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Calgary · Single Family · under $650,000 · 3+ bed · 2+ bath. Alerts only send when there are new or meaningfully updated matching homes.
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131 Fallswater Road NE
Welcome to this professionally renovated, down-to-the-studs home offering the quality and peace of mind of a near-new build in an established neighbourhood. Ideally located on a quiet street beside greenspace, you'll enjoy easy access to schools, parks, playgrounds, walking paths, shopping, transit, and major roadways, including Deerfoot Trail and Stoney Trail.Extensively redesigned with approximately 500 sq. ft. added to the main level, this exceptional home showcases quality craftsmanship and premium finishes throughout. The bright, open-concept main floor features 3 bedrooms, 2 full bathrooms, including a beautiful primary ensuite with heated tile floors & walk-in closet, convenient upper-level laundry, and a stunning kitchen complete with quartz countertops, custom cabinetry, stainless steel appliances, and a large island overlooking the spacious living and dining areas.The renovation extends well beyond cosmetic updates. Major improvements include Hardie Board siding, new main-floor windows, new shingles, updated plumbing and electrical throughout, a new furnace, new hot water tank, and new appliances, providing exceptional value and long-term peace of mind.The fully finished illegal basement suite offers outstanding flexibility with 1 bedroom, 1 full bathroom, a full kitchen, separate laundry, and high-end finishes throughout, making it ideal for extended family, multi-generational living, or mortgage-helper potential.Outside, the large, fully fenced backyard features a brand-new fence, storage shed, and ample space to build a future oversized double garage while still leaving plenty of room for kids, pets, and outdoor entertaining.Offering over 1,200 sq. ft. of above-grade living space, a beautifully finished lower level, and virtually every major component professionally updated, this is a rare opportunity to own a truly turnkey home where quality craftsmanship and attention to detail are evident throughout. (id:65958)
Main level
| Room | Dimensions | Features |
|---|---|---|
| Primary Bedroom | 9.25 Ft x 20.25 Ft | |
| 3pc Bathroom | 8.00 Ft x 4.92 Ft | |
| Bedroom | 11.67 Ft x 13.17 Ft | |
| Bedroom | 11.92 Ft x 9.75 Ft | |
| 4pc Bathroom | 4.92 Ft x 8.50 Ft |
Unknown
| Room | Dimensions | Features |
|---|---|---|
| Bedroom | 11.08 Ft x 11.08 Ft | |
| 4pc Bathroom | 8.08 Ft x 4.92 Ft |
10-item due-diligence checklist. We can pre-flight most of these for you on a CMA call.
Comparable sales
Ask for 3–5 recent solds within ~1 km and the same beds/baths so the list price has context.
Property condition
Roof age, furnace age, hot-water tank age, electrical panel size, windows. Cosmetic vs structural.
Zoning
Confirm zoning matches your intent (single-family vs duplex vs secondary suite vs commercial).
Suite legality / potential
If suited or being marketed as suited: confirm permits, separate entrance, ceiling height, egress windows.
Monthly carrying cost
Mortgage + property tax + insurance + condo fee (if any) + utilities. Compare to your max budget.
Property taxes
Confirm the annual tax amount on the current assessment — and whether a reassessment is pending.
Insurance estimate
Get a same-day quote. Older homes, knob-and-tube wiring, polybutylene plumbing, flood plains all change the number.
Commute
Drive it (or transit it) at the actual time of day you'd commute. Map ETA lies during peak hours.
Deposit and financing conditions
Deposit size, financing condition window, condition removal date, possession date — all negotiable.
Inspection considerations
Budget for a home inspector ($500–700) and any specialty inspections (sewer scope, mould, asbestos for pre-1990 builds).
Cash on cash
-1.17%
Cap rate
4.63%
GRM
13.9
Break-even rent
$3,723
Financing
Operating expenses (monthly)
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Approximation only. Actual cash flow depends on financing terms, condition reports, current market rents, property tax assessment, condo fees, and tenant quality. Defaults: 4.5% rate, 30-year amortization, 5% vacancy, 1%/yr maintenance, 0.5%/yr CapEx reserve, $80/mo insurance. Property tax estimated at 0.55%/yr where not provided. Talk to a mortgage broker before relying on these numbers.
Pick a down payment and tap any underlined number to edit. Total updates live. Confirm with a mortgage broker before writing an offer.
Monthly carrying costs (shared)
Approximation only. CMHC default insurance is included when down payment is under 20%. Property tax and condo fees come from MLS when listed and may not reflect the current billing year. Accelerated bi-weekly frequency reduces total interest paid vs. monthly — confirm with a broker. Suite rental income depends on permits, market rent, and vacancy. Always validate with a mortgage broker before writing an offer.
We'll reply by text within a few hours. Comparable sales, condition flags, things worth checking — sent before you book a showing.
Listing brokerage
Listing brokerage on file
Listing data via CREA DDF®. Information is deemed reliable but not guaranteed accurate by CREA. Last updated Jun 27, 2026.
Location of this listing. Distances are straight-line.
Key nearby — mosques, halal & Islamic schools
Mosque
1.1 km away
Al Madinah Islamic Centre
2.0 km away
Al-Hedaya Islamic Centre
2.6 km away
Hazrat Bilal Islamic Center
3.4 km away
3.4 km away
Elementary
Calgary Islamic School – Akram Jomaa Campus
Islamic · K–9
3.6 km away
Calgary Islamic School – Omar Bin Al-Khattab Campus
Islamic · K–9
6.7 km away
7.5 km away
Halal grocery
Shaheen Grocery, Bakery & Halal Meat
609 m away
Amir Halal Meats & Grocery
6.7 km away
Distances are straight-line (not drive time). Full neighbourhood intelligence (schools, transit, parks) builds automatically.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.