40490 Melrose Avenue, Hemet, California 92544, Hemet, 92544 - 3 bed, 2 bath
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Hemet, California 92544
This Value-Add Residential Asset represents a High-Potential Investment Opportunity, listed at a List Price of $429,999—positioned well below the $436,927 Fair Market Value by 1.6%. This valuation gap offers $6,928 in Instant Equity. Featuring a Fair Condition Rating, the property requires modernization to unlock its full potential. With a large 7,405 sq ft lot, city light views, and a functional layout, this home is an ideal acquisition for Buy-and-Hold Investors or first-time buyers seeking to build equity through strategic renovations.
Comparables within 1 miles sold in recently
| Address | Sold Price | Beds | Baths | Sq Ft | $/Sqft | Distance |
|---|---|---|---|---|---|---|
★ 40490 Melrose Avenue Subject | $429,999* List Price | 3 | 2 | 1,620 | $270 | - |
A 40389 Melrose Avenue Sold | $387,300 | 3 | 2 | 1,896 | $204 | 0.1 mi |
B 372 Village Sold | $360,000 | 4 | 2 | 1,653 | $218 | 0.5 mi |
C 573 N Girard Sold | $430,000 | 3 | 2 | 1,556 | $276 | 0.7 mi |
D 1315 Whittier Sold | $450,000 | 4 | 2 | 1,781 | $253 | 0.7 mi |
E 615 Kerilyn Lane Sold | $415,000 | 2 | 2 | 1,400 | $296 | 0.8 mi |
F 40466 Lockhart Lane Sold | $450,000 | 3 | 2 | 1,465 | $307 | 0.9 mi |
G 40877 Lela May Avenue Sold | $417,000 | 4 | 2 | 1,394 | $299 | 0.6 mi |
H 40930 Johnston Sold | $420,000 | 3 | 2 | 1,379 | $305 | 1.0 mi |
I 26082 Amy Active | $460,000 List Price | 3 | 2 | 1,600 | $288 | 0.4 mi |
* Subject property listed price vs sold prices of comps.
Property is moderate renovation needed.
Built in 1964, this 60-year-old home is functional but dated. While it features newer laminate flooring, the kitchen retains original cabinetry (painted) and older appliances. The presence of popcorn ceilings, a visible unfinished patch on the kitchen ceiling beam, and an aged exterior/HVAC system indicate the property needs modernization and minor repairs to meet current standards.
The property has a large lot size, which is more than 4 times of its living area. lot size in square feet = 7405, living area = 1620.
The property is ideally situated near schools, shopping centers, and provides easy access to the 215 freeway, making it highly convenient for commuters and families.
The inclusion of city light views adds a premium aesthetic element to the home, enhancing its marketability and providing a pleasant atmosphere for residents.
Built in 1964, the property may require significant updates to its major systems and cosmetic finishes to meet modern energy efficiency and design standards.
The listing's mention of 'potential to make it your own' suggests that the home may need immediate capital investment for repairs or modernization.
Welcome to this charming 3-bedroom, 2-bath home offering 1,620 sq ft of comfortable living space, a cozy fireplace, and attached 2-car garage. Situated on a spacious lot with plenty of potential to make it your own, this home is conveniently located near shopping, schools, and easy access to the 215 freeway—making it a great opportunity for commuters and families alike.
No exterior & parking available.
No sensitive facilities data found.
| Feature | Subject | Average Home |
|---|---|---|
| Beds | 3.0 | 3.0 |
| Baths | 2.0 | 2.0 |
| Square foot | 1,620 | 1,544 |
| Lot Size | 7,405 | 6,970 |
| Price | $430.0K | $446.9K |
| Price per sq ft | $265 | $263 |
| Built year | 1964 | 1988 |
| HOA | $0 | $130 |
| Days on market | 16 | 65 |
Jul 6, 2026
$429,999
Initial Listing
Jul 29, 2021
$350,000
Public Record
Mar 28, 2019
$235,000
Public Record
Jan 29, 2003
$143,000
Public Record