Active Listing  ·  19 days on market

54 Rainey St #608

Austin, TX 78701
$519,000
1 Bed 1 Bath 893 sqft $581/sqft Built 2005 0.01 acres 1-Car Garage Pool Waterfront Milago Condo Amd

Don't miss this rare opportunity to have the most beautiful and peaceful view of the downtown Austin skyline. This one bedroom condo also has a study with built-ins that can double as a guest room or a child's bedroom. Watch the fireworks from your balcony and see the infamous bats fly out from the congress bridge at dusk. The Trail and Lady Bird Lake are right out the back door. There is no other condo building so conveniently located for your outdoor activities - walking, running, biking, paddle boarding, kayaking and more. On Rainey St you will find a grocery store, med-spa, salon, abundant restaurants and popular bars.

At $581/sqft, this home is priced 49% above the Austin active market average of $390/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

54 Rainey St #608, Austin, TX 78701

Property Details

Price $519,000
Status Active Listing
Beds 1
Full Baths 1
Half Baths ,
Living Area 893 sqft
Lot Size 0.01 acres (217.8 sqft)
Year Built 2005
Garage 1 spaces
Stories ,
Type Residential · Condominium
Subdivision Milago Condo Amd
County Travis
Zip Code 78701
$/sqft $581/sqft
Days on Market ,
HOA $741/Monthly
Annual Tax Est. ,
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT239652673
List Date October 24, 2026
Elementary School Mathews
Middle School O Henry
High School Austin
School District Austin ISD

Austin ISD

Mathews · O Henry · Austin

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.

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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
48 East Ave #1705
NATIIVO Zoppp Add
$520,000 $694 1 bd / 1 ba 749 sqft , 2025-04-04
222 West Ave #1108
Seaholm Residences Residential
$515,000 $749 1 bd / 1 ba 688 sqft , 2026-06-15
935 Olive St
Division B
$525,000 $631 2 bd / 1 ba 832 sqft , 2026-08-03
54 Rainey St #PH20
Milago Condo Amd
$509,000 $638 1 bd / 1 ba 798 sqft , 2026-08-22
2121 S Congress Ave #437
Travis Heights
$505,000 $793 1 bd / 1 ba 637 sqft , 2026-10-07

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
$2,491/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
$103,800
20% conventional investment loan

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

Estimated Gross Rent+$2,491
Principal + Interest−$2,832
Property Tax (assumed ~2.1%)−$908
Insurance (assumed ~0.5%)−$216
Est. Monthly Cash Flow $-1,465

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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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 8, 2026.

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

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