Active Listing  ·  122 days on market

315 Hays St

Dripping Springs, TX 78620
$850,000
4 Bed 3 Bath 1,933 sqft $440/sqft Built 2008 0.30 acres 2-Car Garage Pool W T Chapman #3

Located in the heart of downtown Dripping Springs, this beautifully crafted Tejas Heritage home offers a rare combination of timeless design, exceptional quality, and unbeatable walkability. Whether you're searching for a full-time residence, weekend getaway, or income-producing short-term rental, this property checks every box.

Enjoy being just steps from Pig Pen BBQ, Rolling in Thyme & Dough, boutique shopping along Mercer Street, live music at Hudson's on Mercer, and only minutes from H-E-B, Home Depot, and all that Dripping Springs has to offer.

Thoughtfully designed with aging-in-place principles, the home features ADA-friendly elements that provide comfort, accessibility, and long-term livability without sacrificing style. Built by the highly respected Tejas Heritage Homes, it showcases quality craftsmanship and thoughtful architectural details throughout.

The inviting outdoor living spaces are perfect for entertaining, featuring covered front and back porches and a beautiful outdoor fireplace overlooking the private backyard. A detached upstairs apartment with its own private entrance, kitchenette, and full bathroom provides incredible flexibility for guests, multigenerational living, a home office, or additional rental income.

Currently operating as a successful short-term rental, this property offers immediate investment potential while also presenting a unique opportunity for future commercial use. The property is currently working with the City of Dripping Springs toward potential commercial zoning, making it an excellent option for a boutique medical, dental, or professional office (buyer to independently verify zoning and permitted uses).

Whether you're looking to invest, live, work, or enjoy the best of downtown Dripping Springs, opportunities like this are exceptionally rare.

Main Home is 1657 square feet (3 BED I 2 Bath) and Garage Apartment is 576 square feet (1 Bed I 1 Bath)

At $440/sqft, this home is 7% 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

315 Hays St, Dripping Springs, TX 78620

Property Details

Price $850,000
Status Active Listing
Beds 4
Full Baths 3
Half Baths ,
Living Area 1,933 sqft
Lot Size 0.30 acres (13,068 sqft)
Year Built 2008
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision W T Chapman #3
County Hays
Zip Code 78620
$/sqft $440/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $10,667.59
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT238980941
List Date July 13, 2026
Elementary School Walnut Springs
Middle School Dripping Springs Middle
High School Dripping Springs
School District Dripping Springs ISD

Dripping Springs ISD

Walnut 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.

Schedule a Call →

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
236 Jagged Iron Trce
Village Grove
$569,000 $223 4 bd / 3 ba 2,552 sqft , 2026-09-15

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
$4,080/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
$170,000
20% conventional investment loan

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

Estimated Gross Rent+$4,080
Principal + Interest−$4,639
Property Tax (assumed ~2.1%)−$1,488
Insurance (assumed ~0.5%)−$354
Est. Monthly Cash Flow $-2,401

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 November 4, 2026.

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

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