401 W Live Oak St

Rare opportunity in highly desirable 78704! Situated on an approximately 8,612 SF (.198-acre) corner lot in a prime Central Austin location, this single-family home offers a versatile layout with a separate guest house — ideal for multigenerational living, a home office/studio setup, or generating rental income to offset your mortgage.

The main home, approximately 1,104 SF, offers 2 bedrooms and 2 baths. Behind it, a separate guest house features two private living quarters, each with its own entrance and gated yard access:

Upper Guest Quarters: approximately 879 SF, 2 bedrooms, 1 bath, with a large screened-in porch — currently leased to long-term tenants Lower Guest Quarters: approximately 550 SF, 1 bedroom, 1 bath, fully furnished — currently operated as a short-term rental

Together, the property currently generates approximately $6,600/month ($79,200 annually) in gross rental income — offering flexibility for an owner-occupant to live in the main home while offsetting costs with the guest house, or to continue the property's income-producing use. Both guest units may offer continued rental potential, subject to buyer verification of applicable city regulations and permitting. Owner pays utilities.

Numerous improvements have been completed throughout the property, and the upper guest quarters offer additional opportunity for updating to personal taste.

Ideally located just minutes from Downtown Austin, with easy access to South Congress, South Lamar, Lady Bird Lake, restaurants, shopping, and entertainment — this is a rare chance to own a flexible, income-supported property in one of Austin's most sought-after neighborhoods. The 8,612 SF corner lot may also offer future redevelopment potential, subject to buyer verification of zoning and permitting.