
2005 Camino Rainbow
Ctop 80% of multifamilyFallbrook, CA 92028
Pass at asking: -$4,677/mo full cashflow at 20% down, 7.43% rate.
Works at $540,946 (53% under asking), or at 79% down.
Rent $5,396/mo: 2 units of about 960 sqft, each priced from up to 32 closed leases in 92028 ($5,208–$5,700).
Beds
—
Baths
—
Sqft
1,920
Year Built
1970
Days on Market
45
Property Type
Multi-Family
HOA/mo
N/A
MLS ID
PTP2607291
This property is in Fallbrook (92028). Browse neighborhood analytics →
About This Property
Beautifully renovated duplex situated on a spacious lot in the desirable Rainbow/Fallbrook community, offering an exceptional opportunity for investors, owner-occupants, or multigenerational living. Both residences have undergone extensive renovations with thoughtful updates throughout, creating a clean, modern, turnkey property that reflects exceptional pride of ownership. Improvements include new flooring, windows, upgraded kitchens with modern countertops and custom islands, remodeled bathrooms, updated fixtures, sinks, faucets, tile work, recessed lighting, Wi-Fi-enabled mini-split heating and cooling systems, smart-home features, landscaping, fencing, and independent updated electrical panels for each residence. Each unit offers comfortable and functional living spaces with modern finishes throughout. The expansive lot has been improved and graded, providing generous outdoor space and exciting possibilities for future expansion. The property may offer potential for adding an ADU and Junior ADU, creating an opportunity for additional living space, multigenerational use, or future rental income. Additional possibilities may include ranch or equestrian use, hobby farming, or other improvements. All future development and uses are subject to applicable County requirements, zoning, permits, and buyer verification. Conveniently located just minutes from Interstate 15, the property offers the privacy and space of country living while maintaining easy access to Fallbrook, Temecula, and surrounding North County communities. A rare opportunity to own a beautifully remodeled, income-producing two-home property offering modern amenities, usable land, flexibility, and exciting future potential. Live in one and rent the other, create a multigenerational compound, explore the potential for an ADU and JR ADU, or add this unique property to your investment portfolio.
Small multifamily · 2 units
Valued on income: each unit priced from closed leases nearby, then added up. County records: 2 units.
| Unit | Units | Rent each | Subtotal |
|---|---|---|---|
| Average unit~960 sqft · 32 leases in 92028 | 2 | $2,698 | $5,396 |
| Gross rent, all units | $5,396/mo | ||
- Gross rent multiplier
- 17.8
- Price per unit
- $575,000
- NOI (a year)
- $23,777
- Cap rate
- 2.07%
Price ÷ a year's gross rent
Median $525,000 across 96 listed 2–4 unit buildings in San Diego County
Default vacancy, management, upkeep, tax, insurance
Its grade compares it with other multifamily listings only: a building valued on income isn't ranked against houses and condos.
Leased here recently
- 2-bed · $2,250 · Jul 2024
- 2-bed · $2,250 · Apr 2024
House hack with FHA
Live in the one unit, rent the other 1.
- Down payment
- $40,250
- Your cost to live there
- $8,709/mo
- More than renting it
- $6,011/mo
3.5% · plus closing costs
After $2,698/mo from the other unit
vs $2,698/mo to rent the same unit
How this is figured
- Loan $1,129,171 ($1,109,750 + 1.75% upfront mortgage insurance) at 7.18% (Freddie Mac 30-year average, week of Nov 5, 2026), 30 years: $7,649/mo
- FHA mortgage insurance $694/mo · property tax $1,150/mo · insurance $335/mo
- Vacancy, management and capex on the rented units, upkeep on the building: $1,579/mo
- FHA allows 3.5% down on 2–4 units when you live in one, up to HUD's 2026 San Diego County limit for 2 units ($1,413,350). Lenders count only part of the other units' rent toward qualifying.
Compare other buildings on the small multifamily page.
Mortgage Calculator
Est. Monthly Payment
$7,874
Location
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Zoned Schools
Elementary
Vallecitos Elementary · grades K-8 · Vallecitos Elementary
Middle
Vallecitos Elementary · grades K-8 · Vallecitos Elementary
High
Fallbrook High · grades 9-12 · Fallbrook Union High
The district's assigned schools for this parcel, from its attendance boundaries and rules. Boundaries change: confirm with the district before you buy.
This is a 2-unit building: on the mid-term and short-term tabs, enter the rent, nightly rate and occupancy for all units combined.
Investment Score
2 units of about 960 sqft, each priced from up to 32 closed leases in 92028 · $5,208–$5,700
Rent − PITIA
Incl. vacancy, PM, maint, capex
What would make this work?
$4,677/mo short at 20% down; 79% down or +$6,074/mo rent closes it.
- Break-even price
- $540,946
- Break-even rent
- $11,470/mo
- Cashflow at 35% down
- −$3,479/mo
- Down payment to break even
- 79%
- Rate to break even
- Not reachable
53% under asking
$6,074/mo above the estimate
$908,500 cash
Negative even at a 0% loan
Need ≥ 1.25 for DSCR loan
Lower = better for investors
* Modelled at 20% down, 7.43% rate, 30yr · vacancy 8% · PM 10% · capex 5% · maintenance 1%/yr.
Estimates only. Not financial advice. Verify all figures independently with a licensed professional before making any investment decision.
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