Active Listing  ·  152 days on market

204 Blue Ground None

Horseshoe Bay, TX 78657
$465,000
3 Bed 5 Bath 2,450 sqft $190/sqft Built 1983 0.23 acres 2-Car Garage Pool Horseshoe Bay West

On one of Horseshoe Bay West’s most established and increasingly valuable streets, 204 Blue Ground offers a rare chance to renovate at a difficult-to-find $465,000 entry level price point. Known for its mature trees, established homes, strong full-time resident presence, and warm neighborhood feel, Blue Ground is rapidly evolving through new construction and the thoughtful renovation of existing homes. This 2,450-sq-ft, 3-bedroom, 5-bath home already has the bones buyers want: classic, contemporary Hill Country style, a dramatic great room with soaring ceilings and a large stone fireplace, a wet bar, and an open connection to the dining area and kitchen. The spacious primary suite includes wood floors, two closets, two full baths and direct access to a conditioned sunroom not included in the recorded square footage. Two guest bedrooms share a bath, while the upstairs flex space with full bath can serve as a study, studio, library, playroom, or overflow guest area. Mature trees shade the fully fenced backyard and patio, creating a peaceful setting ready for a buyer’s vision. A new main HVAC system was installed in July 2026. Short-term rentals are allowed. Upon application and acceptance, membership at The Club at Horseshoe Bay Resort provides access to golf, tennis, pickle ball, pools, fitness, dining, and other private amenities.

At $190/sqft, this home is 60% below the Horseshoe Bay active market average of $481/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

204 Blue Ground None, Horseshoe Bay, TX 78657

Property Details

Price $465,000
Status Active Listing
Beds 3
Full Baths 5
Half Baths ,
Living Area 2,450 sqft
Lot Size 0.23 acres (9,901.19 sqft)
Year Built 1983
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Horseshoe Bay West
County Llano
Zip Code 78657
$/sqft $190/sqft
Days on Market ,
HOA $795/Annually
Annual Tax Est. $6,356.27
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT221207123
List Date March 5, 2026
Elementary School Llano
Middle School Llano
High School Llano
School District ,

Luke Allen (TREC #788149) has deep knowledge of Horseshoe Bay 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 · March 5, 2026 $565,000
Previous ask $475,000
Current ask $465,000
Reduced $100,000 (-17.7%) 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 Horseshoe Bay

Comparable Listings Right Now

Homes currently for sale in Horseshoe Bay 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
611 Sun Ray None
Horseshoe Bay West
$465,000 $279 3 bd / 2 ba 1,668 sqft , 2025-09-12
1407 Swallow None
Horseshoe Bay South
$468,000 $289 3 bd / 2 ba 1,617 sqft , 2026-05-20
101 Western Spur
Horseshoe Bay Proper
$459,900 $277 3 bd / 2 ba 1,659 sqft , 2026-03-26
3804 Dew Drop None
HORSESHOE BAY
$455,000 $227 4 bd / 2 ba 2,004 sqft , 2026-01-12
103 Birdie None
Horseshoe Bay Proper
$475,000 $195 3 bd / 4 ba 2,440 sqft , 2026-04-27

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
$2,232/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
$93,000
20% conventional investment loan

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

Estimated Gross Rent+$2,232
Principal + Interest−$2,538
Property Tax (~2.1% TX avg)−$814
Insurance (~0.5%)−$194
Est. Monthly Cash Flow $-1,314

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 Horseshoe Bay, TX

Horseshoe Bay 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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