Fix and Flip in San Antonio

Only on a disciplined buy. ATTOM's Q1 2026 home flipping report put San Antonio metro gross flip ROI at 5.1%, down from 6.5% in the third quarter of 2025, and named it among the smallest margins of any metro over 1 million people. The Texas peer set that quarter: Houston 7.2%, San Antonio 5.1%, Dallas 4.3%, Austin 2.0%, against a 25.4% national figure and a $66,000 national median gross profit. Remember what gross means. It is resale price against purchase price, before rehab, carry, financing and selling costs, so a 5.1% spread does not survive a heavy scope. We still fund San Antonio flips, and we underwrite the purchase price and the comps harder than we would in a market carrying a 25% spread. Run it on the fix and flip calculator before you sign the contract.

Assume you give back part of your ask and assume it takes a season. In June 2026 the SABOR MLS area sold at an average of 93.8% of original list price, which is a 6.2% average concession off the first number the seller published. Average days on market was 77, inventory sat at 6.13 months with 17,409 active listings, and pending sales fell 10% year over year in the same month closings rose 15%, so the closing count is a lagging indicator. Seasonality is steep here too: average days on market ran 98 in January 2026 against 77 in June. Our fix and flip loan runs 6 months, interest-only, so build the rehab schedule and the listing window to fit inside it, haircut your after repair value for that 6.2% concession, and think hard before planning a January exit.

Because Bexar and Kendall are different markets inside the same metro. In the second quarter of 2026, SABOR reported Bexar County resales at $161 per square foot on a $293,832 median and 73 days on market, while Kendall County, which is Boerne, ran $248 per square foot on a $612,383 median and 92 days on market. That is 54% more per foot and roughly 2.1 times the median. Medina came in at $178, Wilson at $193, Atascosa at $165. Blend those into one "San Antonio" number and your ARV is wrong in both directions depending on which side of the line the address sits. Note also that SABOR's county medians are medians of monthly medians, so they are not directly comparable to a single-month figure. Underwrite to subdivision-level comps and use the county number only as a sanity check. Our guide on estimating a rehab budget covers how we size the other half of the deal.

Budget the full unmitigated stack, because none of the homeowner relief reaches you. Inside the city of San Antonio the non-school rates alone total 1.285274 per $100 of value for tax year 2025 (county 0.276331, road and flood 0.023668, city 0.541590, hospital 0.276235, Alamo Colleges 0.149150, river authority 0.018300). Add the school district and the combined rate runs about 2.22% in East Central to 2.54% in Harlandale, with North East ISD at 2.267474 and Northside at 2.290174. Investment property gets no homestead exemption and no 10% appraisal cap, which Tax Code section 23.23 reserves for homesteads. The 20% circuit breaker on non-homestead property under section 23.231 needs a full calendar year of ownership, is stripped on sale, and expires December 31, 2026, so a purchase-rehab-sell inside a year never touches it. On insurance, Bexar County's average homeowners premium was $2,806 in 2025, up from $1,510 in 2019, but still roughly 20% below the Texas average and well under Dallas at $4,363 and Harris at $4,144. San Antonio is not in TWIA territory, so wind and hail stay in the standard market, and hail has been the number one Texas homeowners loss peril in nine of the last ten years. Get real quotes for the specific address, check the parcel for MUD or WCID overlays if it is outside the city, and talk to your CPA about your own situation.

Yes, and the calendar is exactly why speed matters. Texas forecloses non-judicially under Property Code section 51.002. Sales run on the first Tuesday of the month, between 10 a.m. and 4 p.m., at the county courthouse, with notice posted, filed and mailed at least 21 days ahead. If the first Tuesday lands on January 1 or July 4, the sale moves to the first Wednesday. So Bexar distressed inventory arrives in one batch on a hard date, and there is no rescheduling around your financing. There is real volume behind it: Texas recorded 20,739 foreclosure starts and 3,322 bank repossessions in the first half of 2026, both the largest in the nation, on 22,000 total filings. We can get you a term sheet the same day and typically fund within 48 hours of clear title, which puts most files at 5 to 7 days from application, subject to underwriting. Apply now ahead of the posting date rather than the week of the sale.

It does not, and quoting it as if it did is a tell. SABOR's MLS covers 13 South Texas counties: Atascosa, Bee, Bexar, Frio, Karnes, Kendall, La Salle, Maverick, McMullen, Medina, Uvalde, Val Verde and Wilson. Comal County, which is New Braunfels, and Guadalupe County, which is Schertz, Cibolo and Seguin, are not in it, and Converse and Universal City straddle county lines. So the $329,730 June 2026 median and the 77 day average are San Antonio area figures that exclude the IH-35 north growth corridor entirely. If your deal is in New Braunfels or Schertz, pull comps from the board that actually covers it, and expect a different tax stack as well: New Braunfels totalled 1.7517 per $100 for tax year 2025 and Schertz 1.9191, before any MUD overlay, against roughly 2.22% to 2.54% inside the city of San Antonio. Send us the address and we will underwrite the submarket, not the metro.

There is no minimum score on this program. We do run credit, but on an asset-based San Antonio flip it carries far less weight than it would at a bank. The deal is the collateral. Weaker credit is usually answered with lower leverage rather than a decline, and there is no hard credit pull to start. With San Antonio gross flip margins as thin as they are, the purchase price and the comps get more scrutiny than the score does. Subject to underwriting.

About 10% of the purchase, plus closing costs and carry. We fund up to 90% of the purchase price and up to 100% of the rehab budget, capped to ARV. On a $300,000 San Antonio purchase that is up to $270,000 from us and $30,000 from you (300,000 x 90% = 270,000), with the rehab drawn against the schedule instead of paid up front. Then budget the carry, because the term is 6 months, interest-only and the Bexar County tax and insurance stack runs on top of it. Subject to underwriting.

It can, since we write from $100,000 up to $5 million. The floor is worth checking here, because Bexar County resale traded at $161 per square foot on a $293,832 median in the second quarter of 2026, so most San Antonio single-family deals clear it while a low-basis buy can land under it. The loan amount is what has to clear the floor, not the after repair value. If your purchase is small, send the full scope and we will tell you straight whether it fits. Subject to underwriting.

No. First-time flippers are welcome on this program. What we underwrite is the purchase price, the rehab scope and the ARV, so on a first San Antonio deal expect us to push harder on the comps than on your resume. Given how thin gross flip margins are in this metro, that scrutiny works in your favor. The term is 6 months, interest-only, so have the scope and the contractor lined up before you close rather than after. Subject to underwriting.