2019 Martin Luther King · San Antonio, TX 78203

$159,500

2 bd · 1.0 ba · 1,200 sqft · SingleFamily public records · 84 Days on market

Built 1924 6,490 sqft lot $133/sqft · 31% below area ↓ 16% 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).

• Cash flow +9.3/30.0
• ARV discount +7.5/15.0
• Appreciation +5.7/10.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• 1% rule +3.7/10.0
• DSCR +2.6/10.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Great rental income opportunity awaits with this unique property featuring two homes on one lot! The front home boasts 3 bedrooms and 1 bath, complemented by a very large laundry room that offers potential for conversion into a second bathroom. With over 1,200 sq ft of living space in excellent condition, it includes a spacious driveway and a carport in the back for two cars. Both homes share one water meter, while the front home is equipped with window units for cooling. The back home is a cozy 1-bedroom, 1-bath retreat that serves as an excellent secondary income source. This property's rear unit is specifically designed for modern comfort and privacy.

Key facts

• Carport for two cars
• Two homes on one lot
• Large laundry room

Tags

• RENTAL INCOME OPPORTUNITY
• TWO HOMES ON ONE LOT
• LARGE LAUNDRY ROOM
• SPACIOUS DRIVEWAY
• CARPORT FOR TWO CARS
• WINDOW UNITS FOR COOLING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (12.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (12.6% below list).
• Recommended offer: $139k (12.9% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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 (+10.9%/yr); 99 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $1,395/mo this rent would consume 47% of the median local household income ($36k/yr) (locally 470% 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 $3k of equity ($1k loan paydown + $2k appreciation (1.3% local appreciation)).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• 4 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: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 6→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $138,943 (12.9% 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 84 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 0.87% ✗
• Cap rate: 5.42%
• Cash-on-cash: -3.13%
• DSCR: 0.86
• GRM: 9.5

CMA / ARV

• ARV (median comp): $332,887
• List price: $159,500
• Delta: -52.09%
• 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
515 South Grimes	0.13mi	3/2.0 (+1)	1,155 (-4%)	3mo	$239,000	$207	77
1210 S Walters	0.42mi	3/1.0 (+1)	1,203 (+0%)	2mo	$75,000	$62	74
2006 Virginia	0.22mi	3/1.0 (+1)	1,098 (-8%)	3mo	$169,000	$154	68
411 S Gevers	0.38mi	3/2.0 (+1)	1,147 (-4%)	2mo	$210,000	$183	65
229 Nelson Ave	0.68mi	2/2.0	1,200 (0%)	3mo	$275,000	$229	62
1410 Paso Hondo	0.51mi	3/2.0 (+1)	1,219 (+2%)	4mo	$159,000	$130	61
2846 Wyoming St	0.47mi	3/2.0 (+1)	1,255 (+5%)	1mo	$185,000	$147	61
231 Nelson	0.67mi	3/2.0 (+1)	1,228 (+2%)	3mo	$243,900	$199	54
1109 Essex	0.71mi	3/2.0 (+1)	1,226 (+2%)	3mo	$160,000	$131	52
1048 Gibbs	0.71mi	3/2.0 (+1)	1,280 (+7%)	1mo	$249,000	$195	46
623 Belmont	0.51mi	3/2.0 (+1)	1,355 (+13%)	0mo	$230,000	$170	46
2055 E Crockett St	0.70mi	3/1.0 (+1)	1,054 (-12%)	5mo	$120,000	$114	38

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

Projected returns pro-forma

1.34% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.13×
• Total profit: $5,668
• Equity at exit: $57,254

10-year hold

• IRR: 9.9%
• Equity multiple: 2.40×
• Total profit: $62,554
• Equity at exit: $78,301

Cash invested: $44,660 (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 78203

• Home prices YoY: 0.5%
• Rents YoY: 10.9%
• Active inventory: 99
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,395 high
• Mortgage (P&I): −$836
• Tax from tax record: −$315 /mo · $3,783/yr
• Insurance: −$66
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $-116

Break-even live

Break-even rent $1,542

Max offer price $138,943

Occupancy floor —

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: $39,875
• Closing costs: $4,785
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
318 Ferguson Ave Unit 1 San Antonio, TX	3.0	2.0	1450	$1,550	$1.07	4d	1	0.11mi
314 Maryland St Unit 102 San Antonio, TX	2.0	2.5	1055	$1,295	$1.23	43d	1	0.17mi
227 S Grimes St Unit 202 San Antonio, TX	3.0	2.5	1089	$1,550	$1.42	43d	1	0.26mi
1431 Aransas Ave San Antonio, TX	3.0	1.0	1108	$1,195	$1.08	14d	1	0.28mi
125 Magendie St San Antonio, TX	2.0	2.0	820	$1,323	$1.61	4d	1	0.29mi
420 Clark Ave San Antonio, TX	2.0	1.0	756	$1,295	$1.71	17d	1	0.35mi
342 Vine St San Antonio, TX	2.0	1.0	768	$995	$1.30	23d	1	0.37mi
342 Vine St Unit B San Antonio, TX	2.0	1.0	768	$875	$1.14	43d	1	0.37mi
322 Vine St #102 San Antonio, TX	3.0	2.5	1401	$1,400	$1.00	23d	1	0.38mi
143 Ranger Unit 101 San Antonio, TX	3.0	2.0	876	$1,099	$1.25	2d	1	0.41mi
512 Cooper St San Antonio, TX	2.0	1.0	1116	$1,295	$1.16	23d	1	0.44mi
521 S Polaris St San Antonio, TX	3.0	1.0	1200	$1,249	$1.04	4d	1	0.45mi
610 Belmont San Antonio, TX	2.0	1.0	1050	$1,195	$1.14	43d	1	0.45mi
147 Vine St San Antonio, TX	3.0	3.0	1438	$1,700	$1.18	23d	1	0.46mi
308 Belmont San Antonio, TX	1.0	1.0	700	$850	$1.21	23d	1	0.49mi
123 Dilworth St San Antonio, TX	3.0	2.0	1384	$1,900	$1.37	43d	1	0.52mi
113 Dilworth St San Antonio, TX	3.0	3.0	1383	$1,850	$1.34	23d	1	0.54mi
139 San Salvador Ave Unit 103 San Antonio, TX	2.0	2.5	1245	$1,490	$1.20	14d	1	0.54mi
1435 Gibbs San Antonio, TX	3.0	1.0	975	$1,435	$1.47	23d	1	0.55mi
1111 Gibbs San Antonio, TX	3.0	2.0	1476	$1,595	$1.08	23d	1	0.68mi
1518 S Walters St Unit 102 San Antonio, TX	3.0	2.5	1180	$1,400	$1.19	4d	1	0.68mi
618 Porter St San Antonio, TX	1.0	1.0	1360	$895	$0.66	4d	1	0.68mi
1101 Gibbs San Antonio, TX	3.0	1.0	1100	$1,345	$1.22	23d	1	0.69mi
1101 Gibbs San Antonio, TX	3.0	1.0	1100	$1,345	$1.22	14d	1	0.69mi
706 Canton San Antonio, TX	2.0	1.0	994	$1,545	$1.55	23d	1	0.69mi
1303 Essex St #102 San Antonio, TX	3.0	2.5	1180	$1,400	$1.19	23d	1	0.69mi
639 Canton San Antonio, TX	2.0	1.0	1008	$1,295	$1.28	43d	1	0.72mi
413 Nopal St Unit 102 San Antonio, TX	2.0	1.0	743	$1,450	$1.95	2d	1	0.74mi
311 Spriggsdale Ave Unit 610 San Antonio, TX	1.0	1.0	745	$892	$1.20	3d	1	0.75mi
311 Spriggsdale Ave Unit 710 San Antonio, TX	2.0	2.0	890	$981	$1.10	3d	1	0.75mi
136 Nelson Ave San Antonio, TX	3.0	1.0	1092	$1,316	$1.21	43d	1	0.77mi
1005 Essex St Unit 101 San Antonio, TX	2.0	2.0	800	$1,425	$1.78	2d	1	0.79mi
1005 Essex St Unit 202 San Antonio, TX	2.0	2.0	800	$1,450	$1.81	43d	1	0.79mi
746 Gulf San Antonio, TX	2.0	1.0	744	$975	$1.31	14d	1	0.80mi
742 Gulf St Unit 746 San Antonio, TX	2.0	1.0	744	$975	$1.31	12d	1	0.81mi
2818 E Houston St San Antonio, TX	3.0	1.0	1184	$1,495	$1.26	14d	1	0.82mi
730 Aransas Ave Unit 3 San Antonio, TX	2.0	1.0	800	$975	$1.22	43d	1	0.84mi
607 Gulf San Antonio, TX	3.0	2.0	1482	$1,395	$0.94	23d	1	0.84mi
154 Ferris Ave San Antonio, TX	3.0	2.0	1438	$1,275	$0.89	21d	1	0.85mi
154 Ferris Ave San Antonio, TX	3.0	2.0	1438	$1,499	$1.04	43d	1	0.85mi

Listing history 24 events

1. 2026-06-18
   days on market $159,500 Active 84 DOM
2. 2026-06-17
   days on market $159,500 Active 83 DOM
3. 2026-06-16
   days on market $159,500 Active 82 DOM
4. 2026-06-15
   days on market $159,500 Active 81 DOM
5. 2026-06-13
   days on market $159,500 Active 79 DOM
6. 2026-06-09
   days on market $159,500 Active 75 DOM
7. 2026-06-08
   days on market $159,500 Active 74 DOM
8. 2026-06-07
   days on market $159,500 Active 73 DOM
9. 2026-06-04
   days on market $159,500 Active 70 DOM
10. 2026-06-03
    days on market $159,500 Active 69 DOM
11. 2026-06-02
    days on market $159,500 Active 68 DOM
12. 2026-06-01
    days on market $159,500 Active 67 DOM
13. 2026-05-31
    days on market $159,500 Active 66 DOM
14. 2026-04-14
    price $159,500 663-char remark

    Show marketing remark (663 chars)

    Great rental income opportunity awaits with this unique property featuring two homes on one lot! The front home boasts 3 bedrooms and 1 bath, complemented by a very large laundry room that offers potential for conversion into a second bathroom. With over 1,200 sq ft of living space in excellent condition, it includes a spacious driveway and a carport in the back for two cars. Both homes share one water meter, while the front home is equipped with window units for cooling. The back home is a cozy 1-bedroom, 1-bath retreat that serves as an excellent secondary income source. This property's rear unit is specifically designed for modern comfort and privacy.

15. 2026-03-26
    listed $165,000 New 663-char remark

    Show marketing remark (663 chars)

    Great rental income opportunity awaits with this unique property featuring two homes on one lot! The front home boasts 3 bedrooms and 1 bath, complemented by a very large laundry room that offers potential for conversion into a second bathroom. With over 1,200 sq ft of living space in excellent condition, it includes a spacious driveway and a carport in the back for two cars. Both homes share one water meter, while the front home is equipped with window units for cooling. The back home is a cozy 1-bedroom, 1-bath retreat that serves as an excellent secondary income source. This property's rear unit is specifically designed for modern comfort and privacy.

16. 2025-07-21
    historical
17. 2025-04-01
    price $175,000
18. 2025-04-01
    status Price Change
19. 2025-03-27
    historical Active Option
20. 2024-11-17
    price $180,000
21. 2024-11-04
    status Back on Market
22. 2024-11-02
    historical Active Option
23. 2024-10-07
    listed $190,000 New
24. 2005-01-26
    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: $3,783 · $315/mo
• Projected year-2 tax: $3,783 · $315/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 6 d/yr ≥108°F today · 17 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: $16,735
• − Mortgage interest: −$8,934
• − Property taxes: −$3,783
• − Insurance: −$798
• − Repairs & maintenance: −$1,339
• − Management: −$1,339
• − Depreciation: −$4,640
• Taxable loss: −$4,097
• Est. tax savings @ 24.0%: +$983
• After-tax cash flow: $-413/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): 5,200
• Household income: $35,536
• Rent vs Own: 54.9% rent · 45.1% own
• Severe rent burden: 470.0

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 (84%)
• Race & ethnicity: Hispanic / Latino 84% Two or more races 37% Black 8% White 7% Native American 1%
• Hispanic origin (detail): Mexican 67% Puerto Rican 3%
• Common ancestry: Portuguese 2% Lithuanian 2%
• Foreign-born: 18% · Canada
• Languages at home: 53% English-only · Spanish 46%

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: ▲ 1.34%
• Current HPI: 257.4183
• Rent YoY: ▲ 10.86%
• 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

-16.1% since first listed

11 events — show timeline

• 2026-04-14 Price Changed $159,500 LERA
• 2026-03-26 Listed $165,000 LERA
• 2025-07-21 Listing Removed — LERA
• 2025-04-01 Price Changed $175,000 LERA
• 2025-04-01 Relisted — LERA
• 2025-03-27 Contingent — LERA
• 2024-11-17 Price Changed $180,000 LERA
• 2024-11-04 Relisted — LERA
• 2024-11-02 Contingent — LERA
• 2024-10-07 Listed $190,000 LERA
• 2005-01-26 Sold (Public Records) — Public Records

Property tax history

+8.9%/yr

Latest (2025): $3,783 · -2.5% YoY. Source: county tax records.