About this home

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.

Facts and features

Schools

• Vallecitos Elementary School

  elementary · K-8 · 0.7 mi

  6

• Fallbrook High School

  high · 9-12 · 7.1 mi

  6

• Canyon Ridge Christian Prep

  elementary · PK-12 · 1.3 mi

• Pechanga School

  elementary · PK-5 · 4.3 mi

• Aswe-T Pati'A Christian Academy

  elementary · K-12 · 4.3 mi

• Ivy High (Continuation) School

  high · 9-12 · 6.9 mi

  2

Price history

• Oct 15, 2026 · Listed$749,000
• Mar 6, 2024 · Sold$702,000
• Feb 6, 2023 · Sold$665,000
• Jan 29, 2023 · Listed$649,000
• Oct 19, 2021 · Sold$555,000
• Oct 16, 2018 · Sold$435,000
• Sep 6, 2018 · Price Changed$475,000
• Aug 22, 2018 · Listed$495,000

Tax history

• 2025$7,500 tax · $730,360 assessed
• 2024$7,126 tax · $716,040 assessed
• 2023$5,931 tax · $566,099 assessed
• 2022$5,848 tax · $555,000 assessed
• 2021$4,632 tax · $448,294 assessed
• 2020$4,651 tax · $443,699 assessed
• 2019$4,562 tax · $435,000 assessed
• 2018$2,954 tax · $280,961 assessed

Home value

$754,000

• Collateral Analytics$754,000
• Quantarium$759,452
• Cotality$749,800

Where it is