DSCR (Investor Cash Flow) in Olmos Park, TX

Bexar County is one of the most strategically interesting markets we track from a VA loan perspective. San Antonio's concentrated military presence — Joint Base San Antonio is the largest military installation in the United States by personnel count — creates a consistent, high-volume demand for VA purchase financing that operates largely independently of broader rate sensitivity. The median sale price of $279,999 is essentially flat year-over-year (down 0.1%), while the 104-day average days on market and 8,736 active listings point to a buyer-favorable environment with significant selection.

The 96.8% sale-to-list ratio confirms that sellers are making adjustments, but the market is not distressed — it is normalizing after pandemic-era inflation. The $806,500 conforming limit covers every single transaction in Bexar County's current price distribution, meaning VA, FHA, and conventional financing are universally applicable tools. For VA-eligible borrowers, the zero-down benefit at a $279,999 median is extraordinarily powerful — a qualified veteran can purchase at the county median with no down payment and no PMI.

Bexar County's borrower base is shaped by the military more than any other single factor. Active-duty personnel, veterans, and military families account for an outsized share of purchase volume compared to our other markets. Beyond the military community, San Antonio's healthcare sector (anchored by the South Texas Medical Center), government, and tourism employment drive steady conventional and FHA volume. Self-employed borrowers and small business owners tied to San Antonio's growing tech and bioscience corridors represent an emerging non-QM segment.