Sold for $650,000

Listed by: The Property Place • Ronald Brookshire • Contact: 619-354-0040

Bought with: Real Estate People

$650,000

5532 Rainbow Heights Rd, Fallbrook, CA 92028

3beds

2,000sqft

Single Family Residence

Built in 1972

1.98 Acres Lot

$994,900 Zestimate^®

$325/sqft

$4,499 Estimated rent

Home value

$994,900

$925,000 - $1.07M

$4,499/mo

Zestimate^® history

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$4,234/mo

Est. payment

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$4,234/mo

Est. payment

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What's special

Incredible viewsPlenty of roomAttached bathroomsDual primary suitesGenerous living spaceOpen concept kitchenHalf bath

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.

Facts & features

Interior

Bedrooms & bathrooms

Bedrooms: 3
Bathrooms: 4
Full bathrooms: 3
1/2 bathrooms: 1
Main level bathrooms: 1

Rooms

Room types: Family Room, Laundry, Living Room, Other

Cooling

None

Appliances

Included: Dishwasher, Electric Range, Gas Range, Refrigerator
Laundry: Laundry Room

Features

Has fireplace: Yes
Fireplace features: Family Room
Common walls with other units/homes: No Common Walls

Interior area

Total interior livable area: 2,000 sqft

Property

Parking

Total spaces: 4
Uncovered spaces: 4

Features

Levels: Two
Stories: 2
Entry location: 2
Pool features: None
Has view: Yes
View description: Meadow, Mountain(s), Panoramic

Lot

Size: 1.98 Acres
Features: Agricultural, Sloped Down, Irregular Lot, Lot Over 40000 Sqft, Yard

Details

Parcel number: 1026306200
Zoning: AGRICULTURAL
Special conditions: Standard

Construction

Type & style

Home type: SingleFamily
Property subtype: Single Family Residence

Condition

Year built: 1972

Community & HOA

Community

Features: Rural

Location

Region: Fallbrook

Financial & listing details

Price per square foot: $325/sqft
Tax assessed value: $663,000
Annual tax amount: $6,950
Date on market: 3/27/2024
Listing terms: Cash,FHA 203(k)

Price history

Date	Event	Price
5/3/2024	Sold	$650,000+0%$325/sqft
Source: CRMLS #PTP2401702 Report a problem
4/3/2024	Pending sale	$649,999$325/sqft
Source: CRMLS #PTP2401702 Report a problem
4/1/2024	Listed for sale	$649,999$325/sqft
Source: CRMLS #PTP2401702 Report a problem
3/28/2024	Pending sale	$649,999$325/sqft
Source: CRMLS #PTP2401702 Report a problem
3/27/2024	Listed for sale	$649,999+26.6%$325/sqft
Source: CRMLS #PTP2401702 Report a problem
11/4/2005	Sold	$513,500+30%$257/sqft
Source: Public Record Report a problem
12/23/2004	Sold	$395,000$198/sqft
Source: Public Record Report a problem

Public tax history

Year	Property taxes	Tax assessment
2025	$6,950 -0.2%	$663,000 +0.1%
2024	$6,961 -0.3%	$662,242 -1.8%
2023	$6,979 +1.4%	$674,239 +2%
2022	$6,880 +21%	$661,020 +20.2%
2021	$5,685 +4.2%	$550,000 +5.8%
2020	$5,453 +5.5%	$520,000 +4%
2019	$5,171 +0.3%	$500,000 +2%
2018	$5,155 +8.9%	$490,000 +8.9%
2017	$4,732 +0.4%	$450,000
2016	$4,713 +4.7%	$450,000 +4.7%
2015	$4,500 +7.8%	$430,000 +7.5%
2014	$4,176	$400,000 +17.6%
2013	--	$340,000 -8.1%
2012	--	$370,000
2011	--	$370,000
2010	--	$370,000 -11.9%
2009	--	$420,000 -21.4%
2008	--	$534,089 +2%
2007	--	$523,617 +2%
2006	--	$513,350 +30%
2005	--	$395,000 +476.3%
2004	--	$68,544 +1.9%
2003	--	$67,289 +2%
2002	--	$65,971 +2%
2001	--	$64,679