Active Listing  ·  44 days on market

467 Bishop Wood Rd

Dripping Springs, TX 78620
$389,990
4 Bed 3 Bath 2,195 sqft $178/sqft Built 2026 0.11 acres 2-Car Garage Pool New Construction Heritage

The Catarina is a versatile two-story home that combines open-concept living with flexible spaces designed to grow with your needs.

The welcoming foyer opens into a bright, open layout where the kitchen, dining room, and family room connect seamlessly—ideal for everyday living and entertaining. The kitchen features a spacious island and ample counter space, while a nearby powder room adds convenience. An attached 2-car garage offers easy access to the home.

For added flexibility, the first floor includes an extra bedroom with a full bathroom, making it perfect space for working from home or a guest room. Outdoor living is enhanced with a covered patio.

Upstairs, the owner's suite serves as a private retreat with a spacious bedroom, walk-in closet, and a stand up shower, and a beautiful soaking tub in the primary bathroom.

At $178/sqft, this home is 63% 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

467 Bishop Wood Rd, Dripping Springs, TX 78620

Property Details

Price $389,990
Status Active Listing
Beds 4
Full Baths 3
Half Baths ,
Living Area 2,195 sqft
Lot Size 0.11 acres (4,878.72 sqft)
Year Built 2026
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Heritage
County Hays
Zip Code 78620
$/sqft $178/sqft
Days on Market ,
HOA $600/Annually
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction Yes
MLS # ACT248298724
List Date September 29, 2026
Elementary School Dripping Springs
Middle School Dripping Springs Middle
High School Dripping Springs
School District Dripping Springs ISD

Dripping Springs ISD

Dripping 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 →

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 · September 29, 2026 $404,990
Previous ask $399,990
Current ask $389,990
▼ Reduced $15,000 (-3.7%) 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 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
523 Bishop Wood Rd
Heritage
$389,990 $178 4 bd / 3 ba 2,195 sqft , 2026-09-17
459 Bishop Wood Rd
Heritage
$394,990 $173 4 bd / 3 ba 2,289 sqft , 2026-09-17
1108 Lucca Dr #3
The Retreat At Dripping Spgs
$399,000 $221 3 bd / 3 ba 1,806 sqft , 2026-05-29
560 Darley Oak Drive None
Heritage
$399,303 $207 3 bd / 3 ba 1,931 sqft , 2026-11-06
132 Heritage Forest Pkwy
Heritage
$399,990 $175 4 bd / 3 ba 2,289 sqft , 2026-10-29

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
$1,872/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
$77,998
20% conventional investment loan

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

Estimated Gross Rent+$1,872
Principal + Interest−$2,128
Property Tax (assumed ~2.1%)−$682
Insurance (assumed ~0.5%)−$162
Est. Monthly Cash Flow $-1,100

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

More Luxury Homes in Dripping Springs

Loading…
View All Luxury Homes →
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 6, 2026.

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

Save this home