Active Listing  ·  65 days on market

234 Terrace Dr

Spicewood, TX 78669
$295,500
2 Bed 2 Bath 1,552 sqft $190/sqft Built 1988 0.39 acres Pool Spicewood Beach

Tucked along the breathtaking Narrows of Lake Travis in the beloved Spicewood Beach community, this 2-bedroom, 2-bath retreat is your affordable entry point into one of Central Texas's most coveted waterfront neighborhoods. With panoramic views of both Lake Travis and the 9-hole golf course, this property delivers scenery that luxury homes charge triple for. The floor plan features two distinct living areas including a sunroom that frames the lake and golf course. A peninsula divides the dining and sunroom areas, creating a natural gathering space complete with bar seating for four. The kitchen features its own eat-in bar. The laundry room offers additional storage and has a stackable washer and dryer, keeping everything functional and tucked away neatly.

Built on a pier foundation, the home sits elevated in all the right ways, maximizing those breathtaking views while allowing for excellent airflow throughout. Step outside into a resort-style community featuring a waterfront fishing dock, boat launch, and covered picnic tables— everything you need to fully embrace the Lake Travis lifestyle without the lakefront price tag. The location is perfect, the views are spectacular, and the lifestyle is waiting. Properties with this combination of views, water access, and community amenities at this price point on Lake Travis simply do not last. Whether you're an investor looking for incredible upside potential in one of Texas's hottest lake markets, a weekend escape seeker ready for affordable Lake Travis access, someone craving single-level living surrounded by natural beauty, or a rental visionary ready to capitalize on one of the most in-demand destinations in Texas — this property checks every box. Come for the views. Stay for the lifestyle.

At $190/sqft, this home is 62% below the Spicewood active market average of $497/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

234 Terrace Dr, Spicewood, TX 78669

Property Details

Price $295,500
Status Active Listing
Beds 2
Full Baths 2
Half Baths ,
Living Area 1,552 sqft
Lot Size 0.39 acres (16,809.8 sqft)
Year Built 1988
Garage ,
Stories ,
Type Residential · Mobile Home
Subdivision Spicewood Beach
County Burnet
Zip Code 78669
$/sqft $190/sqft
Days on Market ,
HOA $125/Annually
Annual Tax Est. $1,674.46
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT237015201
List Date June 20, 2026
Elementary School Spicewood (Marble Falls ISD)
Middle School Marble Falls
High School Marble Falls
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 · June 20, 2026 $325,000
Current ask $295,500
Reduced $29,500 (-9.1%) 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
122 Ridge Dr
Eagle Bluff
$275,000 $148 3 bd / 2 ba 1,860 sqft , 2026-08-05
207 Laurel Ln
Lakeside Beach
$339,000 $219 3 bd / 2 ba 1,550 sqft , 2026-08-22
503 Chantilly Ln
Lakeside Beach
$350,000 $265 3 bd / 2 ba 1,322 sqft , 2026-06-20
505 Broken Arrow Dr
Lakeside Beach
$385,000 $363 3 bd / 2 ba 1,060 sqft , 2026-05-19

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
$1,418/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
$59,100
20% conventional investment loan

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

Estimated Gross Rent+$1,418
Principal + Interest−$1,613
Property Tax (~2.1% TX avg)−$517
Insurance (~0.5%)−$123
Est. Monthly Cash Flow $-835

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 August 18, 2026.

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