2005 Camino Rainbow
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2005 Camino Rainbow

Ctop 80% of multifamily

Fallbrook, CA 92028

$1,150,000

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 →

Virtual Tour

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.

UnitUnitsRent eachSubtotal
Average unit~960 sqft · 32 leases in 920282$2,698$5,396
Gross rent, all units$5,396/mo
Gross rent multiplier
17.8

Price ÷ a year's gross rent

Price per unit
$575,000

Median $525,000 across 96 listed 2–4 unit buildings in San Diego County

NOI (a year)
$23,777

Default vacancy, management, upkeep, tax, insurance

Cap rate
2.07%

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

3.5% · plus closing costs

Your cost to live there
$8,709/mo

After $2,698/mo from the other unit

More than renting it
$6,011/mo

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

Principal & Interest$6,389
Property Tax$1,150
Insurance$335
%($230,000)
%
Loan Term

Location

Loading map...

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

24C
Est. Monthly Rent
$5,396

2 units of about 960 sqft, each priced from up to 32 closed leases in 92028 · $5,208–$5,700

Monthly Cashflow

Rent − PITIA

-$2,478
Full Cashflow

Incl. vacancy, PM, maint, capex

-$4,677

What would make this work?

$4,677/mo short at 20% down; 79% down or +$6,074/mo rent closes it.

Break-even price

53% under asking

$540,946
Break-even rent

$6,074/mo above the estimate

$11,470/mo
Cashflow at 35% down
−$3,479/mo
Down payment to break even

$908,500 cash

79%
Rate to break even

Negative even at a 0% loan

Not reachable

Mortgage (P+I)
$6,389
Cap Rate
2.07%
Cash-on-Cash
-24.40%
DSCR

Need ≥ 1.25 for DSCR loan

0.69

NOI (Annual)
$23,777
Price-to-Rent

Lower = better for investors

17.8

* 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.

Open Full Calculator
CCashflow−$4,677/mo