About This Home

Beautiful Hill Country homesite in the established Fall Creek Estates community of Spicewood. This well-shaped lot offers a desirable buildable site with frontage along scenic Fall Creek and convenient access to the neighborhood HOA park and Pedernales River. Mature trees and the natural Hill Country setting provide an ideal backdrop for a custom home, weekend retreat, or full-time residence. Enjoy the privacy and character of Spicewood while remaining convenient to Bee Cave, Lakeway, and the greater Austin area. A great opportunity to own a distinctive piece of the Texas Hill Country and build to suit.

Location

3212 Fall Creek Estates Dr, Spicewood, TX 78669

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Property Details

Price $895,000

Status Active Listing

Beds ,

Full Baths ,

Half Baths ,

Living Area ,

Lot Size 6.58 acres (286,668.36 sqft)

Year Built ,

Garage ,

Stories ,

Type Land · Unimproved Land

Subdivision Paleface Homesteads

County Travis

Zip Code 78669

$/sqft ,

Days on Market ,

HOA $1,200/Annually

Annual Tax Est. $4,441.55

Pool ,

Waterfront Yes

New Construction ,

MLS # ACT249145869

List Date October 7, 2026

Elementary School Spicewood (Marble Falls ISD)

Middle School Marble Falls

High School Marble Falls

School District ,

Have Questions About This Property?

Luke Allen (TREC #788149) has deep knowledge of Spicewood and surrounding markets. Whether you're buying, selling, or just researching comparable sales, reach out for a no-pressure conversation.

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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

$4,296/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

$179,000

20% conventional investment loan

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

Estimated Gross Rent+$4,296

Principal + Interest−$4,884

Property Tax (~2.1% TX avg)−$1,566

Insurance (~0.5%)−$373

Est. Monthly Cash Flow $-2,527

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 Spicewood, TX

Spicewood 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

About the Author

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 October 7, 2026.

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

3212 Fall Creek Estates Dr

Location

Property Details

Rental Income Potential

Major Employers Near Spicewood, TX

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