21903 Strawberry, Canyon Lake, California 92587, Canyon Lake, 92587 - 2 bed, 2 bath
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Canyon Lake, California 92587
This Waterfront Value-Add Asset is listed at $750,000, carrying a premium over the $502,371 Fair Market Value for its exclusive direct waterfront access and Lake View. Holding a Condition Rating of 5, the residence is an "investor special" requiring a comprehensive renovation to modernize its 1975 finishes. Significant upside exists through the Shared Dock, dual primary suites, and the potential for an ADU or Guest Suite. Located within the Lake Elsinore Unified district, this property is a prime acquisition for Value-Add Investors or Visionary Homeowners.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 21903 Strawberry Subject | $750,000* List Price | 2 | 2 | 1,562 | $322 | - |
A 29779 Longhorn Drive Sold | $595,000 | 3 | 2 | 1,514 | $393 | 0.5 mi |
B 30267 Longhorn Sold | $670,000 | 3 | 3 | 1,892 | $354 | 0.2 mi |
C 22410 Canyon Lake Drive S Sold | $700,000 | 2 | 3 | 2,071 | $338 | 0.6 mi |
D 22196 Hoofbeat Way Active | $575,000 List Price | 3 | 2 | 1,558 | $369 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
The property is explicitly marketed as an 'investor special' and requires extensive renovation to meet modern standards. Built in 1975, the home retains nearly all original finishes, including dated dark wood cabinetry, tile countertops with thick grout lines, fluorescent light boxes, and 1970s-style hexagonal tile flooring. While the listing mentions newer windows, the kitchen and bathrooms are severely outdated, and the overall condition reflects nearly 50 years of physical depreciation without a major interior overhaul.
Situated in an exclusive gated community, this property offers desirable lake views and rare shared dock access, providing a high-value lifestyle for water enthusiasts.
The additional room above the garage presents a perfect opportunity for an ADU, home office, or guest suite, allowing investors to maximize the property's square footage and utility.
The home features a unique dual primary suite configuration and an open floor plan with vaulted wood beam ceilings and a rock fireplace, offering a solid foundation for a modern redesign.
Marketed as an 'investor special,' the property likely requires a substantial capital investment to address deferred maintenance and modernize the 1970s-era finishes.
With only two bedrooms in the main living area, the property may have a narrower appeal for larger families compared to other homes in the Canyon Lake market.
Welcome to the exclusive gated community of Canyon Lake—an incredible investor special and rare opportunity to enjoy lake living! This single-story 2-bedroom, 2-bath home features dual primary suites, each with its own ensuite bathroom. The open floor plan showcases wood beam ceilings, a spacious living area with a beautiful rock fireplace, and a kitchen that opens to the family room. Additional highlights include newer windows, an indoor laundry room, and a large pantry. Enjoy the covered patio and access to a shared dock. Above the garage is an additional room with potential for an ADU, office, or guest space. Possible RV parking adds even more flexibility.Great potential in a prime location—bring your vision and make it your own!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 2% |
| Baths | 2.0 | 2.5 | 50% |
| Square foot | 1,562 | 2,205.5 | 22% |
| Lot Size | 6,970 | 7,841 | 26% |
| Price | $750.0K | $687.5K | 60% |
| Price per sq ft | $480 | $349 | 89% |
| Built year | 1975 | 1986 | 10% |
| HOA | $340.0 | $350 | 33% |
| Days on market | 0 | 189 | 1% |
Apr 10, 2026
$750,000
Initial Listing
Feb 3, 1997
$212,500
Public Record