San Antonio's small multifamily market splits in two. Near downtown, there are older duplexes and garage apartments in neighborhoods from Tobin Hill to Dignowity Hill. Out by the Medical Center and UTSA, there are rows of 1970s and 1980s fourplexes built for students, nurses and young families.
In short: LendingStreet finances San Antonio duplexes, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000, purchases go up to 80% LTV and the standard minimum DSCR is 1.0x. In San Antonio, the property tax bill is usually the line that decides how much leverage a building can carry.
Central neighborhoods such as Tobin Hill, Beacon Hill, Monte Vista, Government Hill, Dignowity Hill and the near east side have older homes divided into two to four units, plus many properties with a rear garage apartment. Near JBSA-Fort Sam Houston, duplexes have long rented to service members and hospital staff.
On the northwest side, the South Texas Medical Center and the UTSA main campus are surrounded by fourplex neighborhoods built in the 1970s and 1980s, often with matching buildings on adjacent lots owned by different investors. Newer duplexes appear in infill projects and some suburban subdivisions.
San Antonio's Unified Development Code sets which districts allow two-family and multifamily housing, and many single-family districts do not. Older central neighborhoods have buildings that predate current zoning, and some conversions were never permitted. The city also uses infill tools, such as its Infill Development Zone, that can allow more units on certain lots.
Historic districts like King William, Monte Vista and Dignowity Hill have design review for exterior changes. Confirm the zoning, the legal unit count and any historic overlay with the city before you buy.
Fourplexes near the Medical Center rent to nurses, medical residents and support staff, while those near UTSA rent to students and young workers, often by the bedroom or with roommates. Central duplexes draw a mix of military, downtown workers and families.
Rents are modest compared with Austin, but so are prices, which is why many San Antonio 2-4 unit buildings clear 1.0x at 75% LTV once taxes are budgeted correctly. The loan uses signed leases and market rent for vacant units.
Texas has no rent control, so rents follow the lease and the market. Watch who pays utilities: many older fourplexes have a single water meter with the owner paying water, sewer and trash. Those costs do not enter the DSCR, but they lower your actual cash flow every month, so get a year of bills from the seller.
This example is illustrative and not a quote. A 1980s fourplex near the Medical Center costs $565,000 with units renting at $1,175, or $4,700 combined. Without a homestead exemption, taxes are about $1,059 a month and insurance is $260. At 75% LTV the loan is $423,750, estimated principal and interest is about $2,891, the total payment about $4,210 and the DSCR about 1.12x.
A duplex near Fort Sam Houston costs $330,000 with sides renting at $1,450. At 75% LTV the loan is $247,500, the payment about $2,477 and the DSCR about 1.17x. In both cases, taxes take a large share of the payment.
| Item | Medical Center fourplex | Fort Sam Houston duplex |
|---|---|---|
| Price | $565,000 | $330,000 |
| Loan at 75% LTV | $423,750 | $247,500 |
| Combined rent | $4,700 | $2,900 |
| Estimated principal and interest | $2,891 | $1,688 |
| Property taxes | $1,059 | $619 |
| Insurance | $260 | $170 |
| Total monthly payment | $4,210 | $2,477 |
| DSCR | About 1.12x | About 1.17x |
Bexar County properties are taxed by several units, including the county, city, school district, hospital district and community college district. Investors do not get homestead exemptions, so the full combined rate applies. If the seller lived in one unit, the bill after you buy may be noticeably higher.
The Bexar Appraisal District sets values, and owners can protest each spring. For a fourplex, a successful protest can move the ratio. Texas has also temporarily limited annual appraisal increases on many non-homestead properties valued at $5 million or less; check how it applies.
Many 1970s and 1980s fourplexes have original plumbing, aging roofs and HVAC systems near the end of their lives. Expansive clay soils make foundation movement common, so get an inspection that looks closely at slabs and drainage.
Insurance premiums reflect hail and wind risk, and many policies have percentage-based wind and hail deductibles. Properties near creeks may need flood insurance. If the building needs major work, a bridge loan and a later DSCR refinance may fit better.
San Antonio also has small apartment buildings with five to eight units, especially near downtown and the Medical Center. They are residential under our programs, though maximum LTV can be lower and varies by program. See our San Antonio 5-8 unit page.
If you own five or more properties, a blanket portfolio loan can combine them under one payment.
Investors who own several fourplexes in the same Medical Center or UTSA neighborhood often find that consolidating them simplifies management and financing, and lets stronger buildings support weaker ones in the ratio.
If you are weighing a central duplex against a Medical Center fourplex, send both. Running them side by side with real Bexar County tax figures usually shows which one carries more leverage.
Send the address, price, unit mix, rents and tax bill. The team will run the combined-rent ratio at a few loan amounts, including sub-1.0 DSCR programs if the building is close, and come back with options. Use the form below or call (877) 298-1001.
Yes. The loan qualifies on the combined rent of all four units, with no W-2s or tax returns.
Only if it is a legal unit under city rules. An appraiser may not count an unpermitted unit.
Texas relies on property taxes, and investors do not get homestead exemptions. Budget on the full combined rate and consider annual protests.
They can be. Demand from hospital staff is steady, and prices are moderate, though older buildings may need system upgrades.
Up to 80% LTV on a purchase, subject to the property clearing the minimum DSCR.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes. Rate-and-term and cash-out refinances are available, with cash-out up to 75% LTV. Seasoning varies by program.
No. Texas has no state real estate transfer tax, though title and other closing costs apply.
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