If you own a Boerne rental and plan to fund the next deal with appreciation, check the trend before you order the appraisal. The appraisal sets the cash-out ceiling, and the local trend is flat. Equity here comes mostly from what you paid, not from what the market did afterward.
DSCR Cash-Out Calculator
Run the cash-out numbers in Boerne, TX
Rate source: Freddie Mac 30-yr average via FRED® — Federal Reserve Bank of St. Louis · effective Sep 24, 2026
Prefilled with starting assumptions — enter your property’s value, balance, taxes, and insurance for a more accurate picture.
Program parameters update from Lendmire’s centralized guideline source. Taxes and insurance are editable estimates.
As of Sep 24, 2026 · General Freddie Mac market benchmark, not a Lendmire loan offer. Property value, balance, taxes, and insurance are editable estimates. Maximum loan-to-value varies by lender, program, property type, and seasoning. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
The Quick Read:
A cash-out refinance on a Boerne, Texas rental fits investors who bought at a low basis and can accept coverage near 1.0, because the loan is underwritten primarily on the property’s rental income measured against its full monthly obligation, capped at 75 percent of appraised value, with proceeds limited by flat local prices.
- Redfin shows the median sale price down year over year, a softer read than Zillow’s.
- Zillow shows values essentially flat year over year.
- Lowest-basis pockets are Champion Heights and Trails at Herff Ranch.
- Small multifamily is thin, so appraisal comps are the pinch point.
- San Antonio apartment oversupply caps what Boerne unit rents can do.
Boerne Market Snapshot
A quick read on the Boerne investor landscape — figures come from the cited sources below. Confirm current property-level numbers before underwriting.
| Metric | Detail |
|---|---|
| Home prices | $450K median (3 mo. ending May 2026) (Redfin Boerne Housing Market) |
| Typical rents | About $2,500 (therisepropertygroup.com — Cost of Living Boerne Texas) |
| Employment | 700,000 employable within 40 minutes (Greater SATX Regional Highlight) |
| Vacancy | 16% San Antonio metro (Apartments.com / CoStar Q2 2026) |
Trails at Herff Ranch Is Where the Math Gets Closest
Trails at Herff Ranch is the most plausible refinance candidate in Boerne because its basis sits low enough for coverage to approach 1.00. The Gahm Real Estate Team puts prices at $380K to $550K. MySA quotes an expert noting 3,000-plus square foot homes there for under $500K, which is rare in Boerne.
A larger house at a modest price is useful for a DSCR file. The monthly obligation is set by the price, taxes, and insurance. The rent is set by what the market pays for a house of that size. A big house bought at a modest price gives you the best chance of closing that gap.
Champion Heights sits lower on the price ladder. Smaller single-family homes there start below Trails, with larger models climbing well past that. It is the other low-basis candidate. Rents for both neighborhoods are not published in the sources reviewed, so rent evidence has to come from your own leases and from appraiser comps.
The upper tiers are a different product. Esperanza, the large master-planned community with active new construction, runs from about $450K into the $800Ks. Balcones Creek spans $400K to over $1 million. Fair Oaks Ranch averages around $700K. Those are good places to live. They are poor places to chase a coverage ratio.
Downtown and the Historic District are walkable and well-liked, but no rent data was found for them. Treat them as appraisal-by-appraisal calls.
What the Coverage Number Looks Like
At typical cash-out leverage, Boerne rentals land below 1.00 on long-term rent. That is the main finding for this market, and it is better to know it before the file goes in than after.
The modeled inputs below are assumptions, not sourced rents for any one neighborhood. Zillow’s average Boerne rent, as cited by Rise Property Group, is about $2,500 a month. Coverage means rent divided by full PITIA: principal, interest, taxes, and insurance, using Texas-average tax and insurance loads.
Run the numbers on a home valued at the Redfin median of $450K, refinanced at the 75 percent cap and rented at the modeled $2,500. Coverage lands around 0.8x including taxes and insurance. Drop the same property to 60 percent LTV and it improves to just under 1.0. Move to a $380K value, the bottom of the Trails band, back at 75 percent, and it also lands just under 1.0.
Honest read: in this market, the 1.00 floor is a destination, not a starting point.
Some lenders review sub-1.00 files through sub-1.00 programs, interest-only structures, or lower leverage with more cash left in the deal. Those paths come with tighter pricing, lower LTV, or stronger compensating factors, and qualification stays subject to lender guidelines, credit approval, and property review. Most standard programs are built around a 1.00x benchmark. The DSCR fundamentals page covers how the ratio is built.
DSCR files in markets like this one typically look the same. The property was bought at a low basis and rents steadily. Coverage comes out between 0.85 and 1.05 depending on leverage. The deciding variable is how much cash the borrower will leave in the deal, not whether the rent is documented. Files that start by asking what LTV clears 1.00x, then work back to a cash-out figure, tend to hold together. Files that start with a cash target and hope coverage follows tend to stall.
Equity Is the Wrong Thing to Count On
A refinance is sized on the appraisal, and Boerne appraisals are not rising. Zillow shows about 0.0 percent change over the past year. Redfin’s median sale price is down 5.5 percent over a three-month window, though Redfin’s figure can be skewed by the mix of homes that sold. “Flat” and “normalizing” are accurate. “Appreciating” is not.
Rents are moving the other way, slowly. Zumper reports average Boerne asking rent up 4.37 percent year over year. That is an asking-rent index, so read it as directional. Rising rent against flat value improves rent-to-value over time. It does not raise the appraisal.
So the cash-out in Boerne comes from basis. An investor who bought at the low end of Trails or Champion Heights, held past the seasoning window, and kept the property rented has equity because the entry price was low. An investor who bought near the peak and expects a bump does not.
Seasoning is the mechanical part. Most programs want about six months of ownership, measured from title recording, and the settlement statement is the document that proves it. A recent purchase with recorded title less than six months old waits. No workaround.
The 75 percent LTV ceiling applies to cash-out. The purchase-side 80 percent figure does not carry over. Reserves are typically about six months of PITIA, documented with statements. Pricing and available terms vary by lender, borrower profile, property type, and full underwriting review. Lendmire’s DSCR cash-out refinance page lays out the structure, and the refinance pathway for investor properties covers the rate-and-term alternative if cash-out math doesn’t work.
Small Multifamily: Scarce, and Hard to Appraise
Boerne is a single-family rental market with a thin layer of small complexes on top. RentCafe, which cites Census data, breaks local rental stock into 46 percent small complexes under 50 units, 32 percent single-family rentals, and 21 percent buildings over 50 units. Renters are 39 percent of residents. That is a real rental pool, but not a deep one.
The same page puts average apartment rent at $1,431, against Zillow’s roughly $2,500 average that is mostly houses. A duplex or fourplex earns per-unit rent near the apartment band, not the house band. A 2-4 unit property only beats a house on coverage if the price per unit sits far below the single-family basis. Underwrite each unit at the lower number. (Zillow’s average is the wrong benchmark for a unit with a shared wall.)
Inventory is the practical problem. Realmo showed only three active Boerne multifamily listings, with four more in nearby cities, and Homes.com shows multifamily homes averaging 97 days listed. These are live aggregator pages that change daily, so use them for direction only. Few sales means few comps, and few comps means a harder appraisal.
Two file notes on small multifamily here. First, confirm whether the listing is a whole building on one parcel or a unit inside a condo-style complex. Lenders treat the two differently, and the condo version brings HOA questionnaire completeness and condo certification into the file. Second, if a refinance appraisal comes in light, a documented reconsideration packet with recent sales and condition adjustments is a routine step. With this few comps, the packet matters more than usual.
Demand Anchors Versus San Antonio’s Supply
Boerne’s tenant demand is real and commuter-driven. Wikipedia lists Boerne’s population at 17,850 at the last census and an estimate of 24,047 now. Kendall County has gone from 44,279 to an estimated 53,289. Boerne sits in the San Antonio–New Braunfels metro, and Greater SATX cites over 700,000 employable people within a 40-minute drive of Kendall County.
The Boerne Kendall County EDC lists biosciences, advanced manufacturing, design and building services, wineries and breweries, and agri-tech as local industries. San Antonio’s military and medical employers are about 30 minutes away. Headcounts for individual Boerne employers were not found, so the demand case here rests on the commuter base and population growth, not on any one payroll.
A hospital is on the way. Per Community Impact, Baptist Health System plans Boerne’s first full hospital on 23 acres at the northwest corner of SH 46 and I-10. Groundbreaking was set for the following year after earlier targets slipped. It is a future demand driver. Don’t underwrite rent on it. It is a reasonable argument for stable long-term tenant demand near I-10 and SH 46.
The risk sits next door. Apartments.com, citing CoStar, puts San Antonio multifamily vacancy at 16 percent, the highest of any major market. The Dallas Fed says vacancy has fallen from its peak only through more concessions, flexible leases, and lower prices. That is metro data, not Boerne data. Boerne vacancy isn’t published.
The practical effect: cheaper, concession-heavy San Antonio apartments cap what Boerne unit rents can do, especially for one- and two-bedroom units. A Boerne house with a larger footprint is less exposed than an apartment-style unit. Use a conservative vacancy factor and skip rent-growth assumptions in the refinance case.
The County Line Problem
Boerne’s school district crosses county lines, and so does the cost structure. Fair Oaks Ranch sits in Bexar County while most of Boerne is in Kendall County, and LRG Realty notes that taxes differ between the two. Two similar homes can carry different monthly obligations. That changes coverage even when rents are identical.
Check which county a subject property sits in before running the number, and verify current local rental rules, taxes, and insurance with qualified local professionals. Fair Oaks is also a high-basis market, so it rarely helps on coverage regardless of the county.
What Derails a Boerne Cash-Out File
Most Boerne cash-out files stall on preventable gaps, not on market conditions. A short list from the file side:
1. Lease evidence. Current leases, or market-rent support from the appraisal’s rent schedule, have to match the rent used in the coverage calculation.
2. Seasoning proof. The recorded title date and settlement statement go in early. Don’t assume the six months.
3. Entity documents. If the property sits in an LLC, operating agreement, EIN letter, and good-standing documents should match the title, subject to lender program eligibility.
DSCR vs. conventional financing
There are two common ways to finance an investment property in Boerne, TX, and they qualify you differently — here’s how investors weigh them.
Why investors choose it
- Qualifies on the property’s rental income — no personal tax returns, W-2s, or pay stubs needed to document income.
- No personal debt-to-income ceiling to clear, so existing mortgages and obligations don’t cap your borrowing the same way.
- Can be closed in an LLC, keeping the property inside a business entity.
- Built for scaling — not held to the limit on number of financed properties that conventional financing applies.
- Underwriting centers on the deal: generally qualifies when the rent covers the payment, a 1.00x coverage ratio being a common baseline (confirmed in underwriting).
- Designed specifically for investment property, including long-term and, where the program allows, short-term rentals.
Where it’s strong
- Often the lowest ongoing financing cost for a buyer who fully qualifies on personal income — a fit for a first property or a cost-first purchase.
Trade-offs for investors
- Requires full personal income documentation and must fit within a debt-to-income limit — salary, existing debts, and other mortgages all count.
- Typically held in your personal name rather than a business entity.
- Caps how many financed properties you can carry, which can become a ceiling as a portfolio grows.
- Evaluates you as a borrower as much as the property, which usually means more paperwork.
How investors usually choose: a first or single property often optimizes for the lowest financing cost; portfolio builders often optimize for leverage, vesting in an LLC, and scaling past conventional caps. The right answer depends on your goals, the property, and current guidelines — both paths run through select lenders in Lendmire’s wholesale network, with eligibility and terms confirmed in underwriting.
4. Reserves documentation. Statements showing about six months of PITIA, in the borrower’s name or the entity’s.
5. Insurance quote completeness. A binder or quote with the right dwelling coverage, current at submission.
6. Appraisal access. Tenant-occupied properties need scheduling lined up, since a missed appointment delays the report.
Manufactured homes, log homes, and barndominiums fall outside the network’s DSCR programs. That matters in Hill Country markets where those property types show up on larger lots.
The Next Step
Pull your own comps before you pull any quote. Sort Boerne sales by neighborhood, bedroom count, and square footage, and look at what homes like yours actually sold for, since Redfin’s 87 May sales are a small sample. Then pull your leases. If the appraisal range and the lease rent land close to the modeled 0.8x to 1.0x band, you know the cash-out will be sized by leverage and not by growth. If the comps come in well above your basis, the equity is real. If they don’t, wait.
Frequently Asked Questions
How do you qualify for a DSCR cash-out loan in Boerne, Texas?
Qualification centers on the property’s rent against its full PITIA, with a typical 1.00 benchmark, a credit floor of 620, and about six months of reserves. The property must be seasoned about six months from title recording and cannot exceed 75 percent LTV. Final eligibility depends on lender guidelines, credit profile, and property review.
What are the requirements for an investment property loan in Boerne, Texas?
Expect a lease or market-rent appraisal, proof of ownership, reserves documentation, current insurance, and entity documents if the property is in an LLC, subject to program terms. Single-family rentals are the main fit locally. Manufactured homes, log homes, and barndominiums are not eligible through these programs.
Does Boerne’s flat price trend hurt a cash-out refinance?
Yes, because the appraisal sets the ceiling. Zillow shows values about flat, and Redfin shows the median sale price down 5.5 percent over a three-month window. Equity from a low purchase basis still counts. Equity expected from appreciation does not.
Is a duplex or fourplex a better refinance candidate in Boerne than a house?
Usually not. Multifamily inventory is thin, so comps are scarce, and per-unit rents track the apartment band near $1,431 instead of the house band near $2,500. A multi-unit property only helps coverage if its price per unit is well below single-family basis.
For current guidelines and terms, see Lendmire’s DSCR loan programs page.
About Lendmire
A non-QM mortgage broker (NMLS# 2371349), Lendmire arranges DSCR financing for real estate investors in 41 markets: 40 states plus Washington, D.C. Because loans are reviewed primarily on property cash flow, not personal income documentation, the structure suits self-employed buyers and entity-owned portfolios. Lendmire places loans through wholesale investor lenders and is not a direct lender. The firm was recognized by Scotsman Guide as a 2026 Top Workplace and as a 2025 Scotsman Guide Top Mortgage Workplace. Lendmire’s company announcements have further updates.
For broader investor-financing rules and property-type coverage across the state, see Texas DSCR loans.
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References
1. Redfin: Boerne housing market
3. cited by Rise Property Group
4. Greater SATX: Boerne and Kendall County
5. Apartments.com: high-vacancy markets
7. MySA
8. Zumper
9. RentCafe
10. Realmo
11. Homes.com
13. Kendall County
14. Boerne Kendall County EDC: key industries
15. Community Impact: Baptist hospital in Boerne
16. Dallas Fed: Texas multifamily
17. LRG Realty
19. a 2025 Scotsman Guide Top Mortgage Workplace
This article is part of Lendmire’s investment property cash-out refinance program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: DSCR Cash Out Refinance in Boerne, Texas: Can the Rent Carry the Loan After Cashing Out? · Cash Out Refinance Investment Property in San Angelo TX · DSCR Cash Out Refinance in San Angelo, Texas: What Qualifying Takes on $1,350 San Angelo Rent
Guides: Investment Property Cash-Out Refinance in Texas
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
- Mortgage Loan Originator · NMLS# 1129696 · Verify on NMLS Consumer Access
- North Carolina Real Estate Broker · License# 343312 · Verify on NCREC
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- Lendmire LLC · Firm NMLS# 2371349 · Verify firm licensure
Legal disclosures. Lendmire (NMLS# 2371349) is a state-licensed mortgage brokerage that arranges financing through wholesale lender relationships. Lendmire is not a direct lender, depository institution, or registered financial advisor. The discussion above is general informational content about real estate financing — it is not financial, legal, or tax advice, and readers should consult licensed professionals for guidance on their individual circumstances. Loan inquiries are subject to lender underwriting; this article does not represent a commitment to lend. Loan terms, rates, and qualification standards vary by borrower, property, and state, and are subject to change at any time. Equal Housing Opportunity. NMLS Consumer Access: nmlsconsumeraccess.org.