Active Listing  ·  115 days on market

2203 Improver Rd

Spicewood, TX 78669
$1,875,000
5 Bed 4 Bath 3,641 sqft $515/sqft Built 2017 3.97 acres 2-Car Garage Pool Waterfront Paleface Ranch Sec 01

Nearly 4 private acres on the Pedernales River arm of Lake Travis, inside the gated equestrian community of Paleface Ranch in Spicewood, TX. Panoramic lake views greet you from multiple vantage points across this elevated, tree-lined property, and the community boat ramp puts open water within minutes for boating, jet skiing, and paddleboarding. Wildlife, mature trees, and Hill Country air define daily life here. This is waterfront acreage living at its most complete.

The 3,641 sq ft two-story home, has been comprehensively updated throughout with upgraded flooring, cabinetry, appliances, electrical, light fixtures, ceiling fans, and washer, dryer, and refrigerator. Every room reflects a current, finished condition with large windows and sliding doors that pull those lake and Hill Country views directly inside.

The open-concept main level connects the living area, dining, and kitchen without interruption. The kitchen features a large island with an integrated sink, stainless appliances, and granite counters. A dedicated home office with vaulted ceilings and hardwood floors sits apart from the main living areas. The primary suite includes a freestanding soaking tub, dual vanities, and a walk-in shower. A half bath with vessel sink and granite counters serves the main level. Five bedrooms and 3.5 baths total across two levels with two separate living areas.

Outside, two covered patios, including one with a wood-paneled ceiling, anchor the outdoor living areas. A stone patio, tiered deck, hot tub, and fire pit complete the exterior for year-round entertaining. A large metal-sided barn and storage facility adds working ranch utility. The long driveway winds through mature trees to a grand wooden entry archway.

Paleface Ranch is served by Lake Travis ISD, approximately 15 minutes to Hill Country Galleria, and under an hour to downtown Austin via Highway 71. Harbors a diverse range of wildlife

At $515/sqft, this home is 4% below the Spicewood active market average of $534/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

2203 Improver Rd, Spicewood, TX 78669

Property Details

Price $1,875,000
Status Active Listing
Beds 5
Full Baths 3
Half Baths 1
Living Area 3,641 sqft
Lot Size 3.97 acres (172,889.64 sqft)
Year Built 2017
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Paleface Ranch Sec 01
County Travis
Zip Code 78669
$/sqft $515/sqft
Days on Market ,
HOA $800/Annually
Annual Tax Est. $36,158.48
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT236881653
List Date July 1, 2026
Elementary School West Cypress Hills
Middle School Lake Travis
High School Lake Travis
School District ,

Luke Allen (TREC #788149) has deep knowledge of Spicewood 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 · July 1, 2026 $1,980,000
Previous ask $1,975,000
Current ask $1,875,000
▼ Reduced $105,000 (-5.3%) 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 Spicewood

Comparable Listings Right Now

Homes currently for sale in Spicewood 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
1805 Performer Rd
Paleface Ranch Sec 01
$1,749,000 $413 4 bd / 4 ba 4,236 sqft , 2026-04-24
23801 Oscar Rd
Paleface Ranch Sec 03
$1,600,000 $665 4 bd / 3 ba 2,406 sqft , 2026-10-17
3114 Pace Bend Rd S
Paleface Park
$1,540,000 $446 5 bd / 4 ba 3,451 sqft , 2026-09-14
23802 Oscar Rd
Paleface Ranch
$1,250,000 $316 5 bd / 5 ba 3,954 sqft , 2026-10-12

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
$9,000/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
$375,000
20% conventional investment loan

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

Estimated Gross Rent+$9,000
Principal + Interest−$10,233
Property Tax (~2.1% TX avg)−$3,281
Insurance (~0.5%)−$781
Est. Monthly Cash Flow $-5,295

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 Spicewood, TX

Spicewood 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 October 5, 2026.

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