29541 Nichols Street, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 3 bed, 2 bath
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Lake Elsinore, California 92530
This property presents a Strong Value Opportunity with a List Price of $549,900—positioned above the $506,323 Fair Market Value. While the price reflects a premium, the inclusion of two additional parcels totaling over 17,000 square feet provides significant land-use flexibility and Scenic Lake and Mountain Views. With a Fair Condition Rating and no HOA, the home is a blank canvas for modernization. This asset is ideal for Buy-and-Hold Investors seeking long-term land appreciation or Owner-Occupants looking to customize a spacious, well-located residence.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 29541 Nichols Street Subject | $499,900* List Price | 3 | 2 | 1,450 | $352 | - |
A 30489 Machado Sold | $430,000 | 3 | 2 | 1,200 | $358 | 0.5 mi |
B 16359 Stevens Street Sold | $520,000 | 3 | 2 | 1,553 | $335 | 0.6 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1981, the property is 43 years old and features a dated kitchen with original wood cabinetry and tile countertops. While the home appears well-maintained with some updated laminate flooring in the bedrooms, the primary systems and wet areas are significantly past their prime and require modernization.
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 = 1450.
The sale includes two additional parcels totaling over 17,000 square feet of land, providing rare flexibility for expansion, ADU potential, or enhanced privacy.
The property offers beautiful views of the lake and surrounding mountains, a premium feature that significantly enhances the home's appeal and tranquility.
Lot size discrepancy between mls listing and other public or private record. mls listing lot size in square feet =7841, other record lot size in square feet = 3049.
Built in 1981, the home may require modern cosmetic updates or system upgrades to meet the expectations of buyers looking for contemporary finishes.
With all bedrooms located upstairs, the floor plan may be less desirable for buyers seeking single-story living or a main-level primary suite.
Welcome to this inviting home, offering great space, beautiful lake and mountain views, and a convenient location close to everything you need. Inside, you'll find approximately 1,450 square feet of living space with a spacious kitchen that flows well for everyday use and a cozy living room centered around a fireplace that adds warmth and character. The home features 3 bedrooms and 2 bathrooms, with all bedrooms located upstairs for a practical and private layout. The property sits on a 7,840 square foot lot and includes two additional parcels, approximately 6,534 and 3,049 square feet each, all included in the sale. This added land gives noticeably more outdoor space and flexibility, whether you want room to expand, garden, or simply enjoy a larger yard setting. With no HOA, you'll have the freedom to make the home your own without extra restrictions. The bedrooms are generously sized, and the layout works well for a variety of needs, including family living, guests, or a home office. Located in the City of Lake Elsinore, the home offers easy access to main roads for shopping, dining, and daily conveniences, along with quick access to the I-15 freeway for commuting and travel. Overall, this is a relaxed and well-located home with great usable space, additional parcels, and scenic views that make everyday living feel a little more special.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 4.0 | 48% |
| Baths | 2.0 | 3.0 | 46% |
| Square foot | 1,450 | 1,920 | 28% |
| Lot Size | 7,841 | 7,022 | 62% |
| Price | $499.9K | $595.0K | 21% |
| Price per sq ft | $345 | $307 | 70% |
| Built year | 1981 | 2002 | 23% |
| HOA | $0 | $0 | 50% |
| Days on market | 38 | 159 | 4% |
May 31, 2026
$499,900
$539,900
-7% Price Drop
Initial Listing
May 21, 2026
$539,900
$549,900
-2% Price Drop
Initial Listing
May 7, 2026
$549,900
Initial Listing