1221 Rainbow Meadows Drive, Las Vegas, NV 89128, Las Vegas, 89128 - 3 bed, 2 bath
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1221 Rainbow Meadows Drive
Las Vegas, NV 89128
ACTIVE
CONDITION: FAIR
3Beds
2Baths
1,487Sq Ft
4,356Lot Size
Property Price
LIST PRICE$395,000
EST. MARKET VALUE
$372,911
5% AboveMARKET VALUE
SUMMARY
This Single Family Residence represents a Strong Value Opportunity, listed at $395,000—positioned well below the $372,912 Fair Market Value by -5%. While the property is currently priced above the estimated market value, its Fair Condition Rating and lack of HOA fees provide a stable foundation for long-term ownership. Featuring a paid-off solar lease and a private patio, the home offers immediate energy savings. Located near Edythe & Lloyd Katz Elementary, this property is an ideal acquisition for first-time buyers or buy-and-hold investors seeking a functional, low-maintenance asset in a prime Las Vegas location.
Estimated Market Value
$372,911
Based on Realkey algorithm analyzing recent comparable sales in Las Vegas.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1221 Rainbow Meadows Drive Subject | $395,000* List Price | 3 | 2 | 1,487 | $251 | - |
A 1005 Rainbow Meadows Drive Sold | $435,000 | 3 | 3 | 1,684 | $258 | 0.2 mi |
B 1500 Wheatland Way Sold | $435,000 | 3 | 2 | 1,508 | $288 | 0.2 mi |
C 7320 Silver Ridge Drive Sold | $380,000 | 3 | 2 | 1,143 | $332 | 0.1 mi |
D 1624 Leaning Pine Way Sold | $400,000 | 3 | 3 | 1,481 | $270 | 0.4 mi |
E 7913 Pottery Creek Drive Sold | $405,000 | 3 | 2 | 1,190 | $340 | 1.0 mi |
F 7033 English Mist Circle Sold | $330,700 | 2 | 3 | 1,408 | $235 | 0.3 mi |
G 7400 Queen Palm Drive Sold | $380,000 | 2 | 2 | 1,130 | $336 | 0.4 mi |
H 1628 Sierra Hills Way Sold | $365,000 | 3 | 2 | 1,322 | $276 | 0.3 mi |
I 1432 Lucia Drive Active | $399,900 List Price | 3 | 2 | 1,493 | $268 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1994 (32 years old), the home is well-maintained and features fresh paint, but remains dated with original-style carpet and finishes. While functional and move-in ready, it lacks recent major renovations to key systems or aesthetics, placing it in the fair category based on age and dated interior.
About 1221 Rainbow Meadows Drive
Fantastic opportunity for first-time homebuyers, investors, or anyone seeking single story living near Summerlin without HOA fees. Freshly painted, this 3-bedroom home features a functional floor plan, paid-off solar lease for energy savings, and a prime location close to shopping, dining, parks, schools, and major roadways.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1994
- Lot Size
- 4,356 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Las Vegas Unified Schools
Edythe & Lloyd Katz Elementary School
Grades PK-5 • 0.5 mi
4/10
James B Mcmillan Elementary School
Grades PK-5 • 0.6 mi
2/10
Ernest Becker Middle School
Grades 6-8 • 2.6 mi
7/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 2.0 | 3.0 |
| Square foot | 1,487 | 1,961.945 |
| Lot Size | 4,356 | 6,098 |
| Price | $395.0K | $486.0K |
| Price per sq ft | $266 | $259 |
| Built year | 1994 | 2002 |
| HOA | $0 | $83 |
| Days on market | 7 | 62 |
Pricing History
Listed for Sale
Sep 2, 2026
$395,000
Initial Listing
Sold
Dec 3, 1993
$104,000
Public Record