A spacious property for sale in the bustling Austin suburb of Dripping Springs is now offering just over 17 acres of land for $3.7 million.

The HC Carter Camphouse, located at 1601 Creek Road, presents a rare opportunity for its next owners to live less than two miles from downtown Dripping Springs. The 17.03-acre ranch was once part of a much larger, 205-acre ranch that contained "one of the finest Longhorn cattle herds in Texas," according to the listing description.

The property features two renovated homes: a two-bedroom, two-bathroom, Spanish-style main house that was originally built in 1956; and a restored "Pioneer Cabin" that was built in the mid-to-late 1800's and currently serves as the guest house.

The primary home has a gated stone courtyard with a water fountain, and a tiled wraparound porch overlooking the front yard and in-ground fire pits. Terracotta tile runs throughout the interior of the home, and rustic wood details cohesively tie the rooms together. The spacious primary bedroom features wide French doors that open to the front porch, a high angled wood panel ceiling, and a Santa Fe-style fireplace.

The fire place in the primary bedroom will be very handy during the winter.Photo courtesy of Republic Ranches

The restored cabin maintains its vintage charm with stone flooring, all-wood ceilings, log beams, and antique furnishings. The home contains two bedrooms with window AC units, two fireplaces, "working bathrooms," and a kitchen.

Onion Creek runs through the property to provide stunning Hill Country views and a barrier of separation from Creek Rd. However, it also means a majority of the land south of the creek — including the areas where both homes sit — is in a FEMA 100-year floodplain and a Dripping Springs localized floodplain. The property's survey map fills in the details.

"The property has approximately 1,600 feet of frontage on Onion Creek, providing year-round water, and stunning views of the creek," the listing says. "The creek has never gone dry on this part of the creek since the owners have owned the property."

The ranch first entered the market in late July as a 9.999-acre parcel of land, but the listing has since been updated to add 7.031 more acres in an adjoining lot. The land addition improves the property's privacy, nearly doubles the Onion Creek frontage, and increases the size of the "most probable new home site location," according to the listing. The expansion also effectively reduces the price-per-acre by a third.

Photo courtesy of Republic Ranches

The 17-acre ranch is located at 1601 Creek Rd. in Dripping Springs.

Whoever purchases the ranch will also become the owners of an additional one-acre lot located "outside of, but contiguous to" the 9.999-acre lot. This portion of land is leased to the property's caretaker, who previously managed the original 205-acre ranch for 25 years. The listing specifies that the caretaker "does not have the right to sell this 1 acre, which will revert to the owner in case of his death."