Question 1

How much does the tax carry change from Bexar to Comal to Guadalupe?

Accepted Answer

Enough that a metro average will misprice half your schedule. On tax year 2025 rates, the county rate alone runs 0.299999 per $100 in Bexar, 0.305015 in Comal, 0.330400 in Guadalupe and 0.377000 in Kendall. What matters more is the full stack. A City of San Antonio address carries roughly 2.22% to 2.54% a year depending on the school district, against city plus school sums of 1.7517 in New Braunfels, 1.9191 in Schertz, 1.9267 in Seguin and 1.9299 in Cibolo. Those suburban sums exclude overlays. Non-homestead investment property gets neither the homestead exemption nor the 10% appraisal cap, both of which are homestead-only under Tax Code section 23.23, so what you see is what you pay. Send the parcel list and we'll underwrite each door on its own taxing units rather than a blended rate. Your CPA should confirm how it lands on your entity.

Question 2

Do utility districts really move the number that much on a suburban door?

Accepted Answer

Yes, and they can flip the suburb from the cheap carry to the expensive one. Special district overlays in this metro include Meyer Ranch MUD at 0.95 per $100 and Park Place MUD at 1.20, plus Comal WID 1A at 0.79, Guadalupe MUD 6 and 10 at 0.80 and Kendall WCID 3A at 1.10. Add 1.20 to a Comal or Guadalupe base stack in the 1.75 to 1.93 range and the parcel lands above the City of San Antonio total, not below it. This is exactly where a portfolio underwrite goes wrong, because the growth-corridor subdivisions along IH-35 north and US 281 north are where new inventory is, and new inventory is where the districts are. Pull the full list of taxing units for every parcel from the appraisal district before you assume the suburbs are the cheaper hold. The Bexar Appraisal District protest deadline is May 15 for the 2026 cycle, and the same statutory deadline applies across Texas under Tax Code section 41.44.

Question 3

Rents are soft here. How do you underwrite coverage across a whole schedule?

Accepted Answer

Door by door, on collected rent, with a conservative view of where rent goes next. Every rent source in this metro was flat or negative as of mid-2026. San Antonio carried the highest apartment vacancy of any major U.S. multifamily market at 15.7%, with 72% of properties offering a concession, and asking rents fell for a fourth consecutive quarter to a five-year low. Average apartment rent was $1,264 in August 2026, down 2.65% year over year. On the house side, average residential rent across the SABOR MLS area was $1,864 in June 2026 across 4,642 active listings. Those are different property types and should never be blended, but they point the same direction, and a Class-B or C house competes for the same tenant as a discounted new apartment. A blanket loan is only as strong as its weakest doors, so we look at coverage on the pool and at the concentration inside it rather than one portfolio-wide ratio. Run your own numbers first with the DSCR calculator.

Question 4

What happens to the 20% non-homestead cap when I sell a door out of the blanket?

Accepted Answer

It is stripped on sale, and on the current statute it goes away for everyone after December 31, 2026. Texas Tax Code section 23.231 caps the annual increase in appraised value on non-homestead real property at 20% for properties at or below a threshold that indexes each year, which the Bexar Appraisal District puts at $5.32 million for 2026. Two conditions matter to a portfolio. The property must have been owned for a full calendar year before the limit applies, so a door bought this year is uncapped next year. And the limitation ends when the property sells, so the buyer starts over. Section 23.231(k) expires the whole provision on December 31, 2026 unless the Legislature extends it. On a single rental that is a line item. On a blanket loan every property in the pool loses the same protection in the same tax year, and a release schedule resets it again on whatever you keep buying. We underwrite portfolio debt service on the go-forward assessed bills, not on last year's. Talk to your CPA or property tax counsel about your specific parcels.

Question 5

How much of a portfolio can lean on Joint Base San Antonio tenants?

Accepted Answer

More than most metros would allow, but it is still concentration and we will price it as concentration. JBSA supports 74,713 direct employees and 223,349 total jobs with $53.5 billion in economic output, and it runs an average daily student load of 23,867, so there is a constantly cycling trainee population on top of permanent end strength. The 2026 basic allowance for housing in the San Antonio military housing area pays an E-5 with dependents $1,869 a month and an O-3 with dependents $2,127. The E-5 figure sits within $5 of the $1,864 average residential rent SABOR reported for June 2026, so near the bases the allowance is not a comp, it is the market. Randolph AFB anchors demand in Universal City, Schertz, Converse and Cibolo, and apartment asking rents in those suburbs ran $1,133 to $1,343 as of August 2026. That tenant base is durable, and it is also a rent ceiling: if several doors in the pool are priced well above the local allowance tier, be ready to say who pays it. Worth keeping in view that metro nonfarm employment grew only 0.62% year over year to June 2026, with unemployment at 4.8%.

Question 6

How should I set the release schedule if I plan to sell doors out of the loan?

Accepted Answer

Around a real marketing period, and around the right comp set for each county. As of June 2026 the metro ran 6.13 months of inventory with 17,409 active listings and 77 average days on market, and the average sale closed at 93.8% of its original list price, a 6.2% concession off the ask. Total list to close ran roughly 111 days in San Antonio and 120 in New Braunfels. Seasonality is steep, with 98 average days on market in January 2026 against 77 in June, so a door released in winter is a different exit than the same door in summer. One local trap on valuation: SABOR's MLS covers 13 South Texas counties including Bexar and Kendall, but not Comal or Guadalupe, so New Braunfels, Schertz, Cibolo and Seguin doors need a separate comp source. Bexar traded at $161 per square foot in Q2 2026 against Kendall at $248, so those are not interchangeable either. Title cost is one thing you can pin down in advance, since Texas title premiums are promulgated by the Department of Insurance and identical at every company, at $780 on a $100,000 policy and $780 plus 0.00494 per dollar above that on the current schedule effective March 1, 2026. Tell us about the portfolio and we'll structure the releases around the doors you actually plan to sell.

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