7446 Perseus Sound

San Antonio, TX 78252

$205,000D+

4 bd · 3.5 ba · 2,675 sqft · Built 2006 · SingleFamily · Active · 255 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,078/mo
• Mortgage (P&I): −$1,075
• Tax + insurance: −$671
• HOA: −$41
• Vac / Maint / Mgmt: −$436
• Net cashflow: $-145/mo
• Annual: $-1,742/yr
• Cap rate: 5.44%
• Cash-on-cash: -3.03%
• DSCR: 0.86
• 1% rule: 1.01%
• Cash to close: $57,400

Investor read

• This is a 4-bed/3.5-bath single-family listed at $205k.
• At list price, monthly cash flow is $-145 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $179k (12.5% below list).
• Meets the 1% rule at list price ($2k rent vs $205k).
• It's been on market 255 days — a 12% lower offer ($180k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $179k (12.5% below list) — sets the bar for cash-flow.
• In year one you build about $1k of equity ($1k loan paydown + $-4 appreciation (-0.0% 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: 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.
• Zoned schools: Sun Valley El (math 21% / reading 29%, grade F, #3,013 of 4,322 statewide, top 70%, 650 students, 80% FRL); Francis R Scobee Middle (math 23% / reading 30%, grade F, #1,200 of 1,662 statewide, top 73%, 856 students, 73% FRL); Southwest H S (math 17% / reading 39%, grade F, #1,170 of 1,632 statewide, top 72%, 2,152 students, 72% FRL) — zoned schools at 75% FRL track the district average.
• Watch-outs: property tax is 3.4% of price.
• Market conditions: Rents soft (-1.7%/yr); 555 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 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.
• 4 sale attempts; this cycle's ask has dropped $15k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Climate carrying-cost: major wind risk, 78% 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 5.4% 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 255 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• 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?
• 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?
• 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?