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17162 Grand Avenue, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 5 bed, 5 bath

17162 Grand Avenue, Lake Elsinore, California 92530 home-pic-0
ACTIVE$850,000
17162 Grand Avenue, Lake Elsinore, California 92530
5Beds
5Baths
3,304Sqft
30,492Lot
Year Built
1981
Close
-
List price
$850K
Original List price
$1.2M
Price/Sqft
$257
HOA
-
Days on market
-
Sold On
-
MLS number
SW24110679
Home ConditionFair
Features
Excellent View: City Lights, Hills, Lake, Mountain(s), Neighborhood
Deck
ViewCity Lights,Hills,Lake,Mountain(s),Neighborhood

About this home

We found 3 Cons,5 Pros. Rank: price - $850.0K(67th), sqft - 3304(67th), beds - 5(83th), baths - 5(83th).

Two lakefront homes on two separate parcels. First home is 17170 Grand Avenue. This is a unique one of a kind Tri-level home built for lake views. 3 bedrooms including a very large primary bedroom, 2 full bathrooms, 2 bay windows overlooking incredible lake views from living room and breakfast counter in kitchen. Master bedroom in lower level has a circular staircase and it's own outside entrance. 3/4 inch solid oak flooring just refinished in living room. This home was built in the 1920's with upgraded plumbing and electrical. 2 car enclosed garage with walk in attic and a 2 car carport. Second home is 17162 Grand Avenue. This home features 2 levels, each with their own entrance. Upstairs features 3 bedrooms or 2 bedrooms and a dining room, walk in closets, 2 bathrooms, fireplace, large balcony facing the lake, living room with large window to enjoy the lake views. Balcony in primary bedroom with sliding door. Downstairs has 3 rooms, one which formally was a 2nd kitchen with all the plumbing still there. Fireplace and a single car garage. Large R.V. carport in the front yard and 2 roomy sheds. Property has a high entry gate with remote control. This lake front compound has plenty of room and unlimited possibilities. For both houses there are 7 bedrooms ( 2 without closets) and 5 bathrooms.

Condition Rating
Fair
This property, comprising two homes built in the 1920s and 1981, is functional and appears to be maintained, but the interiors are significantly dated. While the 1920s home benefits from 'upgraded plumbing and electrical' and 'just refinished solid oak flooring' in the living room, the kitchens and bathrooms across both properties are very old-fashioned. They feature older cabinets, laminate countertops, dated white appliances, and basic tile or linoleum flooring. Light fixtures are predominantly fluorescent tubes or basic ceiling fans. The property requires substantial cosmetic updates, particularly in the wet areas, to meet contemporary standards, aligning with the 'Fair' condition criteria of being aged but maintained, with major components functional but outdated.
Pros & Cons

Pros

Prime Lakefront Location & Panoramic Views: The property boasts a direct lakefront position with 'incredible lake views' from multiple rooms and balconies, complemented by additional 'City Lights, Hills, Mountain(s)' views, offering exceptional aesthetic and recreational value.
Significant Income/Multi-Generational Potential: Comprising two distinct homes, each with its own entrance, the property is classified as 'Residential Income' and offers versatile options for rental income, guest accommodations, or multi-generational family living.
Substantial Price Reduction: A notable price reduction from an original list price of $1.2 million to $850,000 presents a compelling value proposition and potential for immediate equity for a discerning buyer.
Ample Parking & Storage Solutions: The property provides extensive practical space with multiple garages (2-car enclosed, 1-car), carports (2-car, RV), and two roomy sheds, accommodating numerous vehicles, recreational equipment, and storage needs.
Unique Compound & Character: This rare 'lake front compound' features two homes, including a unique tri-level 1920s build with refinished oak flooring and upgraded plumbing/electrical, offering distinct character and diverse possibilities.

Cons

Conflicting Parcel & Property Type Information: The description states 'two separate parcels' while the MLS lists a single Universal Parcel ID and 'Duplex' subtype, creating significant ambiguity regarding legal lot division, financing, and future development potential that requires clarification.
Age and Potential for Extensive Updates: With homes built in the 1920s and 1981, despite some mentioned upgrades, there is a high likelihood of needing significant modernization, system updates, and ongoing maintenance to meet contemporary standards and buyer expectations.
Non-Conforming Bedroom Count: Two of the seven bedrooms are explicitly stated to be 'without closets,' which may impact their legal classification as bedrooms, appraisal value, and practical functionality for occupants.

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