Active Listing  ·  83 days on market

3404 American Dr #3202

Lago Vista, TX 78645
$375,000
2 Bed 2 Bath 1,188 sqft $316/sqft Built 1987 0.24 acres 2-Car Garage Pool Waterfront Island On Lake Travis Condomin

OWNER FINANCING AVAILABLE AT 3.99%! Luxury, comfort, and panoramic views of Lake Travis and the Texas Hill Country await you in this gorgeous 2 bedroom, 2 bath villa at the Island on Lake Travis resort. Spacious living areas and a large covered patio along with resort-style amenities, lake views, and hill country sunsets make this property a must see. Recent updates in 2023 include refreshed paint and utility room, new HVAC system, and a smart thermostat. These upgrades compliment the other available appointments including granite countertops, tile flooring, and wood burning fireplace. At 1,188 square feet, there is ample space in this villa to entertain family and friends and create lasting memories. Two reserved parking spots and a storage area convey as well. For investors or owners desiring rental income, this property is currently enrolled in an active short term rental program. For boating enthusiasts, A 28' BOAT SLIP WITH PARTY DECK CAN BE SOLD SEPARATELTY IF DESIRED! Come enjoy life on the Island!

The Island On Lake Travis is an elegant condo complex that offers a luxurious Lake Travis waterfront lifestyle on a 14-acre island. Located on the north shore of Lake Travis in Lago Vista, this resort community boasts an unparalleled array of amenities in a picturesque lakefront setting. Amenities include 2 outdoor pools, 2 outdoor hot tubs, one indoor pool and hot tub, an onsite restaurant, fitness center, pickleball and tennis courts, day spa, sauna, and a marina. The Island is both a full time and vacation home community offering a peaceful setting and beautiful sunsets over Lake Travis. Austin is but a short drive away as well as wineries and hill country shopping and scenery.

At $316/sqft, this home is priced 23% above the Lago Vista active market average of $257/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

3404 American Dr #3202, Lago Vista, TX 78645

Property Details

Price $375,000
Status Active Listing
Beds 2
Full Baths 2
Half Baths ,
Living Area 1,188 sqft
Lot Size 0.24 acres (10,567.66 sqft)
Year Built 1987
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Island On Lake Travis Condomin
County Travis
Zip Code 78645
$/sqft $316/sqft
Days on Market ,
HOA $696/Monthly
Annual Tax Est. $7,470.63
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT238301688
List Date July 2, 2026
Elementary School Lago Vista
Middle School Lago Vista
High School Lago Vista
School District ,

Luke Allen (TREC #788149) has deep knowledge of Lago Vista 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 · July 2, 2026 $395,000
Current ask $375,000
Reduced $20,000 (-5.1%) 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 Lago Vista

Comparable Listings Right Now

Homes currently for sale in Lago Vista 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
21709 Osage Ln
Highland Lake Estates Sec 33
$355,000 $228 3 bd / 2 ba 1,556 sqft , 2025-12-30
2807 American Dr
Highland Lake Estates Sec 21
$395,000 $255 3 bd / 2 ba 1,550 sqft , 2026-08-06
3404 American Dr #3311
Island On Lake Travis Condomin
$349,000 $349 2 bd / 2 ba 1,001 sqft , 2026-03-06
3113 Nobel Cir
Highland Lake Estates Sec 32
$429,872 $278 3 bd / 2 ba 1,547 sqft , 2026-04-24
3404 American Dr #3224
Island On Lake Travis Condomin
$315,000 $265 2 bd / 2 ba 1,188 sqft , 2026-03-22

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
$1,800/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
$75,000
20% conventional investment loan

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

Estimated Gross Rent+$1,800
Principal + Interest−$2,047
Property Tax (~2.1% TX avg)−$656
Insurance (~0.5%)−$156
Est. Monthly Cash Flow $-1,059

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 Lago Vista, TX

Lago Vista 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 21, 2026.

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