20931 Malaga, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 2 bed, 1 bath
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Lake Elsinore, California 92530
This Value-Add Residential Asset is listed at $424,900, which is positioned above the $397,516 Fair Market Value. Marketed as an investor special with a Condition Rating of 5, the property requires a comprehensive rehabilitation of its 1948 systems but offers significant upside through its 7,841-square-foot lot and Mountain Views. Located within the Lake Elsinore Unified district and walking distance to local entertainment, the 1,601-square-foot structure provides a solid foundation for forced appreciation. This is a strategic acquisition for Fix-and-Flip Investors or Contractors looking to capitalize on high lot utilization.
Property is extensive renovation needed.
Built in 1948 and marketed as an investor special, the property shows significant signs of age with no evidence of recent major renovations. The kitchen features outdated cabinetry and appliances, while the interior contains dated wall heaters and worn flooring. The listing's emphasis on 'potential' and 'renovation' confirms it requires substantial rehabilitation to meet modern standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7841, living area = 1601.
Marketed as an investor special with 'solid bones,' this property offers a prime opportunity to build instant equity through strategic renovations and modern updates.
The home is ideally situated within walking distance of the local casino and offers quick access to shopping, dining, and major freeways, enhancing its rental and resale appeal.
Originally built in 1948, the property likely requires substantial modernization of its core systems and cosmetic finishes to meet current market standards.
With only two bedrooms and one bathroom for over 1,600 square feet of living space, the current configuration may be less attractive to larger families or require a layout reconfiguration.
Calling all investors and savvy buyers! 2 Bedroom 1 Bath with a Large lot. Prime location. This property is full of potential and ready for your vision. With solid bones and room to add value, this is the kind of opportunity smart buyers wait for. Walking distance to the casino and close to shopping, dining, and freeway access — location alone makes this a win. Light updates can go a long way here. Renovate, refresh, and create instant equity. Opportunities like this don’t last. Schedule your showing today.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 4.0 | 10% |
| Baths | 1.0 | 3.0 | 6% |
| Square foot | 1,601 | 1,924 | 32% |
| Lot Size | 7,841 | 7,510 | 53% |
| Price | $375.0K | $595.0K | 5% |
| Price per sq ft | $234 | $309 | 8% |
| Built year | 1948 | 2004 | 8% |
| HOA | $0 | $0 | 50% |
| Days on market | 55 | 196 | 4% |
Apr 2, 2026
$375,000
$399,000
-6% Price Drop
Initial Listing
Mar 12, 2026
$399,000
$424,900
-6% Price Drop
Initial Listing
Feb 27, 2026
$424,900
Initial Listing
Apr 16, 1998
$53,000
Public Record