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216 Rainbow Creek Drive
Beds
6
Baths
3
Sqft
1,211
Year
2007
Type
Single Family
On market
26d
BUY THIS HOME AND HAVE SOMEONE ELSE HELP PAY YOUR MORTGAGE! Welcome to this beautifully maintained BI-LEVEL in the heart of TIMBERLEA offering exceptional value, flexibility, and income potential.This spacious home features 6 BEDROOMS, 3 FULL BATHROOMS, and TWO FULLY EQUIPPED LIVING SPACES under one roof, making it perfect for large families, investors, or buyers looking for a MORTGAGE HELPER.The upper level offers a bright OPEN CONCEPT layout with VAULTED CEILINGS, LAMINATE FLOORING, and a stunning kitchen featuring MODERN CABINETRY, ample counter space. The spacious Primary Bedroom includes a 4 PIECE ENSUITE, while two additional bedrooms and a HUGE LAUNDRY ROOM complete the main level.The basement features a SEPARATE ENTRANCE to a 2 BEDROOM LEGAL SUITE with a FULL KITCHEN, spacious living room, FULL BATHROOM, PRIVATE LAUNDRY, and a DEN that can easily be used as a THIRD BEDROOM or office space.Enjoy plenty of PARKING with room for 3 to 4 vehicles at the rear of the property.Located in a FAMILY FRIENDLY neighbourhood close to schools, parks, trails, shopping, transit, and all amenities, this MOVE IN READY home offers endless possibilities for the savvy buyer.Whether you are looking for an INVESTMENT PROPERTY, rental income, or extra space for extended family, this home checks all the boxes.CALL TODAY to book your private viewing. This is one you do not want to miss! (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| Furnace | 7.25 Ft x 8.33 Ft |
Main level
| Room | Dimensions | Features |
|---|---|---|
| 4pc Bathroom | 5.00 Ft x 7.92 Ft | |
| 4pc Bathroom | 9.17 Ft x 8.08 Ft | |
| Bedroom | 8.67 Ft x 8.25 Ft | |
| Bedroom | 12.42 Ft x 9.58 Ft | |
| Dining room | 11.33 Ft x 12.25 Ft | |
| Kitchen | 13.67 Ft x 8.67 Ft | |
| Laundry room | 5.08 Ft x 8.25 Ft | |
| Living room | 15.17 Ft x 14.67 Ft | |
| Primary Bedroom | 13.00 Ft x 10.75 Ft |
Unknown
| Room | Dimensions | Features |
|---|---|---|
| 4pc Bathroom | 4.92 Ft x 8.17 Ft | |
| Bedroom | 13.50 Ft x 11.08 Ft | |
| Bedroom | 11.92 Ft x 7.42 Ft | |
| Bedroom | 15.00 Ft x 8.33 Ft | |
| Kitchen | 12.42 Ft x 11.08 Ft | |
| Laundry room | 12.25 Ft x 11.92 Ft | |
| Living room | 15.25 Ft x 11.08 Ft | |
| Other | 9.67 Ft x 8.67 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
8.56%
Cap rate
6.58%
GRM
10.7
Break-even rent
$2,662
Financing
Operating expenses (monthly)
Save this analysis — go Pro (free)
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 May 13, 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 Fort McMurray. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.