5741 Rainbow Heights Road, Fallbrook, California 92028, Fallbrook, 92028 - 3 bed, 2 bath
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5741 Rainbow Heights Road
Fallbrook, California 92028
ACTIVE
CONDITION: EXCELLENT
3Beds
2Baths
1,506Sq Ft
134,600.406Lot Size
Property Price
LIST PRICE$879,000
EST. MARKET VALUE
$881,873
SUMMARY
This Turnkey Single Family Residence is a Strong Value Opportunity, listed at $879,000—positioned well below the $881,873 Fair Market Value by 0.33%. This valuation gap offers $2,873 in Instant Equity. Featuring a recently remodeled interior, paid-for solar, and a private well on 3.09 acres, the property maintains an Excellent Condition Rating. With no HOA and expansive flat land, it is an ideal sanctuary for equestrian enthusiasts or owner-occupants seeking a self-sufficient, move-in ready lifestyle.
Estimated Market Value
$881,873
Based on Realkey algorithm analyzing recent comparable sales in Fallbrook.
Comparable Sales Map
Comparables within 1 miles sold in recently
Map unavailable.
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 5741 Rainbow Heights Road Subject | $879,000* List Price | 3 | 2 | 1,506 | $586 | - |
A 5434 Rainbow Heights Road Pending | $905,000 List Price | 3 | 3 | 1,900 | $476 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
See Full ReportOVERALL CONDITION SCORE
Excellent
TeardownExcellent
Property is new construction or fully renovated.
Although built in 1974, the property has undergone a recent comprehensive remodel. The kitchen and bathrooms feature modern finishes like white shaker cabinets and granite countertops. Key systems are updated, including a newer roof, newer HVAC, and paid-for solar, meeting the criteria for a move-in ready home with no immediate maintenance needed.
PROSSTRENGTHS & OPPORTUNITIES
- High Available Lot Utilization
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 134600, living area = 1506.
- Sustainable Infrastructure
The property is equipped with paid-for solar, a backup generator, a private well, and a newer roof and HVAC system, offering significant long-term utility savings and self-sufficiency.
- Expansive Usable Acreage
Spanning 3.09 acres of mostly flat land with no HOA, the lot is ideal for horses, agricultural use, or the addition of a guest house and barn, providing rare flexibility for the area.
CONSRISKS & DEFICIENCIES
- Modest Interior Square Footage
With only 1,506 square feet of living space, the home's footprint is relatively small compared to the vast acreage, which may not meet the needs of buyers seeking a larger estate home.
- Vintage Structural Core
Despite recent updates, the original 1974 construction may still present layout limitations or aged structural elements typical of homes from that era.
About 5741 Rainbow Heights Road
Welcome to this peaceful paradise just a few minutes from the freeway. Recently remodeled, this home also has a newer roof, paid for solar with a generator, a well, and newer heating and air! 3.09 acres of basically flat land. Horses welcome. This three-bedroom, two-bath VIEW property offers so much more. With the remodel completed, there’s little to do inside, so let the fun begin on this acreage. Currently, the landscape consists of citrus, nut and fruit trees, and as a bonus has been developed as a FLOWER farm for the current owner’s floral business. With an amazing outside office/creative space, the vibes are amazing. Excellent areas for future guest house, corrals, a barn, literally whatever you dream of having. There is no HOA. Not far from 15 freeway as the property is not far up Rainbow Heights Rd. This home ticks all the boxes, hurry to come see it.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1974
- Lot Size
- 134,600.406 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.7 |
| Baths | 2.0 | 3.0 |
| Square foot | 1,506 | 2,314.399 |
| Lot Size | 134,600.406 | 47,267.225 |
| Price | $879.0K | $919.6K |
| Price per sq ft | $584 | $428 |
| Built year | 1974 | 1992 |
| HOA | $0 | $195 |
| Days on market | 20 | 59 |
Pricing History
Listed for Sale
Aug 20, 2026
$879,000
Initial Listing
Sold
Jul 13, 2018
$515,000
Public Record
Sold
Mar 1, 2018
$320,000
Public Record
Sold
Feb 6, 2018
$275,000
Public Record
Sold
Jun 21, 2017
$260,000
Public Record
Sold
Apr 17, 2008
$360,000
Public Record
Sold
Nov 19, 2004
$550,000
Public Record