170 De Chantle #107

San Antonio, TX 78201

$54,000C

2 bd · 1.0 ba · 821 sqft · Built 1969 · Condo · Pending · 84 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,043/mo
• Mortgage (P&I): −$283
• Tax + insurance: −$173
• HOA: −$344
• Vac / Maint / Mgmt: −$219
• Net cashflow: $24/mo
• Annual: $291/yr
• Cap rate: 6.83%
• Cash-on-cash: 1.93%
• DSCR: 1.09
• 1% rule: 1.93%
• Cash to close: $15,120

Investor read

• This is a 2-bed/1.0-bath condo listed at $54k.
• At list price, monthly cash flow is $24 ($291/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $54k).
• It's been on market 84 days — a 6% lower offer ($51k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $51k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $373 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: Maverick El (math 12% / reading 22%, grade F, #3,836 of 4,322 statewide, top 91%, 499 students, 93% 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: property tax is 3.3% of price; HOA is 33% of rent.
• Market conditions: Rents rising (+2.8%/yr); 181 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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.
• Climate carrying-cost: major wind risk, 71% chance of damaging wind over 30y; extreme-heat days projected 7→22/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.8% 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

• It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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?