2 ACRES New Sulphur Springs Rd · San Antonio, TX 78263

$214,900

4 bd · 2.0 ba · 2,305 sqft · SingleFamily · 73 Days on market

Built 2026 Good condition 2.00 ac lot $93/sqft · 11% below area Est $240k · 11% under

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Why this score? — see what drove the C 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 +20.8/30.0
• ARV discount +12.3/15.0
• DSCR +6.6/10.0
• 1% rule +5.5/10.0
• Livability +4.0/5.0
• Condition / age +4.0/5.0
• Rent growth +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Brand-New Modular Home on 2 Acres - Under $215,000! Take advantage of this rare opportunity to own a new construction "to-be-built" modular home in a rural location, yet inside Loop 1604 - an ideal blend of country living with nearby conveniences! The home can be built on a concrete foundation and qualifies for FHA, VA, and Conventional financing. Enjoy the peace of mind that comes with all-new utilities, systems, and upgrades, paired with the freedom of living on a generously sized property. The proposed floor plan offers excellent living spaces including the open Living Room / Kitchen / Dining Room, plus a separate Family Room with nearby "Tech Space" Office & Mud Room! Custom finishes available - Buyers still have the chance to select interior finishes and personalize the home to their taste. This listing price is land and home only. Buyer has the option to install & connect utilities or add that to the total sales price. The land is ideal for country living and has space for your "mini farm", with a seasonal creek that renders some of the acreage in the 100-year flood plain. Home photos are for inspirational purposes only and are from similar nearby project. Final home placement, orientation, and features may vary.

Key facts

• 2 acre lot
• Built 2026
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $215k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $293 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $202k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.9% 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.
• East Central ISD (rural): math 16% / reading 25% proficiency, ranked #758 of 826 in TX (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 277 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($202k) is reasonable based on typical stale-listing flexibility.

Recommended offer $202,006 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.05% ✓
• Cap rate: 7.93%
• Cash-on-cash: 5.85%
• DSCR: 1.26
• GRM: 8.0

CMA / ARV

• ARV (median comp): $240,479
• List price: $214,900
• Delta: -10.64%
• 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
5721 Provo	0.74mi	4/3.0	2,252 (-2%)	2mo	$469,990	$209	56
7105 Aqua Marine	0.71mi	4/3.0	2,210 (-4%)	1mo	$286,999	$130	55
7006 Aqua Marine	0.71mi	4/3.0	2,378 (+3%)	3mo	$269,999	$114	55
8217 Blue Pearls	0.71mi	4/3.0	2,378 (+3%)	5mo	$279,999	$118	53
8216 Blue Pearls	0.71mi	4/3.0	2,210 (-4%)	4mo	$254,999	$115	53
8203 Queen Marie	0.71mi	4/2.5	2,173 (-6%)	6mo	$235,999	$109	50
6915 Aqua Marine	0.71mi	4/3.0	2,210 (-4%)	8mo	$271,999	$123	50
7003 Aqua Marine	0.71mi	4/3.0	2,024 (-12%)	4mo	$248,999	$123	39
7002 Aqua Marine	0.71mi	4/3.0	2,024 (-12%)	5mo	$274,999	$136	38
8210 Blue Pearls	0.71mi	4/3.0	2,024 (-12%)	6mo	$281,924	$139	37
6903 Aqua Marine	0.71mi	4/3.0	2,024 (-12%)	7mo	$286,999	$142	36
6919 Aqua Marine	0.71mi	4/3.0	2,024 (-12%)	8mo	$248,999	$123	36

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

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.2%
• Equity multiple: 0.73×
• Total profit: $-16,096
• Equity at exit: $32,042

10-year hold

• IRR: 2.4%
• Equity multiple: 1.17×
• Total profit: $10,192
• Equity at exit: $18,581

Cash invested: $60,172 (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 78263

• Home prices YoY: -8.1%
• Active inventory: 277
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,251 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,224/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$473
• Net cashflow: $293

Break-even live

Break-even rent $1,880

Max offer price $214,900

Occupancy floor 82%

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: $53,725
• Closing costs: $6,447
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7316 Green Sapphire San Antonio, TX	4.0	2.0	1600	$1,750	$1.09	22d	1	0.97mi
5330 Kody Crk San Antonio, TX	4.0	2.5	2251	$2,695	$1.20	24d	1	1.21mi

Listing history 14 events

1. 2026-06-18
   days on market $214,900 Active 73 DOM
2. 2026-06-17
   days on market $214,900 Active 72 DOM
3. 2026-06-16
   days on market $214,900 Active 71 DOM
4. 2026-06-15
   days on market $214,900 Active 70 DOM
5. 2026-06-13
   days on market $214,900 Active 68 DOM
6. 2026-06-09
   days on market $214,900 Active 64 DOM
7. 2026-06-08
   days on market $214,900 Active 63 DOM
8. 2026-06-07
   days on market $214,900 Active 62 DOM
9. 2026-06-04
   days on market $214,900 Active 59 DOM
10. 2026-06-03
    days on market $214,900 Active 58 DOM
11. 2026-06-02
    days on market $214,900 Active 57 DOM
12. 2026-06-01
    days on market $214,900 Active 56 DOM
13. 2026-05-31
    days on market $214,900 Active 55 DOM
14. 2026-04-06
    listed $214,900 New 1279-char remark

    Show marketing remark (1279 chars)

    Brand-New Modular Home on 2 Acres - Under $215,000! Take advantage of this rare opportunity to own a new construction "to-be-built" modular home in a rural location, yet inside Loop 1604 - an ideal blend of country living with nearby conveniences! The home can be built on a concrete foundation and qualifies for FHA, VA, and Conventional financing. Enjoy the peace of mind that comes with all-new utilities, systems, and upgrades, paired with the freedom of living on a generously sized property. The proposed floor plan offers excellent living spaces including the open Living Room / Kitchen / Dining Room, plus a separate Family Room with nearby "Tech Space" Office & Mud Room! Custom finishes available - Buyers still have the chance to select interior finishes and personalize the home to their taste. This listing price is land and home only. Buyer has the option to install & connect utilities or add that to the total sales price. The land is ideal for country living and has space for your "mini farm", with a seasonal creek that renders some of the acreage in the 100-year flood plain. Home photos are for inspirational purposes only and are from similar nearby project. Final home placement, orientation, and features may vary.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $27,017
• − Mortgage interest: −$12,038
• − Property taxes: −$3,224
• − Insurance: −$1,074
• − Repairs & maintenance: −$2,161
• − Management: −$2,161
• − Depreciation: −$6,252
• Taxable income: $107
• Est. tax owed @ 24.0%: −$26
• After-tax cash flow: $3,496/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.

Condition & rehab AI · 12 photos

Good 80/100 None rehab

This brand-new modular home is in excellent condition with modern finishes and a spacious layout. It offers a great opportunity for a buyer looking for a move-in-ready property with potential for further value enhancement.

Value-add opportunities

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers
• Both Add a small garden or flower bed near the front door — Improves the home's aesthetic and can increase its value
• Both Install a smart home system — Enhances convenience and can appeal to tech-savvy buyers

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping and curb appeal improvements — Enhances the home's curb appeal and can attract more buyers ↑
• Both Add a small garden or flower bed near the front door — Improves the home's aesthetic and can increase its value ↑
• Both Install a smart home system — Enhances convenience and can appeal to tech-savvy buyers ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: East Central ISD
• NCES district ID: 4817850
• Math proficiency: 16% ▼ -12.00%
• Reading proficiency: 25% ▼ -6.00%
• Median HH income: $53,941
• Composite: 18.67/100
• National rank: #8887
• State rank: #758 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

• City population: 1,806,925
• Population (ZIP): 4,514

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: Hispanic / Latino 45% White 43% Two or more races 24% Black 10%
• Hispanic origin (detail): Mexican 35% Puerto Rican 2% Dominican 2%
• Common ancestry: Romanian 9% Iranian 1% Scotch-Irish 1%
• Foreign-born: 10% · Canada, Dominican Republic
• Languages at home: 71% English-only · Spanish 29%

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: ▼ -28.29%
• Current HPI: 322.4738
• Rent YoY: —
• Metro: —
• 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

1 event — show timeline

• 2026-04-06 Listed $214,900 LERA