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2302 Rain Water DR
About This Property
Experience contemporary living near Lake Austin in this architecturally striking 3-bedroom, 2.5-bath retreat in Apache Shores. Built in 2017 by PGM Design + Build, this modern home greets you with soaring ceilings, sleek finishes, and an open, light-filled layout.
The property features a commercial-grade membrane roof-exceptionally durable and versatile enough to support a deck, rooftop garden, or future outdoor living space. Inside, polished concrete and warm wood flooring create a seamless, sophisticated aesthetic. The spacious main-level primary suite offers comfort, privacy, and beautiful natural light. The kitchen is outfitted with stainless steel appliances and a free-standing range, ideal for everyday living or entertaining guests.
A standout highlight is the detached bonus building at the front of the property-perfect for a private guest suite, home office, creative studio, or media room. The fenced, secluded lot is designed for both relaxation and gathering.
Please note: the second photo is a backyard rendering and not the actual yard.
Residents enjoy access to a shared boat dock and are just a short walk from Lake Austin, offering scenic views, water activities, and a relaxed lake-lifestyle environment.
Located within the highly sought-after Lake Travis ISD, this home blends contemporary design, versatility, and an unbeatable location-and is listed well below market value.
It's also a fantastic investment opportunity: similar properties in the area generate an average of $98,000 annually as short-term rentals. Furniture can be purchased separately, making this the perfect turnkey option for buyers seeking a modern lake-area retreat or a fully furnished Airbnb.
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What does this mean?
Based on our analysis, the cap rate of this property is 1.25%. A negative cap rate indicates that the property might not be feasible as an income-producing asset. The median cap rate for a near zip code 11238 is 4.23%.
How much can I actually make?
Actual monthly rental income may vary between $4,760 and $7,140 depending on unit-specific characteristics. You can change the amount using the slider to further explore.
How is cap rate calculated?
Cap Rate = Net Operating Income (NOI) / Property Asset Value.
When calculating the cap rate, we assume 100% occupancy. Leverage (mortgage) is not considered.
Cap Rate provided by RealtyHop and RentHop, learn more about cap rate here.
Price History
| Date / Event | Date | Event | Price |
|---|---|---|---|
| Jan 10, 2026 | In contract | - | |
| In contract | |||
| Dec 16, 2025 | Price Decreased |
$635,000
↓ $5K
(0.8%) | |
| Price Decreased | |||
| Nov 28, 2025 | Price Decreased |
$640,000
↓ $10K
(1.5%) | |
| Price Decreased | |||
| Oct 31, 2025 | Listed by Epique Realty LLC | $650,000 | |
| Listed by Epique Realty LLC | |||
| Jul 29, 2017 | Listed | $480,000 | |
| Listed | |||
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Large, spacious modern home with 3 beds plus office. This home is perfect for someone who works from home with a private office that can be designed to receive clients through a courtyard entrance. Contemporary finishes throughout with sleek design and loads of windows and light. Lots of outdoor living with front courtyard and amazing back deck... it feels like you are in the trees! Must See! The manager has listed the unit size as 2443 square feet.
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Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017