2435 Sundrop Bay · San Antonio, TX 78224

$215,000

3 bd · 2.0 ba · 2,254 sqft · SingleFamily public records · 131 Days on market

Built 2015 5,575 sqft lot $95/sqft · 19% below area Est $265k · 19% under $21/mo HOA · 1% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +14.6/30.0
• Appreciation +10.0/10.0
• 1% rule +5.6/10.0
• DSCR +4.5/10.0
• Livability +4.0/5.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Schools +1.4/10.0

Listing remarks MLS

Estate sale property, no seller disclosure. Large and open four bedroom, three bath home, in the well-maintained Lago Vista subdivision. Open floor plan, with large kitchen overlooking dining and living space. Primary bedroom upstairs, with a full bath and walk in closet. Two additional ample sized bedrooms up, and a game room for those fun activities! Full bedroom and bath downstairs can be used as a office or guest suite. Large privacy fenced back yard, with open palate for any back yard creation. Two car attached garage with garage door opener. Make this home yours!

Key facts

• Open floor plan
• Large kitchen
• Walk in closet

Tags

• OPEN FLOOR PLAN
• LARGE KITCHEN
• PRIMARY BEDROOM UPSTAIRS
• WALK IN CLOSET
• GAME ROOM
• PRIVACY FENCED BACK YARD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $215k.

Deal economics

• At list price, monthly cash flow is $51 ($612/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: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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.
• South San Antonio ISD (urban): math 13% / reading 20% proficiency, ranked #804 of 826 in TX (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Market conditions: Rents flat; 274 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 8,308 units permitted in Bexar County in 2024 (2,506 in 5+ unit buildings).
• At $2,273/mo this rent would consume 46% of the median local household income ($60k/yr) (locally 721% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Bexar County population projected at +50% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 0.8% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 131 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $30k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price.
• Climate carrying-cost: severe wind risk, 80% chance of damaging wind over 30y; extreme-heat days projected 9→28/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 131 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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.
8. 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.
9. 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: 1.06% ✓
• Cap rate: 6.58%
• Cash-on-cash: 1.02%
• DSCR: 1.05
• GRM: 7.9

CMA / ARV

• ARV (median comp): $264,926
• List price: $215,000
• Delta: -18.85%
• 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
8938 Victoria Lk	0.09mi	4/3.0 (+1)	2,245 (-0%)	2mo	$285,000	$127	84
2218 Flora Vis	0.11mi	4/2.5 (+1)	2,229 (-1%)	6mo	$275,000	$123	81
2535 Sundrop Bay	0.08mi	3/2.5	1,920 (-15%)	1mo	$219,900	$115	69
1418 Sunbend	0.48mi	3/2.5	2,429 (+8%)	3mo	$293,000	$121	60
1318 Sunbend	0.40mi	4/2.5 (+1)	2,429 (+8%)	10mo	$284,000	$117	53
2219 Sundrop Bay	0.22mi	4/2.5 (+1)	2,496 (+11%)	22mo	$279,500	$112	46
1626 Sunbend Fls	0.56mi	4/2.5 (+1)	2,429 (+8%)	11mo	$270,000	$111	44
8943 Rhoda Ave	0.51mi	3/2.5	2,072 (-8%)	22mo	$250,000	$121	42
1915 Calais	0.51mi	4/1.5 (+1)	2,032 (-10%)	15mo	$176,000	$87	40
8722 Sunview Park	0.35mi	4/2.5 (+1)	2,500 (+11%)	23mo	$254,900	$102	39
8914 Redbird Sun	0.66mi	4/2.5 (+1)	2,500 (+11%)	9mo	$285,000	$114	36
148 Doolittle St	0.64mi	4/2.5 (+1)	2,390 (+6%)	20mo	$375,000	$157	36

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

Projected returns pro-forma

10.0% appreciation · 0.83% rent growth · sell at horizon

5-year hold

• IRR: 24.2%
• Equity multiple: 2.92×
• Total profit: $115,679
• Equity at exit: $193,689

10-year hold

• IRR: 20.8%
• Equity multiple: 6.47×
• Total profit: $329,476
• Equity at exit: $417,698

Cash invested: $60,200 (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 78224

• Home prices YoY: 12.4%
• Rents YoY: 0.8%
• Active inventory: 274
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,273 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$507 /mo · $6,079/yr
• Insurance: −$90
• HOA: −$21
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $51

Break-even live

Break-even rent $2,208

Max offer price $215,000

Occupancy floor 93%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2219 Sundrop Bay San Antonio, TX	4.0	2.5	2496	$2,850	$1.14	2d	1	0.23mi
2115 Sundrop Bay San Antonio, TX	4.0	2.5	2314	$1,965	$0.85	1d	1	0.30mi
2115 Bigmouth Rod San Antonio, TX	4.0	2.5	1847	$1,755	$0.95	43d	1	1.44mi
1202 W Formosa Blvd Unit 3 San Antonio, TX	2.0	1.0	2772	$900	$0.32	43d	1	1.44mi
2111 Bigmouth Rod San Antonio, TX	4.0	2.5	1917	$1,700	$0.89	43d	1	1.44mi
2107 Bigmouth Rod San Antonio, TX	3.0	2.5	1777	$1,675	$0.94	43d	1	1.44mi

HOA detail

• Monthly dues: $21 · $252/yr

Listing history 11 events

1. 2026-05-19
   historical Active Option 582-char remark

   Show marketing remark (582 chars)

   Estate sale property, no seller disclosure. Large and open four bedroom, three bath home, in the well-maintained Lago Vista subdivision. Open floor plan, with large kitchen overlooking dining and living space. Primary bedroom upstairs, with a full bath and walk in closet. Two additional ample sized bedrooms up, and a game room for those fun activities! Full bedroom and bath downstairs can be used as a office or guest suite. Large privacy fenced back yard, with open palate for any back yard creation. Two car attached garage with garage door opener. Make this home yours!

2. 2026-05-07
   price $215,000 582-char remark

   Show marketing remark (582 chars)

   Estate sale property, no seller disclosure. Large and open four bedroom, three bath home, in the well-maintained Lago Vista subdivision. Open floor plan, with large kitchen overlooking dining and living space. Primary bedroom upstairs, with a full bath and walk in closet. Two additional ample sized bedrooms up, and a game room for those fun activities! Full bedroom and bath downstairs can be used as a office or guest suite. Large privacy fenced back yard, with open palate for any back yard creation. Two car attached garage with garage door opener. Make this home yours!

3. 2026-04-14
   price $225,000 582-char remark

   Show marketing remark (582 chars)

   Estate sale property, no seller disclosure. Large and open four bedroom, three bath home, in the well-maintained Lago Vista subdivision. Open floor plan, with large kitchen overlooking dining and living space. Primary bedroom upstairs, with a full bath and walk in closet. Two additional ample sized bedrooms up, and a game room for those fun activities! Full bedroom and bath downstairs can be used as a office or guest suite. Large privacy fenced back yard, with open palate for any back yard creation. Two car attached garage with garage door opener. Make this home yours!

4. 2026-02-19
   price $235,000 582-char remark

   Show marketing remark (582 chars)

   Estate sale property, no seller disclosure. Large and open four bedroom, three bath home, in the well-maintained Lago Vista subdivision. Open floor plan, with large kitchen overlooking dining and living space. Primary bedroom upstairs, with a full bath and walk in closet. Two additional ample sized bedrooms up, and a game room for those fun activities! Full bedroom and bath downstairs can be used as a office or guest suite. Large privacy fenced back yard, with open palate for any back yard creation. Two car attached garage with garage door opener. Make this home yours!

5. 2026-01-16
   listed $245,000 New 582-char remark

   Show marketing remark (582 chars)

   Estate sale property, no seller disclosure. Large and open four bedroom, three bath home, in the well-maintained Lago Vista subdivision. Open floor plan, with large kitchen overlooking dining and living space. Primary bedroom upstairs, with a full bath and walk in closet. Two additional ample sized bedrooms up, and a game room for those fun activities! Full bedroom and bath downstairs can be used as a office or guest suite. Large privacy fenced back yard, with open palate for any back yard creation. Two car attached garage with garage door opener. Make this home yours!

6. 2016-12-22
   historical
7. 2016-12-06
   price $180,000
8. 2016-09-12
   price $195,000
9. 2016-08-19
   price $205,000
10. 2016-08-10
    listed $195,000 New
11. 2015-07-28
    soldstatus

ⓘ 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: $6,079 · $507/mo
• Projected year-2 tax: $6,079 · $507/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 4/10 Moderate
• 🌡 Heat 9/10 Extreme 9 d/yr ≥109°F today · 28 d/yr by 30 yrs out
• 💨 Wind 8/10 Severe 80% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,276
• − Mortgage interest: −$12,043
• − Property taxes: −$6,079
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,182
• − Management: −$2,182
• − HOA: −$252
• − Depreciation: −$6,255
• Taxable loss: −$2,792
• Est. tax savings @ 24.0%: +$670
• After-tax cash flow: $1,282/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: South San Antonio ISD
• NCES district ID: 4840680
• Math proficiency: 13% ▼ -20.00%
• Reading proficiency: 20% ▼ -10.00%
• Median HH income: $35,460
• Composite: 13.6/100
• National rank: #9511
• State rank: #804 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
• County: Bexar County · 1,990,555 people
• City population: 1,806,925
• Metro: San Antonio-New Braunfels, TX
• Population (ZIP): 22,232
• Household income: $59,891
• Rent vs Own: 42.3% rent · 57.7% own
• Severe rent burden: 721.0

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: Predominantly Hispanic (90%)
• Race & ethnicity: Hispanic / Latino 90% Two or more races 24% White 6% Native American 2% Asian 2%
• Hispanic origin (detail): Mexican 75%
• Common ancestry: Italian 1%
• Foreign-born: 18% · Canada, Vietnam, China
• Languages at home: 44% English-only · Spanish 55% Chinese 1%

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: ▲ 29.95%
• Current HPI: 272.0709
• Rent YoY: ▲ 0.83%
• Metro: San Antonio-New Braunfels, TX
• 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

+10.3% since first listed

11 events — show timeline

• 2026-05-19 Contingent — LERA
• 2026-05-07 Price Changed $215,000 LERA
• 2026-04-14 Price Changed $225,000 LERA
• 2026-02-19 Price Changed $235,000 LERA
• 2026-01-16 Listed $245,000 LERA
• 2016-12-22 Listing Removed — LERA
• 2016-12-06 Price Changed $180,000 LERA
• 2016-09-12 Price Changed $195,000 LERA
• 2016-08-19 Price Changed $205,000 LERA
• 2016-08-10 Listed $195,000 LERA
• 2015-07-28 Sold (Public Records) — Public Records

Property tax history

+37.3%/yr

Latest (2025): $6,079 · +0.0% YoY. Source: county tax records.