Active Listing  ·  2 days on market

657 Moonlit Stream Pass

Dripping Springs, TX 78620
$674,900
4 Bed 4 Bath 2,632 sqft $256/sqft Built 2023 0.19 acres 2-Car Garage Pool Headwaters At Barton Creek Ph 4 Sec 4

No homes behind you, only preserve. 657 Moonlit Stream Pass is a single-story Taylor Morrison home in Headwaters, built in 2023 on a 0.186-acre homesite that backs to greenbelt, with Hill Country trees and open sky beyond a fenced backyard. Life here centers on the back of the house. A 12 by 8 foot sliding glass wall opens the family room to a broad covered, elevated patio with a powered retractable screen and ceiling fan, so time outside is easy in any season, and the same preserve view carries from the family room into the main-level primary suite. The value is just as clear: more than $146,000 in builder selections were installed at construction and the owners have since added further improvements, so the finish work new construction still requires is already complete. Inside, 2,632 square feet hold an open floor plan with 4 bedrooms, 3.5 baths, a home office, and a flex room in a split layout. The primary suite offers two separate walk-in closets, a soaking tub, frameless glass shower, and double vanity, and a guest bedroom has its own walk-in closet. The gourmet kitchen includes a Café appliance package, 5-burner gas cooktop under a vented hood, quartz countertops, a farmhouse sink, a walk-in pantry, and a large island facing the living area. A floor-to-ceiling limestone gas log fireplace with a Douglas fir mantel and built-ins anchors the family room. Wood floors, raised ceilings, 8 foot doors, plantation shutters, a mahogany entry door, built-in speakers, sound insulation, and an epoxy floor in the two-car garage complete the details, with landscaping and hardscape finished. Headwaters is built around community, with miles of trails and open space, resident events through the year that bring neighbors together, a clubhouse, fitness center, and pool, and the 300-acre Rathgeber Natural Resource Park planned beside it. Dripping Springs ISD. Schedule a private showing and see the patio at sunset.

At $256/sqft, this home is 46% below the Dripping Springs active market average of $475/sqft, potentially representing value relative to comparable properties currently on the market. View Austin market report →

Location

657 Moonlit Stream Pass, Dripping Springs, TX 78620

Property Details

Price $674,900
Status Active Listing
Beds 4
Full Baths 3
Half Baths 1
Living Area 2,632 sqft
Lot Size 0.19 acres (8,102.16 sqft)
Year Built 2023
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision Headwaters At Barton Creek Ph 4 Sec 4
County Hays
Zip Code 78620
$/sqft $256/sqft
Days on Market ,
HOA $459/Quarterly
Annual Tax Est. $13,400
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT252248206
List Date November 10, 2026
Elementary School WildwoodSprings
Middle School Dripping Springs Middle
High School Dripping Springs
School District Dripping Springs ISD

Dripping Springs ISD

WildwoodSprings · Dripping Springs Middle · Dripping Springs

Luke Allen (TREC #788149) has deep knowledge of Dripping Springs 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 Dripping Springs

Comparable Listings Right Now

Homes currently for sale in Dripping Springs 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
632 Sage Thrasher Cir
Headwaters at Barton Creek
$674,990 $258 5 bd / 2 ba 2,618 sqft , 2026-04-21
1491 Hazy Hills Loop
Headwaters
$689,000 $285 3 bd / 3 ba 2,418 sqft , 2026-06-12
1202 Sage Thrasher Cir
Headwaters
$715,000 $276 4 bd / 3 ba 2,589 sqft , 2026-08-12
612 Canyon Rim Dr
Sunset Canyon Sec V
$624,000 $261 4 bd / 3 ba 2,391 sqft , 2026-04-22
237 Moonlit Stream Pass
Headwaters At Barton Creek Ph 4 Sec 4
$595,000 $209 4 bd / 3 ba 2,847 sqft , 2026-06-17

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
$3,240/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
$134,980
20% conventional investment loan

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

Estimated Gross Rent+$3,240
Principal + Interest−$3,683
Property Tax (assumed ~2.1%)−$1,181
Insurance (assumed ~0.5%)−$281
Est. Monthly Cash Flow $-1,905

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 Dripping Springs, TX

Dripping Springs sits within commuting range of Austin's major tech, manufacturing, and corporate campuses. Approximate drive times from this area:

Westlake corridor 25 min NE
Downtown Austin 40 min E
Tesla Gigafactory 50 min NE

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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 11, 2026.

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

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