33189 Schaper, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 2 bed, 1 bath
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Lake Elsinore, California 92530
This property presents a High-Potential Investment Opportunity with a List Price of $349,900—positioned well below the $329,529 Fair Market Value by -6%. Featuring three separate legal lots totaling 11,760 square feet, the site offers significant Development Potential for an ADU or second home. Despite a Condition Rating of 5, the structure remains sound, providing a blank canvas for value-add renovations. This asset is ideal for Buy-and-Hold Investors or Contractors seeking a project with substantial long-term upside in Lake Elsinore.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 33189 Schaper Subject | $349,900* List Price | 2 | 1 | 968 | $340 | - |
A 17625 Bobrick Sold | $307,000 | 2 | 1 | 840 | $365 | 0.6 mi |
B 33070 Lorimer Pending | $340,000 List Price | 4 | 2 | 1,157 | $294 | 0.2 mi |
* Subject property listed price vs sold prices of comps.
Property is extensive renovation needed.
Built in 1947 (77 years old) with no evidence of modern renovations. The bathroom shows severe water damage, staining, and unsanitary conditions. The exterior features exposed plumbing and dated window AC units. While the listing claims it is structurally sound, the level of decay in the primary systems and finishes necessitates a full-scale rehab.
The property includes three separate legal lots totaling 11,760 square feet, providing a rare and significant opportunity for building a second home or an ADU.
Despite needing cosmetic updates, the home is reported to be structurally sound with no apparent roof or foundation issues, offering a solid foundation for investors.
With a one-car garage, carport, and a large fenced yard, there is extensive space for boat or RV parking, which is a high-demand feature in the Lake Elsinore area.
The home requires significant cosmetic work throughout, necessitating immediate additional capital and labor investment from the buyer.
Sold strictly as-is with no seller repairs, the property may present challenges for traditional financing and places all renovation risks on the purchaser.
Investors delight. Home is structurally sound, but needs cosmetic repairs. Property includes 3 separate legal lots with 11,760 total square feet of fenced yard. Home is in need of repairs, but appears to be structurally sound. No apparent roof or foundation issues. Includes a 1 car garage and carport. Lots of room for boat or RV parking. Potential for second home and/or ADU. Plenty of possibilities. Home is being sold as-is, no repairs will be done.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 2.0 | 4.0 | 10% |
| Baths | 1.0 | 3.0 | 7% |
| Square foot | 968 | 1,928 | 6% |
| Lot Size | 3,920 | 7,319 | 13% |
| Price | $349.9K | $595.0K | 5% |
| Price per sq ft | $361 | $306 | 76% |
| Built year | 1947 | 2003 | 9% |
| HOA | $0 | $0 | 50% |
| Days on market | 69 | 170 | 11% |
May 10, 2026
$349,900
$400,000
-13% Price Drop
Initial Listing
Mar 30, 2026
$400,000
Initial Listing
Mar 30, 2016
$140,000
Public Record