Active Listing  ·  26 days on market

1485 Rainbow Parke Dr

Round Rock, TX 78665
$350,000
3 Bed 2 Bath 1,744 sqft $201/sqft Built 2006 0.17 acres 2-Car Garage Pool Rainbow Parke

A single-story brick home offering 1,744 square feet on a 7,602 square foot lot in the established Rainbow Parke community on the east side of Round Rock. Built in 2006, the home lives all on one level with no stairs, three bedrooms, two full baths, central heat and air, and a two-car garage. The main living, dining, and kitchen areas stay open and connected, with the bedrooms set off to the side for quiet and separation. The secondary bedrooms are sized well for guests, a home office, a workout room, or a hobby space, and the two-car garage plus a full driveway leave plenty of room to park. Out back, the yard on a 7,602 square foot lot leaves space for a patio, a garden, or weekend projects, and the single-level layout means easy, step-free living from the driveway to the back door.

Location is the quiet advantage. Rainbow Parke sits minutes from Old Settlers Park and the Dell Diamond, with quick access to US-79 and Interstate 35, and the SH-130 tollway a short drive east for a clear run toward the airport and greater Austin. Kalahari Resort, the Round Rock Premium Outlets, IKEA, HEB, and a long run of restaurants and everyday errands are all within a few minutes, and the area's major employers keep rental demand steady. It is a practical, low-maintenance single-story in one of the region's steadiest submarkets.

The numbers work for an owner-occupant or an investor. Comparable homes in the area rent in the neighborhood of $2,000 a month, so it pencils as a straightforward buy-and-hold in a rental market with consistent demand, and the brick single-story construction keeps upkeep light for a long-term owner. Priced to sell in a corridor that keeps drawing steady relocation from across the Austin metro.

At $201/sqft, this home is 6% below the Round Rock active market average of $214/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

1485 Rainbow Parke Dr, Round Rock, TX 78665

Property Details

Price $350,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths ,
Living Area 1,744 sqft
Lot Size 0.17 acres (7,623 sqft)
Year Built 2006
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Rainbow Parke
County Williamson
Zip Code 78665
$/sqft $201/sqft
Days on Market ,
HOA $115/Semi-Annually
Annual Tax Est. $5,835.66
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT241447247
List Date July 28, 2026
Elementary School Herrington
Middle School CPL Robert P Hernandez
High School Stony Point
School District ,

Luke Allen (TREC #788149) has deep knowledge of Round Rock 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 Round Rock

Comparable Listings Right Now

Homes currently for sale in Round Rock 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
5816 Sardinia Dr
Siena Ph 1 Sec 24
$350,000 $188 3 bd / 2 ba 1,864 sqft , 2026-05-13
3220 Corrigan Ln
Settlers Crossing Sec 03
$349,335 $157 4 bd / 2 ba 2,228 sqft , 2026-07-14
706 Johnny Bench Ct
Ryans Crossing Sec 02
$348,000 $166 3 bd / 3 ba 2,098 sqft , 2026-07-23
3105 Clinton Pl
Settlers Crossing Sec 01
$347,500 $230 3 bd / 2 ba 1,509 sqft , 2026-05-09
1310 Rainbow Parke Dr
Rainbow Parke
$354,999 $179 4 bd / 2 ba 1,983 sqft , 2025-06-05

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
$1,680/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
$70,000
20% conventional investment loan

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

Estimated Gross Rent+$1,680
Principal + Interest−$1,910
Property Tax (~2.1% TX avg)−$613
Insurance (~0.5%)−$146
Est. Monthly Cash Flow $-989

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 Round Rock, TX

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

Dell Technologies HQ 5 min
Apple Campus (Domain) 15 min S
Samsung Austin Semiconductor 20 min SW
Tesla Gigafactory 35 min S

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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 18, 2026.

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