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509 1 Street SE
Beds
2
Baths
1
Sqft
793
Year
1949
Type
Single Family
On market
102d
Opportunity knocks with this 1949 bungalow situated on a rare double-wide 1,112 square meter lot in the heart of Diamond Valley. This 2-bedroom, 1-bathroom, 792 square foot home is a true handyman’s special and is being offered primarily for land value making it an incredible opportunity for builders, investors, or anyone dreaming of creating their perfect home in a charming small town setting. The existing home features single level living, with a charming front porch, spacious living room, generous kitchen, as well as a large mudroom equipped with laundry hook-ups. The roof was replaced approx. 15 years ago, the hot water tank is only 5 years old and although the furnace is on the older side, it has been well maintained and runs perfectly. The property been rented to long-term tenants for many years, offering immediate holding potential. Whether you're considering building your dream home, undertaking a renovation, or seeking an immediate rental the possibilities here are endless. Build your custom dream home while continuing to live in the existing residence during construction. With the generous double lot, there’s also exciting potential to build a second home while keeping the current property as a future in-law suite, income property, or Airbnb, subject to the approval and permitting by the town or municipality. Lots of this size and flexibility are a rare find in this desirable community. Diamond Valley offers the perfect blend of small-town charm and modern convenience. Families will appreciate local schools such as Turner Valley School and Oilfields High School, along with nearby amenities including shops, cafes and essential services right in town. Outdoor enthusiasts will love proximity to parks, pathways, and the Sheep River valley, as well as easy access to Kananaskis Country for year-round recreation. Located just minutes from Okotoks and an easy commute to Calgary, this property offers a peaceful escape from the city without sacrificing convenience. If you’ve been waiting for a large lot with unlimited potential in a growing and welcoming community, this is your chance. (id:65958)
Basement
| Room | Dimensions | Features |
|---|---|---|
| Furnace | 12.33 Ft x 6.33 Ft |
Main level
| Room | Dimensions | Features |
|---|---|---|
| 4pc Bathroom | 5.00 Ft x 7.75 Ft | |
| Bedroom | 9.50 Ft x 9.67 Ft | |
| Bedroom | 9.67 Ft x 9.67 Ft | |
| Kitchen | 10.17 Ft x 15.08 Ft | |
| Living room | 12.67 Ft x 15.17 Ft | |
| Other | 11.58 Ft x 11.75 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
-1.43%
Cap rate
4.58%
GRM
13.9
Break-even rent
$2,813
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 May 12, 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 Diamond Valley. The listing facts above are live; the neighborhood-intelligence layer needs POI coverage before it can score this address properly.