Although the Colorado River can rage at times, especially after 18 inches of rain in one night upstream, this morning it was meandering down towards the Gulf leisurely.  In this part of Central Texas the Colorado River winds through many counties.  Management is through the Lower Colorado River Association.  Fishing can be very good, and a license is required.  Kayaking and canoing have been a very popular past time.  There are local companies in Bastrop that rent out kayaks and canoes and have planned routes for the public to enjoy.  Down along the river you will find large cattle ranches, hay fields, pecan groves, and clusters of smaller gentleman's ranches/farms, rural residential properties, and RV communities.   Many of the properties that border the Colorado River do sit in some form of flood status.  A professional Realtor can help determine a property status.  Homes in the area must be built above a certain flood level.  This can be done by building on a rise, or even building the home on stilts which is quite common down along the coast.