Cash flow properties — the sub-markets that still pencil.
Not every San Antonio neighborhood is a cash-flow market. We work the ones that are, on a conservative underwrite, and ship a shortlist matched to your buy box.
Where the underwrite still works in 2026.
Three sub-market patterns where conservative pro formas have closed recently. Not a forecast — a pattern from actual transactions.
Military-anchored absorption
Strong rental demand from Randolph AFB. Predictable BAH-band rents. Lower vacancy. Conservative cash-on-cash typically lands in the 5-7% range at current debt cost.
Entry price, larger rehab risk
Lower entry, wider yield spread, more execution risk on rehab and tenant base. Conservative underwrite works when GC selection and reserves are tight.
Newer stock, lower spread
Newer rentals, fewer capex surprises, cleaner tenant base. Spreads are tighter; this is the conservative end of the cash-flow universe in SA.
Frequently Asked Questions
What's a realistic cash-on-cash return in San Antonio right now?
4-7% on conservative underwrites in cash-flow sub-markets. Higher pitched numbers usually rely on aggressive rent assumptions, thin reserves, or below-market financing that isn't available to most buyers.
Which sub-markets actually cash flow?
NE side near Randolph AFB, Converse, Schertz, parts of SW San Antonio, and select 1604/151 NW pockets. Stone Oak, Alamo Heights, and Dominion don't pencil as cash-flow buys — they're appreciation plays.
What's your underwriting baseline?
Real comp rents (not pro forma), 8% vacancy, 10% maintenance + capex, taxes and insurance pulled current. Debt service at conservative rate. If it doesn't pencil at that, we don't waste your time touring it.
Do you cover SFR only, or also small multifamily?
Both. Single-family is the cleanest 1-4 unit buy-and-hold. Small multifamily (duplex, triplex, fourplex) opens up in select sub-markets and we cover them through the same buy-box process.
Request Investor Deal Flow
On-market, pre-market, and selective off-market opportunities matched to your criteria — buy-and-hold, BRRRR, DSCR, small multifamily, and land plays.