305 W Heald, Lake Elsinore, California 92530, Lake Elsinore, 92530 - bed, bath
ACTIVE$520,000$1,221/sqft
305 W Heald, Lake Elsinore, California 92530
0Bed
0Bath
1,221Sqft
8,276Lot
Price Vs. Estimate
Estimation data not available
Key pros and cons
Top Pros:
Income-Generating Duplex: The property features two separate homes on one oversized lot, classified as 'Residential Income' and a 'Duplex,' offering immediate or potential rental income streams.
Top Cons:
MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 1221, other record living area = 672.
Compared to the nearby listings
Price:$520.0K vs avg $600.0K ($-80,000)33%
Size:1,221 sqft vs avg 2,130 sqft33%
Price/sqft:$426 vs avg $31467%
More Insights
Built in 1910 (116 years old).
Condition: Built in 1910, this property is over a century old and shows extensive signs of severe wear and neglect. Both kitchens feature extremely dated cabinets, worn countertops, old appliances, and damaged walls with peeling paint. The bathrooms are equally outdated with basic, worn fixtures and visible deterioration. Flooring throughout includes worn carpet, old tile, and damaged wood/laminate. The overall condition of both units requires substantial repairs and rehabilitation, indicating significant defects and making it uncomfortable to live in its current state, aligning with the 'Poor' condition criteria.
Year Built
1910
Close
-
List price
$520K
Original List price
$520K
Price/Sqft
$426
HOA
-
Days on market
-
Sold On
-
MLS number
SW26009052
Home ConditionPoor
Features
Good View: Hills, Mountain(s), Neighborhood
Patio
ViewHills, Mountain(s), Neighborhood
About this home
Great investment--Two homes on one oversized lot. Home #1 is a 2 bedroom, 1 bath home with family room, kitchen, and front room area, just under 700 sq ft of living space. Home #2 is 2 bedroom, 1 bath home with family room and kitchen area, just under 600 sq ft. Units need some TLC but has huge potential. Walking distance to downtown, parks, schools. One unit is currently listed. Long term tenant would like to stay. Both units can be turned over vacant, if buyer desires.
J
Jessica Small
Listing Agent
Price History
Date
Event
Price
06/15/17
Sold
$200,000
Condition Rating
Poor
Built in 1910, this property is over a century old and shows extensive signs of severe wear and neglect. Both kitchens feature extremely dated cabinets, worn countertops, old appliances, and damaged walls with peeling paint. The bathrooms are equally outdated with basic, worn fixtures and visible deterioration. Flooring throughout includes worn carpet, old tile, and damaged wood/laminate. The overall condition of both units requires substantial repairs and rehabilitation, indicating significant defects and making it uncomfortable to live in its current state, aligning with the 'Poor' condition criteria.
Pros & Cons
Pros
Income-Generating Duplex: The property features two separate homes on one oversized lot, classified as 'Residential Income' and a 'Duplex,' offering immediate or potential rental income streams.
Significant Investment Potential: Explicitly described as a 'Great investment' with 'huge potential,' indicating strong upside for value appreciation and return on investment after necessary improvements.
Prime Walkable Location: Conveniently located within walking distance to downtown, parks, and schools, enhancing tenant appeal and overall property desirability.
Oversized Lot: An 8,276 sq ft lot provides ample space for potential outdoor amenities, landscaping, or future expansion possibilities (subject to local zoning).
Flexible Occupancy Options: The buyer has the flexibility to retain a long-term tenant for immediate income or receive both units vacant, allowing for full renovation or owner-occupancy.
Cons
MLS Listing Discrepancy: Living area discrepancy between mls listing and other public or private record. mls listing living area = 1221, other record living area = 672.
Requires Significant Renovation: The description explicitly states 'Units need some TLC,' indicating a necessity for substantial repairs, upgrades, and capital investment to bring the property to its full potential.
Advanced Age of Construction: Built in 1910, the property is over a century old, which typically implies outdated systems, potential structural concerns, and higher ongoing maintenance costs.
Compact Living Spaces: Both units offer relatively small living areas (under 700 sq ft and under 600 sq ft), which may limit the tenant demographic or command lower rental rates compared to larger properties.