1409 W Woodlawn

San Antonio, TX 78201

$599,000B

15 bd · 8.0 ba · 10,852 sqft · Built 1940 · MultiFamily · Active · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,830/mo
• Mortgage (P&I): −$3,141
• Tax + insurance: −$1,790
• HOA: −$0
• Vac / Maint / Mgmt: −$2,064
• Net cashflow: $2,835/mo
• Annual: $34,017/yr
• Cap rate: 12.51%
• Cash-on-cash: 22.21%
• DSCR: 1.99
• 1% rule: 1.64%
• Cash to close: $167,720

Investor read

• This is a 5 × 3-bed/?-bath units multifamily listed at $599k.
• At list price, monthly cash flow is $3k ($34k/yr) — positive. Per door: $567/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $599k).
• It's been on market 163 days — a 12% lower offer ($527k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $527k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• 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.
• Watch-outs: property tax is 2.5% of price; flood insurance adds $269/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.8%/yr); 181 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.
• 11 sale attempts since 15y ago; this cycle's ask has dropped $100k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 2.8% rent growth), your $168k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.5% 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.
• At $9,830/mo this rent would consume 250% of the median local household income ($47k/yr) (locally 2332% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 163 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.