For sale

Listed by: Daniel Team Realty • AJ Maloney • Contact: aj@danielteamrealty.com

$650,000

5505 Rainbow Heights Rd, Fallbrook, CA 92028

3beds

1,400sqft

$4,246/mo

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Single Family Residence

Built in 1979

1.53 Acres Lot

$644,900 Zestimate^®

$464/sqft

$-- HOA

What's special

INVESTOR'S DREAM on over 1.5 acres in highly sought-after Rainbow! Available for the first time ever, this 3 bedroom/2 bathroom home sits tucked away on a rare, expansive lot with beautiful mountain views! The detached barn offers generous storage for vehicles or equipment, with a huge upstairs space that presents ADU potential for passive income. Set in the quiet, rural charm of Rainbow, this lot offers plenty of flat land, leaving room for RV parking, animals, storage, or whatever the vision calls for! Located in the Fallbrook Union School District for High School (and Vallecitos School district for Elementary) and just a few miles off the 15 freeway, the property balances privacy with easy access. Opportunities like this rarely come to market. Unincorporated San Diego County!

13 days

5,337

306

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 3
Bathrooms: 2
Full bathrooms: 2
Main level bathrooms: 1
Main level bedrooms: 1

Rooms

Room types: Bedroom, Kitchen, Living Room

Bedroom

Features: Bedroom on Main Level

Cooling

None

Appliances

Included: Electric Range, Refrigerator, Dryer, Washer
Laundry: Outside

Features

Bedroom on Main Level
Flooring: Carpet, Laminate
Has fireplace: Yes
Fireplace features: Dining Room
Common walls with other units/homes: No Common Walls

Interior area

Total interior livable area: 1,400 sqft

Video & virtual tour

View virtual tour

Property

Parking

Total spaces: 2
Parking features: Garage
Garage spaces: 2

Features

Levels: Two
Stories: 2
Entry location: Front Door
Pool features: None
Has view: Yes
View description: Mountain(s)

Lot

Size: 1.53 Acres
Features: Agricultural

Details

Parcel number: 1026306900
Zoning: SR-4
Special conditions: Standard

Construction

Type & style

Home type: SingleFamily
Property subtype: Single Family Residence

Condition

Year built: 1979

Utilities & green energy

Sewer: Septic Tank

Community & HOA

Community

Features: Rural

Location

Region: Fallbrook

Financial & listing details

Price per square foot: $464/sqft
Tax assessed value: $215,932
Annual tax amount: $2,290
Date on market: 7/29/2026
Cumulative days on market: 13 days
Listing terms: Cash,Conventional,FHA 203(k)

Estimated market value

$644,900

$613,000 - $677,000

$2,973/mo

Price history

Date	Event	Price
7/29/2026	Listed for sale	$650,000$464/sqft
Source: CRMLS #NDP2607141 Report a problem

Public tax history

Year	Property taxes	Tax assessment
2025	$2,290 +1.2%	$215,932 +2%
2024	$2,263 +2.5%	$211,699 +2%
2023	$2,208 +1.4%	$207,549 +2%
2022	$2,177 +2.7%	$203,480 +2%
2021	$2,121 -0.4%	$199,491 +1%
2020	$2,130 +4.9%	$197,447 +2%
2019	$2,030 -1.2%	$193,577 +2%
2018	$2,056 +2%	$189,783 +2%
2017	$2,015 +2.4%	$186,062 +2%
2016	$1,968 +1.5%	$182,414 +1.5%
2015	$1,938 +2.2%	$179,675 +2%
2014	$1,897	$176,157 +0.5%
2013	--	$175,362 +2%
2012	--	$171,924 +2%
2011	--	$168,554 +0.8%
2010	--	$167,295 -0.2%
2009	--	$167,693 +2%
2008	--	$164,406