
Canyon Lake, California 92587
This Substantial Value-Add Asset is listed at $649,999, reflecting its current Condition Rating of 5 and the need for a full remodel. While the $464,578 Fair Market Value accounts for its original 1987 state, the property offers significant upside through forced appreciation and ADU Potential on the lower level. Located in the Lake Elsinore Unified district, the home features a rare flat driveway and an expansive deck with Mountain and City Light Views. This is a high-potential acquisition for Fix-and-Flip Investors or Contractors ready to transform a premier Canyon Lake property.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 22811 Cove View Subject | $649,999* List Price | 4 | 4 | 2,526 | $184 | - |
A 22730 Canyon Lake S Sold | $651,000 | 3 | 3 | 2,290 | $284 | 0.4 mi |
B 22633 Inspiration Pt Sold | $765,000 | 4 | 3 | 2,687 | $285 | 0.7 mi |
C 22255 Village Way Drive Sold | $825,000 | 4 | 4 | 3,134 | $263 | 0.6 mi |
D 22551 Canyon Lake S Active | $539,900 List Price | 4 | 3 | 2,216 | $244 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1987, this property is in mostly original condition and requires substantial rehabilitation. The interior features heavily stained and worn carpeting, dated 1980s oak cabinetry with tile countertops, and fluorescent light boxes. Notably, the kitchen appears to have missing or unfinished flooring, and the listing description explicitly identifies the home as a 'canvas for a full remodel' with deferred maintenance, including an inoperable sunken jacuzzi.
The lower level features a separate living area, bedroom, and wet bar with the ability to enclose stair access, making it ideal for a rental unit, guest quarters, or an ADU.
Located in the premier guard-gated Canyon Lake community, residents enjoy access to a 525-acre lake, golf course, equestrian center, and private beaches just a short walk from the Lodge.
The property boasts a rare flat driveway for the area and an expansive rear deck offering panoramic mountain and city light views, perfect for outdoor entertaining.
Built in 1987, the home is presented as a 'canvas for a full remodel,' indicating that substantial capital investment is needed to modernize the interior and architecture.
The property exhibits signs of deferred maintenance, specifically noted by the inoperable sunken jacuzzi and the general need for a value-add transformation.
Welcome to 22811 Cove View Street in the guard-gated community of Canyon Lake, offering approximately 3,000 sq ft with 4 bedrooms, 3.5 bathrooms, a 3-car garage, and a highly sought-after flat driveway, all just a short walk to the Canyon Lake Lodge. Built in 1987, this spacious home has ADU POTENTIAL and showcases tall ceilings and vaulted architecture in the living room, complemented by formal living and dining areas that provide an excellent canvas for a full remodel or modern transformation. A skylit powder room and large indoor laundry room with sink add convenience upstairs. The main level includes the primary suite and additional bedrooms with a Jack-and-Jill layout, while the lower level offers versatile living space with 1 bedroom, 1 bathroom, a living area, and a wet bar easily convertible to a kitchenette, plus a generous utility closet for storage or secondary laundry. With the option to enclose stair access, the downstairs could function as separate living quarters or ADU-style space. An expansive rear deck captures city light and mountain views and features a sunken jacuzzi (currently inoperable), built-in seating, fruit trees, and additional under-house storage. A rare opportunity to renovate and add value in one of Canyon Lake’s most centrally located neighborhoods. Canyon Lake is a 24 hour guard gated community with a private 525 acre lake, premiere wakeboarding and waterskiing, 18 hole SCGA rated golf course, Lakefront pool and clubhouse, Lakefront RV park, Equestrian center, tennis, basketball & pickleball courts, baseball fields, 4 beaches, 9 parks, an amphitheater, docks, a bicycle pump track, Senior Center, over 40 clubs to join and so much more!
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 4.0 | 3.0 | 61% |
| Baths | 4.0 | 3.0 | 83% |
| Square foot | 2,526 | 2,215 | 66% |
| Lot Size | 7,405 | 7,841 | 43% |
| Price | $650.0K | $685.0K | 40% |
| Price per sq ft | $257 | $349 | 11% |
| Built year | 1987 | 1987 | 50% |
| HOA | $362.0 | $350 | 90% |
| Days on market | 8 | 189 | 1% |
Apr 14, 2026
$649,999
Initial Listing
Oct 29, 2021
$410,000
Public Record