1532 Rainbow Dr., Santa Ana, California 92705, North Tustin, 92705 - 3 bed, 2 bath

1532 Rainbow Dr., Santa Ana, California 92705 home-pic-0

1532 Rainbow Dr.

Santa Ana, California 92705

ACTIVE
CONDITION: GOOD
3Beds
2Baths
1,473Sq Ft
15,380Lot Size

Property Price

LIST PRICE$1,350,000
EST. MARKET VALUE
$1,513,327
10% BelowMARKET VALUE

SUMMARY

Analysis of 1532 Rainbow Dr., Santa Ana, California 92705 reveals a Prime Investment Opportunity with a current list price of $1,350,000—significantly undercutting the $1,513,327 Fair Market Value by 10%. This valuation gap indicates a +$163,327 Instant Equity potential for buyers. The property maintains a Good Condition Rating (78/100), reflecting solid structural condition with well-maintained systems. The property presents an attractive opportunity for buyers seeking a move-in ready home. Located in a high-demand neighborhood within the Santa Ana Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.

Estimated Market Value

$1,513,327 +$163,327 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Santa Ana.

Comparable Sales Map

Comparables within 1 miles sold in recently

Address Sold Price BedsBathsSq Ft$/SqftDistance
1532 Rainbow Dr.
Subject
$1,350,000*
List Price
321,473$1,027-
A
1522 Kenneth Drive
Sold
$1,375,000321,290$1,0660.1 mi
B
12301 Enramada Drive
Pending
$1,375,000
List Price
321,429$9620.7 mi

* Subject property listed price vs sold prices of comps.

Condition Analysis

OVERALL CONDITION SCORE

Good
TeardownExcellent

Property is move-in ready.

The property is move-in ready and features significant recent cosmetic updates, including brand-new quartz countertops in the kitchen and fresh interior and exterior paint. While originally built in 1957, the home offers a modern open floor plan, updated flooring, and a well-maintained outdoor area with a pool. It does not qualify as 'excellent' because it lacks a documented full-scale renovation of major systems (electrical, plumbing, HVAC) typical of a 70-year-old structure, but it clearly exceeds 'fair' due to its current turn-key condition and aesthetic upgrades.

PROSSTRENGTHS & OPPORTUNITIES

  • High Available Lot Utilization

    The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 15380, living area = 1473.

  • Expansive Lot and Privacy

    Situated on a 15,380 square foot lot—the second largest in the neighborhood—this property offers rare privacy and significant outdoor space on a quiet cul-de-sac.

  • Versatile Bonus Living Space

    The rear addition provides an extra bedroom and bathroom not included in the official square footage, making it an ideal setup for a guest suite, home office, or multi-generational living.

CONSRISKS & DEFICIENCIES

  • Unrecorded Square Footage

    The additional bedroom and bathroom are not reflected in the official square footage, which may complicate financing or appraisal valuations for certain buyers.

  • Vintage Infrastructure Potential

    Built in 1957, the property may require future updates to core systems such as plumbing or electrical that are typical for homes of this era, despite the cosmetic renovations.

About 1532 Rainbow Dr.

Welcome to 1532 Rainbow Drive, ideally situated in one of the most sought-after neighborhoods in North Tustin. Tucked away on a quiet cul-de-sac, this exceptional property offers privacy, space, and incredible potential on one of the largest parcels in the community — boasting the second biggest lot in the entire neighborhood at an expansive 15,380 square feet. This 3-bedroom, 2-bathroom home features a spacious open floor plan designed for comfortable living and effortless entertaining. The kitchen flows seamlessly into the living room, creating a bright and inviting gathering space centered around a charming whitewashed brick fireplace. A large island with brand-new quartz countertops anchors the kitchen, offering both style and functionality. Freshly updated with brand-new interior and exterior paint, the home feels crisp, modern, and move-in ready. An added bonus is the rear addition, which includes an additional bedroom and bathroom not included in the square footage — ideal for guests, extended family, or a private office space. The primary suite is a peaceful retreat, highlighted by elegant French doors that open directly to the backyard. Step outside to your own private oasis featuring a sparkling pool, perfect for relaxing afternoons or entertaining family and friends. With its expansive lot size, cul-de-sac location, and desirable setting, this property offers a rare opportunity to own one of the premier homes in the neighborhood. Located near Award Winning Tustin Unified Schools.

Property Details

Public Facts

Property Type
Single Family Residence
Year Built
1957
Lot Size
15,380 Sq. Ft.

Interior

Total Bedrooms
3
Total Bathrooms
2 (2 Full, 0 Half)

Exterior & Parking

No exterior & parking available.

Utilities & Misc

HOA Fee
$0 / Month

Neighborhood Insights

Sensitive Facilities

No sensitive facilities data found.

Neighborhood Comparison

FeatureSubjectAverage HomeNeighborhood Ranking (50 Listings)
Beds3.04.0
29%
Baths2.03.0
24%
Square foot1,4732,472
8%
Lot Size15,38012,390
71%
Price$1.35M$1.72M
26%
Price per sq ft$916$683
90%
Built year19571962
18%
HOA$0$0
50%
Days on market16173
2%

Pricing History

Listed for Sale

Feb 19, 2026

$1,350,000

Initial Listing

Sold

Mar 6, 2009

$400,000

Public Record

Sold

Dec 19, 2005

$465,000

Public Record

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