Active Listing  ·  98 days on market

2591 Spring Valley Dr

Dripping Springs, TX 78620
$499,000
3 Bed 1 Bath 1,444 sqft $346/sqft Built 1983 2.74 acres Pool Springlake

Opportunity meets Texas Hill Country charm on 2.744 fully fenced acres just minutes from downtown Dripping Springs. With no HOA and the flexibility for short-term rental use, this unique property offers an exciting opportunity for investors, weekend-home buyers, or anyone looking for a property that can serve as both a personal Hill Country escape and income-producing rental.

Behind the gated entrance, heritage oak trees, a seasonal creek, small barn, and chicken coop create the kind of authentic Hill Country experience guests come to Dripping Springs to find. There's room to gather around a firepit, enjoy coffee under the trees, watch the stars at night, or simply escape the pace of the city. The acreage also offers plenty of potential to further enhance the guest experience with outdoor gathering spaces, games, gardens, or other amenities.

Inside, the thoughtfully updated home features three bedrooms, a beautifully renovated bath, and an updated kitchen that blends modern convenience with Hill Country character. City water, low tax rates, and no HOA add to the property's appeal.

Location is one of the biggest advantages. Just ten minutes from downtown Dripping Springs and convenient to the Hill Country Galleria, the property puts guests close to the area's popular wedding venues, wineries, breweries, restaurants, shopping, and Hill Country attractions while still giving them the privacy and acreage of a true country getaway.

Whether you're looking for a dedicated short-term rental, a weekend retreat that can generate income when you're away, or a long-term investment as your primary residence in the growing Dripping Springs area, this property offers a combination that's increasingly hard to find: acreage, privacy, character, convenience, and flexibility. All in the heart of the Texas Hill Country.

At $346/sqft, this home is 27% below the Dripping Springs active market average of $475/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

2591 Spring Valley Dr, Dripping Springs, TX 78620

Property Details

Price $499,000
Status Active Listing
Beds 3
Full Baths 1
Half Baths ,
Living Area 1,444 sqft
Lot Size 2.74 acres (119,528.64 sqft)
Year Built 1983
Garage ,
Stories ,
Type Residential · Single Family Residence
Subdivision Springlake
County Hays
Zip Code 78620
$/sqft $346/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $6,795.49
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT241489776
List Date August 6, 2026
Elementary School Dripping Springs
Middle School Dripping Springs Middle
High School Dripping Springs
School District Dripping Springs ISD

Dripping Springs ISD

Dripping Springs · Dripping Springs Middle · Dripping Springs

Luke Allen (TREC #788149) has deep knowledge of Dripping Springs and surrounding markets. Whether you're buying, selling, or just researching comparable sales, reach out for a no-pressure conversation.

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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 · August 6, 2026 $539,000
Previous ask $525,000
Current ask $499,000
▼ Reduced $40,000 (-7.4%) 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 Dripping Springs

Comparable Listings Right Now

Homes currently for sale in Dripping Springs 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 Spring Valley Dr
Springlake
$625,000 $338 4 bd / 3 ba 1,848 sqft , 2026-02-26

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
$2,395/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
$99,800
20% conventional investment loan

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

Estimated Gross Rent+$2,395
Principal + Interest−$2,723
Property Tax (assumed ~2.1%)−$873
Insurance (assumed ~0.5%)−$208
Est. Monthly Cash Flow $-1,409

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 Dripping Springs, TX

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

Westlake corridor 25 min NE
Downtown Austin 40 min E
Tesla Gigafactory 50 min NE

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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 · 41 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. The written content was last updated on October 24, 2026.

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

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