Active Listing  ·  185 days on market

3404 American Dr #3224

Lago Vista, TX 78645
$315,000
2 Bed 2 Bath 1,188 sqft $265/sqft Built 1987 0.24 acres 2-Car Garage Pool Waterfront Island On Lake Travis Condomin

Experience luxurious lake living in this resort style, gated condominium community! Whether looking for a vacation get-away, STR or a full-time home, The Island on Lake Travis offers it all! This unit offer views of the lake from the large outdoor covered patio and is fully furnished! Also enjoy refreshing waterfront views of Lake Travis while unwinding in one of the two outdoor pools or hot tubs. Take in a splendid sunset from any of the overlooks throughout the common grounds. The open floor plan allows for ease of entertainment. In addition to the two outdoor pools, the complex offers an abundance of amenities, including an indoor pool and hot tub, fitness center, an onsite spa, sauna access, a restaurant, picnic/grilling areas, docks/boat ramps, tennis courts, and pickle ball courts. Ownership of the unit includes 2 reserved parking spots in the covered parking garage. This is your opportunity to enjoy resort style living on the lake!

At $265/sqft, this home is priced 3% 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 #3224, Lago Vista, TX 78645

Property Details

Price $315,000
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 $265/sqft
Days on Market ,
HOA $696/Monthly
Annual Tax Est. $8,323.48
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT223395108
List Date March 22, 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 · March 22, 2026 $360,000
Previous ask $345,000
Current ask $315,000
Reduced $45,000 (-12.5%) 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 #3308
Island On Lake Travis Condomin
$315,000 $265 2 bd / 2 ba 1,188 sqft , 2026-09-12
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 #1308
Island On Lake Travis Condo Amd
$299,900 $247 2 bd / 2 ba 1,215 sqft , 2026-04-08
3404 American Dr #3208
Island On Lake Travis Condo
$299,000 $252 2 bd / 2 ba 1,188 sqft , 2025-04-25
3404 American Dr #3311
Island On Lake Travis Condomin
$349,000 $349 2 bd / 2 ba 1,001 sqft , 2026-03-06

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
$1,512/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
$63,000
20% conventional investment loan

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

Estimated Gross Rent+$1,512
Principal + Interest−$1,719
Property Tax (~2.1% TX avg)−$551
Insurance (~0.5%)−$131
Est. Monthly Cash Flow $-889

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 11, 2026.

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