Figured it out...this is what I used in the HTML that needed the fallback image src.
The fallback img is in the API call where I checked if a certain data in the JSON was there/true.
-If it was there, pull this image
-else, pull something else
Hope this helps anyone passing by!
<ion-list *ngFor="let item of items">
<ion-item button menuClose (click)="pushNav(item.table, item.ID)">
<ion-thumbnail *ngIf = "item.noimg; else elseBlock" item-start>
<img src="{{item.featured}}">
</ion-thumbnail>
<ng-template #elseBlock>
<ion-thumbnail>
<img src="{{item.pics[0]}}">
</ion-thumbnail>
</ng-template>
....