262 Ray Ave · San Antonio, TX 78204-2042

$179,000

2 bd · 1.0 ba · 1,258 sqft · SingleFamily public records · 79 Days on market

Built 1940 4,530 sqft lot $142/sqft · 7% above area Est $168k · 7% over

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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 +10.0/30.0
• Appreciation +5.0/10.0
• ARV discount +4.5/15.0
• Livability +4.0/5.0
• 1% rule +3.8/10.0
• DSCR +2.9/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Whether you're an investor seeking lucrative returns or a judicious family craving the unique home, this home free from HOA restrictions, is a passive income opportunity. Live in one and rent the second! Or keep loved ones close? This corner lot home that includes a 1 bed 1 bath casita is seeking that special someone with the big picture mindset! Close to heart of downtown San Antonio! Embrace the possibilities.

Key facts

• Casita
• Corner lot
• 4,530 sq ft lot

Tags

• CORNER LOT
• CASITA
• PASSIVE INCOME OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $179k.

Deal economics

• At list price, monthly cash flow is $-107 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $160k (10.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $157k (12.1% below list).
• Recommended offer: $157k (12.1% below list) — sets the bar for 1% rule.
• Cap rate 5.6% 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: 1 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 79 days — a 6% lower offer ($168k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 6→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $157,265 (12.1% 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 79 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1940 — 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: 0.88% ✗
• Cap rate: 5.58%
• Cash-on-cash: -2.56%
• DSCR: 0.89
• GRM: 9.5

CMA / ARV

• ARV (median comp): $167,706
• List price: $179,000
• Delta: 6.73%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
406 Oriental	0.22mi	2/2.0	1,328 (+6%)	10mo	$214,988	$162	68
205 Frio City	0.23mi	1/1.5 (-1)	1,164 (-8%)	6mo	$150,000	$129	65
141 Goodwin	0.13mi	3/2.0 (+1)	1,148 (-9%)	11mo	$130,000	$113	61
123 Alvarez Pl	0.48mi	3/1.0 (+1)	1,222 (-3%)	14mo	$147,550	$121	56
319 Roslyn	0.41mi	3/2.0 (+1)	1,150 (-9%)	3mo	$199,000	$173	55
335 Kemper	0.55mi	3/2.0 (+1)	1,280 (+2%)	11mo	$245,500	$192	54
144 Cumberland Rd	0.26mi	3/1.0 (+1)	1,110 (-12%)	19mo	$110,000	$99	48
715 Ripford	0.68mi	3/2.0 (+1)	1,200 (-5%)	7mo	$228,000	$190	46
643 Mercedes St	0.65mi	2/1.0	1,152 (-8%)	15mo	$180,000	$156	43
330 Givens Ave	0.44mi	3/2.0 (+1)	1,438 (+14%)	6mo	$259,900	$181	42
222 Taft Blvd	0.61mi	3/2.0 (+1)	1,351 (+7%)	14mo	$235,000	$174	39
343 Barrett	0.71mi	3/1.5 (+1)	1,116 (-11%)	9mo	$119,900	$107	34

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: 5.2%
• Equity multiple: 1.30×
• Total profit: $14,859
• Equity at exit: $80,486

10-year hold

• IRR: 8.2%
• Equity multiple: 2.25×
• Total profit: $62,577
• Equity at exit: $124,039

Cash invested: $50,120 (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 78204-2042

• Active inventory: 1
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $1,573 high
• Mortgage (P&I): −$939
• Tax from tax record: −$336 /mo · $4,030/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$330
• Net cashflow: $-107

Break-even live

Break-even rent $1,708

Max offer price $160,148

Occupancy floor —

Sensitivity live

Price	-10% $-5	-5% $-56	+0% $-107	+5% $-157	+10% $-208
Rent	-10% $-231	-5% $-169	+0% $-107	+5% $-45	+10% $18
Rate	-1.0pp $-17	-0.5pp $-61	base $-107	+0.5pp $-153	+1.0pp $-200

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: $44,750
• Closing costs: $5,370
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
310 Finton Unit A San Antonio, TX	1.0	1.0	960	$850	$0.89	44d	1	0.17mi
333 Frio City Rd Unit 1 San Antonio, TX	2.0	1.0	1350	$1,350	$1.00	11d	1	0.25mi
242 Drake Ave Unit 242 San Antonio, TX	3.0	2.0	1472	$1,700	$1.15	44d	1	0.25mi
231 Ceralvo St Unit Na San Antonio, TX	3.0	2.0	1160	$1,695	$1.46	44d	1	0.30mi
1901 S San Marcos Unit 710 San Antonio, TX	2.0	2.0	985	$1,147	$1.16	3d	1	0.30mi
410 N Park Blvd San Antonio, TX	3.0	2.0	1326	$1,650	$1.24	44d	1	0.32mi
542 Drake Ave San Antonio, TX	3.0	2.0	1368	$1,875	$1.37	44d	1	0.44mi
222 Glass Ave San Antonio, TX	2.0	2.0	1007	$2,400	$2.38	44d	1	0.48mi
415 Furnish Ave San Antonio, TX	3.0	2.0	1670	$1,995	$1.19	18d	1	0.50mi
438 Pruitt Ave #1 San Antonio, TX	2.0	1.0	980	$1,245	$1.27	44d	1	0.52mi
319 Noria St San Antonio, TX	3.0	1.0	1002	$1,100	$1.10	24d	1	0.63mi
2406 S Laredo St San Antonio, TX	3.0	1.0	944	$1,200	$1.27	15d	1	0.69mi
450 Taft Blvd San Antonio, TX	3.0	1.0	883	$1,295	$1.47	44d	1	0.78mi
120 Bank St San Antonio, TX	3.0	2.0	1035	$1,495	$1.44	44d	1	0.80mi
120 Bank St San Antonio, TX	3.0	2.0	1035	$1,450	$1.40	20d	1	0.80mi
308 Keller St San Antonio, TX	3.0	2.0	1296	$3,400	$2.62	44d	1	0.80mi
218 Tampico St San Antonio, TX	2.0	1.0–2.0	808	$1,623	$2.01	3d	28	0.81mi
305 Keller St Unit NA San Antonio, TX	3.0	2.0	1200	$1,800	$1.50	15d	1	0.82mi
614 Chihuahua St San Antonio, TX	3.0	2.0	1082	$1,400	$1.29	44d	1	0.84mi
1938 S Zarzamora St Unit 710 San Antonio, TX	2.0	2.0	955	$1,102	$1.15	3d	1	0.84mi
302 W Cevallos Unit 1 San Antonio, TX	2.0	1.0	1132	$1,550	$1.37	24d	1	0.86mi
203 Nogalitos St #5 San Antonio, TX	3.0	2.5	1872	$3,100	$1.66	24d	1	0.87mi
2003 S Zarzamora St San Antonio, TX	1.0–4.0	1.0–2.0	1028	$1,120	$1.09	24d	1	0.88mi
147 Saint Francis Ave San Antonio, TX	3.0	2.0	1224	$1,800	$1.47	5d	1	0.89mi
626 Kirk Pl San Antonio, TX	2.0	1.0	912	$1,100	$1.21	20d	1	0.92mi
110 Dowdy St San Antonio, TX	3.0	1.0	1120	$1,395	$1.25	24d	1	0.93mi
127 Clay #2 San Antonio, TX	1.0	1.0	936	$1,250	$1.34	44d	1	1.02mi
150 Hearne San Antonio, TX	2.0	1.0	1044	$1,400	$1.34	24d	1	1.04mi
271 E Lambert St San Antonio, TX	3.0	1.0	950	$1,250	$1.32	20d	1	1.06mi
215 E Cevallos San Antonio, TX	3.0	1.0–3.0	1162	$2,348	$2.02	2d	20	1.08mi
939 S Frio St Unit 3294 San Antonio, TX	3.0	2.0	1737	$2,277	$1.31	3d	1	1.09mi
939 S Frio St Unit 2294 San Antonio, TX	2.0	2.0	931	$1,467	$1.58	3d	1	1.09mi
1011 S Frio St San Antonio, TX	3.0	1.0–3.0	1121	$1,820	$1.62	2d	32	1.12mi
262 E Cevallos San Antonio, TX	2.0	2.5	1354	$2,055	$1.52	44d	1	1.13mi
1102 El Paso St San Antonio, TX	1.0–3.0	1.0–2.0	888	$1,116	$1.26	4d	1	1.13mi
330 Clay St #24 San Antonio, TX	2.0	2.0	1424	$2,395	$1.68	13d	1	1.14mi
330 Clay St #28 San Antonio, TX	3.0	2.5	1670	$2,400	$1.44	44d	1	1.14mi
302 E Cevallos St Unit 1 San Antonio, TX	2.0	1.0	1132	$1,550	$1.37	24d	1	1.14mi
131 Elsie Unit 301 San Antonio, TX	2.0	1.0	950	$795	$0.84	5d	1	1.14mi
1209 El Paso St San Antonio, TX	2.0	1.0	966	$975	$1.01	24d	1	1.15mi

Listing history 23 events

1. 2026-06-18
   days on market $179,000 Active 79 DOM
2. 2026-06-17
   days on market $179,000 Active 78 DOM
3. 2026-06-16
   days on market $179,000 Active 77 DOM
4. 2026-06-15
   days on market $179,000 Active 76 DOM
5. 2026-06-13
   days on market $179,000 Active 74 DOM
6. 2026-06-09
   days on market $179,000 Active 70 DOM
7. 2026-06-08
   days on market $179,000 Active 69 DOM
8. 2026-06-07
   days on market $179,000 Active 68 DOM
9. 2026-06-04
   days on market $179,000 Active 65 DOM
10. 2026-06-03
    days on market $179,000 Active 64 DOM
11. 2026-06-02
    days on market $179,000 Active 63 DOM
12. 2026-06-01
    days on market $179,000 Active 62 DOM
13. 2026-05-31
    days on market $179,000 Active 61 DOM
14. 2026-04-18
    price $179,000 415-char remark

    Show marketing remark (415 chars)

    Whether you're an investor seeking lucrative returns or a judicious family craving the unique home, this home free from HOA restrictions, is a passive income opportunity. Live in one and rent the second! Or keep loved ones close? This corner lot home that includes a 1 bed 1 bath casita is seeking that special someone with the big picture mindset! Close to heart of downtown San Antonio! Embrace the possibilities.

15. 2026-03-31
    listed $189,000 New 415-char remark

    Show marketing remark (415 chars)

    Whether you're an investor seeking lucrative returns or a judicious family craving the unique home, this home free from HOA restrictions, is a passive income opportunity. Live in one and rent the second! Or keep loved ones close? This corner lot home that includes a 1 bed 1 bath casita is seeking that special someone with the big picture mindset! Close to heart of downtown San Antonio! Embrace the possibilities.

16. 2024-12-31
    historical
17. 2024-09-30
    historical
18. 2024-05-07
    price $240,000
19. 2024-05-06
    listed $240,000 New
20. 2024-03-19
    price $250,000
21. 2024-03-06
    listed $260,000 New
22. 2010-02-28
    historical
23. 2009-05-28
    listed $140,000

ⓘ 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: $4,030 · $336/mo
• Projected year-2 tax: $4,030 · $336/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 · 19 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: $18,872
• − Mortgage interest: −$10,027
• − Property taxes: −$4,030
• − Insurance: −$895
• − Repairs & maintenance: −$1,510
• − Management: −$1,510
• − Depreciation: −$5,207
• Taxable loss: −$4,307
• Est. tax savings @ 24.0%: +$1,034
• After-tax cash flow: $-247/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

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%

Not yet ingested

• Political lean: —
• Race & ethnicity: —
• Common origin: —
• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• 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

+27.9% since first listed

10 events — show timeline

• 2026-04-18 Price Changed $179,000 LERA
• 2026-03-31 Listed $189,000 LERA
• 2024-12-31 Listing Removed — LERA
• 2024-09-30 Listing Removed — LERA
• 2024-05-07 Price Changed $240,000 LERA
• 2024-05-06 Listed $240,000 LERA
• 2024-03-19 Price Changed $250,000 LERA
• 2024-03-06 Listed $260,000 LERA
• 2010-02-28 Listing Removed — LERA
• 2009-05-28 Listed $140,000 LERA

Property tax history

+9.0%/yr

Latest (2025): $4,030 · -0.4% YoY. Source: county tax records.