Active Listing  ·  14 days on market

704 W Elizabeth St

Austin, TX 78704
$2,999,999
5 Bed 6 Bath 3,480 sqft $862/sqft Built 2020 0.13 acres 2-Car Garage Pool South Heights

Experience modern luxury and established investment potential in Austin’s highly sought-after Bouldin Creek neighborhood. Currently operating as a successful short-term rental through Airbnb and VRBO, this exceptional property offers a proven rental history, strong guest demand, and impressive booking performance. Designed by Joseph Design Build, the property features two distinct residences, seamlessly blending architectural elegance, privacy, and versatility with continued rental opportunities.

Featuring a combined 6 bedrooms and 5.5 bathrooms, the property is defined by soaring ceilings, expansive walls of glass, abundant natural light, and thoughtfully curated living spaces. The main residence features an open-concept design, a chef-inspired kitchen with premium appliances and refined finishes, and a luxurious primary suite with a soaking tub and walk-in shower.

The detached guest residence offers its own private entrance and garage, providing flexibility for multigenerational living, extended guests, or continued rental use while maintaining privacy between residences.

Outdoors, a secluded retreat awaits with a sparkling swimming pool, two hot tubs, lush landscaping, intimate courtyards, and a covered patio with a fireplace. Thoughtfully designed for relaxation and entertaining, these spaces create an effortless indoor-outdoor living experience.

Ideally situated minutes from Downtown Austin, South Congress, and Lady Bird Lake, the property offers convenient access to acclaimed dining, boutique shopping, entertainment, and outdoor recreation.

Whether envisioned as a luxury primary residence, multigenerational estate, or established income-producing investment, this remarkable property presents a rare opportunity to enjoy sophisticated living and documented rental performance in one of Austin’s most desirable neighborhoods. STR performance information available to qualified buyers upon request.

At $862/sqft, this home is priced 121% 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

704 W Elizabeth St, Austin, TX 78704

Property Details

Price $2,999,999
Status Active Listing
Beds 5
Full Baths 5
Half Baths 1
Living Area 3,480 sqft
Lot Size 0.13 acres (5,832.68 sqft)
Year Built 2020
Garage 2 spaces
Stories ,
Type Residential · Single Family Residence
Subdivision South Heights
County Travis
Zip Code 78704
$/sqft $862/sqft
Days on Market ,
HOA None / verify with agent
Annual Tax Est. $57,912
Pool Yes
Waterfront ,
New Construction ,
MLS # ACT250369384
List Date October 29, 2026
Elementary School Zilker
Middle School Lively
High School Travis
School District Austin ISD

Austin ISD

Zilker · Lively · Travis

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
800 W James St
South Heights
$2,995,000 $851 4 bd / 4 ba 3,520 sqft , 2026-09-07
1304 Folts Ave
South Lund South
$3,195,000 $872 4 bd / 4 ba 3,665 sqft , 2026-05-22
1303 1/2 Hillside Ave
Fairview Park
$2,800,000 $914 5 bd / 4 ba 3,064 sqft , 2026-09-09
1110 Travis Heights Blvd
Travis Heights
$2,800,000 $778 4 bd / 4 ba 3,600 sqft , 2026-10-09
706 Barton Blvd
South Lund Park Sec 02
$3,200,000 $986 5 bd / 3 ba 3,244 sqft , 2026-06-22

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
$14,400/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
$600,000
20% conventional investment loan

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

Estimated Gross Rent+$14,400
Principal + Interest−$16,372
Property Tax (assumed ~2.1%)−$5,250
Insurance (assumed ~0.5%)−$1,250
Est. Monthly Cash Flow $-8,472

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 3, 2026.

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

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