About This Home

Prime redevelopment opportunity in 78702! Situated on an oversized 0.28 acre lot, 3509 Lyons Road is walkable to many local restaurants and coffee shops, all while being just minutes from downtown. The house either needs a complete remodel or could be torn down to go alongside lots of other new builds in the area.

At $319/sqft, this home is 19% below the Austin active market average of $393/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

3509 Lyons Rd, Austin, TX 78702

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Property Details

Price $385,000

Status Active Listing

Beds 2

Full Baths 1

Half Baths ,

Living Area 1,208 sqft

Lot Size 0.28 acres (12,327.48 sqft)

Year Built 1945

Garage ,

Stories ,

Type Residential · Single Family Residence

Subdivision Siegmund Add Sec 04

County Travis

Zip Code 78702

$/sqft $319/sqft

Days on Market ,

HOA None / verify with agent

Annual Tax Est. $8,879.47

Pool Yes

Waterfront ,

New Construction ,

MLS # ACT231879527

List Date May 30, 2026

Elementary School Govalle

Middle School Kealing

High School Eastside Early College

School District ,

Have Questions About This Property?

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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 · May 30, 2026 $399,000

Previous ask $389,900

Current ask $385,000

▼ Reduced $14,000 (-3.5%) 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 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

2709 E 5th St #2203
58EAS $395,000 $395 1 bd / 1 ba 1,000 sqft , 2026-03-13

2909 E 5th St
Hartwell Add $399,000 $451 2 bd / 1 ba 884 sqft , 2026-07-02

3101 Govalle Ave #113
HOM CONDOMINIUMS $399,900 $349 2 bd / 2 ba 1,146 sqft , 2026-08-21

2235 E 6th St #204
ESTE; Condominium $399,999 $426 1 bd / 1 ba 940 sqft , 2026-03-23

2124 E 6th St #305
Twentyone24 Condo Amd $360,000 $433 1 bd / 1 ba 832 sqft , 2026-04-08

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

$1,848/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

$77,000

20% conventional investment loan

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

Estimated Gross Rent+$1,848

Principal + Interest−$2,101

Property Tax (~2.1% TX avg)−$674

Insurance (~0.5%)−$160

Est. Monthly Cash Flow $-1,087

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

About the Author

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 28, 2026.

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

3509 Lyons Rd