Active Listing  ·  181 days on market

98 Island Dr #33

Horseshoe Bay, TX 78657
$1,150,000
3 Bed 2 Bath 1,637 sqft $703/sqft Built 2008 1-Car Garage Pool Waterfront The Waters

Live where the fun happens! This beautifully furnished 3rd-floor Waters Condo is ideally located in the heart of Horseshoe Bay, offering one of the most sought-after waterfront settings in the community. Featuring 3 bedrooms, 2 baths, and 1,640 sq ft, this move-in-ready residence is designed for effortless lake living.

Enjoy east-facing bay views from the private patio—perfect for watching daily water activity, the iconic lighthouse, stunning moon rises, and festive fireworks, all while relaxing in cool afternoon shade. Step out back to the lakefront, or out front to a gated, sparkling pool and spa just steps away.

Additional highlights include assigned first-floor parking, a digitally locked private storage unit, a full size washer and dryer and furnishings that convey—making it easy to start enjoying the Horseshoe Bay lifestyle immediately. Whether as a full-time residence, weekend escape, or investment property, this condo delivers location, views, and fun all in one

At $703/sqft, this home is priced 46% above the Horseshoe Bay active market average of $481/sqft, reflecting premium positioning, typically tied to finishes, lot, location, or view. View Austin market report →

Location

98 Island Dr #33, Horseshoe Bay, TX 78657

Property Details

Price $1,150,000
Status Active Listing
Beds 3
Full Baths 2
Half Baths ,
Living Area 1,637 sqft
Lot Size ,
Year Built 2008
Garage 1 spaces
Stories ,
Type Residential · Condominium
Subdivision The Waters
County Llano
Zip Code 78657
$/sqft $703/sqft
Days on Market ,
HOA $395/Monthly
Annual Tax Est. $8,527
Pool Yes
Waterfront Yes
New Construction ,
MLS # ACT218366494
List Date February 4, 2026
Elementary School Packsaddle
Middle School Llano
High School Llano
School District ,

Luke Allen (TREC #788149) has deep knowledge of Horseshoe Bay 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 Horseshoe Bay

Comparable Listings Right Now

Homes currently for sale in Horseshoe Bay 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
1001 The Cape Rd #32
The Waters At Horseshoe Bay Re
$1,175,000 $733 3 bd / 2 ba 1,602 sqft , 2026-06-15
1001 The Cape Rd
The Waters at Horseshoe Bay Resort
$1,080,000 $674 3 bd / 2 ba 1,602 sqft , 2026-03-09
1001 The Cape Rd #33
The Waters At Horseshoe Bay Re
$1,299,950 $893 3 bd / 2 ba 1,455 sqft , 2026-02-23
710 Sandy Harbor Dr
Sandy Harbor
$999,000 $452 3 bd / 2 ba 2,210 sqft , 2026-03-29
103 Island Dr #8
Portofina
$1,350,000 $622 3 bd / 3 ba 2,170 sqft , 2026-03-24

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
$5,520/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
$230,000
20% conventional investment loan

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

Estimated Gross Rent+$5,520
Principal + Interest−$6,276
Property Tax (~2.1% TX avg)−$2,013
Insurance (~0.5%)−$479
Est. Monthly Cash Flow $-3,248

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 Horseshoe Bay, TX

Horseshoe Bay 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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