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$484,353

218 Rainbow Dr, Woodway, TX, 76712

Off MarketInfo
Beds4 Beds
Baths3 Bath
Baths2,570 Sq Ft
Single Family ResidenceSingle Family Residence
price_per_sqft$175.1 / sqft
Year BuiltBuilt in 1963

Property Lead Type:

Absentee OwnerHigh Equity

Highlights

Interior

Bedrooms 4Bedrooms 4
Bathrooms Full 2Bathrooms Full 2
Garage AvailableGarage Available
HeatingHeating
CoolingCooling
AppliancesDishwasher, Disposal, Electric Range, Electric Water Heater

Exterior

Lot Size1.02 acres

Building Information

Year Built1963
Stories2
Roof Type105
Garage Spaces2

Land Information

APN362550000055000
Lot Number66
SubdivisionRainbow Lake
Land UseResidential
Legal DescriptionRAINBOW LAKE LOT 66 BLOCK A ACRES 1.02
Census Tract002503
Assessed Land Value$106,190
Assessed Improvement Value$465,630
Assessment Year2025

About this property

A Rare Find in the Heart of Woodway! Nestled in a private, wooded setting surrounded by mature trees, scenic walking trails, and not one—but two tranquil private lakes, this exceptional home offers the perfect blend of nature, comfort, and convenience. Set on a beautifully treed one-acre lot, enjoy breathtaking sunrises and sunsets from multiple balconies that wrap around this inviting home. Inside, you'll find a spacious, updated kitchen that opens to the dining and living areas—ideal for hosting family gatherings or entertaining friends. The main floor boasts three generous bedrooms and two full bathrooms, offering comfort and privacy for all. Upstairs, a private bonus room with a full bath provides the flexibility for a home office, guest suite, or creative studio. Additional features include a detached 2-car garage, a large workshop, and direct frontage access to one of the serene lakes—perfect for fishing, kayaking, or simply relaxing by the water. Don’t miss this rare opportunity to own a peaceful retreat just minutes from the conveniences of town. Welcome home to Woodway living at its finest!

Investor Tools

Property Icon
$484,353
Estimated Property Value
$286,000Estimated Mortgage Balance
$231,822Estimated Equity
41% equity
Estimated Cap Rate
View Rate
Estimated ARV (After-Repair Value)
Calculate ARV
Rent-to-Value Ratio: 0.72%
Rent Estimate
$2,906 /month
Positive
Cash Flow Estimate:
$969 /month

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Financing Details

Estimated Taxes & Insurance
HOA Fees
Interest Rate Assumption
$596/month
$350/month
5.947%

Tax Information

Annual Taxes
Assessed Value
Assessment Year
Assessed Land
Assessed Improvement
Market Value
Tax Delinquent
$4,729
$484,353
2025
$106,190
$465,630
$571,820
No

Tax History

Year
Tax Paid
Assessed Value
2024
$4,729
$484,353

Mortgage Details

Lender
Loan Type
Loan Amount
Assumable
Position
Origination Date
Maturity Date
First State Bank
Conventional
$286,000
No
First
May 15, 2020
Jun 2050

Equity Summary

Est. Mortgage Balance
Est. Equity
Equity %
LTV
Est. Monthly Payment
$252,531
$231,822
47%
52%
$1,715/mo

Rental Potential

Est. Monthly Rent
Est. Monthly Expenses
Est. Cash Flow
Gross Yield
$1,520/mo
$2,065/mo
$-545/mo
3.8%

Learn About the Market: Opportunity in Texas

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Explore

Texas

Living in Texas means access to four of the nation’s most dynamic metro economies — Dallas–Fort Worth’s corporate and logistics powerhouse, Houston’s global energy and medical hub, Austin’s tech-driven and culturally iconic Live Music Capital of the World, and San Antonio’s historic yet steadily expanding military and healthcare center. The state blends economic scale with cultural significance, rooted in independence, entrepreneurship, and a strong sense of place — from Friday night football to world-renowned barbecue and music festivals. For homebuyers, Texas offers comparatively attainable housing, no personal income tax, and master-planned communities built around space and convenience; for investors, continued population growth, business relocation, and diversified industries create sustained demand across urban cores, suburbs, and emerging secondary markets.

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Population Growth

Population Growth

~1.3% annually

Net Migration

Net Migration

Positive

Median Home Price

Median Home Price

$283,800

Unemployment Rate

Unemployment Rate

4.3%

Price Trend

Price Trend

Flat

New Permits

New Permits

158,121

City: Woodway

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218 Rainbow Dr | Property Details | No Agent List