Active Listing  ·  186 days on market

5117 Texas Bluebell Dr

Spicewood, TX 78669
$564,900
5 Bed 3 Bath 2,803 sqft $202/sqft Built 2017 0.23 acres 3-Car Garage Pool West Cypress Hills

Gorgeous Highland Homes Single story offering the perfect blend of luxury, functionality, and location. Featuring 4 spacious bedrooms, 3 full baths, a private office/possible 5th bedroom, bonus flex room, and a tandem 3-car garage—priced to sell. The open-concept design showcases soaring ceilings, abundant recessed lighting, and a stunning floor-to-ceiling stone fireplace that anchors the main living space. The timeless white kitchen is both elegant and functional, complete with stainless steel appliances, a gas cooktop, and generous counter space—ideal for entertaining.

Enjoy gorgeous greenbelt views right from your living area and unwind on the spacious covered patio with nature quite literally at your back door.

The expansive owner’s suite with hardwood flooring is a peaceful retreat featuring a large spa-like bathroom and an oversized walk-in closet. A potential second bedroom suite provides flexibility for guests or multigenerational living.

Approx 300 ft storage in attic above garage.

Located within desirable Lake Travis ISD, this community offers an on-site elementary school, resort-style amenities, and convenient access to nearby restaurants, shopping, and outdoor recreation.

This is a rare opportunity to own a beautifully designed home with privacy, views, and space—don’t miss it.

At $202/sqft, this home is 60% below the Spicewood active market average of $509/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

5117 Texas Bluebell Dr, Spicewood, TX 78669

Property Details

Price $564,900
Status Active Listing
Beds 5
Full Baths 3
Half Baths ,
Living Area 2,803 sqft
Lot Size 0.23 acres (10,018.8 sqft)
Year Built 2017
Garage 3 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision West Cypress Hills
County Travis
Zip Code 78669
$/sqft $202/sqft
Days on Market ,
HOA $182/Quarterly
Annual Tax Est. $15,408.21
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT223248702
List Date March 21, 2026
Elementary School West Cypress Hills
Middle School Lake Travis
High School Lake Travis
School District ,

Luke Allen (TREC #788149) has deep knowledge of Spicewood 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 · March 21, 2026 $625,000
Previous ask $569,900
Current ask $564,900
Reduced $60,100 (-9.6%) 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 Spicewood

Comparable Listings Right Now

Homes currently for sale in Spicewood 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
22113 Rose Grass Ln
West Cypress Hills
$579,000 $189 4 bd / 3 ba 3,059 sqft , 2026-08-25
22121 Rose Grass Ln
West Cypress Hills Ph 1 Sec 1
$599,000 $190 4 bd / 4 ba 3,158 sqft , 2026-04-17
6605 Apache Plum Ln
West Cypress Hills
$599,000 $218 4 bd / 3 ba 2,747 sqft , 2026-09-18
21905 ROCK WREN Rd
West Cypress Hills Ph 1 Sec 4
$525,000 $192 5 bd / 3 ba 2,736 sqft , 2026-06-20
22204 Red Yucca Rd
West Cypress Hills Ph 1 Sec 3
$499,000 $219 4 bd / 3 ba 2,282 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
$2,712/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
$112,980
20% conventional investment loan

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

Estimated Gross Rent+$2,712
Principal + Interest−$3,083
Property Tax (~2.1% TX avg)−$989
Insurance (~0.5%)−$235
Est. Monthly Cash Flow $-1,595

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 Spicewood, TX

Spicewood 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 21, 2026.

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