Active Listing  ·  22 days on market

118 Crater Lake Dr

Dripping Springs, TX 78620
$547,020
6 Bed 4 Bath 2,904 sqft $188/sqft Built 2026 0.11 acres 2-Car Garage Pool New Construction Cannon Ranch
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About This Home

Welcome home to the Knox, our largest floor plan in Cannon Ranch! This spacious home features 6 bedrooms, 4 bathrooms, a dedicated study, and a large game room, offering plenty of space for everyone. Backing to a scenic walking trail and mature trees, this home offers the perfect blend of space, comfort, and natural beauty!

At $188/sqft, this home is 60% below the Dripping Springs active market average of $475/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

118 Crater Lake Dr, Dripping Springs, TX 78620

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Property Details

Price $547,020
Status Active Listing
Beds 6
Full Baths 4
Half Baths ,
Living Area 2,904 sqft
Lot Size 0.11 acres (4,791.6 sqft)
Year Built 2026
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Cannon Ranch
County Hays
Zip Code 78620
$/sqft $188/sqft
Days on Market ,
HOA $43/Monthly
Annual Tax Est. $782
Pool Yes
Waterfront ,
New Construction Yes
MLS # ACT250473685
List Date October 21, 2026
Elementary School WildwoodSprings
Middle School Dripping Springs Middle
High School Dripping Springs
School District Dripping Springs ISD

School District

Dripping Springs ISD

WildwoodSprings · Dripping Springs Middle · Dripping Springs

Have Questions About This Property?

Luke Allen (TREC #788149) has deep knowledge of Dripping Springs 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 Dripping Springs

Comparable Listings Right Now

Homes currently for sale in Dripping Springs 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
111 Sacred Fig Road None
Heritage $524,974 $182 5 bd / 4 ba 2,881 sqft , 2026-05-01
233 Bush Mountain Cv
Big Sky Ranch $574,990 $175 5 bd / 4 ba 3,291 sqft , 2026-08-03
318 Victoria Peak Loop
Big Sky Ranch Ph 2 At Dripping Spgs $499,900 $173 5 bd / 4 ba 2,887 sqft , 2026-11-05
171 Bush Mountain Cv
Big Sky Ranch $634,990 $189 5 bd / 4 ba 3,355 sqft , 2026-10-23
198 Senna Dr
Founders Ridge Sec 1 $663,660 $195 5 bd / 4 ba 3,399 sqft , 2026-10-08

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
$2,626/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
$109,404
20% conventional investment loan

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

Estimated Gross Rent+$2,626
Principal + Interest−$2,985
Property Tax (assumed ~2.1%)−$957
Insurance (assumed ~0.5%)−$228
Est. Monthly Cash Flow $-1,544

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 Dripping Springs, TX

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

Westlake corridor 25 min NE
Downtown Austin 40 min E
Tesla Gigafactory 50 min NE

More Luxury Homes in Dripping Springs

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Austin Luxury Homes Sell a Luxury Home Homes with Pool Sell Home Over $2M Investment Properties Rental Properties 1031 Exchange Austin BRRRR Method Austin Austin Market Report Contact Luke Allen
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 · 41 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. The written content was last updated on October 22, 2026.

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

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