5532 Rainbow Heights Rd, Fallbrook, CA 92028

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Off market may 2024 for $650K

$717,478

Est. refi paymentEst. refi $4,305/mo

•

2,000

sq ft

5532 Rainbow Heights Rd, Fallbrook, CA 92028

About this home

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.

Single-familyProperty Type

1972Year Built

1.98 acresLot Size

$359Est. Price/Sq.Ft.

4 spacesParking

Listed by Ronald Brookshire •DRE #01050798 • The Property Place

Contact: ron@ronbrookshire.com

Bought with Jesus Sanchez •DRE #01462093 • Real Estate People

Redfin checked: a minute ago

•Source:CRMLS #PTP2401702

Redfin Estimate

$717,478

$67K since sold in May 2024$5,000 since October

Recently sold homes
Estimate history
Homes for sale

This home's estimate is 24.8% lower than the average sale price ($954K) of 5 comparable homes.

SOLD AUG 31, 2026
$890,000
A
3 beds3 baths1,900 sq ft
5434 Rainbow Heights Rd, Fallbrook, CA 92028
SOLD OCT 9, 2026
$1,115,000
B
3 beds2.5 baths2,288 sq ft
1044 Valentine Ln, Fallbrook, CA 92028
SOLD SEP 1, 2026
$650,000
C
3 beds2 baths1,400 sq ft
5505 Rainbow Heights Rd, Fallbrook, CA 92028
Daniel Team Realty
SOLD MAY 13, 2026
$1,015,000
D
4 beds3 baths1,895 sq ft
4323 Rainbow Vis, Fallbrook, CA 92028
SOLD DEC 3, 2025
$1,100,000
E
4 beds3 baths1,792 sq ft
1029 Rainbow Valley Ct, Fallbrook, CA 92028

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Earn from this home

Sell

$183,571

Est. take-home

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Refinance

Est. cash available

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Rent

$3,986/mo

Redfin rental estimate

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Market trends in 92028, CA

Last updated October 2026

Buyer's Market

Seller's Market

Seller's market

Sale-to-list price

99.2%

0.1% MoM

Median sale price

$907K

$21K MoM

Avg. days on market

54d

4 days MoM

Recently sold homes

154

18 MoM

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$1,550,000
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See all

Provided by Redfin

Sale history for 5532 Rainbow Heights Rd

Date

Event

Price

CRMLS #PTP2401702

May 3, 2024

Sold

$650,000

$325/sq ft

Apr 3, 2024

Pending

—

Apr 1, 2024

Relisted

—

Mar 28, 2024

Pending

—

Mar 27, 2024

Listed

$649,999

$325/sq ft

Public Records

Nov 4, 2005

Sold

$513,500

$257/sq ft

CRMLS #51031425

Nov 4, 2005

Sold

$513,350

$257/sq ft

May 5, 2005

Listed

$549,000

$275/sq ft

PRICE REDUCTION! OFFERED AT $499,000-549,000!! EXCELLENT PROPERTY FOR MULTIPLES USES. 2 HOUSES ON 1.98 ACRE LOT. LIVE IN MAIN HOUSE WITH 2 BD, 2.5 BA & RENT DETACH GUEST COTTAGE. COTTAGE HAS OWN BATHROOM AND ENTRANCE. GREAT HOME OFFICE AS WELL FOR A HOME BASED BUSINESS OWNER. 2 MILES TO FRWY 15 & 10 MINUTES INTO TEMECULA. [Supplement]: MILLION DOLLAR VIEW FOR HALF THE COST! Absolutely gorgeous panoramic view of the westerly valley. Can see into Oceanside Harbor on a clear day. Home is tucked in the hillsides of Rainbow Valley. Very private! Very tranquil! Views from every room! Main house has 2 bedrooms, 2 1/2 baths and decks galor! Both bedrooms has sliding glass door opening onto view deck. Inside of house has been completely repainted, brand new carpet, new refrigerator, new stove. Wood burning fire place in living room. Master bath has new tiles. Large laundry room that can also be used as a craft/sewing room. Detached guest house is two story and approximately 650 square feet. Has its own entry, kitchenette, bathroom with shower and sleeping quarters upstairs. Land was a mini avocado grove at one point in time. Can be once again with the right owner. Direction to property: Take 15N to Mission Ave to 395 North, Rainbow Valley Blvd (R), stay straight at the Y on the road and that becomes 8th Avenue. Continue with curve on the road and that becomes Rice Canyon. Turn left on Rainbow Heights Road and house in about 1/2 mile up Rainbow Heights on the left. See you there!!

CRMLS #41066351

Dec 23, 2004

Sold

$395,000

$198/sq ft

Oct 11, 2004

Listed

$395,000

$198/sq ft

Public Records

Aug 22, 1975

Sold

$55,500

$28/sq ft

Year

Property tax

Land + Additions

Assessment*

2025

$6,950 (−0.2%)

$499,392 + $176,868

$676,260

2024

$6,961 (−0.3%)

$489,600 + $173,400

$663,000

2023

$6,979 (+1.4%)

$392,544 + $269,698

$662,242

2022

$6,880 (+21.0%)

$374,322 + $299,917

$674,239

2021

$5,685 (+4.2%)

$366,983 + $294,037

$661,020

2020

$5,453 (+4.0%)

$303,000 + $247,000

$550,000

2019

$5,245 (+1.8%)

$287,000 + $233,000

$520,000

2018

$5,155 (+8.9%)

$276,000 + $224,000

$500,000

2017

$4,732 (+0.4%)

$249,000 + $201,000

$450,000

2016

$4,712 (+4.7%)

$249,000 + $201,000

$450,000

2015

$4,500 (+7.8%)

$249,000 + $201,000

$450,000

2014

$4,176 (+18.1%)

$222,000 + $178,000

$400,000

2013

$3,536 (−8.6%)

$222,000 + $178,000

$400,000

2012

$3,867 (+0.1%)

$189,000 + $151,000

$340,000

2011

$3,861 (+0.4%)

$205,000 + $165,000

$370,000

2010

$3,847 (−11.2%)

$205,000 + $165,000

$370,000

2009

$4,333 (−21.5%)

$205,000 + $165,000

$370,000

2008

$5,522

$233,000 + $187,000

$420,000

Tax history for 5532 Rainbow Heights Rd

Year

Property tax

Land + Additions

Assessment*

2025

$6,950 (−0.2%)

$499,392 + $176,868

$676,260

2024

$6,961 (−0.3%)

$489,600 + $173,400

$663,000

2023

$6,979 (+1.4%)

$392,544 + $269,698

$662,242

2022

$6,880 (+21.0%)

$374,322 + $299,917

$674,239

2021

$5,685 (+4.2%)

$366,983 + $294,037

$661,020

2020

$5,453 (+4.0%)

$303,000 + $247,000

$550,000

2019

$5,245 (+1.8%)

$287,000 + $233,000

$520,000

2018

$5,155 (+8.9%)

$276,000 + $224,000

$500,000

2017

$4,732 (+0.4%)

$249,000 + $201,000

$450,000

2016

$4,712 (+4.7%)

$249,000 + $201,000

$450,000

2015

$4,500 (+7.8%)

$249,000 + $201,000

$450,000

2014

$4,176 (+18.1%)

$222,000 + $178,000

$400,000

2013

$3,536 (−8.6%)

$222,000 + $178,000

$400,000

2012

$3,867 (+0.1%)

$189,000 + $151,000

$340,000

2011

$3,861 (+0.4%)

$205,000 + $165,000

$370,000

2010

$3,847 (−11.2%)

$205,000 + $165,000

$370,000

2009

$4,333 (−21.5%)

$205,000 + $165,000

$370,000

2008

$5,522

$233,000 + $187,000

$420,000

*Taxable value of land and structures on it ("additions") is determined regularly by local assessors and does not affect market price.

Public record

Public record
Zoning

Beds

Baths

Stories

—

Lot width

—

Lot depth

—

Lot size

1.98 Acres

Year renovated

1972

Sq. Ft.

1,744

Year built

1972

Style

Single Family Residential

County

San Diego County

APN

1026306200

Parking Spaces

—

Basement

—

Accessible

—

HOA Dues

—

Garage

—

Features

—

Last updated by owner on Aug 20, 2026.

A70

Limited Agricultural Zone

The A70 Use Regulations are intended to create and preserve areas intended primarily for agricultural crop production. Additionally, a limited number of small farm animals may be kept and agricultural products raised on the premises may be processed. Typically, the A70 Use Regulations would be applied to areas throughout the County to protect moderate to high quality agricultural land.

Permitted uses

Include but are not limited to:

Agriculture
Housing
Processing
Fire house
Police station
Agriculture-Cropland
Agriculture-Grove / orchard
Park & open space

Property details

Parking

Parking / Garage Information
Uncovered Spaces: 4
# of Parking Spaces: 4

Interior

Laundry Information
Has Laundry
Individual Room

Kitchen Information
Appliances: Dishwasher, Gas & Electric Range, Refrigerator
Has Appliances

Bathroom Information
# of Baths (Full): 3
# of Baths (1/2): 1

Room Information
Family Room, Laundry, Living Room, See Remarks

Fireplace Information
Family Room
Has Fireplace

Interior Features
Entry Level: 2
Entry Location: 2
Levels: Two
Main Level Bathrooms: 1
Main Level Bedrooms: 0

Exterior

Exterior Information
Structure Type: House

Exterior Features
Pool Features: None

Lot Information
Lot Size Source: Assessor's Data
Lot Features: Agricultural, Down Slope from Street, Lot Over 40000 Sqft, Lot Shape-Irregular, Yard

Property Information
Common Walls: No Common Walls
Living Area Source: Estimated
Parcel Number: 1026306200
Total # of Stories: 2
Has View
Year Built Source: Assessor

Financial

Assesments Information
Assessments: Unknown

Location

Multi-Unit Information
# of Units In Community: 2

Neighborhood Information
Community Features: Rural

School Information
High School District: Fallbrook Union

Location Information
Latitude: 33.40861400
Longitude: -117.14070000
Directions: Rainbow Heights Rd
Zoning: AGRICULTURAL

Public facts

Beds: 4
Baths: 3.0
Sq. Ft.: 1,744
Stories: —
Lot Size: 1.98 acres
Style: Single Family Residential
Year Built: 1972
Year Renovated: 1972
County: San Diego County
APN: 1026306200

Home facts updated by county records on Aug 20, 2026

Other

Listing Information
IDX Contact Info: ron@ronbrookshire.com
Days Active in MLS: 17

Listing Agent Information
List Agent First Name: Ronald
List Agent Last Name: Brookshire

Listing Office Information
List Office Name: The Property Place

Selling Agent Information
Buyer Agent First Name: Jesus
Buyer Agent Last Name: Sanchez

Selling Office Information
Buyer Office Name: Real Estate People

Around this home

Schools

K - 12
Preschool & daycare

Vallecitos Elementary School

Public K-8 • Assigned • 0.6mi

6/10

Fallbrook High School

Public 9-12 • Assigned • 7.2mi

6/10

Provided by GreatSchools

Lifestyle

Provided by Walk Score and Local Logic

Climate risks

1/10 Flood Factor

Minimal risk of a flood reaching the building in the next 30 years

8/10 Fire Factor

37% chance of being in a wildfire in next 30 years

6/10 Heat Factor

7 days above 98° expected this year, 21 days in 30 years

1/10 Wind Factor

Minimal risk of severe winds over next 30 years

5/10 Air Factor

7 unhealthy days expected this year, 8 days in 30 years

Provided by First Street

Historical weather

Fallbrook, CA • 92028

Average low and high temperatures (°F)

Jan

Feb

Mar

Apr

May

Jun

Jul

Aug

Sep

Oct

Nov

Dec

Sun exposure

In this area, properties receive around 9.4 hours in June and 7.3 hours in December, placing it above the U.S. average for solar exposure.

9.4 hrs

7.3 hrs

JuneDecember

Provided by Shadowmap

Estimated sale price

$682,000 – $826,000

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Home values near 5532 Rainbow Heights Rd

Data from public records.

Address	Redfin Estimate
5710 Rainbow Heights Rd, Fallbrook, CA 2 Beds \| 2 Baths \| 1152 Sq. Ft.	$682,892
5542 Rainbow Heights Rd, Fallbrook, CA 2 Beds \| 1.5 Baths \| 1412 Sq. Ft.	$619,259
5437 Rainbow Heights Rd, Fallbrook, CA 4 Beds \| 3 Baths \| 2026 Sq. Ft.	$848,408
5538 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 4 Baths \| 2634 Sq. Ft.	$931,894
5509 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 2 Baths \| 1830 Sq. Ft.	$838,086
5490 Rainbow Heights Rd Apartment A, Fallbrook, CA 3 Beds \| 2 Baths \| 1000 Sq. Ft.	$721,885
5662 8th St, Fallbrook, CA 3 Beds \| 2.5 Baths \| 3384 Sq. Ft.	$920,648

Address	Redfin Estimate
5708 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 2 Baths \| 2166 Sq. Ft.	$885,941
5493 Rainbow Heights Rd, Fallbrook, CA 4 Beds \| 2 Baths \| 4060 Sq. Ft.	$898,993
5528 Rainbow Heights Rd Apartment 30, Fallbrook, CA 4 Beds \| 3 Baths \| 2268 Sq. Ft.	$373,055
5534 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 3 Baths \| 2515 Sq. Ft.	$1,087,882
5434 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 3 Baths \| 1900 Sq. Ft.	$905,586
5521 Rainbow Heights Rd, Fallbrook, CA 1 Beds \| 1 Baths \| 888 Sq. Ft.	$738,105
5504 8th St, Fallbrook, CA 1 Beds \| 2 Baths \| 1165 Sq. Ft.	$596,175

Address	Redfin Estimate
5463 Rainbow Heights Rd, Fallbrook, CA 6 Beds \| 3 Baths \| 1863 Sq. Ft.	$858,840
5467 Rainbow Heights Rd, Fallbrook, CA 2 Beds \| 1 Baths \| 956 Sq. Ft.	$735,204
5548 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 2 Baths \| 1633 Sq. Ft.	$663,425
5505 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 2 Baths \| 1400 Sq. Ft.	$753,590
5464 Rainbow Heights Rd, Fallbrook, CA 3 Beds \| 3.5 Baths \| 2955 Sq. Ft.	$1,558,117
5528 Rainbow Heights Rd, Fallbrook, CA 5 Beds \| 2 Baths \| 2000 Sq. Ft.	$599,697
5455 8th St, Fallbrook, CA 4 Beds \| 2 Baths \| 2000 Sq. Ft.	$755,296

Property information provided by CRMLS when last listed in 2024. This data may not match . Learn more.

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