Active Listing  ·  81 days on market

5221 Rain Lily Dr

Austin, TX 78739
$685,000
4 Bed 3 Bath 2,684 sqft $255/sqft Built 2015 0.15 acres 2-Car Garage Pool Greyrock Ridge Ph 2

Located in Grey Rock Ridge, a sought-after enclave within South Austin’s Circle C community, this thoughtfully maintained home offers timeless design, functional living spaces, and exceptional neighborhood amenities including a dedicated community pool, playground, sidewalks, mature landscaping, and access to highly rated public schools — all less than 20 minutes from downtown Austin. This picturesque community is characterized by wide streets, manicured lawns, and scenic surroundings that make everyday living feel both peaceful and connected.

Inside, high ceilings and abundant natural light create a bright, inviting atmosphere throughout the home. The functional floor plan is designed for comfortable everyday living and effortless entertaining, featuring wood-look tile flooring and spacious living areas anchored by a well-appointed kitchen with generous granite countertops, ample cabinetry, and a large walk-in pantry.

Outside, the beautifully maintained backyard offers a lush lawn, mature trees, and a covered patio perfect for relaxing mornings, evening gatherings, or year-round entertaining.

Upstairs, the oversized primary suite provides a peaceful retreat complete with dual vanities, a soaking tub, separate shower, and a generous walk-in closet. Additional bedrooms and a spacious game room offer the flexibility and room to spread out.

Enjoy convenient proximity to scenic trails, the Lady Bird Johnson Wildflower Center, premier shopping, dining, and everything Southwest Austin is known for. Costco, Whole Foods, Target, and Escarpment Village are all nearby, while Grey Rock Golf Club & Tennis and the extensive amenities of Circle C Ranch are just around the corner.

At $255/sqft, this home is 35% below the Austin active market average of $391/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

5221 Rain Lily Dr, Austin, TX 78739

Property Details

Price $685,000
Status Active Listing
Beds 4
Full Baths 2
Half Baths 1
Living Area 2,684 sqft
Lot Size 0.15 acres (6,751.8 sqft)
Year Built 2015
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Greyrock Ridge Ph 2
County Travis
Zip Code 78739
$/sqft $255/sqft
Days on Market ,
HOA $1,058/Semi-Annually
Annual Tax Est. $12,628
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT230227508
List Date May 15, 2026
Elementary School Bear Creek
Middle School Gorzycki
High School Bowie
School District ,

Luke Allen (TREC #788149) has deep knowledge of Austin 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 · May 15, 2026 $749,000
Previous ask $720,000
Current ask $685,000
Reduced $64,000 (-8.5%) 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
8610 Melshire Dr
Northwest Terrace Sec 03
$685,000 $336 3 bd / 3 ba 2,038 sqft , 2026-04-12
1201 Luna St
Chernosky 09
$685,000 $353 3 bd / 3 ba 1,940 sqft , 2026-03-26
4810 Springdale Rd
Springdale Crk Condo
$685,000 $278 3 bd / 3 ba 2,462 sqft , 2026-05-14
3414 Eldorado Trl
Shady Hollow Add Sec 02 Ph 01
$685,000 $325 3 bd / 2 ba 2,105 sqft , 2026-06-25
5210 Gladstone Dr
Windsor Park Hills Sec 06
$685,000 $358 4 bd / 3 ba 1,912 sqft , 2026-07-08

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
$3,288/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
$137,000
20% conventional investment loan

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

Estimated Gross Rent+$3,288
Principal + Interest−$3,738
Property Tax (~2.1% TX avg)−$1,199
Insurance (~0.5%)−$285
Est. Monthly Cash Flow $-1,934

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

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