For sale Home

Listed Oct 19, 2026

$799,000 Est. $5,285/mo

17127 Rainbow Terrace

  • 4

    Beds

  • 3

    Baths

  • 2,163

    Sq ft

The story

  • Waterfront

EXCEPTIONAL LAKEFRONT LIVING IN HIGHLY SOUGHT-AFTER ODESSA! Discover a rare opportunity to own a beautifully maintained 4-bedroom, 3-bath waterfront home offering 110 feet of frontage on picturesque Rainbow Lake, a stunning natural setting surrounded by towering 100-foot cypress trees and lush Florida landscape. Perfectly positioned on a quiet, dead-end street across from a lush conservation area, this exceptional property offers a peaceful, private retreat while remaining conveniently close to everything in Tampa Bay. OVER $220,000 IN IMPROVEMENTS AND UPGRADES COMPLETED FROM 2021–2026! Meticulously maintained and thoughtfully updated, this home offers an impressive collection of major improvements, including a NEW ROOF (2026), NEW HURRICANE WINDOWS AND SLIDER DOORS (2026), beautifully REMODELED BATHROOMS, NEW EXTERIOR STUCCO AND FRESH EXTERIOR PAINT (2026), ALL NEW HVAC DUCTWORK AND VENTS (2026), and NEW ATTIC INSULATION (2026). Additional enhancements include updated lighting throughout the home, new electrical outlets and switches, refreshed interior paint, updated drywall ceilings in several living areas, and a Kinetico water softening and reverse osmosis system. A charming wood-burning fireplace adds warmth and character to the living space, while the updated laundry room features additional cabinetry and a new washer and dryer. Outside, a convenient storage shed provides extra space for tools, lawn equipment, and recreational gear. Even the waterfront dock platform has been refurbished, providing the perfect setting to enjoy the beauty of Rainbow Lake. These extensive improvements represent a significant investment in the home's comfort, efficiency, and long-term value. THE WATERFRONT LIFESTYLE IS THE TRUE SHOWSTOPPER! Rainbow Lake encompasses approximately 50 acres of beautiful freshwater, offering an incredible setting for boating, water skiing, jet skiing, fishing, kayaking, paddleboarding, or simply relaxing along the shoreline. The lake also features a navigable connection to Little Moon Lake, offering additional opportunities for waterfront exploration when water levels permit. Imagine starting your mornings with coffee overlooking the lake, spending afternoons on the water, and unwinding in the evenings beneath the majestic cypress trees. This is Florida waterfront living at its finest! Despite its serene, tucked-away location, this home offers outstanding convenience. Zoned for highly regarded Steinbrenner High School, the property is approximately 20 minutes from Tampa International Airport, minutes from popular restaurants, shopping, and everyday conveniences, and less than an hour from the beautiful Gulf Coast beaches. A RARE COMBINATION OF NATURAL BEAUTY, EXTENSIVE UPDATES, AND RECREATIONAL WATERFRONT LIVING IN ONE OF ODESSA'S MOST DESIRABLE SETTINGS. Whether you're seeking an active lakefront lifestyle or a peaceful escape surrounded by nature, this extraordinary property offers the best of both worlds. Schedule your private showing and experience the beauty of Rainbow Lake firsthand!

Facts & features

Home type

Home

Year built

1973

Floors

1

Lot size

1 acres

Price per sq ft

$369

Included features

  • Fireplace

    Yes

  • Cooling

    Central Air

  • Heating

    Central

  • Appliances

    Dishwasher, Disposal, Dryer, Microwave, Range, Refrigerator, Washer, Water Softener

  • Flooring

    Carpet, Ceramic Tile, Hardwood

  • Roof

    Shingle

  • Lot Information

    Conservation Area, In County, Landscaped, Paved

  • Water Source

    Well

  • Sewer

    Septic Needed, Septic Tank

  • View

    Water

Mortgage calculator

Estimated monthly payment

$5,285 /mo

7% rate · 30-yr fixed · 20% down

  • Principal & interest $4,253
  • Property tax $799
  • Insurance $233

Includes principal, interest, taxes & insurance.

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Listing Broker

FLORIDA EXECUTIVE REALTY

Broker Name

FLORIDA EXECUTIVE REALTY

Agent

Melissa Motta