40389 Melrose Avenue, Hemet, California 92544, Hemet, 92544 - 3 bed, 2 bath
40389 Melrose Avenue
Hemet, California 92544
Property Price
SUMMARY
Analysis of 40389 Melrose Avenue, Hemet, California 92544 reveals a Fairly Priced Property with a current list price of $400,000 aligned with the estimated $400,000 Fair Market Value. This represents a stable investment opportunity at market rate. The property maintains a Fair Condition Rating (50/100), suggesting the property is in acceptable condition with potential for value enhancement through selective updates and improvements. Located in a high-demand neighborhood within the Hemet Unified School District, this asset is categorized as a low-risk, high-reward acquisition suitable for both Buy-and-Hold Investors and Owner-Occupants willing to undertake light renovation work.
Estimated Market Value
Comparable Sales Map
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 40389 Melrose Avenue Subject | $400,000* List Price | 3 | 2 | 1,896 | $211 | - |
A 41265 Orange Place Sold | $360,000 | 3 | 2 | 1,938 | $186 | 0.9 mi |
B 42012 Shadow Sold | $430,000 | 3 | 2 | 1,585 | $271 | 0.9 mi |
C 26583 June Way Sold | $455,000 | 3 | 2 | 1,787 | $255 | 0.9 mi |
D 201 Monte Vista Sold | $395,000 | 2 | 2 | 1,637 | $241 | 0.3 mi |
* Subject property listed price vs sold prices of comps.
Condition Analysis
OVERALL CONDITION SCORE
Property is moderate renovation needed.
Built in 1964, the property is aged but appears well-maintained. However, the kitchen and bathrooms are significantly outdated in style and materials, featuring laminate countertops, older appliances (except for a newer fridge), vinyl flooring, and dated light fixtures. While functional, these areas require substantial cosmetic updates to meet current standards, aligning with a property renovated 25-40 years ago rather than recently.
PROSSTRENGTHS & OPPORTUNITIES
- Spacious Interior Layout
The home features two expansive family rooms and generously sized bedrooms, providing ample living space for comfort and entertainment.
- Enhanced Outdoor Living
A spacious backyard with an oversized covered patio and skylights creates an inviting outdoor living space, perfect for relaxation.
- Functional Open-Concept Kitchen
The open-concept kitchen boasts ample cabinetry and an eat-in dining area, making it practical for family meals and gatherings.
CONSRISKS & DEFICIENCIES
- Short Sale Status
Being a short sale, the transaction may involve a more complex and potentially prolonged closing process, often implying 'as-is' conditions.
- Leased Solar System
The leased solar system incurs a significant monthly expense of approximately $250, which is a recurring liability rather than an owned asset, potentially impacting financing and resale.
- Significant Price Reductions
The property has undergone multiple price reductions from its original listing, which could suggest initial overpricing or challenges in attracting buyers, potentially signaling a need for further negotiation.
About 40389 Melrose Avenue
Short Sale - Charming Traditional Home with Spacious Living Areas Welcome to this beautifully maintained 3-bedroom, 2-bathroom residence offering approximately 1,896 sq ft of comfortable living space. The home features two expansive family rooms, perfect for relaxation and entertainment. The open-concept kitchen boasts ample cabinetry and an eat-in dining area, ideal for family meals and gatherings. Each bedroom is generously sized, providing plenty of room for rest and personalization. The property includes a spacious backyard with an oversized covered patio featuring skylights, creating an inviting outdoor living space. Additional highlights include a leased solar system at approximately $250/month, promoting energy efficiency. A security system is installed and can be purchased separately. The home's traditional curb appeal is enhanced by a tile roof and easy-care tiered rockscape front yard with a lovely sago palm. Don't miss the opportunity to own this delightful home that combines classic charm with modern conveniences.
Property Details
Public Facts
- Property Type
- Single Family Residence
- Year Built
- 1964
- Lot Size
- 7,405 Sq. Ft.
Interior
- Total Bedrooms
- 3
- Total Bathrooms
- 2 (2 Full, 0 Half)
Exterior & Parking
No exterior & parking available.
Utilities & Misc
- HOA Fee
- $0 / Month
Neighborhood Insights
Sensitive Facilities
No sensitive facilities data found.
Neighborhood Comparison
| Feature | Subject | Average Home | Neighborhood Ranking (50 Listings) |
|---|---|---|---|
| Beds | 3.0 | 3.0 | 50% |
| Baths | 2.0 | 2.0 | 50% |
| Square foot | 1,896 | 1,646 | 65% |
| Lot Size | 7,405 | 8,276 | 34% |
| Price | $400.0K | $454.0K | 19% |
| Price per sq ft | $211 | $282 | 13% |
| Built year | 1964 | 1980 | 19% |
| HOA | $0 | $0 | 50% |
| Days on market | 297 | 178 | 93% |
Pricing History
Listed for Sale
Dec 20, 2025
$400,000
$449,999
-11% Price Drop
Initial Listing
Price Change
Aug 23, 2025
$449,999
Initial Listing
Price Change
May 14, 2025
$475,000
Initial Listing