Active Listing  ·  1 day on market

1948 Gilmer Way

Leander, TX 78641
$495,000
5 Bed 3 Bath 2,956 sqft $167/sqft Built 2025 0.18 acres 2-Car Garage Pool Devine Lake

Rare flexible layout that is literally two homes in one offering a design for buyers who need more flexibility than a traditional five-bedroom home provides.

Recently completed in 2025 and situated perfectly on an oversized corner lot, this home includes five bedrooms, multiple living areas, and a private attached guest suite with its own separate entrance, bedroom, full bath, living room, kitchen, yard, giving guests or extended household members a space that feels separate while remaining connected to the main home.

The main living area is open and functional, connecting the kitchen, dining and family room with a large island, generous counter space and stainless appliances. The primary bedroom is located on the main floor with a walk-in closet, double vanity, soaking tub and separate shower. Upstairs are three additional bedrooms and a game room, providing useful separation between sleeping, working and everyday living spaces.

A fenced backyard and covered rear porch add usable outdoor space, along with an attached two-car garage. Devine Lake residents also have access to a community pool, playground, park, picnic areas and walking and biking trails.

Located in Leander ISD, Devine Lake puts buyers close to neighborhood recreation as well as the 45-acre Devine Lake Park, which offers trails, a playscape, picnic areas, fishing and non-motorized boating.

The community also offers convenient access to US-183 and 183A, with shopping, dining and the Leander MetroRail station nearby. Community connects to nearby walkable outstanding schools.

At $167/sqft, this home is 30% below the Leander active market average of $237/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

1948 Gilmer Way, Leander, TX 78641

Property Details

Price $495,000
Status Active Listing
Beds 5
Full Baths 2
Half Baths 1
Living Area 2,956 sqft
Lot Size 0.18 acres (7,840.8 sqft)
Year Built 2025
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Devine Lake
County Williamson
Zip Code 78641
$/sqft $167/sqft
Days on Market ,
HOA $65/Monthly
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT245392556
List Date September 22, 2026
Elementary School Bagdad
Middle School Danielson
High School Glenn
School District ,

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

Comparable Listings Right Now

Homes currently for sale in Leander 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
1937 BARFISH Way
Devine Landing
$499,990 $164 5 bd / 4 ba 3,050 sqft , 2026-07-31
1265 Aquilla Dr
Devine Lake
$484,900 $161 4 bd / 4 ba 3,009 sqft , 2026-08-13
941 Teeler Ln
South Brook
$474,950 $167 5 bd / 4 ba 2,837 sqft , 2026-06-17
908 Prominence Way
South Brook
$474,950 $181 4 bd / 3 ba 2,617 sqft , 2026-08-19
1721 Erie Dr
Savanna Ranch Sec 4
$520,000 $218 4 bd / 2 ba 2,386 sqft , 2026-02-13

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
$2,376/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
$99,000
20% conventional investment loan

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

Estimated Gross Rent+$2,376
Principal + Interest−$2,701
Property Tax (~2.1% TX avg)−$866
Insurance (~0.5%)−$206
Est. Monthly Cash Flow $-1,397

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 Leander, TX

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

Apple Campus (Domain) 25 min SE
Dell Technologies HQ 20 min SE
Samsung Austin Semiconductor 30 min SE

More Luxury Homes in Leander

Loading…
View All Luxury Homes →
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 22, 2026.

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