Active Listing  ·  60 days on market

54 Rainey St #811

Austin, TX 78701
$349,000
1 Bed 1 Bath 756 sqft $462/sqft Built 2005 0.00 acres 1-Car Garage Pool Waterfront Milago Condo Amd

Enjoy the best of downtown Austin living in this 1-bedroom, 1-bath condo at Milago Condominiums. Located on vibrant Rainey St. with direct access to Lady Bird Lake & Trail, this residence offers an open floor plan, abundant natural light, and one reserved parking space in the gated garage. Amenities include a rooftop pool and spa, fitness center, club room, 1st floor lounge looking out to a private patio, the trail and lake as well as concierge service and secure access 24/7. Walk to dining, entertainment, nightlife and outdoor recreation while enjoying a lock-and-leave lifestyle. Milago is the only condo building situated right on Lady Bird Lake in the Rainey St. Historical District in Downtown Austin.

At $462/sqft, this home is priced 18% above the Austin active market average of $391/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

54 Rainey St #811, Austin, TX 78701

Property Details

Price $349,000
Status Active Listing
Beds 1
Full Baths 1
Half Baths ,
Living Area 756 sqft
Lot Size 0.00 acres (191.66 sqft)
Year Built 2005
Garage 1 spaces
Stories ,
Type Residential · Condominium
Subdivision Milago Condo Amd
County Travis
Zip Code 78701
$/sqft $462/sqft
Days on Market ,
HOA $627/Monthly
Annual Tax Est. $6,936.97
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT227440994
List Date June 5, 2026
Elementary School Mathews
Middle School O Henry
High School Austin
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 →

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
2505 Thornton Rd #2204
Thornton Trails
$349,000 $475 1 bd / 1 ba 735 sqft , 2026-05-27
2124 E 6th St E #205
Twentyone24 Condo Amd
$349,000 $419 1 bd / 1 ba 832 sqft , 2026-06-18
1807 Poquito St #30
Willow Branch Lofts
$349,000 $403 2 bd / 2 ba 866 sqft , 2026-07-14
2302 East Side Dr #28
Travis Heights Terrace Condomi
$348,500 $362 2 bd / 2 ba 964 sqft , 2026-01-28
2410 Enfield Rd #7
Enfield West 02 Condo Amd
$349,900 $551 1 bd / 1 ba 635 sqft , 2026-03-05

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
$1,675/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
$69,800
20% conventional investment loan

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

Estimated Gross Rent+$1,675
Principal + Interest−$1,905
Property Tax (~2.1% TX avg)−$611
Insurance (~0.5%)−$145
Est. Monthly Cash Flow $-986

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

More Luxury Homes in Austin

Loading…
View All Luxury Homes →