Active Listing  ·  22 days on market

2406 Lancaster Dr

Austin, TX 78748
$545,900
3 Bed 3 Bath 2,170 sqft $252/sqft Built 1975 0.32 acres 2-Car Garage Pool Castlewood Forest Sec 07

Set beneath the mature canopy of Castlewood Forest, 2406 Lancaster offers the kind of South Austin setting that is increasingly hard to replicate: an established neighborhood, a generous .3157-acre lot, and a turnkey home with the space and flexibility to settle in and make your own. Inside, 2,160 square feet of conditioned living space includes 3 bedrooms, 2.5 baths, a 2-car garage, and a spacious conditioned sunroom overlooking an incredibly private backyard. With abundant natural light and views into the mature landscape, the sunroom feels like a true extension of the living space and an easy place to gather, work, read, or simply enjoy the quiet. The owner has thoughtfully prepared the property for market, making this a rare move-in-ready opportunity at an incredibly advantageous entry point into Castlewood Forest, where homes have sold into the high $900Ks. Just beyond the neighborhood, South Menchaca has become one of South Austin's favorite local destinations, with Lulu's, Armadillo Den, Moontower Saloon, The Hive, Sam's Town Point, Bouldin Acres, coffee, food trucks, patios, pickleball, and live music nearby: big trees, privacy, wide walkable streets, a 5- to 10-minute drive from public hiking trails, including the sculpture walk, and unmistakably South Austin.

At $252/sqft, this home is 36% below the Austin active market average of $392/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

2406 Lancaster Dr, Austin, TX 78748

Property Details

Price $545,900
Status Active Listing
Beds 3
Full Baths 2
Half Baths 1
Living Area 2,170 sqft
Lot Size 0.32 acres (13,751.89 sqft)
Year Built 1975
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Castlewood Forest Sec 07
County Travis
Zip Code 78748
$/sqft $252/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT246790193
List Date September 16, 2026
Elementary School Kocurek
Middle School Bailey
High School Akins
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.

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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
7912 Finch Trl
Cherry Creek
$548,000 $316 4 bd / 3 ba 1,734 sqft , 2026-08-10
2006 Lear Ln
Southwest Oaks Ph 02
$550,000 $274 3 bd / 2 ba 2,008 sqft , 2026-09-12
1414 Rambling Rose Rd
Novel
$551,420 $256 3 bd / 3 ba 2,150 sqft , 2026-09-20
8002 Willet Trl
Cherry Creek Ph 08 Sec 05-A
$529,000 $349 3 bd / 3 ba 1,516 sqft , 2026-09-24
2633 Bolton St
Bauerle Ranch
$565,900 $200 4 bd / 3 ba 2,823 sqft , 2026-10-01

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
$2,620/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
$109,180
20% conventional investment loan

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

Estimated Gross Rent+$2,620
Principal + Interest−$2,979
Property Tax (~2.1% TX avg)−$955
Insurance (~0.5%)−$227
Est. Monthly Cash Flow $-1,541

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 October 5, 2026.

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