Active Listing  ·  149 days on market

601 Nelray Blvd #17

Austin, TX 78751
$150,000
1 Bed 1 Bath 390 sqft $385/sqft Built 1985 0.02 acres Pool Nelray Place Condo Amd

Discover the perfect blend of affordability and urban sophistication in this charming 1-bedroom condo, tucked away in one of the city’s most sought-after neighborhoods. The open-concept living and dining area offers a versatile space ideal for both everyday living and entertaining, while oversized windows fill the home with abundant natural light.

A standout feature is the approximately 200 sq. ft. bonus loft space, accessed via ladder and not included in the listed square footage. Whether you're seeking a creative studio, art space, home office, reading retreat, or additional storage, this unique area provides flexibility rarely found at this price point.

The peaceful bedroom offers a serene retreat with ample storage. Move in and enjoy the cozy, functional layout as-is, or update to match your personal style and create instant equity in a prime location. HOA fees include cable, water, and trash. Conveniently located near the University of Texas, local bus lines, dining, shopping, and entertainment, this property offers an exceptional opportunity for effortless city living.

At $385/sqft, this home is 2% 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

601 Nelray Blvd #17, Austin, TX 78751

Property Details

Price $150,000
Status Active Listing
Beds 1
Full Baths 1
Half Baths ,
Living Area 390 sqft
Lot Size 0.02 acres (919.12 sqft)
Year Built 1985
Garage ,
Stories ,
Type Residential · Condominium
Subdivision Nelray Place Condo Amd
County Travis
Zip Code 78751
$/sqft $385/sqft
Days on Market ,
HOA $168.74/Monthly
Annual Tax Est. ,
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT221936833
List Date March 18, 2026
Elementary School Reilly
Middle School Lamar (Austin ISD)
High School McCallum
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 · March 18, 2026 $195,000
Previous ask $160,000
Current ask $150,000
Reduced $45,000 (-23.1%) 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
5300 Guadalupe St #108
northfeild
$149,000 $363 1 bd / 1 ba 410 sqft , 2026-01-29
5300 Guadalupe St #6206
Northfeild
$195,000 $476 1 bd / 1 ba 410 sqft , 2026-05-31

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
$720/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
$30,000
20% conventional investment loan

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

Estimated Gross Rent+$720
Principal + Interest−$819
Property Tax (~2.1% TX avg)−$263
Insurance (~0.5%)−$63
Est. Monthly Cash Flow $-425

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 August 10, 2026.

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