587 N Rice Road, Ojai, California 93023, Ojai, 93023 - 3 bed, 3 bath
587 N Rice Road
Ojai, California 93023
Property Price
SUMMARY
Analysis of 587 N Rice Road, Ojai, California 93023 reveals a property with a current list price of $1,575,000, which is 11% above the estimated $1,400,355 Fair Market Value. Buyers should carefully evaluate the pricing and consider negotiation opportunities. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Ojai Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Estimated Market Value
Comparable Sales Map
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 587 N Rice Road Subject | $1,575,000* List Price | 3 | 3 | 2,048 | $684 | - |
A 120 S La Luna Avenue Active Under Contract | $1,295,000 List Price | 3 | 4 | 1,693 | $765 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
OVERALL CONDITION SCORE
Property is moderate renovation needed.
Built in 1980, this home is aged but appears well-maintained structurally. However, the interior, particularly the kitchen and bathrooms, is significantly outdated. The kitchen features light wood cabinets, white appliances, and older countertops, while the bathrooms have dated vanities, lighting, and tile. Flooring consists of older ceramic tile and carpet. While functional and livable, the property requires substantial cosmetic updates and renovations to modernize its style and features, aligning with the 'Fair' condition criteria.
PROSSTRENGTHS & OPPORTUNITIES
- High Available Lot Utilization
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.
- Panoramic Views
The property boasts spectacular sunset, mountain, and Ojai Valley views from multiple vantage points, including an upper balcony and spacious deck, significantly enhancing its appeal.
- Versatile Additional Structures
Includes a detached studio and an additional outbuilding, offering excellent potential for creative use, guest quarters, or future renovation to add value.
CONSRISKS & DEFICIENCIES
- Requires Renovation/Updates
Described as 'ready for your love and care' and 'character-filled,' suggesting the main home likely requires significant updates to modernize its interior and systems.
- Above Estimated Market Value
The current listing price is approximately 11% higher than the property's estimated market value, which may impact buyer interest and negotiation leverage.
- Potential for High Maintenance
A hillside property with terraced yards and mature landscaping, while beautiful, could entail higher ongoing maintenance costs and effort for upkeep.
About 587 N Rice Road
Charming Hillside Retreat with Spectacular Sunset & Mountain Views is ready for your love and care!Perched on a tranquil hillside, this character-filled home offers sweeping views of the Mountains and unforgettable Ojai Valley sunsets. Whether you're sipping coffee on the upper balcony or gardening in the terraced yard below, nature's beauty surrounds you at every turn.This two-story home boasts expansive windows and sliding glass doors that flood the space with natural light and frame stunning vistas throughout the day. The spacious upstairs deck provides a front-row seat to golden-hour skies and serene mountain silhouettes--ideal for evening relaxation or entertaining guests.The property includes multiple structures, including a detached studio and an additional outbuilding with rustic charm--perfect for creative use or future renovation. Mature landscaping, raised garden beds, and vibrant flowering plants bring the outdoor space to life.Just minutes from the heart of Ojai, this property offers privacy, potential, and postcard-worthy scenery. Don't miss your chance to own a slice of paradise with million-dollar views.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1980
- Lot Size
- 16,117.2 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 3 (3 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 3.0 | 2.5 | 50% |
| Square foot | 2,048 | 1,660 | 63% |
| Lot Size | 16,117.2 | 11,543 | 64% |
| Price | $1.57M | $1.23M | 72% |
| Price per sq ft | $769 | $706 | 63% |
| Built year | 1980 | 1961 | 78% |
| HOA | $0 | $0 | 50% |
| Days on market | 289 | 196 | 84% |
Pricing History
Listed for Sale
May 23, 2025
$1,575,000
Initial Listing