Homes/Indiana/Fishers/9987 Rainbow Falls Lane
CompCasa Property Analysis · single_family

9987 Rainbow Falls Lane

Expansive 6-Bedroom Home with Finished Basement and Screened Porch

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

6 beds3.5 baths4,104 sq ftBuilt 20030.22 acres3-car attached
CompCasa valuation analysis
Estimated market value
$410,000
Low $395,000 · Midpoint $410,000 · High $425,000
Confidence82%Sales comparison approach
Last recorded sale$370,000Sep 15, 2025
Assessed value$400,7002024 assessment
CompCasa estimate$410,000Jun 15, 2026
Estimate vs. last recorded sale+$40,000 / +10.8%
$395,000$410,000 midpoint$425,000
Price / sq ft$100
Median sale price$433,000
Avg days on market41 days
Inventory2.5 months

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.

About the property

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.

Comparable evidence

See the properties helping shape the valuation.

Comparable sales

01Sold price$420,000
Property address9917 Rainbow Falls Ln, Fishers, IN 46037
3 bed2.5 bath3,032 sq ftBuilt 20030.1 mi9,148 sq ft lot$139/SF
Sold Feb 10, 2025
Subject difference
  • 1,072 SF smaller
  • 3 fewer bedrooms
  • 1 fewer bathroom
  • Similar lot size
  • Same year built
Research comparison noteSimilar age and location, smaller size and fewer bedrooms
02Sold price$448,600
Property address9959 Rainbow Falls Ln, Fishers, IN 46037
4 bed2.5 bath3,417 sq ftBuilt 20030.2 mi10,000 sq ft lot$131/SF
Sold Mar 15, 2025
Subject difference
  • 687 SF smaller
  • 2 fewer bedrooms
  • 1 fewer bathroom
  • Similar lot size
  • Same year built
Research comparison noteSimilar age and location, slightly smaller size and fewer bedrooms
03Sold price$499,600
Property address10001 Rainbow Falls Ln, Fishers, IN 46037
4 bed3 bath3,800 sq ftBuilt 20030.3 mi11,000 sq ft lot$131/SF
Sold Apr 20, 2025
Subject difference
  • 304 SF smaller
  • 2 fewer bedrooms
  • 0.5 fewer bathrooms
  • 1,417 SF larger lot
  • Same year built
Research comparison noteSimilar age and location, slightly smaller size and fewer bedrooms
Comp methodology: Focused on homes within 0.5 miles in Spyglass Falls sold or leased in the last 6 months for maximum relevance
Property details

A 2003 traditional on 0.22 acres.

Building

Year built2003
ConstructionVinyl With Brick
RoofAsphalt Shingle
Heatingforced air
Coolingcentral AC

Site & utilities

Lot size0.22 acres
Garage3-car attached
Stories2
ConditionGood
BasementFinished
FireplaceYes
Improvement notes6 bedrooms, 3.5 bathrooms, 9 ft first-floor ceilings, screened-in porch, firepit, fenced yard, wired for hot tub, finished basement with wet bar
Lot area9,583 sq ft
TopographyLevel
ParkingAttached Garage
Parking spaces3
Parking notes3-car attached garage
AccessStandard residential driveway from Rainbow Falls Lane
WaterPublic
SewerPublic
ElectricDuke Energy
GasVectren Energy
Location & nearby

Spyglass Falls

Researched nearby locations

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)

Location

9987 Rainbow Falls Lane, Fishers, IN 46037

View in Google Maps
Editorial neighborhood context

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.

Nearby access summary

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.

ElementaryLantern Road Elementary School (8/10)
Middle schoolRiverside Junior High (7/10)
High schoolHamilton Southeastern High School (10/10)
School districtHamilton Southeastern Schools
Market context

A factual market snapshot around 9987 Rainbow Falls Lane.

Median sale price$433,000
Avg days on market41 days
Inventory2.5 months
1-year appreciation5.0%
5-year appreciation25.0%
Editorial market perspective

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.

Zoning & land use

Residential

Zoning

Zoning codeR2
DescriptionResidential
JurisdictionCity of Fishers
Assessor useSingle Family Residential
Current useResidential
SetbacksFront 30', side 10', rear 20'

Research-indicated uses

  • Single Family Residential
Verify with the jurisdiction: Zoning, setbacks, and allowed-use summaries are research indicators—not legal advice or a determination that a specific use is permitted.
Tax & sale history

Assessment data and recorded transactions.

Assessed value is kept visually separate from the CompCasa market-value estimate.

Tax assessment

Assessed land$73,200
Assessed improvements$327,500
Total assessed$400,700
Assessment year2024
Annual property tax$4,388
Tax year2024

Sale history

2025-09-15$370,000 · $90/SF
2020-03-27$308,000 · $75/SF
Rental market context

Rental references from the research record.

Context only—not an investment recommendation or guarantee of achievable rent.

Supporting lease references

01Monthly rent$2,600/mo
Property address10030 Rainbow Falls Ln, Fishers, IN 46037
4 bed2.5 bath3,876 sq ft$0.67/SF
Leased Jun 1, 2025
Subject difference
  • 228 SF smaller
  • 2 fewer bedrooms
  • 1 fewer bathroom
Research comparison noteSimilar size and location, fewer bedrooms
02Monthly rent$2,500/mo
Property address9959 Rainbow Falls Ln, Fishers, IN 46037
4 bed2.5 bath3,417 sq ft$0.73/SF
Leased Jul 15, 2025
Subject difference
  • 687 SF smaller
  • 2 fewer bedrooms
  • 1 fewer bathroom
Research comparison noteSimilar size and location, fewer bedrooms
Research findings & due diligence

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
Highlights & features

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
Research transparency

Sources & research confidence.

See where the property research came from and how confidence varies by field.

View sources & confidence
1
Redfin property listing and market dataView source
2
Realtor.com property details and tax historyView source
3
Zillow property details and ZestimateView source
4
Compass property listing and agent informationView source
5
Homes.com property details and ownership historyView source
Important: This analysis is AI-assisted and may contain inaccuracies. It is not a formal appraisal. Verify all critical facts with primary records, licensed professionals, and on-site inspection before making purchase decisions.