Active Listing  ·  8 days on market

131 Crater Lake Dr

Dripping Springs, TX 78620
$470,050
4 Bed 2 Bath 1,735 sqft $271/sqft Built 2026 0.28 acres 2-Car Garage Pool New Construction Cannon Ranch
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About This Home

NEW CONSTRUCTION BY ASHTON WOODS! Available November 2026! Welcome home to the Cartwright! This beautifully designed single-story home features 4 bedrooms, 2 bathrooms, and our elevated Luxe Collection finishes throughout. Situated on an oversized lot, this home offers the perfect blend of style, comfort, and functionality!

At $271/sqft, this home is 43% 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

131 Crater Lake Dr, Dripping Springs, TX 78620

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Property Details

Price $470,050
Status Active Listing
Beds 4
Full Baths 2
Half Baths ,
Living Area 1,735 sqft
Lot Size 0.28 acres (12,196.8 sqft)
Year Built 2026
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Cannon Ranch
County Hays
Zip Code 78620
$/sqft $271/sqft
Days on Market ,
HOA $43/Monthly
Annual Tax Est. $782
Pool Yes
Waterfront ,
New Construction Yes
MLS # ACT251733747
List Date November 4, 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
119 Cotton Tree Ter
Heritage Dripping Spgs Ph1 $450,000 $266 3 bd / 2 ba 1,690 sqft , 2026-07-30
152 Ranier Way
Cannon Ranch $494,938 $219 4 bd / 4 ba 2,260 sqft , 2026-06-23
121 Jagged Iron Trce
Village Grove $529,485 $242 3 bd / 2 ba 2,189 sqft , 2026-06-24
159 Mount Locke Rd
Big Sky Ranch Ph 1 At Dripping Spgs $410,000 $220 3 bd / 2 ba 1,867 sqft , 2026-09-18
221 Bush Mountain Cv
Big Sky Ranch $539,990 $232 4 bd / 3 ba 2,332 sqft , 2026-08-12

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
$2,256/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
$94,010
20% conventional investment loan

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

Estimated Gross Rent+$2,256
Principal + Interest−$2,565
Property Tax (assumed ~2.1%)−$823
Insurance (assumed ~0.5%)−$196
Est. Monthly Cash Flow $-1,328

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 November 10, 2026.

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

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