Sold
Last Sold Price
3 beds2,000 sqft$325/sqft
5532 Rainbow Heights Rd, Fallbrook, CA 92028
Single FamilyProperty Type
1.98 acresLot Size
1972Year Built
$325/sq ftPrice per sq ft
4 carsParking Spaces

Description

Opportunity knocks with this two on one with panoramic views. Almost 2 full acres and fully fenced, there is plenty of room for your imagination. This fixer requires cash or a motivated 203k buyer – get a rehab loan and construct this home the way you want! This is a huge opportunity for someone to live in one home and rent out the other, alleviating some of the cost of ownership. The main home is two stories. The entrance features a generous living space with open concept kitchen, living room, dining...Opportunity knocks with this two on one with panoramic views. Almost 2 full acres and fully fenced, there is plenty of room for your imagination. This fixer requires cash or a motivated 203k buyer – get a rehab loan and construct this home the way you want! This is a huge opportunity for someone to live in one home and rent out the other, alleviating some of the cost of ownership. The main home is two stories. The entrance features a generous living space with open concept kitchen, living room, dining area, and a half bath. Downstairs offers dual primary suites with attached bathrooms. Both levels offer incredible views. Balconies need full remodel, which should be covered through a rehab loan. Right next door is another two-story home. Enjoy the floor plan as-is or you could turn this into a 2 bedroom it’s up to you.
  • Listed by: Ronald Brookshire DRE #01050798 Brokerage DRE #01876375 • The Property Place ron@ronbrookshire.com
Listing closed: 05/03/2024 12:00 AM • Source: CRMLS, MLS#: PTP2401702

Recent comparable sales

Median sold price

$790,000

Avg days on market

54

Sale-to-list ratio

90.2%

Fallbrook, CA

9 comparable properties found

$890,000 | 5434 Rainbow Heights Road, Fallbrook, CA 92028
1

$890,000

Sold 08/31/26

3
Bedrooms
1,900
Square Feet
2.02
Acres
$900,000 | 1858 Canyon Heights Road, Fallbrook, CA 92028
2

$900,000

Sold 10/08/24

3
Bedrooms
1,920
Square Feet
2.02
Acres
3

$656,500

Sold 05/22/26

3
Bedrooms
2
Bathrooms
2,029
Square Feet
0.91
Acres
$790,000 | 421 Yucca Road, Fallbrook, CA 92028
4

$790,000

Sold 03/12/25

3
Bedrooms
2,036
Square Feet
7.91
Acres
5

$677,500

Sold 05/13/25

3
Bedrooms
3.5
Bathrooms
2,098
Square Feet
0.51
Acres
a front view of a building with a yard and garage
6

$800,000

Sold 02/18/25

3
Bedrooms
2,285
Square Feet
0.17
Acres
7

$500,000

Sold 09/03/25

3
Bedrooms
3
Bathrooms
2,500
Square Feet
2.23
Acres
an aerial view of house with yard
8

$1,018,000

Sold 09/12/25

3
Bedrooms
2,165
Square Feet
6.51
Acres
9

$785,000

Sold 09/30/24

3
Bedrooms
2,285
Square Feet
Unavailable
Acres

Location

Listing Courtesy of The Property Place, Ronald Brookshire, DRE #01050798

Sold By Real Estate People, Jesus Sanchez, DRE #01462093

Add your commute

Payment Calculator

$3,883 per month

30 year fixed, 6.55% Interest

Principal and Interest

$3,304

Property Taxes

$579

HOA Dues

$0

The Payment Calculator is for illustrative purposes only.

Know your buying power with a preapproval and custom rate in minutes

Rocket Mortgage1

Property Information for 5532 Rainbow Heights Road

Property Details
  • MLS Type: Residential / Single Family Residence
  • View: Meadow, Mountain(s), Panoramic
  • Parking Spaces Total: 4
  • Private Pool: No
  • Cooling Type: None
  • Building Type: Detached
  • Lot Size Source: Assessor
  • Living Area: 2000
  • Assessor Parcel Number: 102-630-62-00
  • Property Attached YN: false
  • Common Walls: No Common Walls
  • Stories Total: 2
  • Entry Level: 2
  • Fireplace: Yes
  • Pool: No
  • Spa: No
  • View: Yes
  • View: Yes
  • Association: No
  • Association Fee: $.00
  • Zoning: AGRICULTURAL
  • Senior Community: No
  • Parcel Number: 1026306200
  • Area: 92028 - Fallbrook
  • Elementary School: Fallbrook Union Elementary Distr
  • Middle School: Fallbrook Union Elementary Distr
  • High School: Fallbrook Union High School Dist
  • High School District: Fallbrook Union
  • Directions: Rainbow Heights Rd
Building Information
  • Stories: 2
  • Year Built: 1972
  • Lot Size: 1.98 AC / 86,248 SF
Income / Expense / Tax Details
Income Details
  • Financing: Cash
Tax / Assessment Info
  • Tax Tract Number: PM0402
Community / Development
Community / Development
  • Assessments YN: No
  • Assessments: None, Unknown
  • Community Features: Rural
  • Number Of Units In Community: 2
Property / Structure Info
Interior Features
  • Appliances: Dishwasher, Gas & Electric Range, Refrigerator
  • Equipment: Dishwasher, Refrigerator, Gas & Electric Range
  • Room Type: Family Room, Laundry, Living Room, See Remarks
  • Main Level Bathrooms: 1
  • Main Level Bedrooms: 0
  • Laundry: Yes
  • Laundry Features: Individual Room
  • Fireplace Features: Family Room
  • Fireplace Rooms: Family Room
  • Fireplace: FP in Family Room
  • Cooling: None
Exterior Features
  • Entry Location: 2
  • Fence: No
  • Structures: Rural
  • Structure Type: House
  • Other Structures: Rural
  • Miscellaneous: Rural
  • View Description: Panoramic
  • Pool Features: None
  • Pool Description: None
  • Pool: N/K
  • Pool Heat: N/K
Land/Lot Info
  • Sign on Property: Yes
  • Lot Features: Agricultural, Sloped Down, Lot Over 40000 Sqft, Irregular Lot, Yard
  • Lease Considered: No
  • Number Of Units: 2
  • Available For Lease: No
  • Land Lease: No
  • Land Lease Type: Fee
  • Sprinklers: No
  • Levels: Two
Parking Info
  • Garage Spaces: 0
  • Parking: No
  • Uncovered Spaces: 4
  • Open Other Spaces Total: 4
  • Parking Garage Spaces: 0
  • Carport Spaces: 0
  • Attached Garage: No
Property / Structure Info
  • Residential Styles: Detached
  • Residential Unit Location: No Common Walls

Property History for 5532 Rainbow Heights Road

DateEvent & SourcePriceAppreciation
May 3, 2024

Sold

CRMLS #PTP2401702

$650,000
May 3, 2024

Sold

SDMLS #PTP2401702

$650,000
May 3, 2024

Sold

CLAW #PTP2401702MR

DateEvent & SourcePrice
05/03/2024

Sold

CRMLS #PTP2401702

$650,000
05/03/2024

Sold

SDMLS #PTP2401702

$650,000
05/03/2024

Sold

CLAW #PTP2401702MR

For completeness, we often displays two records for one sale: the MLS record and the public record.

Public Records for 5532 Rainbow Heights Road

Taxable ValueLand$499,392Additions$176,868Total$676,260
Tax Record2025$6,950 ($579 / month)
Home Facts
Beds4Baths2.5Total Finished SqFt1,744 SqFtAbove Grade Finished SqFt1,744 SqFtLot Size86,249 SqFtStyleSingle Family ResidenceYear Built1972Year Renovated1972ZoningA70CountySAN DIEGOAPN102-630-62-00

Schools near 5532 Rainbow Heights Road

This home is within Vallecitos Elementary School District.
Rating
School
Type
Grades
Distance
Public - K to 8
Public - 9 to 12
Public - 9 to 12
Public - 9 to 12
Rating
School
Distance
Vallecitos Elementary School
PublicK to 8

Fallbrook High School
Public9 to 12

Ivy High (Continuation) School
Public9 to 12

Oasis High (Alternative) School
Public9 to 12

School ratings and boundaries are provided by GreatSchools.org and Pitney Bowes. This information should only be used as a reference. Proximity or boundaries shown here are not a guarantee of enrollment. Please reach out to schools directly to verify all information and enrollment eligibility.

Similar Homes

New listings in 92028

$1,599,900 | 334 Rainbow Crest Road, Fallbrook, CA 92028
1/47
New

$1,599,900

3
Bedrooms
2,556
Square Feet
5.51
Acres
$1,945,000 | 3240 Vía Del Cielo, Fallbrook, CA 92028
1/9
Open: 9/5 01:00PM - 04:00PMNew

$1,945,000

5
Bedrooms
3,634
Square Feet
Unavailable
Acres
$1,489,000 | 3336 Old Post Road, Fallbrook, CA 92028
1/67

$1,489,000

4
Bedrooms
2,828
Square Feet
1.8
Acres
$700,000 | 4719 Vía Inca, Fallbrook, CA 92028
1/26

$700,000

2
Bedrooms
1,124
Square Feet
0.00
Acres
$675,000 | 1061 Old Stage Road, Fallbrook, CA 92028
1/42
Listed By Compass

$675,000

3
Bedrooms
1,080
Square Feet
0.18
Acres
$560,000 | 1635 Pala Lake Drive, Fallbrook, CA 92028
1/28

$560,000

2
Bedrooms
1,308
Square Feet
10.86
Acres
$579,000 | 3404 Oak Cliff Drive, Unit 5, Fallbrook, CA 92028
1/30

$579,000

2
Bedrooms
1,677
Square Feet
$1,049,000 | 4241 Via El Dorado, Fallbrook, CA 92028
1/73
Virtual Tour

$1,049,000

3
Bedrooms
2,134
Square Feet
2.33
Acres
$249,000 | 1120 East Mission Road, Unit 22, Fallbrook, CA 92028
1/29

$249,000

3
Bedrooms
1,210
Square Feet
0.09
Acres

Nearby home values

AddressSold priceBedsBathsSqftLot (Sqft)
This home: 5532 Rainbow Heights Road, Fallbrook, CA 92028
$650,000
3
2,000
86,248
$187,000
3
2,268
60,113
$1,065,000
3
2,515
112,384
2
2
1,680
183,823
$370,000
2
1,412
219,542
$702,000
1
888
84,942

No guarantee, warranty or representation of any kind is made regarding the completeness or accuracy of any information, descriptions or measurements (including square footage measurements and property condition), such should be independently verified through appropriate means, including, but not limited to, in person inspection and public records, and Compass International Holdings, its subsidiaries, affiliates and independently owned and operated franchisees, and their affiliated agents and associated third parties expressly disclaim any liability in connection therewith. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. Offers of compensation are subject to change at the seller's discretion. No financial or legal advice provided. Equal Housing Opportunity.

Listing Courtesy of The Property Place, Ronald Brookshire, DRE #01050798

This information is deemed reliable but not guaranteed. You should rely on this information only to decide whether or not to further investigate a particular property. BEFORE MAKING ANY OTHER DECISION, YOU SHOULD PERSONALLY INVESTIGATE THE FACTS (e.g. square footage and lot size) with the assistance of an appropriate professional. You may use this information only to identify properties you may be interested in investigating further. All uses except for personal, non-commercial use in accordance with the foregoing purpose are prohibited. Redistribution or copying of this information, any photographs or video tours is strictly prohibited. This information is derived from the Internet Data Exchange (IDX) service provided by SDMLS®. Displayed property listings may be held by a brokerage firm other than the broker and/or agent responsible for this display. The information and any photographs and video tours and the compilation from which they are derived is protected by copyright. Compilation © 2026 SDMLS®, Inc.