Property listing for 9987 Rainbow Falls Lane, Fishers, IN 46037
For SaleSingle Family Home

$410,000

9987 Rainbow Falls Lane, Fishers, IN 46037

Expansive 6-Bedroom Home with Finished Basement and Screened Porch

6 Bed · 3.5 Bath · 4,104 Sq Ft

Dual master suites, 3-car garage, fenced yard in Spyglass Falls

6

Beds

3.5

Baths

4,104

Sq Ft

2003

Built

0.22 acres

Lot

3-car attached

Garage

About 9987 Rainbow Falls Lane

Step onto the deep screened-in porch and you immediately understand why this Spyglass Falls residence becomes the setting for summer evenings and weekend gatherings. Built in 2003 and stretched across 4,104 finished square feet, 9987 Rainbow Falls Lane balances family-sized scale with rooms that feel intentionally comfortable: nine-foot first-floor ceilings, a welcoming fireplace, and large bedrooms — including two full master suites — that provide flexible live/work options.

Downstairs, the finished basement transforms usable square footage into lifestyle space: a wet bar, open entertainment area and an additional bedroom-suite make it ideal for multigenerational living, a private guest suite, or a dedicated media room. Upstairs, walk-in closets and well-proportioned baths give each bedroom privacy and storage; finishes are well maintained and the home’s footprint is thoughtfully laid out for both daily life and hosting larger groups.

Outside, the fenced yard, firepit and wiring for a hot tub create a private backyard retreat while the three-car attached garage answers the call for storage and workshop space. The façade—vinyl with brick accents—and asphalt-shingle roof present classic curb appeal in good condition, and utilities include central AC and forced air heating for year-round comfort.

Location is a practical highlight: Spyglass Falls sits within easy reach of Ironwood Golf Club (approx. 1.5 miles), Saxony Beach, Ritchey Woods Nature Preserve and shopping at Hamilton Town Center and the Fishers District. Families will value Hamilton Southeastern Schools — Lantern Road Elementary, Riverside Junior High and Hamilton Southeastern High — all noted for strong programs and extracurriculars.

This property was owner-occupied after a September 2025 sale and presents a rare combination of size, functional living areas and community amenities. Whether you’re expanding a household, seeking rental potential with a finished basement, or prioritizing top-rated schools and recreation close to home, 9987 Rainbow Falls Lane delivers both space and versatility in a market that continues to favor well-priced, move-in-ready family homes.

Home Highlights

Move-in ready conditionFinished basement with wet barTwo master suites3-car attached garageScreened-in porch and fenced backyardWired for hot tubFirepit for outdoor entertaining9-ft first-floor ceilings

Property Features

Interior Features

  • 6 bedrooms including two master suites
  • 3.5 bathrooms
  • Finished basement with wet bar
  • 9-foot first-floor ceilings
  • Fireplace
  • Walk-in closets
  • Hard-surface and carpeted floors (varied)
  • Central air conditioning and forced-air heating

Exterior & Lot

  • 0.22-acre lot (approximately 9,583 sqft)
  • Fenced backyard
  • Screened-in porch
  • Firepit area
  • Wired for hot tub
  • 3-car attached garage
  • Vinyl siding with brick accents
  • Asphalt shingle roof

Location & Neighborhood

  • Located in Spyglass Falls neighborhood
  • Close to Ironwood Golf Club (≈1.5 miles)
  • Short drive to Saxony Beach and Ritchey Woods Nature Preserve
  • 2.5 miles to Hamilton Town Center
  • 3 miles to the Fishers District
  • Hamilton Southeastern School District

Walkability & Recreation

  • Walkability Rating: 48/100 — Car-Dependent
  • Nearby parks and green spaces: Ritchey Woods Nature Preserve
  • Hiking and biking trails within 3 miles
  • Golf courses: Ironwood Golf Club (1.5 miles)
  • Running/walking paths nearby
  • Saxony Beach and community recreation facilities within a short drive

Neighborhood & Location

Spyglass Falls is a family-oriented community in Fishers that blends suburban calm with easy access to regional amenities. Residents enjoy proximity to Ironwood Golf Club, Saxony Beach, Ritchey Woods Nature Preserve and both Hamilton Town Center and the Fishers District for dining and shopping. The neighborhood feeds into Hamilton Southeastern Schools, prized for academics and extracurriculars, making it a popular choice for growing households. Streets are primarily residential and maintained, offering a quiet environment while keeping major road connections within a short drive.

Market Insights

Fishers remains a seller-favored market with limited supply and steady demand. Current market metrics show roughly 2.5 months of inventory and an average days-on-market near 41 — conditions that typically favor sellers and encourage multiple-offer scenarios for well-prepared listings. Local comps within 0.5 miles have closed in the $420K–$500K range over the past six months, and the neighborhood median sale price sits near $433,000. Year-over-year appreciation is modest but positive (approximately 5% last 12 months) while five-year gains approach 25%, indicating sustained long-term demand. For this single-family product type — larger homes with finished basements and three-car garages — buyer interest is particularly strong among growing families seeking extra living space and top-rated schools. For buyers, limited inventory means competitive offers and the need for quick decisions; for sellers, current conditions support pricing confidently but require thorough pre-listing preparation (inspections, staging, and verifying HOA details) to capture top market value.

Nearby Schools

Hamilton Southeastern High School

High

10/10

Riverside Junior High

Middle

7/10

Lantern Road Elementary School

Elementary

8/10

Walkability & Recreation

48
Walkability
80
Recreation

Very good access to outdoor recreation: Ironwood Golf Club ~1.5 miles away, Saxony Beach and Ritchey Woods Nature Preserve within a short drive, plus local parks and trails for walking, biking and family weekends.

Investment Highlights

  • Two master suites and a finished basement with wet bar
  • Located in the desirable Spyglass Falls neighborhood
  • Top-rated schools in the Hamilton Southeastern School District
  • Proximity to shopping centers, recreational facilities, and nature preserves
  • 3-car attached garage and screened-in porch

Key Findings

  • Property sold in September 2025 for $370,000 ($90/SF)
  • Assessed value in 2024 was $400,700 (land $73,200, improvements $327,500)
  • Zoned R2 for single-family residential use
  • Comparable sales within 0.5 miles in the last 6 months range from $395K to $425K
  • Average days on market in Fishers: 41 days (seller's market)

Things to Consider

  • Built in 2003 — potential for aging systems and appliances
  • HOA fees and regulations should be reviewed
  • Property taxes have increased in recent years

Opportunity Analysis

Well-maintained traditional home in a desirable Fishers neighborhood with ample space and amenities. The finished basement and dual master suites offer flexibility for various living arrangements. Strong market trends and top-rated schools enhance the property's appeal.

Potential Use Scenarios

  • Potential primary residence for a large family seeking space and top-rated schools
  • Opportunity for rental income given the finished basement and multiple bedrooms
  • Consideration for long-term appreciation in a growing market

Risk Factors

  • Potential maintenance costs for systems and appliances due to age
  • Review of HOA regulations and fees
  • Monitoring property tax trends

Buyers should conduct independent due diligence before making any purchase decisions.

AI Valuation Estimate

Low

$395K

Midpoint

$410K

High

$425K

$100/SF estimated price per square foot

82% confidence

Sales comparison approach using 3 comparable sales within 0.5 miles sold in last 6 months. Adjusted for size, condition, and features. Assessed value of $400,700 aligns with market estimate.

As of 2026-06-15

This is a computer-generated estimate for informational purposes only and is not an appraisal or professional valuation.

Market & Area Data

Market Trends

Area Median Price$433,000
Avg Days on Market41 days
Inventory2.5 months
1-Year Appreciation+5.0%

Demographics

Population (1 mi)15,000
Median Income (1 mi)$95,000

Fishers has experienced significant growth over the past decade, with a strong influx of families and professionals. The area boasts a high median income and low unemployment rate.

Nearby Points of Interest

  • Hamilton Town Center (2.5 mi)
  • Fishers District (3 mi)
  • Saxony Beach (2 mi)
  • Ironwood Golf Club (1.5 mi)
  • Ritchey Woods Nature Preserve (3 mi)

Close proximity to shopping centers, recreational facilities, and nature preserves. Easy access to major highways and downtown Fishers.

School District

DistrictHamilton Southeastern Schools
ElementaryLantern Road Elementary School (8/10)
MiddleRiverside Junior High (7/10)
HighHamilton Southeastern High School (10/10)

Market data is based on aggregated public records and may not reflect real-time conditions.

Property Details

Building Details

Year Built2003
Constructionvinyl_with_brick
Stories2
Roofasphalt_shingle
Heatingforced air
Coolingcentral AC
Basementfinished
FireplaceYes
Conditiongood

Lot & Site

Lot Size0.22 acres (9,583 SF)
Topographylevel
Parkingattached_garage
Parking Spaces3

Utilities

Waterpublic
Sewerpublic
ElectricDuke Energy
GasVectren Energy

Zoning & Land Use

Zoning CodeR2
DescriptionResidential
JurisdictionCity of Fishers

Allowed Uses

single family residential
Current Useresidential
Assessor UseSingle Family Residential

Tax & Sale History

Tax Assessment

Total Assessed$400,700
Land$73,200
Improvements$327,500
Annual Tax (2024)$4,388

Sale History

2025-09-15$370,000

$90/SF

Arm's length transaction

2020-03-27$308,000

$75/SF

Arm's length transaction

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