501 Carolyn Ave, Austin, TX 78705

• 5 beds |
• 3 baths |
• 2,880 sqft

Property Description

Tucked into one of Central Austin’s most consistently in-demand pockets, this tastefully renovated 1935 Hyde Park triplex delivers the kind of flexibility and rentability that rarely hits the market. Live in one unit and let the others offset the mortgage, lease all three for a strong long-term hold, or secure a prime asset steps from UT in a neighborhood where vacancy barely has time to exist. The property includes the original brick duplex with two units each featuring 2 bedrooms and 1 bathroom, plus a separate 1 bedroom, 1 bathroom apartment above the detached three-car garage. All three units were renovated in 2022 with updated kitchens, quartz countertops, stainless appliances, refreshed baths, refinished hardwoods, upgraded lighting, fresh paint, and electrical improvements, while the soul of the 1930s still shows up in all the right places: vintage woodwork, built-in buffets, hardwood floors, and charming faux fireplaces. Current leases generate immediate income with strong rental history and lease terms already in place, making this a true plug-and-play investment in one of Austin’s most proven rental corridors. The detached garage adds rare utility with three bays, storage, and additional parking flexibility, while the landscaped grounds, shaded patios, and walkable location create serious tenant appeal. Set just blocks from the University of Texas, this location puts residents within easy biking and walking distance to Hyde Park favorites, coffee shops, restaurants, transit, and the stadium, with quick access to downtown and major thoroughfares. For investors, students, professionals, UT faculty, or anyone looking to own a high-demand piece of Central Austin, this one lands in a category all its own. Contact the listing agent to schedule a tour today!

Listing Status:

Active

Data Last Updated:

May 20, 2026 at 10:17PM

Listing Office:

Compass RE Texas, LLC : (512) 788-0533

Listing Agent:

Mary Emma Partain : (512) 788-0533

MLS ID:

8986241

Interior

• General: BookcasesBuilt-in FeaturesChandelierQuartz CountersNo Interior StepsPrimary Bedroom on MainStackable W/D Connections
• Appliances: DishwasherDisposalExhaust FanGas RangeRefrigeratorStainless Steel Appliance(s)Washer/Dryer StackedWater Heater
• Laundry: Laundry Closet
• Flooring: Wood
• A/C: Central Air
• Heating: Central
• Fireplace: See RemarksLiving RoomFireplaces: 2
• Eco/Green Feature: NoneNone

Exterior

• General: See RemarksExterior StepsLightingPrivate Yard
• Other Structures: Patio
• Pool: None
• Parking: DetachedDoor-MultiDrivewayGarageGarage Faces SideParking spaces: 3

Construction

• Roofing: CompositionShingle
• Windows: See Remarks
• General: TwoPillar/Post/Pier

Location

• HOA Amenities: CurbsSidewalks
• Originating MLS: actris
• School District: Austin ISD
• County: Travis

Lot

• Zoning: LOT 10 *& W 9.67' LOT 9 BLK 1 OLT 7-8 DIV C HARPERS SUBD501 Carolyn Ave (SFR Listing)
• View: Neighborhood
• Fencing: FencedPartialWood

Utilities

• Utilities: Cable AvailableElectricity ConnectedHigh Speed InternetNatural Gas AvailableSewer AvailableWater Available
• Water: Public
• Sewer: Public Sewer

Financial

• Source: actris