587 N Rice Road, Ojai, California 93023, Ojai, 93023 - 3 bed, 3 bath
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Ojai, California 93023
This property presents a High-Potential Investment Opportunity with a List Price of $1,449,000—positioned above the $1,355,566 Fair Market Value. While priced at a premium, the asset offers significant value-add potential through cosmetic modernization of its Fair Condition Rating (1990 build). Key features include panoramic mountain views, an expansive upper deck, and versatile detached studio/outbuilding structures. This hillside property is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking to personalize a scenic Ojai estate while building long-term equity.
Property is moderate renovation needed.
Built in 1990 (34 years old), the property features original finishes including oak cabinetry, white tile countertops, and dated bathroom fixtures. While the home appears well-maintained and functional for immediate occupancy, it is aesthetically dated and requires cosmetic updates and minor exterior maintenance (weathered deck) to meet modern standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 16117, living area = 2048.
Situated on a scenic hillside, the property offers breathtaking mountain, valley, and river vistas with prime sunset exposures, capturing the quintessential Ojai landscape.
The inclusion of a detached studio and an additional outbuilding provides rare flexibility for guest accommodations, a professional home office, or a creative workspace.
With a 1990 build date and a description highlighting 'room to personalize,' the property likely requires cosmetic or functional updates to align with contemporary luxury expectations.
The terraced hillside lot may limit the amount of usable flat yard space and could necessitate more intensive landscape maintenance compared to level parcels.
Positioned on a scenic hillside in Ojai, this property offers a rare blend of privacy, views, and long-term upside in one of the area's most desirable settings. With sweeping mountain vistas and vibrant sunset exposures, the location alone makes this a standout opportunity for both homeowners and investors.The two-story home features a light-filled interior with large windows and sliding glass doors that frame the surrounding landscape. An expansive upper deck takes full advantage of the elevated setting, perfect for enjoying Ojai's signature sunsets or entertaining guests.The property also includes a detached studio and an additional outbuilding, offering flexible space for a variety of uses such as guest accommodations, creative workspace, or endless possibilities to suit your needs (buyer to verify). Outdoor areas include terraced sections and established landscaping, creating a natural extension of the living space.Conveniently located just minutes from downtown Ojai, this property presents an opportunity to enjoy as-is while also offering room to personalize and enhance over time. A compelling option for those looking to invest in both lifestyle and value in a highly sought-after market.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 3.0 | 2.0 | 51% |
| Square foot | 2,048 | 1,792 | 60% |
| Lot Size | 16,117.2 | 10,454 | 64% |
| Price | $1.35M | $1.29M | 53% |
| Price per sq ft | $659 | $751 | 32% |
| Built year | 1990 | 1961 | 87% |
| HOA | $0 | $0 | 50% |
| Days on market | 31 | 143 | 6% |
May 24, 2026
$1,350,000
$1,449,000
-7% Price Drop
Initial Listing
May 6, 2026
$1,449,000
Initial Listing