305 W Heald, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 4 bed, 2 bath
ACTIVE$520,000$1,221/sqft
305 W Heald, Lake Elsinore, California 92530
4Beds
2Baths
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, providing excellent potential for rental income or multi-generational living arrangements.
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. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 2.
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 in very poor condition, explicitly stated to need 'TLC' and 'extensive renovation.' Images reveal severely outdated and worn kitchens with old appliances, damaged cabinets, and peeling paint. The bathroom features old fixtures, a basic fiberglass insert, and significant signs of disrepair. Throughout the units, walls show peeling paint and cracks, and flooring is a mix of old, worn carpet, cracked tiles, and worn laminate. Major systems appear outdated, requiring substantial repairs and rehabilitation to meet modern standards and ensure comfort and safety.
Year Built
1910
Close
-
List price
$520K
Original List price
$520K
Price/Sqft
$426
HOA
-
Days on market
-
Sold On
-
MLS number
SW26010444
Home ConditionPoor
Features
Good View: Hills, Mountain(s), Neighborhood
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 in very poor condition, explicitly stated to need 'TLC' and 'extensive renovation.' Images reveal severely outdated and worn kitchens with old appliances, damaged cabinets, and peeling paint. The bathroom features old fixtures, a basic fiberglass insert, and significant signs of disrepair. Throughout the units, walls show peeling paint and cracks, and flooring is a mix of old, worn carpet, cracked tiles, and worn laminate. Major systems appear outdated, requiring substantial repairs and rehabilitation to meet modern standards and ensure comfort and safety.
Pros & Cons
Pros
Income-Generating Duplex: The property features two separate homes on one oversized lot, providing excellent potential for rental income or multi-generational living arrangements.
Oversized Lot: A generous 8,276 sq ft lot offers ample space, potential for expansion, or the addition of outdoor amenities, enhancing property value.
Prime Walkable Location: Conveniently situated within walking distance to downtown, parks, and schools, making it highly attractive to tenants and enhancing lifestyle appeal.
Significant Value-Add Potential: Described as needing 'TLC' but having 'huge potential,' this property presents a strong opportunity for investors to renovate and significantly increase equity and rental value.
Flexible Occupancy Options: The buyer has the flexibility to retain a long-term tenant for immediate income or receive both units vacant, allowing for personal use, full renovation, or new tenant selection.
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. Bedroom count discrepancy between mls listing and other public or private record. mls listing bedroom count = 4, other record bedroom count = 2.
Age and Condition: Built in 1910 and explicitly stated to need 'TLC,' the property likely requires significant investment in repairs, updates, and modernization of outdated systems.
Small Unit Sizes: Both units are relatively compact (under 700 sq ft and under 600 sq ft), which may limit the tenant pool or potential rental income compared to larger properties.
Extensive Renovation Required: The 'TLC' requirement suggests that the property may demand substantial capital expenditure for renovations to maximize its potential and attract higher-paying tenants.