Active Listing  ·  30 days on market

1028 Ellingson Ln

Austin, TX 78751
$824,900
2 Bed 1 Bath 2,240 sqft $368/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 $368/sqft, this home is 6% below the Austin active market average of $391/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 $824,900
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 $368/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 →

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
12009 Fennec Way
Foxfield
$824,999 $390 3 bd / 3 ba 2,116 sqft , 2026-04-10
1209 Kinney Ave #D
Kinney Lofts Condo
$825,000 $399 2 bd / 3 ba 2,068 sqft , 2026-01-14
11622 Doyle Rd
RURAL
$825,000 $546 3 bd / 2 ba 1,512 sqft , 2026-05-13
2009 Payne Ave #2
Bellaire
$825,000 $530 3 bd / 3 ba 1,557 sqft , 2026-05-20
1208 Fairwood Rd
Delwood Sec 02
$825,000 $480 3 bd / 2 ba 1,719 sqft , 2026-06-11

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
$3,960/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
$164,980
20% conventional investment loan

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

Estimated Gross Rent+$3,960
Principal + Interest−$4,502
Property Tax (~2.1% TX avg)−$1,444
Insurance (~0.5%)−$344
Est. Monthly Cash Flow $-2,330

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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