Active Listing  ·  93 days on market

2815 Rio Grande St #204

Austin, TX 78705
$285,000
2 Bed 1 Bath 509 sqft $560/sqft Built 1981 0.01 acres Pool Gazebo Condo

Step into the thoughtfully updated and remodeled, fully furnished two bedroom, one bathroom condo that is in amazing location near downtown Austin and the University of Texas. The area is walking distance to restaurants, shopping, entertainment, and daily conveniences offering both accessibility and vibrant city living. Inside, the unit has a bright open floor plan designed for comfort and functionality. Stylish contemporary furnishings are included, a well equipped kitchen, a welcoming living room and two separate, cozy sleeping spaces. The home also includes an in unit combination washer/dryer and reserved parking. Perfect purchase for anyone looking for a turnkey Austin retreat ideal as homestead or investment that is both great place and fantastic location. Unbeatable opportunity to buy a fully move in ready condominium with endless possibilities and access to the best of Austin has to offer right outside your door.

At $560/sqft, this home is priced 44% above the Austin active market average of $390/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

2815 Rio Grande St #204, Austin, TX 78705

Property Details

Price $285,000
Status Active Listing
Beds 2
Full Baths 1
Half Baths ,
Living Area 509 sqft
Lot Size 0.01 acres (649.04 sqft)
Year Built 1981
Garage ,
Stories ,
Type Residential · Condominium
Subdivision Gazebo Condo
County Travis
Zip Code 78705
$/sqft $560/sqft
Days on Market ,
HOA $195/Monthly
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT229731225
List Date May 13, 2026
Elementary School Bryker Woods
Middle School O Henry
High School Austin
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
2308 Enfield Rd #204
Tarrytown Terrace Condo
$284,000 $452 1 bd / 1 ba 628 sqft , 2026-04-11
2901 San Jacinto Blvd #306
Oakview Condo
$289,900 $460 1 bd / 1 ba 630 sqft , 2026-06-18
501 W 26th St #304
Centennial Condo Rev 1997
$289,900 $460 1 bd / 1 ba 630 sqft , 2026-08-10
306 E 30th St #3
Park Avenue Condominiums
$280,000 $525 2 bd / 1 ba 533 sqft , 2024-02-20
500 E Riverside Dr #154
Riverwalk Condo Amd
$280,000 $489 1 bd / 1 ba 573 sqft , 2026-05-05

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
$1,368/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
$57,000
20% conventional investment loan

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

Estimated Gross Rent+$1,368
Principal + Interest−$1,555
Property Tax (~2.1% TX avg)−$499
Insurance (~0.5%)−$119
Est. Monthly Cash Flow $-805

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 May 19, 2026.

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