587 N Rice Road, Ojai, California 93023, Ojai, 93023 - 3 bed, 3 bath
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Ojai, California 93023
This Single Family Residence represents a High-Potential Investment Opportunity, listed at $1,350,000—positioned above the $1,320,917 Fair Market Value. While currently priced slightly above market, the property’s Condition Rating of 4 and significant 16,117 sq. ft. lot provide a foundation for forced appreciation. The inclusion of a detached studio and outbuilding offers rare versatility for rental income or creative workspace. With its panoramic mountain and valley views, this asset is an ideal acquisition for Buy-and-Hold Investors or Owner-Occupants seeking long-term value-add potential in Ojai.
Property is moderate renovation needed.
The property was built in 1990 (34 years old) and appears to retain its original finishes. The kitchen and bathrooms feature dated oak cabinetry, fluorescent light boxes, and white tile countertops with thick grout lines. While the home is functional and 'livable as-is' per the description, the 30+ year age of the systems and cosmetic surfaces necessitates modern updates and minor repairs, particularly to the weathered exterior wood decking.
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.
The property boasts a premier hillside location offering sweeping mountain, river, and valley vistas, complemented by Ojai's iconic sunset exposures.
Includes a detached studio and an additional outbuilding, providing rare versatility for guest accommodations, creative studios, or home offices.
A recent price reduction from $1.449M to $1.35M and 44 days on market may indicate initial pricing challenges or a need for cosmetic improvements.
Built in 1990, the property is marketed as having 'room to personalize,' suggesting that some interior finishes may require updating to meet contemporary luxury standards.
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 |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 3.0 | 2.0 |
| Square foot | 2,048 | 1,768.5 |
| Lot Size | 16,117.2 | 11,886 |
| Price | $1.35M | $1.33M |
| Price per sq ft | $659 | $778 |
| Built year | 1990 | 1972 |
| HOA | $0 | $50 |
| Days on market | 77 | 61 |
May 24, 2026
$1,350,000
$1,449,000
-7% Price Drop
Initial Listing
May 6, 2026
$1,449,000
Initial Listing