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161 Rainbow Falls Glen
Beds
5
Baths
4 full + 1 half
Sqft
1,898
Year
2014
Type
Single Family
On market
32d
This home is finally ready to sell. TURN-KEY and packed with potential, this beautifully maintained home in the heart of Chestermere offers the perfect opportunity to live comfortably while creating future rental income. With almost 1,900 SQ FT above grade plus a builder-finished basement with separate rear access, this property is ideal for buyers looking for a “live up, rent down” setup.Welcoming you in is a charming front veranda and bright open-concept main floor featuring large windows, hardwood flooring throughout the main and second level, and a spacious living room with double-sided fireplace connecting to the dining area. The kitchen is designed for both function and style with granite countertops, tiled backsplash, stainless steel appliances, huge island, corner pantry, and plenty of cabinetry. A functional mudroom leads to the oversized detached garage, and central A/C (as is) keeps the home comfortable all summer long.Upstairs features a bonus room, upper-floor laundry, and 3 generous bedrooms including a spacious primary retreat with walk-in closet and ensuite featuring dual vanities.The fully finished builder-completed basement adds major value with 2 additional bedrooms with egress windows, a full 3-piece bathroom, large family room, and separate back entrance access making it an incredible opportunity for future legal suite development subject to approval and permitting by the city/municipality, multi-generational living, or mortgage-helping rental income.Outside, enjoy the large deck, fenced yard, mature trees, and beautiful perennials on this wide 50’ lot. Located just steps from scenic walking paths, ponds, waterfalls, canals, schools, and parks in one of Chestermere’s most family-friendly communities.A move-in ready home with flexibility, functionality, and income potential — this is one you don’t want to miss. (id:65958)
Lower level
| Room | Dimensions | Features |
|---|---|---|
| 3pc Bathroom | 8.33 Ft x 4.92 Ft | |
| Bedroom | 11.83 Ft x 9.92 Ft | |
| Bedroom | 11.75 Ft x 9.17 Ft | |
| Family room | 18.50 Ft x 20.92 Ft | |
| Furnace | 7.00 Ft x 13.58 Ft |
Main level
| Room | Dimensions | Features |
|---|---|---|
| 2pc Bathroom | 5.00 Ft x 4.50 Ft | |
| Dining room | 17.00 Ft x 8.92 Ft | |
| Foyer | 13.83 Ft x 9.33 Ft | |
| Kitchen | 12.42 Ft x 12.58 Ft | |
| Living room | 15.92 Ft x 18.00 Ft | |
| Other | 6.92 Ft x 9.92 Ft |
Second level
| Room | Dimensions | Features |
|---|---|---|
| 4pc Bathroom | 4.92 Ft x 9.92 Ft | |
| 5pc Bathroom | 7.83 Ft x 9.25 Ft | |
| Bedroom | 10.58 Ft x 9.92 Ft | |
| Bedroom | 10.08 Ft x 10.00 Ft | |
| Bonus Room | 12.92 Ft x 12.58 Ft | |
| Primary Bedroom | 15.92 Ft x 14.67 Ft | |
| Other | 7.92 Ft x 8.17 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
-1.13%
Cap rate
4.64%
GRM
13.9
Break-even rent
$4,081
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.
Rough ballpark only. Pick a down-payment option, then tap any underlined number below to plug in your real numbers — tax, condo fee, insurance, utilities. Total updates live. Confirm with a mortgage broker before writing an offer.
Cost lines (tax, condo, insurance, utilities) are editable inline above. These two control the mortgage payment math.
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. Suite rental income depends on permits, market rent, and vacancy — confirm with a property manager. Always validate your scenario with a mortgage broker and your insurance provider 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 8, 2026.
Buyer-fit signals
Derived from listing data and nearby-amenity proximity. Verify anything that matters to your decision — distances are approximate.
Nearby school, halal, mosque, grocery, park, and transit layers are still being built for Chestermere. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.