2437 E Houston St · San Antonio, TX 78202

$120,000

3 bd · 1.0 ba · 1,598 sqft · SingleFamily public records · 66 Days on market

Built 1947 6,272 sqft lot $75/sqft · 56% below area ↓ 22% since listing

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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 +26.0/30.0
• Appreciation +10.0/10.0
• 1% rule +9.1/10.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Investor-focused opportunity in a central San Antonio location with close proximity to the Frost Bank Center and downtown San Antonio with no HOA. This as-is property is not livable due to prior interior fire damage and will require a full renovation. One-story home with an all-brick exterior offering a durable exterior for redevelopment. The existing structure provides a starting point for those planning a complete remodel or rebuild, allowing flexibility in design and layout. A detached garage adds additional space for storage, a workshop, or future conversion. A short commute to Fort Sam Houston and Randolph Air Force Base, along with convenient access to major roadways, employment centers, dining, and entertainment.

Key facts

• Full renovation
• No hoa
• As-is property

Tags

• CENTRAL SAN ANTONIO LOCATION
• NO HOA
• AS-IS PROPERTY
• FULL RENOVATION
• ALL-BRICK EXTERIOR
• DETACHED GARAGE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $298 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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 (+8.2%/yr); 201 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• This rent runs 43% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $13k of equity ($830 loan paydown + $12k 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 + 8.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, 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 66 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 2y 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

• Watch-outs: property tax is 3.6% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% 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 $112,800 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1947 — 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: 1.41% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.66%
• DSCR: 1.47
• GRM: 5.9

CMA / ARV

• ARV (median comp): $270,139
• List price: $120,000
• Delta: -55.58%
• 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
1502 Nolan St	0.43mi	3/2.0	1,625 (+2%)	1mo	$345,000	$212	72
1323 Nolan	0.52mi	3/2.0	1,550 (-3%)	2mo	$349,000	$225	65
910 Potomac	0.18mi	3/2.0	1,390 (-13%)	2mo	$130,000	$94	64
2031 E Crockett	0.28mi	2/1.0 (-1)	1,416 (-11%)	1mo	$79,900	$56	62
1002 Onslow St	0.72mi	3/1.0	1,560 (-2%)	2mo	$64,900	$42	61
1414 Paso Hondo	0.39mi	3/2.0	1,456 (-9%)	3mo	$275,000	$189	61
1108 Center St	0.56mi	3/3.0	1,628 (+2%)	3mo	$324,000	$199	60
1448 Montana	0.53mi	4/3.0 (+1)	1,562 (-2%)	1mo	$309,900	$198	57
915 Saint James	0.59mi	3/2.0	1,491 (-7%)	2mo	$311,500	$209	56
823 N Palmetto	0.71mi	3/2.0	1,462 (-8%)	1mo	$265,000	$181	48
403 N Palmetto	0.64mi	3/2.0	1,443 (-10%)	2mo	$375,000	$260	48
919 Saint James	0.59mi	2/2.0 (-1)	1,390 (-13%)	2mo	$245,000	$176	40

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 34.8%
• Equity multiple: 3.78×
• Total profit: $93,441
• Equity at exit: $108,106

10-year hold

• IRR: 32.1%
• Equity multiple: 9.41×
• Total profit: $282,626
• Equity at exit: $233,134

Cash invested: $33,600 (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 78202

• Home prices YoY: 27.0%
• Rents YoY: 8.2%
• Active inventory: 201
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $1,688 high
• Mortgage (P&I): −$629
• Tax from tax record: −$356 /mo · $4,272/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$355
• Net cashflow: $298

Break-even live

Break-even rent $1,311

Max offer price $120,000

Occupancy floor 77%

Sensitivity live

Price	-10% $366	-5% $332	+0% $298	+5% $265	+10% $231
Rent	-10% $165	-5% $232	+0% $298	+5% $365	+10% $432
Rate	-1.0pp $359	-0.5pp $329	base $298	+0.5pp $267	+1.0pp $236

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
607 Gulf San Antonio, TX	3.0	2.0	1482	$1,395	$0.94	25d	1	0.09mi
452 Gulf San Antonio, TX	3.0	1.0	1244	$1,899	$1.53	23d	1	0.12mi
817 Potomac San Antonio, TX	3.0	2.5	1508	$1,795	$1.19	25d	1	0.14mi
2332 E Houston St San Antonio, TX	3.0	2.0	1652	$1,550	$0.94	25d	1	0.17mi
1707 Dawson St Unit 1101 San Antonio, TX	2.0	1.5	1884	$1,000	$0.53	45d	1	0.19mi
1727 E Crockett St San Antonio, TX	3.0	3.0	1819	$1,725	$0.95	21d	1	0.20mi
1723 E Crockett St San Antonio, TX	3.0	3.0	1819	$1,800	$0.99	25d	1	0.21mi
1111 Gibbs San Antonio, TX	3.0	2.0	1476	$1,595	$1.08	25d	1	0.30mi
1104 N Gevers St San Antonio, TX	3.0	2.5	1276	$1,725	$1.35	45d	1	0.31mi
1101 Gibbs San Antonio, TX	3.0	1.0	1100	$1,345	$1.22	16d	1	0.32mi
1101 Gibbs San Antonio, TX	3.0	1.0	1100	$1,345	$1.22	25d	1	0.32mi
1615 Nolan St Unit A San Antonio, TX	2.0	1.0	1066	$1,400	$1.31	12d	1	0.37mi
2006 Hays St San Antonio, TX	3.0	2.0	1176	$1,750	$1.49	21d	1	0.38mi
1622 Gorman San Antonio, TX	3.0	2.0	1189	$1,325	$1.11	19d	1	0.38mi
418 Lockhart San Antonio, TX	4.0	2.0	1479	$1,799	$1.22	23d	1	0.45mi
122 S Walters St San Antonio, TX	3.0	3.0	2000	$2,200	$1.10	45d	1	0.45mi
418 Lockhart St Unit 1 San Antonio, TX	4.0	2.0	1479	$1,590	$1.08	45d	1	0.45mi
610 Belmont San Antonio, TX	2.0	1.0	1050	$1,195	$1.14	45d	1	0.47mi
906 Gulf St Unit 102 San Antonio, TX	3.0	2.0	1300	$1,750	$1.35	5d	1	0.48mi
1412 Hays St San Antonio, TX	3.0	1.0	1250	$1,495	$1.20	25d	1	0.48mi
631 Potomac San Antonio, TX	3.0	2.5	1844	$1,797	$0.97	25d	1	0.48mi
1827 Montana St #101 San Antonio, TX	3.0	2.5	1859	$2,250	$1.21	3d	1	0.49mi
2239 Burnet St San Antonio, TX	3.0	2.0	1097	$1,450	$1.32	45d	1	0.49mi
2818 E Houston St San Antonio, TX	3.0	1.0	1184	$1,495	$1.26	16d	1	0.50mi
323 Gabriel San Antonio, TX	3.0	2.0	1400	$1,950	$1.39	23d	1	0.51mi
323 Gabriel Unit 1 101 San Antonio, TX	3.0	2.5	1400	$1,950	$1.39	25d	1	0.51mi
155 Canton San Antonio, TX	2.0	2.0	1078	$1,250	$1.16	25d	1	0.51mi
1414 Burleson San Antonio, TX	4.0	2.0	1769	$2,000	$1.13	45d	1	0.56mi
115 Saint Charles San Antonio, TX	3.0	2.0	1680	$2,050	$1.22	12d	1	0.60mi
227 S Grimes St Unit 202 San Antonio, TX	3.0	2.5	1089	$1,550	$1.42	45d	1	0.60mi
1223 Hays St San Antonio, TX	3.0	2.5	1810	$2,495	$1.38	25d	1	0.62mi
314 Maryland St Unit 102 San Antonio, TX	2.0	2.5	1055	$1,295	$1.23	45d	1	0.62mi
723 Paso Hondo San Antonio, TX	3.0	1.0	1224	$1,500	$1.23	45d	1	0.62mi
1225 Burnet St Unit 101 San Antonio, TX	3.0	2.0	1218	$1,850	$1.52	45d	1	0.65mi
118 Canadian St San Antonio, TX	3.0	2.0	1232	$2,300	$1.87	45d	1	0.67mi
1618 Dakota St Unit 102 San Antonio, TX	3.0	2.5	1768	$1,925	$1.09	17d	1	0.69mi
2346 Dakota St Unit 1101 San Antonio, TX	2.0	1.0	1728	$1,250	$0.72	17d	1	0.70mi
521 S Polaris St San Antonio, TX	3.0	1.0	1200	$1,249	$1.04	5d	1	0.73mi
1102 Burleson San Antonio, TX	3.0	2.0	1400	$2,500	$1.79	25d	1	0.76mi
113 Anderson Ave Unit 101 San Antonio, TX	3.0	2.5	1539	$1,700	$1.10	45d	1	0.76mi

Listing history 18 events

1. 2026-06-21
   days on market $120,000 Active 66 DOM
2. 2026-06-18
   days on market $120,000 Active 63 DOM
3. 2026-06-17
   days on market $120,000 Active 62 DOM
4. 2026-06-16
   days on market $120,000 Active 61 DOM
5. 2026-06-15
   days on market $120,000 Active 60 DOM
6. 2026-06-13
   days on market $120,000 Active 58 DOM
7. 2026-06-09
   days on market $120,000 Active 54 DOM
8. 2026-06-08
   days on market $120,000 Active 53 DOM
9. 2026-06-07
   days on market $120,000 Active 52 DOM
10. 2026-06-04
    days on market $120,000 Active 49 DOM
11. 2026-06-03
    days on market $120,000 Active 48 DOM
12. 2026-06-02
    days on market $120,000 Active 47 DOM
13. 2026-06-01
    days on market $120,000 Active 46 DOM
14. 2026-05-31
    days on market $120,000 Active 45 DOM
15. 2026-04-16
    listed $120,000 New 729-char remark

    Show marketing remark (729 chars)

    Investor-focused opportunity in a central San Antonio location with close proximity to the Frost Bank Center and downtown San Antonio with no HOA. This as-is property is not livable due to prior interior fire damage and will require a full renovation. One-story home with an all-brick exterior offering a durable exterior for redevelopment. The existing structure provides a starting point for those planning a complete remodel or rebuild, allowing flexibility in design and layout. A detached garage adds additional space for storage, a workshop, or future conversion. A short commute to Fort Sam Houston and Randolph Air Force Base, along with convenient access to major roadways, employment centers, dining, and entertainment.

16. 2024-12-12
    historical
17. 2024-08-19
    price $142,500
18. 2024-05-16
    listed $153,300 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: $4,272 · $356/mo
• Projected year-2 tax: $4,272 · $356/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 · 22 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: $20,260
• − Mortgage interest: −$6,722
• − Property taxes: −$4,272
• − Insurance: −$600
• − Repairs & maintenance: −$1,621
• − Management: −$1,621
• − Depreciation: −$3,491
• Taxable income: $1,934
• Est. tax owed @ 24.0%: −$464
• After-tax cash flow: $3,118/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): 10,224
• Household income: $47,478
• Rent vs Own: 44.2% rent · 55.8% own
• Severe rent burden: 543.0

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 (66%)
• Race & ethnicity: Hispanic / Latino 66% Two or more races 28% White 17% Black 16% Native American 1%
• Hispanic origin (detail): Mexican 57% Puerto Rican 1% Cuban 1%
• Common ancestry: Italian 2% Slovak 1%
• Foreign-born: 14% · Canada
• Languages at home: 59% English-only · Spanish 41%

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: ▲ 53.82%
• Current HPI: 253.3196
• Rent YoY: ▲ 8.20%
• 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

-21.7% since first listed

4 events — show timeline

• 2026-04-16 Listed $120,000 LERA
• 2024-12-12 Listing Removed — LERA
• 2024-08-19 Price Changed $142,500 LERA
• 2024-05-16 Listed $153,300 LERA

Property tax history

+7.0%/yr

Latest (2025): $4,272 · -3.0% YoY. Source: county tax records.