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Property Description
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!
Full Property Details
Full Property Details for 218 Rainbow Dr
General
- Price: $499,000
- HOA FEE: $29/month
- HOA FEE FREQ.: Annually
- Taxes: $7,690
- Status: Active
- Type: Single Family
- Source: NTREIS
- MLS ID: 20933981
- Updated: 1/7/2026
- Added to Site: 249 day(s) ago
Interior
- Interior Features: Eat-in Kitchen, Granite Counters, Kitchen Island, Open Floorplan
- Appliances: Dishwasher, Electric Range, Electric Water Heater, Disposal
Rooms
Bathrooms
- Total Bathrooms: 3
- Full Bathrooms: 3
Bedrooms
- Total Bedrooms: 4
Parking
- Garage: Yes
- Garage Spaces: 2
- Covered Spaces: 2
- Parking Features: Additional Parking, Asphalt, Driveway, Garage, Garage Door Opener, On Site
Location
- County: McLennan
- Subdivision: Rainbow Lake
- Driving Directions: Hwy 84 toward McGregor to Estate Drive & Hewitt Drive exit. Rainbow Drive is to the right as you exit the ramp. House down on the left
School Information
- Elem School District: Midway ISD
- Midd School District: Midway ISD
- High School District: Midway ISD
- Elementary School: Woodway
- Middle School: River Valley
- High School: Midway
Community
- Association: Yes
- Assoc. Name: Rainbow Lake
- Assoc. Fees Include: All Facilities
Utilities
- Sewer: Public Sewer
- Water: Public
- Utility Description: Electricity Connected, Sewer Available, Water Available
Structural Information
- Architectural Style: Detached
- Structure Type: House
- Detached/Attached: Attached
- Stories/Levels: 2
- Living Area: 2,570 Sq. Ft.
- Year Built: 1963
Lot Features
- Lot Size (Acres): 1.02
- Lot Size (Sq. Ft.): 44,431.2
- Frontage: Private Road
Financial Considerations
- For Sale/Rent/Lease: For Sale
- Association Fee: $350
- Assoc Fee Freq.: Annually
- Tax Amount: $7,690
Disclosures and Reports
- Legal Description: RAINBOW LAKE LOT 66 BLOCK A ACRES 1.02
- Property ID: 362550000055000
- Block: A
- Lot Number: 66
Listed by Kelly, Realtors, Kevin Collins
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Schools
Schools serving 218 Rainbow Dr
School District:Midway Independent School District, China Spring, TX
| Name | Grades | Distance |
|---|---|---|
Woodway Elementary School 325 Estates Dr, Waco, TX 76712 | PK-5 | 0.4 mi |
Midway Middle School 800 Hewitt Drive, Hewitt, TX 76643 | 6-8 | 1.7 mi |
Midway High School 8200 Mars Drive, Waco, TX 76712 | 9-12 | 1.6 mi |
Disclaimer:
School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.
Price & Sales History for 218 Rainbow Dr
Date
Details
Price
Change
Source
1/07/2026
Price Reduced
$499,000
-2.16%
MLS
10/21/2025
Price Reduced
$510,000
-2.67%
MLS
9/26/2025
Price Reduced
$524,000
-3.68%
MLS
8/05/2025
Price Reduced
$544,000
-0.91%
MLS
7/02/2025
Price Reduced
$549,000
-1.08%
MLS
6/02/2025
Price Reduced
$555,000
-3.48%
MLS
5/13/2025
Listed
$575,000
—
MLS
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Tax History
Tax History for 218 Rainbow Dr
Year
Property Taxes
Change
Tax Assessment
Change
2024
$4,729
5%
$484,353
10%
2023
$4,522
—
$440,321
-17%
2022
$4,522
-26%
$530,210
13%
2022
$6,121
-3%
$470,760
42%
2021
$6,307
—
$330,820
3%
2020
$6,314
-15%
$319,720
—
2019
$7,424
92%
$318,210
98%
2018
$3,859
—
$160,600
—
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.
Estimate the Cost
Estimate the Cost for 218 Rainbow Dr
218 Rainbow Drive, Woodway, TX 76712 (MLS# 20933981) is a Single Family property with 4 bedrooms and 3 full bathrooms. 218 Rainbow Drive is currently listed for $499,000 and was received on May 13, 2025. Want to learn more about 218 Rainbow Drive? Do you have questions about finding other Single Family real estate for sale in Woodway? You can browse all Woodway real estate or contact a Coldwell Banker agent to request more information.
