Active Listing  ·  140 days on market

121 Bishop Wood Road None

Dripping Springs, TX 78620
$574,400
4 Bed 4 Bath 2,912 sqft $197/sqft Built 2026 0.14 acres 2-Car Garage Pool New Construction Heritage
121 Bishop Wood Road None, photo 1
121 Bishop Wood Road None, photo 2
121 Bishop Wood Road None, photo 3
121 Bishop Wood Road None, photo 4
121 Bishop Wood Road None, photo 5
121 Bishop Wood Road None, photo 6
121 Bishop Wood Road None, photo 7
121 Bishop Wood Road None, photo 8
121 Bishop Wood Road None, photo 9
121 Bishop Wood Road None, photo 10
121 Bishop Wood Road None, photo 11
121 Bishop Wood Road None, photo 12

About This Home

The ideal setup for those working from home with a growing family. An oversized flex space with an adjacent powder bath makes a great home office. Kid spaces are all relegated to the upstairs, including a large loft and three bedrooms with walk-in closets. The primary suite and spa-like bathroom are on the main level, off the spacious great room and kitchen. Casual dining opens directly to a covered patio for indoor/outdoor entertaining.

At $197/sqft, this home is 59% 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

121 Bishop Wood Road None, Dripping Springs, TX 78620

Open in Google Maps ↗ Get Directions ↗

Property Details

Price $574,400
Status Active Listing
Beds 4
Full Baths 3
Half Baths 1
Living Area 2,912 sqft
Lot Size 0.14 acres (6,316.2 sqft)
Year Built 2026
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Heritage
County Hays
Zip Code 78620
$/sqft $197/sqft
Days on Market ,
HOA $600/Annually
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction Yes
MLS # ACT237672009
List Date June 25, 2026
Elementary School Dripping Springs
Middle School Dripping Springs Middle
High School Dripping Springs
School District Dripping Springs ISD

School District

Dripping Springs ISD

Dripping Springs · 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.

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 · June 25, 2026 $586,400
Previous ask $579,400
Current ask $574,400
▼ Reduced $12,000 (-2.0%) 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 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
531 Darley Oak Drive None
Heritage $564,833 $195 5 bd / 3 ba 2,903 sqft , 2026-06-25
167 Darley Oak Dr
Heritage Dripping Spgs Ph1 $585,000 $194 4 bd / 4 ba 3,012 sqft , 2026-09-17
200 Little Barton Dr
Springlake $550,000 $252 3 bd / 2 ba 2,185 sqft , 2026-03-15
246 S Sage Holw
Founders Ridge Sec 2A $549,990 $258 3 bd / 2 ba 2,134 sqft , 2026-10-10
207 Meadow Oaks Dr
Meadow Oaks Ph I $549,000 $284 3 bd / 2 ba 1,931 sqft , 2026-08-13

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
$2,757/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
$114,880
20% conventional investment loan

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

Estimated Gross Rent+$2,757
Principal + Interest−$3,135
Property Tax (assumed ~2.1%)−$1,005
Insurance (assumed ~0.5%)−$239
Est. Monthly Cash Flow $-1,622

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

Loading…
View All Luxury Homes →

Explore Austin Real Estate

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 14, 2026.

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

Save this home

Create a free account to save favorites and get new-listing alerts.

Already have an account? Log in instead