Active Listing  ·  516 days on market

3404 American Dr #3208

Lago Vista, TX 78645
$299,000
2 Bed 2 Bath 1,188 sqft $252/sqft Built 1987 2-Car Garage Pool Island On Lake Travis Condo

Whether you’re looking for a premier investment opportunity or a tranquil retreat just a short commute from Austin, this is 'lock-and-leave' living at its finest. **STR rental for more than 165 days between 12/23/2025 and 9/7/2026 with active bookings adding. Escape to a lifestyle of effortless luxury in this stunning 2-bedroom, 2-bathroom condo at The Island on Lake Travis. Nestled in the rolling hills of Lago Vista, this private gated community offers unmatched resort style amenities, including sparkling indoor and outdoor pools, a spa, sauna, and an on-site restaurant. The open concept layout is bathed in natural light, featuring a cozy fireplace and a gourmet kitchen with granite countertops. The split floor plan ensures maximum privacy for guests or family, while the spacious covered patio provides the perfect vantage point for Texas sunsets over the water.

At $252/sqft, this home is priced in line with the Lago Vista market average of $257/sqft across 225 active listings. View Austin market report →

Location

3404 American Dr #3208, Lago Vista, TX 78645

Property Details

Price $299,000
Status Active Listing
Beds 2
Full Baths 2
Half Baths ,
Living Area 1,188 sqft
Lot Size ,
Year Built 1987
Garage 2 spaces
Stories ,
Type Residential · Condominium
Subdivision Island On Lake Travis Condo
County Travis
Zip Code 78645
$/sqft $252/sqft
Days on Market ,
HOA $695.9/Monthly
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT195755195
List Date April 25, 2025
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.

Schedule a Call →

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 · April 25, 2025 $340,000
Previous ask $304,000
Current ask $299,000
Reduced $41,000 (-12.1%) 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
3404 American Dr #1308
Island On Lake Travis Condo Amd
$299,900 $247 2 bd / 2 ba 1,215 sqft , 2026-04-08
21600 Pierce cv None #101
Highland Lake Estates Sec 21
$310,000 $258 3 bd / 3 ba 1,200 sqft , 2026-06-18
3404 American Dr #3224
Island On Lake Travis Condomin
$315,000 $265 2 bd / 2 ba 1,188 sqft , 2026-03-22
3404 American Dr #3308
Island On Lake Travis Condomin
$315,000 $265 2 bd / 2 ba 1,188 sqft , 2026-09-12
3404 American Dr #3322
Island On Lake Travis Condomin
$265,100 $265 2 bd / 1 ba 1,001 sqft , 2026-08-18

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
$1,435/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
$59,800
20% conventional investment loan

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

Estimated Gross Rent+$1,435
Principal + Interest−$1,632
Property Tax (~2.1% TX avg)−$523
Insurance (~0.5%)−$125
Est. Monthly Cash Flow $-845

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 September 15, 2026.

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