33053 Blackwell, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 3 bed, 2 bath
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Lake Elsinore, California 92530
This Multi-Unit Residential Income Property represents a stable acquisition listed at $599,000, aligning closely with its $583,698 Fair Market Value. The asset features Three Separate Revenue Streams—a 2-bedroom main home, a 1-bedroom secondary unit, and a rented 2-car garage—maximizing potential ROI. While maintaining a Condition Rating of 4, the property benefits from low carrying costs due to the absence of an HOA and low taxes. Situated in the Lake Elsinore Unified district near Lakeside High School, this is an ideal entry point for Buy-and-Hold Investors or Owner-Occupants looking to leverage a house-hack strategy.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 33053 Blackwell Subject | $599,000* List Price | 3 | 2 | 1,706 | $342 | - |
A 33081 33081 Esther 2 Active Under Contract | $645,000 List Price | 0 | 0 | 2,008 | $321 | 0.9 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1976, this property is functional and currently generates rental income, but it shows signs of age consistent with its nearly 50-year-old structure. While maintained for habitability, the kitchen and bathrooms likely feature outdated styles and older appliances, and the property lacks evidence of a recent comprehensive renovation, fitting the criteria for a well-kept but aged investment asset.
This versatile property offers three distinct rental opportunities, including a 2-bedroom main unit, a 1-bedroom secondary unit, and a detached 2-car garage rented for storage, maximizing total cash flow potential.
The absence of HOA fees and the benefit of low property taxes significantly reduce monthly overhead, ensuring stronger net returns for investors or owner-occupants.
The layout is ideal for 'house hacking,' allowing an owner to reside in one unit while the other two income streams subsidize the mortgage, or for a pure investor to capitalize on a fully leased asset.
Living area discrepancy between mls listing and other public or private record. mls listing living area = 1706, other record living area = 800.
Constructed in 1976, the property may require more frequent maintenance or capital expenditures for system upgrades compared to newer multi-family developments.
With a lot size of only 3,485 square feet supporting multiple units and a detached garage, outdoor space and tenant parking may feel constrained.
Great Investment Opportunity with Three Income Streams!Don’t miss this versatile property offering three separate rental income streams. The main residence features 2 bedrooms and 1 bathrooms, along with an additional 1 bedroom, 1 bathroom unit — both currently rented. A detached 2-car garage is also rented separately for storage, maximizing cash flow potential.Perfect for investors looking to keep all units rented, or owner-occupants who want to live in one home while generating income from the other. The property includes a fenced backyard ideal for family BBQs and outdoor entertaining.Enjoy low property taxes and no HOA, keeping expenses minimal and returns strong. A rare opportunity with built-in income!
No exterior & parking available.
Grades K-8 • 1.5 mi
Grades 6-8 • 5.5 mi
Grades 9-12 • 2.8 mi
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,706 | 1,706 | 50% |
| Lot Size | 3,485 | 39,204 | 33% |
| Price | $599.0K | $675.0K | 33% |
| Price per sq ft | $351 | $351 | 50% |
| Built year | 1976 | 1976 | 50% |
| HOA | $0 | $0 | 50% |
| Days on market | 54 | 196 | 33% |
Feb 27, 2026
$599,000
Initial Listing