502 Gracelane Ln, Austin, TX, 78746
About This Home
MAGICAL PROPERTY WITH BREATHTAKING CANYON VIEWS AND STUNNING WET WEATHER CREEK INVESTMENT/BUILDER OPPORTUNITY: No Zoning Restrictions Escape the ordinary and enter a realm of enchantment at 502 Grace Lane. Nestled in the Eanes Independent School District, this sprawling property boasts breathtaking canyon views and ancient forests. The possibilities are endless. The property itself is a wonderland. A comfortable 2500 sq ft main house offers a perfect sanctuary, while a charming duplex and a quaint guest house provide additional space or income potential. Cascading tiers lead down to a mesmerizing creek, all encompassed by pristine woodlands. This legal tract is a blank canvas for your vision. Whether you seek a sprawling estate, a community haven, or a source of income, the choice is yours. Since the 1970s, the property has enjoyed freedom from zoning restrictions, empowering you to shape its destiny. Multiple electric meters, a deep well, and potential for MUD districts ensure convenience and self-sufficiency. Three structures totaling 5000 sq ft await your arrival. 2500 sq ft home, 2 bed 1 bath duplex 1500 sq ft. and 500 sq ft guest house.
Getting Around
Car-Dependent
No Nearby Transit
Somewhat BikeableSchools
Construction
Condition
- Property condition: See Remarks
- Year built: 1978
Materials
- Foundation: See Remarks
- Roof: Shingle
Type & Style
- Home type: SingleFamily
- Property subType: Single Family Residence
Interior
Appliances
- Appliances included: See Remarks
Bedrooms & Bathrooms
- Bedrooms: 9
- Bathrooms: 5
- Full bathrooms: 5
- Main level bedrooms: 8
Features
- See Remarks
- Window features: See Remarks
- Flooring: See Remarks
- Number of fireplaces: 1
- Fireplace features: See Remarks
Heating & Cooling
- Heating features: Central
- Cooling features: Central Air
Interior Area
- Total interior livable area: 5,000 sqft
Property
Accessibility
- Accessibility features: None
Details
- Parcel number: 534871
- Special condition: Standard
Features
- Levels: Two
- Stories: 2
- Pool features: None
- Patio & porch: See Remarks
- Exterior features: See Remarks
- Fencing: Wood
- Has view: Yes
- View description: Creek/Stream,Hill Country,Park/Greenbelt,Trees/Woods
- Has water view: Yes
- Water view: Creek/Stream
- Waterfront features: Creek,Dry/Seasonal
- Horses can be raised: Yes
Lot
- Lot size: 3.74 Acres
- Features: Back to Park/Greenbelt,Native Plants,Pie Shaped Lot,Trees-Moderate,Views
Parking
- Total spaces: 2
- Parking features: Detached Carport,Garage
- Has garage: Yes
- Attached garage spaces: 2
- Covered spaces: 2
Climate Risk is Financial Risk
Every home has a financial story beyond the listing price. Below, you’ll see the climate risks that could affect this property — and in Bills & Affordability, how those risks may influence repairs, insurance, utilities, and long-term value.
Biggest Threats for This Home
- Hail
- Tornado
- Heat Wave
- Inland Flooding
- Wildfire
How This Home’s Risks Compare
FEMA Declared Disasters Across Texas Counties
Understanding the Costs
Financial advisors generally recommend spending no more than 30% of your gross household income on housing costs. In practice, many households stretch to 35% or beyond — especially in high-cost markets.
Estimated Costs Today
| Monthly | Annual | |
|---|---|---|
| Mortgage | $11,124 | $133,488 |
| Home Insurance * | $591 | $7,092 |
| Property Taxes | $2,401 | $28,812 |
| Electricity | $549 | $6,588 |
| Total | $14,665 | $175,980 |
Income You'd Need if You Spent...
Texas FAIR Plan Programs
How Costs Could Change Over Time
Climate risk is quickly impacting all of the major home ownership costs. Adjust the growth rates and percentage of income spent on housing below to see how your housing costs could change over the next 10 years — and what income you'd need to keep up.
Comparing Against the Market
Price Per Sq Ft
vs Other Active Listings
Avg $/sqft
vs Homes Sold Last Month
Median $/sqft
Current Market Trends
Median Price Per Square Foot
The median price per square foot of homes sold in this area each month. Compare this to this listing's price per square foot to gauge whether the home is priced in line with recent sales.
Historicals for This Listing
Zestimate History ($/sqft)
Price History
| Date | Event | Price |
|---|---|---|
| 2026-07-22 | Price change | $2,200,000 |
| 2026-07-15 | Listed for sale | $2,250,000 |
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