21161 Boulder Flts

San Antonio, TX 78266

$399,000D-

4 bd · 2.5 ba · 1,822 sqft · Built 2025 · SingleFamily · Active · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,305/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$234
• HOA: −$80
• Vac / Maint / Mgmt: −$484
• Net cashflow: $-586/mo
• Annual: $-7,027/yr
• Cap rate: 4.53%
• Cash-on-cash: -6.29%
• DSCR: 0.72
• 1% rule: 0.58%
• Cash to close: $111,720

Investor read

• This is a 4-bed/2.5-bath single-family listed at $399k.
• At list price, monthly cash flow is $-586 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $296k (25.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $230k (42.2% below list).
• It's been on market 90 days — a 6% lower offer ($375k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $230k (42.2% below list) — sets the bar for 1% rule.
• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• 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.
• North East ISD (urban): math 38% / reading 49% proficiency, ranked #276 of 826 in TX (top 33%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 225 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 90 days. Have you received any prior offers? Is the seller open to a 42% 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.
• 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?
• 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.