
Santa Ana, California 92705
This Expansive North Tustin Residence is a High-Potential Investment Opportunity with a List Price of $1,350,000—positioned well below the $1,513,327 Fair Market Value by 10%. This valuation gap offers $163,327 in Instant Equity for buyers. Featuring a Move-In Ready Condition Rating, the home boasts a renovated quartz kitchen, a sparkling pool, and a massive 15,380 sqft lot. Located within the Award-Winning Tustin Unified School District, the property includes a versatile unrecorded rear addition. This is an exceptional find for Owner-Occupants seeking lifestyle and growth or Buy-and-Hold Investors.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 1532 Rainbow Dr. Subject | $1,325,000* List Price | 3 | 2 | 1,473 | $916 | - |
A 12301 Enramada Drive Sold | $1,519,000 | 3 | 2 | 1,429 | $1,063 | 0.7 mi |
B 14201 Cameron Sold | $1,210,000 | 3 | 2 | 1,408 | $859 | 0.7 mi |
C 14122 Elite Sold | $1,205,000 | 3 | 2 | 1,740 | $693 | 0.8 mi |
D 12811 Chaplet Pending | $1,599,000 List Price | 3 | 2 | 1,981 | $807 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
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.
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.
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.
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.
The additional bedroom and bathroom are not reflected in the official square footage, which may complicate financing or appraisal valuations for certain buyers.
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.
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.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 32% |
| Baths | 2.0 | 3.0 | 30% |
| Square foot | 1,473 | 2,422 | 8% |
| Lot Size | 15,380 | 12,395 | 69% |
| Price | $1.32M | $1.69M | 31% |
| Price per sq ft | $900 | $702 | 93% |
| Built year | 1957 | 1962 | 17% |
| HOA | $0 | $0 | 50% |
| Days on market | 62 | 140 | 20% |
Apr 7, 2026
$1,325,000
$1,350,000
-2% Price Drop
Initial Listing
Feb 19, 2026
$1,350,000
Initial Listing
Mar 6, 2009
$400,000
Public Record
Dec 19, 2005
$465,000
Public Record