Active Listing  ·  54 days on market

109 Schooner Dr

Lakeway, TX 78738
$619,000
3 Bed 2 Bath 2,025 sqft $306/sqft Built 1988 0.31 acres 2-Car Garage Pool Lakeway

Single-story living in old Lakeway, set on a level 0.31-acre homesite with no neighbors directly behind and generous space between homes — a combination that is increasingly hard to find this close to Lake Travis. Positioned on a quiet street near the World of Tennis, the Lakeway golf clubs, and Serene Hills Elementary, 109 Schooner Drive pairs an established, low-density neighborhood with the room to make a home your own. A covered front porch with cedar posts and Austin stone sets the tone, opening to a cathedral ceiling that lifts the main living area, where a floor-to-ceiling white stone, wood-burning fireplace sits framed by tall arched windows, a built-in dry bar makes entertaining easy, and new wood-look luxury vinyl plank flooring runs throughout. The open island kitchen offers tile counters, a downdraft electric cooktop, a built-in oven and microwave, a stainless steel refrigerator, and an eat-in space that connects to both the dining room and a second living area — two distinct places to gather. The main-level primary suite carries a tray ceiling, private patio access, a walk-in closet, and a granite double-vanity bath with a separate shower and soaking tub. Two additional bedrooms and a versatile flex space round out a 3-bedroom, 2-bath layout that lives large, and fresh paint, new carpet, and updated lighting have the home ready today. Outside is where the lot earns its keep: a wide, level backyard edged by mature oaks and stone retaining walls, a covered patio and a wood deck for unhurried Hill Country evenings, and enough open ground to add a future pool, sport court, or pickleball court. A durable metal roof, public sewer connection, a low 1.85 tax rate, and no HOA make ownership refreshingly simple. All of it falls within Lake Travis ISD, minutes from the marinas, waterfront dining, and lake recreation that define everyday life on Lake Travis. Schedule a private showing to walk the lot and see what single-story living in Lakeway can be.

At $306/sqft, this home is 6% below the Lakeway active market average of $327/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

109 Schooner Dr, Lakeway, TX 78738

Property Details

Price $619,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths ,
Living Area 2,025 sqft
Lot Size 0.31 acres (13,499.24 sqft)
Year Built 1988
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Lakeway
County Travis
Zip Code 78738
$/sqft $306/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $13,369.44
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT241170126
List Date July 31, 2026
Elementary School Serene Hills
Middle School Hudson Bend
High School Lake Travis
School District ,

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

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Similar Homes on the Market in Lakeway

Comparable Listings Right Now

Homes currently for sale in Lakeway 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
204 Maxwell Way
Rough Hollow Sec 3 Condo
$625,000 $292 4 bd / 3 ba 2,143 sqft , 2026-05-01
219 The Hills Dr #5
Lakeside & Greens Condo
$609,000 $264 3 bd / 2 ba 2,311 sqft , 2026-02-19
5 Champions Ln
Champions Lakeway
$599,000 $286 4 bd / 3 ba 2,093 sqft , 2026-07-17
223 The Hills Dr #3
Lakeside & Greens Condo
$569,900 $273 2 bd / 2 ba 2,086 sqft , 2026-04-28
109 Pennybacker Ln
The District
$679,900 $285 4 bd / 4 ba 2,387 sqft , 2025-12-09

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
$2,971/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
$123,800
20% conventional investment loan

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

Estimated Gross Rent+$2,971
Principal + Interest−$3,378
Property Tax (~2.1% TX avg)−$1,083
Insurance (~0.5%)−$258
Est. Monthly Cash Flow $-1,748

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 Lakeway, TX

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

Apple Campus (Domain) 30 min E
Downtown Austin 30 min E via 71
Westlake corridor 15 min E

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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 29, 2026.

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