
Canyon Lake, California 92587
This Waterfront Value-Add Asset is listed at $1,150,000, positioned well below the $1,156,699 Fair Market Value by 1%. This entry point provides $6,699 in Instant Equity with massive potential for forced appreciation. Holding a Condition Rating of 4, the property features unobstructed East Bay views, vaulted beamed ceilings, and large covered decks. The significant unfinished basement offers a clear path for an ADU conversion or expanded entertaining space. Located in the premier Canyon Lake gated community within the Lake Elsinore Unified district, this is a prime acquisition for Value-Add Investors or Owner-Occupants.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 30291 Hiding Bass Place Subject | $1,098,000* List Price | 2 | 3 | 2,500 | $439 | - |
A 30221 Lands End Place Sold | $865,000 | 4 | 2 | 2,513 | $344 | 0.4 mi |
B 21998 Strawberry Lane Sold | $1,150,000 | 3 | 4 | 2,190 | $525 | 0.8 mi |
C 30220 Red Lure Place Sold | $955,000 | 3 | 3 | 2,288 | $417 | 0.2 mi |
D 30489 Sea Horse Sold | $1,150,000 | 3 | 3 | 2,126 | $541 | 0.8 mi |
E 23572 Continental Drive Sold | $975,000 | 3 | 2 | 1,831 | $532 | 0.9 mi |
F 22081 Village Way Drive Active | $829,900 List Price | 4 | 4 | 2,476 | $335 | 0.5 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1978, this waterfront property is explicitly described as needing a 'creative touch' to bring the kitchen and dining areas up to modern standards. While it features desirable architectural elements like vaulted beamed ceilings and a stone fireplace, the listing emphasizes 'limitless potential' and a 'vision' for renovation rather than recent updates. The presence of a large unfinished basement area and the original 1970s era styling indicate the home is functional but significantly outdated, fitting the criteria for a property that has been maintained but not extensively renovated in recent decades.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 2500, other record living area = 1880. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 2, other record bedroom count = 3.
WATERFRONT retreat with limitless potential! The prime location on the East Bay near the tunnel offers unobstructed lake views! The open-concept living area with lake views, soaring vaulted beamed ceilings, and a stone fireplace offer endless possibilities for design. With 2 sliders on main level and tons of windows throughout, the lake views become a central feature of the home, creating a seamless flow between indoor and outdoor spaces. The large covered top deck is ideal for enjoying sunsets, and the lower-level deck offers a more intimate setting to relax and entertain. The large kitchen and dining area await your creative touch to bring them up to modern standards, with plenty of space to expand and upgrade. The primary suite with private bath provides a peaceful retreat, and the additional bedroom and bath on the main level ensure plenty of space for family or guests. The downstairs family room is a highlight, offering plenty of room for entertainment, relaxation, or a home theater, or a third bedroom with easy access to the deck and backyard. Plus, a huge unfinished area downstairs could be converted into more bedrooms, a larger entertaining, or an ADU since it offers a separate entrance out to the side yard. With a private cul-de-sac location, this property offers both privacy and convenience. The generous backyard is the perfect canvas for your dream outdoor space—whether it’s adding a luxurious pool, pickleball court, or a dock for lake access. There's an attached 2-car garage with a sink & toilet and direct access to the home, and an additional small 1-car garage that provides extra storage or could be used as an office/studio since it has an entrance that leads out to the side deck. There's potential to expand the garage to the front or use it for boat or RV parking. Plenty of storage under the bottom deck that could be opened up to create the ultimate indoor/outdoor entertaining area. Canyon Lake is a gated community with a private lake offering boating, swimming, water skiing, wake boarding, fishing, kayaking, & paddleboarding, an 18-hole golf course, lighted tennis-courts, pickleball courts, horse stables, baseball/softball fields, basketball courts, marina, parks, beaches, dog park, pump track, senior center, & a plethora of clubs and activities. Don't miss this rare opportunity to create your dream lakefront property in the perfect location in a picturesque community— the home is ready for your vision and personal style.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 3.0 | 2% |
| Baths | 3.0 | 3.0 | 50% |
| Square foot | 2,500 | 2,215 | 62% |
| Lot Size | 9,583 | 7,841 | 72% |
| Price | $1.10M | $687.5K | 87% |
| Price per sq ft | $439 | $349 | 82% |
| Built year | 1978 | 1986 | 19% |
| HOA | $335.0 | $350 | 32% |
| Days on market | 86 | 189 | 16% |
Apr 11, 2026
$1,098,000
$1,150,000
-5% Price Drop
Initial Listing
Jan 26, 2026
$1,150,000
Initial Listing
Oct 22, 2024
$901,500
Public Record