Active Listing  ·  18 days on market

1606 Grayford Dr #1

Austin, TX 78704
$850,000
4 Bed 3 Bath 2,153 sqft $395/sqft Built 2020 0.09 acres 1-Car Garage Pool Low Theodore Heights

Experience refined Austin living in this beautifully designed 4-bedroom, 3-bathroom residence where modern style meets an enviable 78704 location.

Inside, the home is defined by soaring ceilings and natural light, polished concrete floors, and thoughtfully selected finishes. The open-concept kitchen serves as the centerpiece, featuring a quartz waterfall island, Bosch stainless steel appliances, custom cabinetry, and distinctive designer tile.

The main level includes a spacious guest bedroom and full bath, offering flexibility for visitors or a convenient office. Upstairs, the generous primary suite delivers a true sense of escape with a spa-inspired bathroom complete with a walk-in shower, soaking tub, dual vanities, and an oversized walk-in closet. Two additional bedrooms, a full bath, and a second living space provide plenty of room for family and guests.

Perhaps the home’s most unexpected feature is the exceptional outdoor space. The private, fenced-in yard wraps around the property, extending from an expansive front lawn to a custom rear deck with built-in benches and hidden storage. Multiple covered areas, thoughtful lighting, and shade sails create a series of inviting spaces for relaxing and entertaining, making the outdoors feel like a true extension of the home. Upstairs, the second-floor living area opens to a patio and connects via spiral staircase to an expansive rooftop deck, where panoramic Downtown views provide an unforgettable backdrop for sunset drinks, entertaining, or evenings beneath the stars.

An attached one-car garage, private driveway, rainwater collection system, and Google Fiber add everyday convenience to this exceptional urban retreat.

With its thoughtful design, remarkable outdoor spaces, rooftop entertaining area, and prime 78704 location, this home captures the energy and character that make South Austin so special.

At $395/sqft, this home is priced in line with the Austin market average of $393/sqft across 4,588 active listings. View Austin market report →

Location

1606 Grayford Dr #1, Austin, TX 78704

Property Details

Price $850,000
Status Active Listing
Beds 4
Full Baths 3
Half Baths ,
Living Area 2,153 sqft
Lot Size 0.09 acres (4,020.59 sqft)
Year Built 2020
Garage 1 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Low Theodore Heights
County Travis
Zip Code 78704
$/sqft $395/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT245942498
List Date September 5, 2026
Elementary School Joslin
Middle School Covington
High School Crockett
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 →

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 · September 5, 2026 $850,000
Previous ask $895,000
Current ask $850,000
Increased , (+0.0%) 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 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
4418 Mount Vernon Dr #A
South Manchaca
$850,000 $435 3 bd / 3 ba 1,953 sqft , 2026-09-14
4803 Philco Dr
Park Forest Sec 01
$840,000 $341 3 bd / 3 ba 2,463 sqft , 2025-11-06
902 Plateau Cir #1
902 Plateau Condo
$874,000 $450 3 bd / 3 ba 1,944 sqft , 2026-09-10
2713 Kinney Oaks Ct
Village At Kinney Court
$825,000 $499 3 bd / 2 ba 1,654 sqft , 2026-08-22
3001 Del Curto Rd #35
Canopy Condo
$898,000 $415 4 bd / 3 ba 2,163 sqft , 2026-04-15

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
$4,080/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
$170,000
20% conventional investment loan

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

Estimated Gross Rent+$4,080
Principal + Interest−$4,639
Property Tax (~2.1% TX avg)−$1,488
Insurance (~0.5%)−$354
Est. Monthly Cash Flow $-2,401

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 21, 2026.

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