Old Austin, just northeast of Cabot, is one of the oldest towns in central Arkansas. It could have been chosen as the state capitol; it could have attracted the railroad; it could have been the site of Ouachita Baptist University; but none of these things came to pass. Austin was the midway stop for the Butterfield Stage between Memphis and Fort Smith, and it was the home of one of the state's oldest Baptist associations.
As for what is in Old Austin anymore, there's this nice little Baptist church. That and a historical marker are about it.