Active Listing  ·  29 days on market

1516 Garnaas Dr

Austin, TX 78758
$675,000
3 Bed 3 Bath 2,080 sqft $325/sqft Built 1985 0.20 acres 2-Car Garage Pool Gracywoods

Discover the perfect blend of thoughtful design, modern efficiency, and an unbeatable location in Gracywoods. This architect-designed, extensively remodeled 3-bedroom, 2.5-bath home offers sophisticated living on a quiet street that ends at the neighborhood park entrance. A complete renovation transformed the first floor into a bright, open-concept layout ideal for entertaining. The beautifully redesigned kitchen combines style and functionality with a custom island,Bosch induction cooktop and oven,Bosch dishwasher,ceiling-height cabinetry,hidden trash and recycling storage,pantry drawers, and abundant organization throughout. Architectural details including exposed wood beams, a custom stair accent wall, built-in living room shelving, penny tile accents, recessed lighting, and ceramic tile flooring create a warm, refined atmosphere. A charming dining nook with built-in storage and an under-stair reading nook add character and versatility. Upstairs, wood flooring extends throughout the stairwell and second level. The expansive game room offers flexible space for a media room, office, or playroom and features custom cabinetry and display shelving. The primary suite has been thoughtfully reimagined with a redesigned closet and a spa-inspired bath featuring a dual-head shower and soaking tub. The secondary bath has also been beautifully updated. Designed for comfort and efficiency, the home features triple-pane windows, a 22-panel paid-off solar array, a 2025 tankless water heater, Cat 6 wiring,home speaker wiring downstairs and pool area,EV charger circuit, and mini-split air-conditioned garage. The backyard is a private retreat centered around an 18,000-gallon saltwater pool with resurfaced blue pebble finish, outdoor shower, speaker system, string lighting, and updated fencing. Ideally located just minutes from Apple, The Domain, Q2 Stadium, and major employers, this exceptional North Austin home offers the perfect balance of luxury, functionality, and convenience.

At $325/sqft, this home is 17% below the Austin active market average of $392/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

1516 Garnaas Dr, Austin, TX 78758

Property Details

Price $675,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths 1
Living Area 2,080 sqft
Lot Size 0.20 acres (8,886.24 sqft)
Year Built 1985
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Gracywoods
County Travis
Zip Code 78758
$/sqft $325/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $12,166.18
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT240845489
List Date July 24, 2026
Elementary School River Oaks
Middle School Westview
High School John B Connally
School District ,

Luke Allen (TREC #788149) has deep knowledge of Austin 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 Austin

Comparable Listings Right Now

Homes currently for sale in Austin 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
1506 Corsac Way
Foxfield
$676,999 $336 4 bd / 3 ba 2,015 sqft , 2026-08-13
1504 Corsac Way
Foxfield
$679,999 $360 3 bd / 3 ba 1,888 sqft , 2026-03-05
1505 Corsac Way
Foxfield
$669,990 $299 4 bd / 3 ba 2,242 sqft , 2026-02-27
1300 Old Cedar Ln
River Oak Lake Estates Sec 06
$659,000 $343 4 bd / 2 ba 1,919 sqft , 2026-08-20
1404 Lance Way
Gracywoods Sec 04
$599,999 $263 3 bd / 3 ba 2,279 sqft , 2025-12-04

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
$3,240/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
$135,000
20% conventional investment loan

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

Estimated Gross Rent+$3,240
Principal + Interest−$3,684
Property Tax (~2.1% TX avg)−$1,181
Insurance (~0.5%)−$281
Est. Monthly Cash Flow $-1,906

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 Austin, TX

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

Tesla Gigafactory 15-25 min E
Apple Campus (Domain) 20-30 min N
Google / Meta / Indeed 10-15 min downtown
Dell Medical School / UT Austin 10-20 min
Samsung Austin Semiconductor 25 min N

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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 17, 2026.

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