Bexar County presents a valuation-versus-income tension: Zillow’s county reading for 2026-06 puts median home value at $257,364, down 2.11%, and median asking rent at $1,389 per month, down 2.03%. This is a file for investors who can validate current lease and acquisition comparables rather than underwrite momentum. FHFA’s 2025 repeat-transaction HPI rose 0.53%; it is an index, not a home value, and its different vintage and method neither confirms nor offsets Zillow’s snapshot.
The reported 6.48% gross yield uses measured market rent before operating costs, so it is not cash flow. The supplied median annual tax bill is $4,535, and the 1.73% effective property-tax rate is a material carrying-cost input. HUD’s two-bedroom FMR is $1,426, a payment standard rather than asking rent. The market asking-rent measure equals 97.4% of that standard, which does not establish voucher rent, tenant mix, or a yield.
Realtor.com’s 2026-06 MLS listing market shows 9,069 active listings, 5.14% above the prior year, while 27.41% carried price reductions. These are visible asking supply and seller concessions, not closed sales or stand-alone proof of buyer demand. In the 2025 QCEW annual file, covered employment at county workplaces rose 0.45%; this is not resident employment. Trade, transportation, and utilities was the largest disclosed private supersector, not the whole economy. Net migration was positive, but movers in reported lower average AGI than movers out. Investor purchases were 7.6% of total purchases, limiting the case that non-owner buyers alone set pricing.
The dominant hazard is inland flood, alongside modeled annual building-value loss of 0.15%; that ratio is not a parcel insurance quote or a dollar loss. Missing flood-zone status, elevation, insurance premium and deductible, property condition, financing terms, vacancy, repair costs, and property-level rent and sale comparables prevent a reliable net-income, resilience, or exit-price conclusion. Confirm tax assessment and appeals exposure as well, because county medians do not price an individual asset.