3440 Rainbow Lane, Highland, California 92346, Highland, 92346 - 2 bed, 1 bath
Loading property details...
3440 Rainbow Lane
Highland, California 92346
ACTIVE
CONDITION: FAIR
2Beds
1Baths
861Sq Ft
840Lot Size
Property Price
LIST PRICE$169,000
EST. MARKET VALUE
$174,349
3% BelowMARKET VALUE
SUMMARY
This property presents a Prime Investment Opportunity with a List Price of $169,000—positioned well below the $174,350 Fair Market Value by 3%. This valuation gap offers $5,350 in Instant Equity. Featuring a Condition Rating of 4, the unit includes recent cosmetic upgrades like new windows and carpet. With a strong $2,000 monthly rental income and comprehensive HOA coverage, this is a high-yield asset ideal for Buy-and-Hold Investors or first-time buyers seeking a low-maintenance, cash-flowing property.
Estimated Market Value
$174,349+$5,349 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Highland.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 3440 Rainbow Lane Subject 2 bd · 1 ba · 861 sqft · $202 | $169,000* List Price | 2 | 1 | 861 | $202 | - |
A 3471 20th Sold 2 bd · 1 ba · 840 sqft · $208 · 0.0 mi | $175,000 | 2 | 1 | 840 | $208 | 0.0 mi |
B 3535 20th Sold 2 bd · 1 ba · 882 sqft · $215 · 0.1 mi | $190,000 | 2 | 1 | 882 | $215 | 0.1 mi |
C 3504 Rainbow Lane Active 2 bd · 1 ba · 780 sqft · $240 · 0.1 mi | $187,000 List Price | 2 | 1 | 780 | $240 | 0.1 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1969, the property exceeds the 20-year age threshold for dated units. While it features recent cosmetic improvements including new windows, paint, and carpet, there is no mention of modern updates to the kitchen, bathroom, or major systems (HVAC/Electric), suggesting the core components remain dated.
PROSSTRENGTHS & OPPORTUNITIES
- Strong Investment Potential
With a reported rental income of $2,000 per month against a $169,000 list price, this property offers an exceptional gross rent multiplier and high cash flow potential for investors.
- Turnkey Interior Upgrades
The unit features brand-new windows, fresh paint, and new carpeting, providing a move-in-ready experience and reducing immediate maintenance costs for the new owner.
- Comprehensive HOA Coverage
The monthly HOA fee includes essential services such as water, trash, roof maintenance, landscaping, and security patrol, offering a low-maintenance lifestyle and predictable expenses.
CONSRISKS & DEFICIENCIES
- Financing Restrictions
The property is not FHA approved, which limits the buyer pool by excluding those who require low-down-payment government-backed financing.
- High Carrying Costs
At $450 per month, the HOA fee represents a significant recurring expense relative to the purchase price, which may impact the overall affordability and debt-to-income ratio for some buyers.
About 3440 Rainbow Lane
TENANT IN PLACE!!!! Tenant is paying 1950.00. ****NEW windows and paint**** HOA includes anything outside of condo including roof!! Also includes water, trash, patrol and landscaping.
Property Details
Public Facts
- Property Type
- Condominium
- Year Built
- 1969
- Lot Size
- 840 Sq. Ft.
Interior
- Total Bedrooms
- 2
- Total Bathrooms
- 1 (1 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $450.0 / Month
Neighborhood Insights
Highland Unified Schools
Oehl Elementary School
Grades K-6 • 0.6 mi
5/10
Serrano Middle School
Grades 7-8 • 0.9 mi
4/10
San Gorgonio High School
Grades 9-12 • 1.4 mi
5/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 2.0 | 2.9 |
| Baths | 1.0 | 2.0 |
| Square foot | 861 | 1,179 |
| Lot Size | 840 | 1,188.778 |
| Price | $169.0K | $313.0K |
| Price per sq ft | $196 | $268 |
| Built year | 1969 | 1987 |
| HOA | $450.0 | $435 |
| Days on market | 26 | 99 |
Pricing History
Listed for Sale
Sep 28, 2026
$169,000
Initial Listing
Sold
Oct 30, 2002
$31,000
Public Record
Sold
Mar 30, 2000
$30,000
Public Record
Sold
Sep 9, 1998
$56,000
Public Record
Sold
Apr 22, 1997
$22,500
Public Record