823 Rice Canyon Rd, Fallbrook, California 92028, Fallbrook, 92028 - 4 bed, 4 bath
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Fallbrook, California 92028
Analysis of 823 Rice Canyon Rd, Fallbrook, California 92028 is currently available with a list price of $949,000. 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 Fallbrook 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.
Property is moderate renovation needed.
Built in 1979, the home is well-maintained but reflects its original era with dated tile flooring, dark wood ceiling beams, and older cabinetry. While the kitchen features a modern stainless steel refrigerator, the overall interior styling, light fixtures, and finishes are outdated and have not undergone a recent comprehensive renovation. The property is move-in ready but requires cosmetic and system updates to meet contemporary standards, consistent with the listing's focus on the value of the land and equestrian facilities.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 210830, living area = 2674.
The property is a fully equipped horse ranch featuring six spacious stalls, large paddocks, and a three-section pasture, making it ideal for professional training or private equestrian use.
Situated on nearly five acres of usable land with no HOA, this property offers rare flexibility for customization, expansion, or additional agricultural development.
Built in 1979, the home may require cosmetic updates or modern system upgrades to align with contemporary buyer preferences and energy standards.
The extensive equestrian-specific facilities may limit the property's appeal to a specialized buyer pool, potentially requiring significant modification for those not interested in ranching.
Set on nearly five acres (4.84) of usable land, this versatile horse ranch offers endless potential and exceptional value in the land itself. The property features 3 bedrooms plus a large additional sunroom/bonus bedroom, providing flexible living space to suit a variety of needs. Front and rear patios create inviting spaces to relax or entertain, while multiple storage areas and a dedicated workshop add everyday functionality. Designed with equestrian enthusiasts in mind, the ranch is equipped with horse facilities including large paddocks, 6 spacious stalls, and a 3 section pasture ideal for slow work and strength development. The grounds are beautifully tree-shaded with drought-resistant, low-maintenance landscaping, offering both privacy and sustainability. With no HOA and countless possibilities for customization or expansion, this property presents a rare opportunity for ranch living, training or investment. Conveniently located near Fallbrook Village, local shops and wineries, and just minutes from Pala Casino/Resort, the property also provides easy access to Temecula. Enjoy proximity to San Luis Rey Downs Training Center just 10 miles away, Del Mar Racetrack within 45 minutes and the beach only 30 minutes from home — delivering the perfect balance of rural serenity and Southern California convenience.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 52% |
| Baths | 4.0 | 3.0 | 75% |
| Square foot | 2,674 | 2,414 | 62% |
| Lot Size | 210,830.406 | 32,234.5 | 94% |
| Price | $949.0K | $932.5K | 52% |
| Price per sq ft | $355 | $416 | 25% |
| Built year | 1979 | 1991 | 25% |
| HOA | $0 | $0 | 50% |
| Days on market | 96 | 181 | 24% |
Jan 16, 2026
$949,000
Initial Listing