Active Listing  ·  26 days on market

15204 Falcon Dr

Austin, TX 78734
$509,000
4 Bed 2 Bath 1,873 sqft $272/sqft Built 2005 0.28 acres 2-Car Garage Pool Cardinal Hills Unit 01

Charming single-story 4-bedroom, 2-bath home in the heart of Lakeway with a spacious, private fenced backyard! The open-concept floor plan seamlessly connects the kitchen, living room, dining area, and backyard views, creating a bright, inviting space perfect for everyday living and entertaining. Enjoy casual meals at the breakfast bar or dining area, or host special occasions in the separate formal dining room.

The spacious living room features high ceilings and a cozy wood-burning fireplace, making it the perfect place to relax on cool evenings. With four bedrooms, there's room for everyone, and one bedroom easily functions as a home office.

Quality finishes throughout include high ceilings, wood and tile flooring, crown and base moldings, ceiling fans, and abundant natural light. The well-appointed kitchen offers stainless steel appliances, granite countertops, a large pantry, and ample cabinet space.

Step outside to a covered patio and extended deck overlooking a beautifully landscaped, fully fenced backyard complete with fruit and pecan trees, storage shed, and plenty of room for entertaining, gardening, pets, or play. A two-car garage provides additional convenience and storage.

Located just 2 miles from the heart of Lakeway in the acclaimed Lake Travis ISD, this home offers easy access to shopping, restaurants, golf, marinas, parks, hiking trails, and everything Lakeway has to offer. Low property tax rate adds even more value to this exceptional home!

At $272/sqft, this home is 31% below the Austin active market average of $393/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

15204 Falcon Dr, Austin, TX 78734

Property Details

Price $509,000
Status Active Listing
Beds 4
Full Baths 2
Half Baths ,
Living Area 1,873 sqft
Lot Size 0.28 acres (12,022.56 sqft)
Year Built 2005
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Cardinal Hills Unit 01
County Travis
Zip Code 78734
$/sqft $272/sqft
Days on Market ,
HOA $264/Annually
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT241667751
List Date August 27, 2026
Elementary School Lake Travis
Middle School Hudson Bend
High School Lake Travis
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.

Schedule a Call →

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
14900 Longbranch Dr
Apache Shores Sec 05
$485,000 $294 3 bd / 2 ba 1,650 sqft , 2026-06-19
300 Stone Ridge Dr
Round Mountain
$479,900 $357 3 bd / 1 ba 1,344 sqft , 2025-09-27
15109 S Flamingo Dr S
Cardinal Hills Unit 03
$475,000 $207 3 bd / 3 ba 2,292 sqft , 2026-04-16
34 Cypress Knee Ln
Courtyard At Preserve Condo T
$475,000 $223 4 bd / 3 ba 2,133 sqft , 2026-06-15
23 Stone Terrace Dr
Terrace At The Preserve Condom
$472,500 $203 3 bd / 3 ba 2,332 sqft , 2026-04-22

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
$2,443/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
$101,800
20% conventional investment loan

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

Estimated Gross Rent+$2,443
Principal + Interest−$2,778
Property Tax (~2.1% TX avg)−$891
Insurance (~0.5%)−$212
Est. Monthly Cash Flow $-1,438

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 September 20, 2026.

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