We found a some new construction in south San Antonio-78223 (Utopia Heights by I-37)
I have zero clue about the area as we're out of state, but the property sounds interesting
Brand new-3bd 2bath $128-139k asking price
Zillow is saying it can rent from $950-1200 a month so I am assuming its in a poor neighborhood?(hard to tell from Google Maps)
Thanks for any help :)
Send me the address in a pm and I can do a market analysis for you.
@Par Attaran This area is an area that has undergone some revitalization lately. It is historically very working class. Just to the south is SE Military which has lots of newish shopping and restaurants. There is a new hospital south of there. I would personally want better returns for this area. I would probably look for older homes with better return but new could make your repair budget less.
Just to clarify, this is the area around Pecan Valley and I-37, correct? Sometimes we have similar street names in different areas. I wouldn't classify this as a war zone at all but I have responded to criminal violence in the area. I don't think the schools are rated very high in this area. In my experience Northeast school district and Northside school districts are very good in general with schools that are better and worse within them.
Google street view from I-37 down SE military to the west of that intersection for a good view of some of the newer development in the area. Then I'd street view some surrounding areas. As many cities do, ours changes dramatically from one block to the next sometimes.
To sum up, I don't think it's a terrible area at all. I don't know your strategy or position either. I think in this market, you'll just pay retail for new construction. I'd personally want better numbers anywhere I bought as I want cash flow and to buy at below replacement costs if possible. To buy new is to buy at replacement costs in my opinion. I personally buy in north west San Antonio. I like north east San Antonio as well. This is just one person's perspective however. I have friends who have done very well on the south side with older homes. They have a different business model than I do however. Feel free to ask away about areas as I think I have a pretty good feel for parts of San Antonio - as do many others on here. Good luck!
That's not a terrible area but definitely not considered one of the nicer parts of town which tend to be on the northside of san antonio (e.g., alamo heights, stone oak, shavano park, hollywood park). However, development is occurring in that area. New businesses, homes, schools, etc.
see these links:
hope this helps!
@Greg Kit (sorry, wrong reply) I have not done much market research that far south, but I am familiar with the areas just north of there (still south of Downtown/Southtown). Back during the Eagle Ford boom things on the south side of San Antonio seemed to be developing but have slowed since then. What are you interested in doing around the Brooks City Base area?
There are lots of opportunities closer to the downtown area still, and if you are looking for a long term investment there has been growing hype about the Lonestar Brewery/Mission Trails area. I know how easy it is for future developments like that to fall through, so when I hear someone say "once that is built in 3 or 4 years" I always take it with a grain of salt.
Hey @Par Attaran , if you are going to possibly invest in San Antonio, I think you should take a flight over here and check out the different areas FIRST. Flights are under $400 for the weekend. Drive all over the area with a couple agents or investors or even by yourself to understand what the city is all about. Lots of people from California and other places want to invest here because it is CHEAP. 3-5 years later they leave losing money because they did not even visit the area to see that their property is in a not so good area.
Research ahead of time. Several hundred dollars and a weekend of your time will potentially save you tens of thousands.
Join the Largest Real Estate Investing Community
Basic membership is free, forever.