A 158.355-acre master-planned community in Lytle, Texas on the IH-35 corridor south of San Antonio — 697 residences across five phases, anchored by the Bluebonnet Yards commercial district. The investor product is a new-construction single-family rental at $310,000 with two developer-coordinated financing structures and integrated professional property management.
Bluebonnet @ Lytle is a 158.355-acre master-planned community rising in Lytle, Texas, at the southern edge of the San Antonio metropolitan area along the IH-35 growth corridor. Planned for 697 residences delivered across five phases and anchored by the Bluebonnet Yards commercial district, the community is designed around a Centenarian Lifestyle vision: walkable streets, greenway connectivity, multigenerational amenities, and homes built for long-term livability and durability.
For investors, Bluebonnet offers institutionally structured access to one of the most resilient asset classes of the past two decades — the Texas single-family rental — with new-construction product, developer-coordinated financing incentives, and integrated professional property management.
The San Antonio growth corridor. Lytle sits roughly 25 minutes southwest of downtown San Antonio on IH-35, in the path of one of the fastest-growing metropolitan regions in the United States. As land and housing costs in the urban core rise, demand pushes outward along the interstate — and communities offering new housing stock at attainable price points capture that migration first.
Scale creates value. A 697-home master-planned community does not merely participate in local growth — it drives it. Build-out brings new rooftops, the Bluebonnet Yards commercial program, infrastructure investment, and sustained construction employment. Early-phase investors benefit from the appreciation trajectory the community's own development creates across subsequent phases.
Texas fundamentals. No state income tax, a landlord-favorable regulatory environment, sustained in-migration, and a diversified San Antonio employment base spanning military, healthcare, cybersecurity, and advanced manufacturing.
The investment unit is a new single-family rental home at a purchase price of $310,000, secured with 1% earnest money ($3,100) credited toward the down payment at closing. Target market rent in the base scenario is $1,950/month, escalating $25/month each year.
| Year-1 Operating Model | Annual |
|---|---|
| Gross scheduled rent ($1,950 × 12) | $23,400 |
| Property taxes (est. 2.0% effective) | ($6,200) |
| Property management (6% of rent) | ($1,404) |
| Insurance (est.) | ($1,800) |
| HOA ($75/month) | ($900) |
| Net Operating Income | $13,096 |
| Cap rate on purchase price | 4.22% |
| Annual depreciation ($248,000 ÷ 27.5 yrs) | $9,018 |
$62,000 down (inclusive of earnest money) on a 30-year fixed mortgage, no PMI. The equity-forward structure — the program's lowest lifetime financing cost.
$31,000 down on a 30-year fixed mortgage, plus private mortgage insurance until the loan amortizes to 80% of purchase price. Half the capital controls the same asset.
| Metric | $1,950 Rent | $2,100 Rent | $2,400 Rent |
|---|---|---|---|
| Gross scheduled rent | $23,400 | $25,200 | $28,800 |
| Net Operating Income | $13,096 | $14,788 | $18,172 |
| Cap rate on purchase price | 4.22% | 4.77% | 5.86% |
The Business Plan covers the master plan, phasing, product specification and risk framework. The Financials document carries the 10-year projections, appreciation scenarios, and the S&P 500 comparison across all three rent cases.