San Antonio / Gardendale Fourplex - Seeking Property Management

[Christian Clark]

Hi BP,

I have another one under contract and am struggling to feel confident in moving forward.

It's a fourplex in San Antonio in an area called Gardendale (not to be confused with Greater Gardendale which is supposedly one of the worst neighborhoods). My understanding is it's a C neighborhood with a mostly working class Hispanic population. Would love to hear any feedback from the locals or other investors who own there.

Just like my recent experience in Columbus I am struggling to find property management who can return calls promptly and feel confident on quoting me rents. Websites such as Rentometer, Hotpads, Best Places, MLS, and Zillow give a large range of rents ($800-1200 for two beds for instance).

Pros: 

Price per door

Centrally located location

Fully rehabbed

Low downpayment if I use FHA and live in one unit

Meets 1% rule

Cons:

I can't find consistent data on rental income or a PM who works this neighborhood and feels confident in quoting me rents

Reviews on AirBNB mention the area is "sketchy, questionable, Uber drivers make comments like 'Don't go outside at night.'" My realtor had an AC condenser stolen in the neighborhood. 

Building has no AC (we can add window units). This seems like a big deal to me having grown up in Houston

Building has limited on site parking

Building has no onsite laundry or hookups

I have to relocate in order to comply with FHA rules

Square footage is quite small (650-680 2 beds and 360-390 studios)

County seems like they are aggressively raising taxes each year to catch assessed value up with market value. From 20 to 21 assessed value doubled! From 21 to 22, it went up 18%.

Does not cashflow at least $100/door

Looking forward to any feedback from San Antonio locals or other investors!

Thanks in advance!

Christian