10835 Bernal Cv

San Antonio, TX 78224

$202,999C

3 bd · 2.0 ba · 1,266 sqft · Built 2026 · SingleFamily · Pending · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,780/mo
• Mortgage (P&I): −$1,065
• Tax + insurance: −$338
• HOA: −$33
• Vac / Maint / Mgmt: −$374
• Net cashflow: $-30/mo
• Annual: $-356/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.63%
• DSCR: 0.97
• 1% rule: 0.88%
• Cash to close: $56,840

Investor read

• This is a 3-bed/2.0-bath single-family listed at $203k. Condition is rated excellent.
• At list price, monthly cash flow is $-30 ($-356/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (2.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $178k (12.3% below list).
• It's been on market 79 days — a 6% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $178k (12.3% below list) — sets the bar for 1% rule.
• In year one you build about $22k of equity ($1k loan paydown + $20k 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.
• Southwest ISD (rural): math 21% / reading 31% proficiency, ranked #701 of 826 in TX (top 85%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 274 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); 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.
• At projected returns (10.0% appreciation + 0.8% rent growth), your $57k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.1% 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.
• This rent runs 36% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 79 days. Have you received any prior offers? Is the seller open to a 12% 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?
• 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.
• 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.