Active Listing  ·  79 days on market

1028 Ellingson Ln

Austin, TX 78751
$799,000
2 Bed 1 Bath 2,240 sqft $357/sqft Built 1948 0.21 acres Pool Mayfair Terrace

Discover a unique opportunity in a well-established Austin neighborhood, where a vintage 1948 home awaits its next chapter on a generous corner lot spanning nearly a quarter acre.

This property offers an exceptional blend of classic charm and modern potential, perfectly positioned for both investors and owner-occupants. The residence boasts 2,240 square feet of living space (house and guest house), providing ample room for comfortable living and creative customization. Enjoy the convenience of being just blocks away from the UT Shuttle/CapMetro, Hancock Center, and a diverse array of local restaurants, making city access effortless.

The property uniquely features a 1-bedroom, 1-bathroom detached guest house, currently providing rental income of $995/month and offering flexible living arrangements or additional income streams. Inside the main home, a large workshop presents a versatile space, ideal for conversion into a dedicated home office, an entertaining game room, an additional bedroom, or a cozy den to suit your lifestyle needs. Outside, three mature pecan trees grace the landscape, offering abundant shade on sunny days and delicious seasonal treats.

This prime location and versatile property combine to create an enticing urban sanctuary, providing a rare chance to own a piece of Austin's vibrant history with significant upside.

At $357/sqft, this home is 9% below the Austin active market average of $393/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

1028 Ellingson Ln, Austin, TX 78751

Property Details

Price $799,000
Status Active Listing
Beds 2
Full Baths 1
Half Baths ,
Living Area 2,240 sqft
Lot Size 0.21 acres (9,256.5 sqft)
Year Built 1948
Garage ,
Stories ,
Type Residential · Single Family Residence
Subdivision Mayfair Terrace
County Travis
Zip Code 78751
$/sqft $357/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $13,988.4
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT238661274
List Date July 5, 2026
Elementary School Lee
Middle School Lamar (Austin ISD)
High School McCallum
School District ,

Luke Allen (TREC #788149) has deep knowledge of Austin and surrounding markets. Whether you're buying, selling, or just researching comparable sales, reach out for a no-pressure conversation.

Schedule a Call →

Price History

How This Ask Has Moved

Original list price versus what this home is asking today. Straight from the ACTRIS MLS feed, no interpretation.

Original ask · July 5, 2026 $824,900
Current ask $799,000
Reduced $25,900 (-3.1%) from original ask

Source: ACTRIS MLS. Price change timestamp reflects the most recent adjustment on record; the feed does not expose intermediate steps between the original ask and today's ask.

Similar Homes on the Market in Austin

Comparable Listings Right Now

Homes currently for sale in Austin with similar bedroom count, size, and price range, giving you real-time context for how this property's asking price compares to the active market.

AddressList Price$/sqftBeds/BathsSqftDOMListed
1208 Fairwood Rd
Delwood Sec 02
$799,000 $465 3 bd / 2 ba 1,719 sqft , 2026-06-11
1002 Concordia Ave
East Ave
$800,000 $355 3 bd / 4 ba 2,253 sqft , 2026-07-15
4324 Airport Blvd #B
Delwood Sec 1
$797,000 $350 3 bd / 3 ba 2,277 sqft , 2026-07-20
943 E 52nd St
Ridgetop
$785,000 $466 3 bd / 3 ba 1,686 sqft , 2026-08-28
5108 Harmon Ave #A
Ridgetop
$785,000 $466 3 bd / 3 ba 1,686 sqft , 2026-09-11

Source: ACTRIS MLS, live listings. Similar by ±1 bed, ±35% price, ±35% sqft. Contact Luke for a formal comparative market analysis.

Investment Analysis

Rental Income Potential

The numbers below use conservative Austin-market assumptions. They are estimates, not a guarantee. Actual rents vary by condition, timing, and management. Read our full Austin rental property guide →

Est. Monthly Rent
$3,835/mo
0.48% rule · conservative Austin est.
Gross Yield
5.76%
Annual rent ÷ purchase price
Cap Rate (est.)
3.46%
NOI after 40% vacancy + expenses
Down Payment
$159,800
20% conventional investment loan

Monthly Cash Flow Breakdown (20% down · 7.25% rate)

Estimated Gross Rent+$3,835
Principal + Interest−$4,360
Property Tax (~2.1% TX avg)−$1,398
Insurance (~0.5%)−$333
Est. Monthly Cash Flow $-2,256

At current rates and prices, many Austin luxury properties run neutral or slightly negative on pure cash flow, appreciation and equity paydown are the primary return drivers. BRRRR and off-market acquisitions can improve day-one cash flow. Learn about the BRRRR method in Austin →

Commute & Employment

Major Employers Near Austin, TX

Austin sits within commuting range of Austin's major tech, manufacturing, and corporate campuses. Approximate drive times from this area:

Tesla Gigafactory 15-25 min E
Apple Campus (Domain) 20-30 min N
Google / Meta / Indeed 10-15 min downtown
Dell Medical School / UT Austin 10-20 min
Samsung Austin Semiconductor 25 min N

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About the Author
Luke Allen, Austin TX Realtor, TREC #788149
Luke Allen
Licensed Austin TX Realtor · TREC #788149 · Full-time since 2019
★★★★★ 5.0 on Google · 30 Reviews

Luke Allen is a full-time Austin TX Realtor with the Austin Marketing + Development Group brokerage. He works with buyers, sellers, and investors across every Austin ISD and the surrounding neighborhoods, from Downtown and East Austin to Round Rock, Cedar Park, and the Hill Country. Every page on this site is written and maintained by Luke. This page was last updated on August 5, 2026.

📞 (254) 718-2567 [email protected] More about Luke →