Active Listing  ·  69 days on market

103 Island Dr #2

Horseshoe Bay, TX 78657
$375,000
2 Bed 1 Bath 647 sqft $580/sqft Built 1975 0.02 acres 1-Car Garage Pool Waterfront Portofina

This charming one-bedroom, one-bath bungalow with a spacious loft is the perfect lake getaway and is located in the heart of Horseshoe Bay - walking distance to many of the Club at Horseshoe Bay Resort amenities.* A private courtyard welcomes you into this inviting retreat where you’ll find beautifully updated finishes throughout, including Andersen doors and windows and elegant Wellington cabinetry. The spacious loft can comfortably sleep additional guests or serve as an office, or study space. Step outside to enjoy the beautifully maintained common area behind the complex, complete with lush green space, seating areas, a boat dock, and stunning lake views just steps away. Boating enthusiasts will appreciate the ability to pull your boat right up to the property for effortless days on the water, while the underground parking garage adds extra convenience and comfort. *****Most furniture conveys with sale***** including patio furniture, making this property truly move-in ready for entertaining and enjoying lakeside living from day one. One of the most unique features this condo offers is the option to purchase the neighboring unit as well. The adjacent condo is a mirror image image and has also been remodeled to perfection, creating the ideal setup for hosting family & friends while maintaining privacy and personal space. Whether you’re searching for a weekend retreat, or full-time escape, this rare waterfront opportunity is one you won’t want to miss. *Membership required.

At $580/sqft, this home is priced 21% above the Horseshoe Bay active market average of $481/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

103 Island Dr #2, Horseshoe Bay, TX 78657

Property Details

Price $375,000
Status Active Listing
Beds 2
Full Baths 1
Half Baths ,
Living Area 647 sqft
Lot Size 0.02 acres (696.96 sqft)
Year Built 1975
Garage 1 spaces
Stories ,
Type Residential · Condominium
Subdivision Portofina
County Llano
Zip Code 78657
$/sqft $580/sqft
Days on Market ,
HOA $1,941/Annually
Annual Tax Est. $1,341.62
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT231605599
List Date May 27, 2026
Elementary School Llano
Middle School Llano
High School Llano
School District ,

Luke Allen (TREC #788149) has deep knowledge of Horseshoe Bay 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 Horseshoe Bay

Comparable Listings Right Now

Homes currently for sale in Horseshoe Bay 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
103 Island Dr #1
Portofina
$375,000 $580 2 bd / 1 ba 647 sqft , 2026-05-27
1001 The Cape Rd #46
The Waters At Horseshoe Bay Re
$399,000 $526 1 bd / 1 ba 759 sqft , 2025-01-31
104 Paisano Dr
Sandy Harbor
$349,900 $412 1 bd / 1 ba 850 sqft , 2026-02-10
1000 The Cape Rd #66
The Waters At Horseshoe Bay Re
$425,000 $560 1 bd / 1 ba 759 sqft , 2025-09-24
1100 The Cape None #602
Cape Terrace
$450,000 $538 2 bd / 2 ba 837 sqft , 2026-04-15

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
$1,800/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
$75,000
20% conventional investment loan

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

Estimated Gross Rent+$1,800
Principal + Interest−$2,047
Property Tax (~2.1% TX avg)−$656
Insurance (~0.5%)−$156
Est. Monthly Cash Flow $-1,059

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 Horseshoe Bay, TX

Horseshoe Bay 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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