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Calgary · Single Family · under $625,000 · 3+ bed · 1+ bath. Alerts only send when there are new or meaningfully updated matching homes.
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1509 38 Street SE
Welcome to this upgraded bungalow on a quiet street in Forest Lawn, offering flexibility, modern updates, and excellent income potential. The bright main level features natural hardwood flooring, large windows bringing in plenty of natural light, and an inviting living area that flows into bright updated, eat-in kitchen with shaker cabinetry, tile backsplash, and stainless chimney-style hood fan. Two bedrooms and a full bathroom with vessel-sink vanity complete the upper level. ***JV OPPORTUNITY***The legal, registered basement suite provides additional 797 sq ft living space with its own kitchen, living and dining area, 2 bedrooms, and full bathroom with jetted tub!—ideal for extended family or rental opportunities. A separate entrance offers privacy and convenience between levels.Major upgrades include roof (2018), windows (2018), attic insulation (2018), new wiring (2021), furnace (2022), hot water tank (2022), and central A/C (2022), offering comfort and efficiency for years to come.Step outside to a backyard designed for relaxing and entertaining—a true private oasis featuring a deck-area BBQ station and hot tub wiring already in place. The heated oversized double garage with 220V power creates an excellent workspace, while the 40-ft RV parking pad with 50-amp plug and large concrete parking area provide exceptional flexibility.This versatile property has served as a personal residence, Airbnb, and furnished rental, demonstrating its adaptability for a variety of living or income strategies. Located near International Avenue shopping, parks, schools, transit routes, and major road connections. (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| 3pc Bathroom | 10.50 Ft x 10.75 Ft | |
| Bedroom | 10.00 Ft x 10.83 Ft | |
| Bedroom | 13.17 Ft x 7.33 Ft | |
| Kitchen | 10.17 Ft x 10.75 Ft | |
| Laundry room | 5.42 Ft x 7.75 Ft | |
| Recreational, Games room | 10.25 Ft x 10.50 Ft | |
| Furnace | 4.25 Ft x 6.17 Ft |
Main level
| Room | Dimensions | Features |
|---|---|---|
| 4pc Bathroom | 4.92 Ft x 9.83 Ft | |
| Bedroom | 7.92 Ft x 9.83 Ft | |
| Kitchen | 14.83 Ft x 9.92 Ft | |
| Living room | 14.00 Ft x 13.17 Ft | |
| Primary Bedroom | 10.92 Ft x 23.33 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
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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
-1.21%
Cap rate
4.62%
GRM
13.9
Break-even rent
$3,572
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 Jul 3, 2026.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.
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