Active Listing  ·  109 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

Live ON the lake and trail. Enjoy the best of downtown Austin living in this pristine condo with 1-Bedroom,

1-Bath + Balcony at Milago Condominiums. Located on vibrant Rainey St. with direct access to Lady Bird Lake & Trail, this residence offers a spacious open floor plan, natural light, a balcony looking down on Rainey St. and a reserved parking space in the gated garage. Amenities include a rooftop pool and spa, 2nd floor fitness center and party/club room, and 1st floor lounge leading out to a private patio, the trail and the lake. Top notch concierge service and secure access 24/7. Walk to dining, entertainment, nightlife and outdoor recreation while enjoying a convenient lock-and-leave lifestyle. Milago is the only downtown condo building that is right on Lady Bird Lake and in the popular Rainey Street Historical District. Rsvd Garage Parking Space #A115

At $462/sqft, this home is priced 18% above the Austin active market average of $392/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.

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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 · June 5, 2026 $359,900
Previous ask $349,900
Current ask $349,000
Reduced $10,900 (-3.0%) 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
505 W 7th St #308
Posada Del Rey Condo Amd
$349,900 $494 1 bd / 1 ba 709 sqft , 2026-06-05
300 Bowie St #902
Spring condominiums
$356,000 $630 1 bd / 1 ba 565 sqft , 2026-04-26
54 Rainey St #415
Milago Condo Amd
$359,000 $475 1 bd / 1 ba 756 sqft , 2026-06-01
710 Colorado St #9E
Brown Bldg Lofts Condo Amd
$359,000 $564 1 bd / 1 ba 637 sqft , 2026-08-05
800 Brazos St #705
Brazos Place Condo Amd
$360,000 $404 1 bd / 1 ba 891 sqft , 2026-08-03

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

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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 20, 2026.

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