505 Lightsey RD
About This Property
The house itself is a vibe: a stylish, well-loved 3-bedroom, 1-bath home that feels warm, creative, and undeniably Austin. It's absolutely livable as-is, with great character and flow, while still leaving room for thoughtful upgrades to make it your own and add serious value over time. This is the kind of place you move into and slowly perfect-not a project you dread.
Step outside and you'll find a huge backyard, complete with a limestone patio and a cowboy pool-a perfect setup for laid-back afternoons, entertaining friends, or cooling off after a long day. And if you're thinking long-term, the lot also offers the rare opportunity to eventually tear down and build a two-story home that would unlock some of the most stunning views Austin has to offer.
Location? Unreal. Walk to St. Edward's, Cosmic, Music Lane, and all the restaurants, trails, and culture that make the 04 legendary. Plus, new school zoning places this home in Austin High, a huge bonus for the area.
An independent appraisal dated 11/25 values the home at $590,000, and it's priced aggressively to sell. Opportunities like this don't wait-make your move before someone else claims one of the best values in 78704.
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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 |
|---|---|---|---|
| Feb 20, 2026 | In contract | - | |
| In contract | |||
| Feb 5, 2026 | Listed by Kuper Sotheby's Int'l Realty | $580,000 | |
| Listed by Kuper Sotheby's Int'l Realty | |||
Phone: 425-283-2930
Address: 335 Madison Avenue, New York, NY 10017