346 Arroyo, Fallbrook, California 92028, Fallbrook, 92028 - 3 bed, 3 bath
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346 Arroyo
Fallbrook, California 92028
ACTIVE UNDER CONTRACT
CONDITION: FAIR
3Beds
3Baths
2,016Sq Ft
200,637Lot Size
Property Price
LIST PRICE$625,000
EST. MARKET VALUE
$625,000
SUMMARY
This property presents a High-Potential Investment Opportunity with a List Price of $625,000, currently aligned with its $625,000 Fair Market Value. Featuring a Condition Rating of 4, this residence requires cosmetic updates to reach its full potential. The home offers a 3-car garage and a prime location just 0.23 miles from La Paloma Elementary School. With its gated community setting and distant mountain views, this asset is an ideal acquisition for Buy-and-Hold Investors or first-time buyers seeking to build value through personalized renovations.
Estimated Market Value
$625,000
Based on Realkey algorithm analyzing recent comparable sales in Fallbrook.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Fair
TeardownExcellent
Property is moderate renovation needed.
Built in 1992, this 32-year-old home is dated and requires 'TLC' as noted in the description. While the living areas feature updated herringbone flooring, the kitchen and bathrooms retain original oak cabinetry and tile from the 90s. The kitchen island shows unfinished drywall/paint, and the backyard requires full landscaping, fitting the criteria for a property needing minor repairs and updates.
PROSSTRENGTHS & OPPORTUNITIES
- Gated Community Security
Located within the desirable Village Creek gated community, this property offers an enhanced sense of safety, privacy, and neighborhood stability for families.
- Ample Parking and Storage
The inclusion of a spacious 3-car garage is a significant asset, providing rare and extensive room for multiple vehicles, storage, or a home workshop.
- Excellent School Proximity
The home is situated just 0.23 miles from La Paloma Elementary School, offering exceptional convenience and walkability for families with young children.
CONSRISKS & DEFICIENCIES
- Deferred Maintenance
The property is noted as needing 'TLC' and a 'personal touch,' suggesting that immediate investment in repairs and cosmetic updates will be necessary.
- Market Stagnation
With 119 days on the market and a significant price reduction from the original list price, the property has struggled to attract a firm buyer, which may impact future resale perception.
About 346 Arroyo
Welcome to 346 Arroyo Vista, a home nestled in the desirable gated community of Village Creek. This 3 bedroom, 3 bathroom, 2,016 square foot residence is a great starter home that is ready for your personal touch. As you enter, you are greeted with the breakfast nook and the kitchen that extends to the dining area. The living room offers high ceilings along with a fireplace, perfect for gathering the family. There is guest bathroom downstairs across from the laundry area. The 3 car garage provides ample space for storage and parking. Upstairs is the primary bedroom that includes an en-suite bathroom along with a walk-in closet. There are two additional bedrooms and a full bathroom. The backyard has great landscaping potential. With a little bit of TLC this is a perfect place for your family in a safe community.
Property Details
Public Facts
- Property Type
- Condominium
- Year Built
- 1992
- Lot Size
- 200,637 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 3 (3 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $290.0 / Month
Neighborhood Insights
Fallbrook Unified Schools
La Paloma Elementary School
Grades K-6 • 0.2 mi
6/10
Maie Ellis Elementary
Grades K-6 • 1.3 mi
5/10
James E. Potter Intermediate School
Grades 7-8 • 0.8 mi
4/10
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 2.9 |
| Baths | 3.0 | 3.0 |
| Square foot | 2,016 | 1,453.5 |
| Lot Size | 200,637 | 344,694.857 |
| Price | $625.0K | $606.7K |
| Price per sq ft | $310 | $413 |
| Built year | 1992 | 2015 |
| HOA | $290.0 | $423 |
| Days on market | 134 | 96 |
Pricing History
Listed for Sale
Aug 18, 2026
$625,000
$669,000
-7% Price Drop
Initial Listing
Price Change
Jun 13, 2026
$669,000
Initial Listing
Sold
Apr 24, 2023
$620,000
Public Record
Sold
Mar 5, 2002
$252,000
Public Record
Sold
Jun 30, 1998
$164,000
Public Record
Sold
Apr 16, 1996
$149,500
Public Record