026-06-03
   days on market $149,500 Active 138 DOM
5. 2026-06-02
   days on market $149,500 Active 137 DOM
6. 2026-06-01
   days on market $149,500 Active 136 DOM
7. 2026-05-31
   days on market $149,500 Active 135 DOM
8. 2026-05-01
   price $149,500 665-char remark

   Show marketing remark (665 chars)

   Charming bungalow style, single-story home* Nice Open-concept, Living room flows into kitchenette and breakfast nook area* Styled by an interior designer, upgraded bedrooms with gorgeous luxury flooring, no carpet* Primary suite located rear of the home for privacy with private primary bathroom and roomy walk-in closet* Second bedroom conveniently next to 2nd full Bath* Step to your spacious big backyard with private greenbelt; perfect for relaxing & entertaining* Desirable community amenities, amazing Pool, great playground & walking trails* Close to Calaveras Lake and outdoor* 2-min to I-37; near Loop-410, Loop-1604, and City Base Shopping Center*

9. 2026-04-14
   price $154,500 665-char remark

   Show marketing remark (665 chars)

   Charming bungalow style, single-story home* Nice Open-concept, Living room flows into kitchenette and breakfast nook area* Styled by an interior designer, upgraded bedrooms with gorgeous luxury flooring, no carpet* Primary suite located rear of the home for privacy with private primary bathroom and roomy walk-in closet* Second bedroom conveniently next to 2nd full Bath* Step to your spacious big backyard with private greenbelt; perfect for relaxing & entertaining* Desirable community amenities, amazing Pool, great playground & walking trails* Close to Calaveras Lake and outdoor* 2-min to I-37; near Loop-410, Loop-1604, and City Base Shopping Center*

10. 2026-01-16
    listed $164,500 New 665-char remark

    Show marketing remark (665 chars)

    Charming bungalow style, single-story home* Nice Open-concept, Living room flows into kitchenette and breakfast nook area* Styled by an interior designer, upgraded bedrooms with gorgeous luxury flooring, no carpet* Primary suite located rear of the home for privacy with private primary bathroom and roomy walk-in closet* Second bedroom conveniently next to 2nd full Bath* Step to your spacious big backyard with private greenbelt; perfect for relaxing & entertaining* Desirable community amenities, amazing Pool, great playground & walking trails* Close to Calaveras Lake and outdoor* 2-min to I-37; near Loop-410, Loop-1604, and City Base Shopping Center*

11. 2025-11-03
    historical
12. 2025-09-09
    status Back on Market
13. 2025-08-31
    historical
14. 2025-02-28
    listed $169,900 New
15. 2023-10-25
    soldstatus Sold
16. 2023-10-02
    status Pending
17. 2023-09-24
    listed $169,999 New

ⓘ 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: $3,167 · $264/mo
• Projected year-2 tax: $3,167 · $264/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 5/10 Major
• 🌡 Heat 8/10 Severe 7 d/yr ≥109°F today · 23 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,627
• − Mortgage interest: −$8,374
• − Property taxes: −$3,167
• − Insurance: −$748
• − Repairs & maintenance: −$1,170
• − Management: −$1,170
• − HOA: −$336
• − Depreciation: −$4,349
• Taxable loss: −$4,687
• Est. tax savings @ 24.0%: +$1,125
• After-tax cash flow: $-978/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This charming bungalow is in good condition with modern updates and a well-maintained exterior. It's ready for a new owner or tenant.

Value-add opportunities

• Resale Paint exterior trim — Enhances curb appeal
• Rental Clean gutters — Keeps home in good condition

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior trim — Enhances curb appeal ↑
• Rental Clean gutters — Keeps home in good condition ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Central ISD
• NCES district ID: 4817850
• Math proficiency: 16% ▼ -12.00%
• Reading proficiency: 25% ▼ -6.00%
• Median HH income: $53,941
• Composite: 18.67/100
• National rank: #8887
• State rank: #758 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

• County: Bexar County · 1,990,555 people
• City population: 1,806,925
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 58,983
• Household income: $52,088
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 2809.0

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 (76%)
• Race & ethnicity: Hispanic / Latino 76% Two or more races 28% White 16% Black 5% Asian 2% Native American 1%
• Hispanic origin (detail): Mexican 67%
• Common ancestry: Lithuanian 2% Romanian 1% Slovak 1%
• Foreign-born: 10% · Canada, Vietnam
• Languages at home: 63% English-only · Spanish 36%

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: ▼ -52.06%
• Current HPI: 265.2235
• Rent YoY: ▼ -3.36%
• 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

-12.1% since first listed

10 events — show timeline

• 2026-05-01 Price Changed $149,500 LERA
• 2026-04-14 Price Changed $154,500 LERA
• 2026-01-16 Listed $164,500 LERA
• 2025-11-03 Listing Removed — LERA
• 2025-09-09 Relisted — LERA
• 2025-08-31 Listing Removed — LERA
• 2025-02-28 Listed $169,900 LERA
• 2023-10-25 Sold (MLS) — LERA
• 2023-10-02 Pending — LERA
• 2023-09-24 Listed $169,999 LERA

Property tax history

+124.0%/yr

Latest (2025): $3,167 · +6.6% YoY. Source: county tax records.