My theory on purchasing waterfront property is similar to buying stocks.  "Buy Low....Sell High"!  Yes, the water level is very low, but this creates a tremendous opportunity to purchase a waterfront property on 2.43 acres of beautiful hill country land at almost half the price the previous owner paid for it.  This is where you make money on lakefront property.  For those of you not familiar with Lake Travis and the Pedernales River, Lake Travis is not a constant level lake.  It's always changing from a lack of (or too much) rain and evaporation caused by our hot Texas summers.  Since the Pedernales feeds into Lake Travis, it dries up faster.  Don't get all bummed out.  What goes down will come back up.  The lake was way down in 1994 when a microburst hit Llano County and dumped 25" of rain in a short period.  Way too much rain in such a short time.  Rain flew down the Llano River and filled Lake Travis to 4" below the spillway in four days.  It made pulling your docks in quite an adventure due to the water rising so fast.  I have a brilliant idea for the house. Skip converting the garage.  I would hire an architect and create about a 1,500 square foot luxury master suite upstairs and make sure you have an enormous kick butt balconey giving yourself the most incredible view of the Pedernales River no matter if there is water or not.  Since the water is low and you will be buying this low, it will be time to splurge a little.  Maybe even build a tram down to the water so you won't have to deal with those steps unless you just want to "get your steps in".  Plus, that tram will add a lot of value.  One more thing: the Pedernales River is "the" place to water ski.  The water is so blue and calm when it's full. So, let's write an offer. An opportunity like this only comes around during a drought!!  You may want to consider building a second home on the property.  Income-producing or a family compound.