3700 Elder Hill RD
About This Property
Set on 5.15 private acres with Gatlin Creek running directly through the property, the land is the highlight. With no HOA and direct creek frontage, the property offers space to garden, keep animals, explore, or simply enjoy the sound of water moving through your own acreage. The combination of usable land and natural water access is increasingly difficult to find at this price point.
The 2,513 square foot residence features 10 foot ceilings, 8 foot doors, reclaimed wood flooring, travertine tile, solid cabinetry, and granite countertops. The kitchen includes KitchenAid appliances, a commercial style cooktop, and upgraded vent hood, designed for everyday living and entertaining.
The primary suite offers a private wet bar with mini fridge, while bedrooms two and three share a Jack and Jill bath. Energy Star certified with Trane HVAC, dual water heaters, whole home surge protection, 340 amp electrical service, advanced air and water filtration, and Ethernet wiring throughout.
A detached guest house of approximately 625 square feet with half bath provides flexibility for guests, office, or studio use. Additional improvements include a large three section storage shed, fenced garden and chicken areas, dual well tanks, water features, and a conveyed geodesic dome offered as is.
Located minutes from Driftwood wineries and dining, including Salt Lick BBQ, with convenient access to Dripping Springs, Wimberley, and South Austin. This property delivers private acreage living with the benefit of proximity to daily amenities and major employment corridors.
The home appears in a mapped flood zone. The residence was elevated with engineered fill and sits above the floodplain. Buyers to verify flood designation and insurance requirements.
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Cap Rate Calculator
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 |
|---|---|---|---|
| Jul 30, 2026 | In contract | - | |
| In contract | |||
| Jun 10, 2026 | Relisted | $790,000 | |
| Relisted | |||
| May 26, 2026 | In contract | - | |
| In contract | |||
| Feb 27, 2026 | Price Decreased |
$790,000
↓ $109K
(12.1%) | |
| Price Decreased | |||
| Feb 21, 2026 | Price Decreased |
$899,000
↓ $191K
(17.5%) | |
| Price Decreased | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017