Nearly two acres of elevated Fallbrook Heights land with no HOA, no restrictions on yourvision, and a turnkey 2015-built cottage ready the day you close -- that is the opportunityat 5521 Rainbow Heights Rd. The 1.95-acre parcel sits in the Rainbow Heights corridor ofFallbrook, California's legendary avocado and citrus country, where acreage with thiscombination of usable land, modern construction, and zero HOA constraints is genuinely rare. The 888 sq ft single-family residence, built in 2015 and in nearly new condition, provides a clean, livable anchor while you plan what comes next -- whether that is anADU, an orchard, a hobby farm, outbuildings, or simply the privacy and elbow room that anear-two-acre elevated parcel delivers. The lot scale, the Fallbrook Heights topography,and the absence of HOA oversight are the story here; the move-in-ready cottage is thebonus. Gross rent estimate of approximately $3,716/month supports an investor or househack angle for a cash or portfolio-lender buyer. Cash buyers and land-savvybuyers with portfolio financing are best positioned. Verify all details independently.
Foreclosure
Listed by: My Realty Company, Inc. • Omar Ortiz • 805-249-0131
$749,000
5521 Rainbow Heights Rd, Fallbrook, CA 92028
1beds
888sqft
Single Family Residence
Built in 2015
1.95 Acres Lot
$734,200 Zestimate®
$843/sqft
$-- HOA
What's special
- 17 days
- 486
- 22
Likely to sell faster than
Zillow last checked:
Listing updated:
Listed by:
Omar Ortiz DRE #02056548 805-249-0131,
My Realty Company, Inc.
Source: CRMLS,MLS#: V1-39305
Originating MLS: California Regional MLS (Ventura & Pasadena-Foothills AORs)
Originating MLS: California Regional MLS (Ventura & Pasadena-Foothills AORs)Facts & features
Interior
Bedrooms & bathrooms
- Bedrooms: 1
- Bathrooms: 1
- Full bathrooms: 1
Rooms
- Room types: Bedroom, Kitchen, Laundry, Living Room, Other, Dining Room
Bedroom
- Features: Bedroom on Main Level
Bathroom
- Features: Bathtub, Separate Shower, Tub Shower
Kitchen
- Features: Granite Counters, Kitchen/Family Room Combo, Pots & Pan Drawers, Remodeled, Updated Kitchen
Other
- Features: Walk-In Closet(s)
Heating
- Propane
Cooling
- Central Air
Appliances
- Included: Dishwasher, Electric Range, Gas Range, Microwave, Refrigerator, Tankless Water Heater
- Laundry: Inside, See Remarks
Features
- Ceiling Fan(s), Crown Molding, Separate/Formal Dining Room, Living Room Deck Attached, Open Floorplan, Bedroom on Main Level, Walk-In Closet(s)
- Flooring: Tile
- Doors: Double Door Entry, ENERGY STAR Qualified Doors, French Doors, Sliding Doors
- Windows: Blinds, Drapes
- Has fireplace: No
- Fireplace features: None
- Common walls with other units/homes: No Common Walls
Interior area
- Total interior livable area: 888 sqft
Property
Parking
- Parking features: Asphalt, Driveway
Accessibility
- Accessibility features: Safe Emergency Egress from Home
Features
- Levels: One
- Stories: 1
- Patio & porch: Deck
- Pool features: None
- Spa features: None
- Fencing: None
- Has view: Yes
- View description: Canyon, Hills, Mountain(s), Ocean, Panoramic, Rocks, Trees/Woods
- Has water view: Yes
- Water view: Ocean
Lot
- Size: 1.95 Acres
Details
- Additional structures: Shed(s), Storage
- Parcel number: 1026306600
- Special conditions: Real Estate Owned
Construction
Type & style
- Home type: SingleFamily
- Property subtype: Single Family Residence
Materials
- Foundation: Pillar/Post/Pier
Condition
- Turnkey
- Year built: 2015
Utilities & green energy
- Sewer: Septic Tank
- Water: Public
Community & HOA
Community
- Features: Mountainous
- Security: Carbon Monoxide Detector(s), Smoke Detector(s)
Location
- Region: Fallbrook
Financial & listing details
- Price per square foot: $843/sqft
- Tax assessed value: $730,360
- Date on market: 10/15/2026
- Cumulative days on market: 17 days
- Listing terms: Conventional
- Road surface type: Paved
Foreclosure details
Estimated market value
$734,200
$697,000 - $771,000
$2,582/mo
Price history
| Date | Event | Price |
|---|---|---|
| 3/6/2024 | Sold | $702,000+0.4%$791/sqft |
Source:  SDMLS #230020222 Report a problem | ||
| 10/24/2023 | Pending sale | $699,000$787/sqft |
Source: SDMLS #230020222 Report a problem | ||
| 10/13/2023 | Listed for sale | $699,000+5.1%$787/sqft |
Source: SDMLS #230020222 Report a problem | ||
| 3/6/2023 | Sold | $665,000+2.5%$749/sqft |
Source: Public Record Report a problem | ||
| 2/5/2023 | Pending sale | $649,000$731/sqft |
Source:  CRMLS #NDP2300688 Report a problem | ||
| 1/29/2023 | Listed for sale | $649,000+16.9%$731/sqft |
Source: CRMLS #NDP2300688 Report a problem | ||
| 10/19/2021 | Sold | $555,000+27.6%$625/sqft |
Source: Public Record Report a problem | ||
| 10/16/2018 | Sold | $435,000-8.4%$490/sqft |
Source: Public Record Report a problem | ||
| 9/6/2018 | Price change | $475,000-4%$535/sqft |
Source: Sunshine Properties RealEstate #180047035 Report a problem | ||
| 8/22/2018 | Listed for sale | $495,000+230%$557/sqft |
Source: Sunshine Properties RealEstate #180047035 Report a problem | ||
| 4/18/2014 | Sold | $150,000+66.7%$169/sqft |
Source: Public Record Report a problem | ||
| 4/29/2003 | Sold | $90,000$101/sqft |
Source: Public Record Report a problem | ||
Public tax history
| Year | Property taxes | Tax assessment |
|---|---|---|
| 2026 | -- | $730,360 +2% |
| 2025 | $7,501 +5.2% | $716,040 +5.6% |
| 2024 | $7,127 +20.2% | $678,299 +19.8% |
| 2023 | $5,931 +1.4% | $566,099 +2% |
| 2022 | $5,848 +26.3% | $555,000 +23.8% |
| 2021 | $4,632 -0.4% | $448,294 +1% |
| 2020 | $4,652 +3.6% | $443,699 +2% |
| 2019 | $4,489 +51.9% | $435,000 +54.8% |
| 2018 | $2,955 +2.1% | $280,961 +2% |
| 2017 | $2,895 +2.4% | $275,453 +2% |
| 2016 | $2,826 +3.1% | $270,053 +3.1% |
| 2015 | $2,740 +135.4% | $261,997 +149.3% |
| 2014 | $1,164 | $105,110 +0.5% |
| 2013 | -- | $104,635 +2% |
| 2012 | -- | $102,584 +2% |
| 2011 | -- | $100,573 +0.8% |
| 2010 | -- | $99,822 -0.2% |
| 2009 | -- | $100,060 +2% |
| 2008 | -- | $98,099 |
Find assessor info on the county website
Monthly payment
Climate risks
Neighborhood: 92028
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