603 Waterway Ln

Burnet, TX 78611

$700,000

2 beds
2 baths
1,112 sq ft
2.03 acres
Built 1995

Listed by Compass RE Texas, LLC · MLS #ACT8136931

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603 Waterway Ln, Burnet, TX 78611 · MLS #ACT8136931

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A FEW THINGS TO NOTICE

What stands out.

Additional spaces

The property features a charming 1-bedroom main house plus a separate studio casita equipped with a kitchenette and full bath, offering 1,112 total square feet.

Year built

Built in 1995.

Garage parking

2 garage spaces listed.

Highlights from the listing description and property details. Confirm features with the listing agent.

THE PROPERTY

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Rare income-producing waterfront estate on Lake Buchanan! Situated on 2.03 unconstrained acres with 213 feet of shoreline located directly at year-round deep water, this prime Hill Country property offers the ultimate combination of immediate lakefront living, cash-flow potential, and custom development flexibility. It is conveniently located just 90 minutes from Austin and 20 minutes from Marble Falls.

The property features a charming 1-bedroom main house plus a separate studio casita equipped with a kitchenette and full bath, offering 1,112 total square feet. It is short-term rental ready with a proven track record. Live in one unit and rent the other, operate both as a dual-unit getaway, or keep the entire compound as your private weekend retreat. A detached two-car garage provides ideal storage for boats, jet skis, and lake gear.

Enjoy the full lake house lifestyle from day one while designing and permitting your dream luxury primary residence on the elevated upper pad overlooking panoramic water views. The existing residences easily preserve as a completed guest compound or income-producing rental. With broad acreage, low Burnet County tax rates, and year-round deep-water access, 603 Waterway represents one of the most versatile waterfront opportunities on Lake Buchanan. Schedule your private tour today.

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THE NEIGHBORHOOD

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603 Waterway Ln, Burnet, TX 78611

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THE DETAILS

The details, all in one place.

Property type: Residential
Category: Residential
Year built: 1995
Full baths: 2
Half baths: 0
Garage spaces: 2
Cooling: Central Air
Heating: Central
Appliances: Built-In Electric Range
Flooring: Tile
Fencing: Split Rail
Accessibility: None
Pool features: None
Subdivision: Swiss Village
Parcel: 43235
HOA fee frequency: Annually
Elementary school: Burnet
Middle school: Burnet (Burnet ISD)
High school: Burnet
Annual property tax: $10,903.00
HOA fee: $400.00

Features and school information are supplied by the listing source. Confirm measurements, school assignments, HOA terms and rental restrictions before making a decision.

OWNERSHIP, WITH A PLAN

Investor outlook.

Explore this property’s rental potential with an all-cash purchase. Monthly rent starts at 5% of the purchase price per year, divided by 12. Adjust it and the other assumptions to explore your scenario.

These are planning assumptions, not a rental appraisal or a loan quote. The starting rent is a price-based estimate; a local leasing professional can help confirm market rent.

Investor outlook assumes an all-cash purchase. No mortgage payment is deducted.

Estimated monthly cash flow · cash purchase$1,169.76

Estimated monthly rent$2,916.67

Cap rate2.26%

Annual operating income: $15,787.07

HOA: Includes $33.33 per month in HOA dues, converted from the $400.00 annual fee reported by the listing source.

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Purchase price

Rental income & operating costs

Estimated monthly rent

Purchase price × 5% ÷ 12. Updates with purchase price until you enter a custom rent.

Vacancy allowance (%) Management fee (%) Maintenance reserve (%) Capital reserve (%)

Annual property tax

Annual insurance

Annual insurance starts at purchase price × 0.25%, rounded to the nearest available amount. Updates with purchase price until you choose another amount.A planning estimate, not an insurance quote. Adjust it for your property and coverage.

Monthly HOA

Other monthly costs

Percentages are editable examples, not ERA fee quotes. Management is applied to rent after vacancy; maintenance and capital reserves use scheduled rent. Add owner-paid utilities, mortgage insurance and other recurring expenses under other costs.

How this scenario is calculated

Annual operating income is rent after vacancy, management, maintenance, taxes, insurance, HOA and other operating costs, before financing and capital reserves. Cap rate divides annual operating income by purchase price. Estimated monthly cash flow assumes an all-cash purchase: rent after vacancy, management, maintenance, taxes, insurance, HOA, other operating costs and capital reserves. No mortgage payment is deducted. The mortgage calculator is separate; loan payments would reduce cash flow for a financed purchase. One-time acquisition costs, renovations, income taxes, depreciation and appreciation are excluded.

Mortgage payment calculator

Explore financing separately. These loan settings do not change the all-cash investor outlook.

Mortgage assumptions

Down payment (%) Interest rate (%) Loan term

20% down and 7% interest are illustrative starting values.

Estimated monthly principal & interest—Loan payment only. Excludes property taxes, homeowners/flood insurance, mortgage insurance and HOA dues.

About this payment estimate

Based on a fixed-rate, fully amortizing loan with monthly payments and the price, down payment, interest rate and term you select. The interest rate is an example, not a current rate offer or APR; APR includes certain loan costs. This is an illustration, not a Loan Estimate, approval, offer of credit or commitment to lend.

Your actual payment, rate and eligibility depend on your lender, credit, loan program and property. Closing costs, points, prepaid expenses and lender fees are not included. Taxes and insurance may change, and mortgage insurance may be required, particularly with a down payment below 20%. Ask your lender for a Loan Estimate and a complete monthly payment including applicable taxes, insurance and fees.

Dollar results are rounded to the nearest cent; calculations retain precision until display. A cash purchase has no loan payment but still has ownership costs. Understand your total home payment (CFPB).

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Listing information

MLS #ACT8136931 · Austin Board of Realtors

Listing brokerage: Compass RE Texas, LLC
Listing agent: Lisa Little

Listing status: Active. Record updated September 10, 2026. Confirm current availability and price with the listing agent.