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.
Expansive 6-Bedroom Home with Finished Basement and Screened Porch
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.
See the properties helping shape the valuation.
Comparable sales
- 1,072 SF smaller
- 3 fewer bedrooms
- 1 fewer bathroom
- Similar lot size
- Same year built
- 687 SF smaller
- 2 fewer bedrooms
- 1 fewer bathroom
- Similar lot size
- Same year built
- 304 SF smaller
- 2 fewer bedrooms
- 0.5 fewer bathrooms
- 1,417 SF larger lot
- Same year built
A 2003 traditional on 0.22 acres.
Building
Site & utilities
Spyglass Falls
Researched nearby locations
Location
9987 Rainbow Falls Lane, Fishers, IN 46037
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.
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.
A factual market snapshot around 9987 Rainbow Falls Lane.
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.
Residential
Zoning
Research-indicated uses
- Single Family Residential
Assessment data and recorded transactions.
Assessed value is kept visually separate from the CompCasa market-value estimate.
Tax assessment
Sale history
Rental references from the research record.
Context only—not an investment recommendation or guarantee of achievable rent.
Supporting lease references
- 228 SF smaller
- 2 fewer bedrooms
- 1 fewer bathroom
- 687 SF smaller
- 2 fewer bedrooms
- 1 fewer bathroom
What the research supports — and what is still worth verifying.
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)
Still worth verifying
Routine buyer due diligence items; these are not known defects.
- Confirm lot dimensions and boundaries
- Verify condition of major systems and appliances
- Review HOA regulations and fees
- Professional home inspection
- Roof condition assessment
What stands out about this property.
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
Sources & research confidence.
See where the property research came from and how confidence varies by field.