Kannapolis · Kannapolis, NC
4646 Rainbow Drive
Kannapolis, NC · 1,782 sqft
$311,000
- 3Beds
- 2Baths
- 1,782SqFt
- 1962Year
- 186'x102'x112'x195'x60'x180'Lot
- 1Days on market
About this home
Nestled on a picturesque 0.88-acre lot shaded by majestic mature oak trees, this charming and well-maintained 3-bedroom, 2-bath mid-century ranch has HUGE potential with a 1800+ sq ft unfinished basement. The property boasts exceptionally fertile soil and abundant year-round sunshine, creating an ideal setting for gardening enthusiasts. The previous owner cultivated a highly productive garden, and the expansive sunny acreage provides ample opportunity to continue that tradition while enjoying seasonal harvests from the established trees (pecan and fig).
A standout feature of the home is the enormous unfinished basement, offering incredible potential for customization and expansion. Already equipped with a functional double sink and a plumbed full bathroom, the basement mirrors the home's main-level footprint and is well-suited for conversion into a private guest suite, workshop, or income-producing rental. With its own private exterior entrance and natural light streaming through multiple above-grade windows along the west side of the home, this versatile space is ideal for multi-generational living, hobbyists, or future investment opportunities.
In addition to the main living room, this home features a second living area (not pictured) adjacent to the kitchen (currently labeled as the "dining room" in the measurements). The space used for formal dining is located between the living room and kitchen, just above the basement entrance. New roof and gutters 2024, new gas water heater 2026. Septic is permitted for 3 bathrooms if buyer(s) were to finish out basement.
Property details
- Beds
- 3
- Baths
- 2
- SqFt
- 1,782
- Lot
- 186'x102'x112'x195'x60'x180'
- Year built
- 1962
- Type
- Single Family
- Days on market
- 1
- Garage
- 2
- Style
- Ranch
- Heating
- Baseboard, Hot Water, Natural Gas, Radiant
- Cooling
- Central Air
- Foundation
- Basement
- Flooring
- Carpet, Linoleum, Tile
Payment estimate
Estimated monthly payment
Includes P&I, tax, insurance
$2,288/ month
- Principal & interest
- $1,926
- Property tax (~1.05%)
- $272
- Homeowners insurance
- $90
- HOA dues
- —
Down payment
$15,550 down · $295,450 financed
Income to qualify (28% rule)
~$98,097 / year household
A rough rule — actual qualification depends on your full debt picture, credit, and the lender. John can introduce you to lenders he trusts.
Numbers are a directional estimate. Actual monthly cost varies by lender, credit, taxes assessed at closing, and insurance carrier. This is not a loan offer or pre-approval.