6611 Southpoint St #128

San Antonio, TX 78229

$78,500D+

2 bd · 2.0 ba · 864 sqft · Built 1968 · Condo · Active · 31 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,026/mo
• Mortgage (P&I): −$412
• Tax + insurance: −$197
• HOA: −$225
• Vac / Maint / Mgmt: −$216
• Net cashflow: $-23/mo
• Annual: $-278/yr
• Cap rate: 6.96%
• Cash-on-cash: 2.36%
• DSCR: 1.11
• 1% rule: 1.31%
• Cash to close: $21,980

Investor read

• This is a 2-bed/2.0-bath condo listed at $78k. Condition is rated good.
• At list price, monthly cash flow is $-23 ($-278/yr) — negative.
• To cash-flow at today's rent, offer at most $75k (4.3% below list).
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 31 days — a 3% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $75k (4.3% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $543 of loan paydown is wiped out by about $2k 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: 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.
• Zoned schools: Baskin El (math 12% / reading 27%, grade F, #3,583 of 4,322 statewide, top 86%, 307 students, 86% FRL); Longfellow Middle (math 7% / reading 15%, grade F, #1,634 of 1,662 statewide, top 99%, 646 students, 92% FRL); Jefferson H S (math 28% / reading 30%, grade F, #1,147 of 1,632 statewide, top 71%, 1,686 students, 87% FRL, charter).
• Watch-outs: flood insurance adds $66/mo; HOA is 22% of rent.
• Market conditions: Rents soft (-3.0%/yr); 25 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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.
• 14 sale attempts since 21y 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.
• Climate carrying-cost: severe flood risk; major wind risk, 77% chance of damaging wind over 30y; extreme-heat days projected 5→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% 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.

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 31 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?