405 Lookout, Lake Elsinore, California 92530, Lake Elsinore, 92530 - 1 bed, 1 bath

405 Lookout, Lake Elsinore, California 92530 home-pic-0

405 Lookout

Lake Elsinore, California 92530

ACTIVE
CONDITION: FAIR
1Beds
1Baths
636Sq Ft
7,405Lot Size

Property Price

LIST PRICE$309,888
EST. MARKET VALUE
$337,942
8% BelowMARKET VALUE

SUMMARY

Analysis of 405 Lookout, Lake Elsinore, California 92530 reveals a Prime Investment Opportunity with a current list price of $309,888—significantly undercutting the $337,942 Fair Market Value by 8%. This valuation gap indicates a +$28,054 Instant Equity potential for buyers. 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 Lake Elsinore 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

$337,942 +$28,054 Equity Potential
Based on Realkey algorithm analyzing recent comparable sales in Lake Elsinore.

Comparable Sales Map

Comparables within 1 miles sold in recently

Address Sold Price BedsBathsSq Ft$/SqftDistance
405 Lookout
Subject
$309,888*
List Price
11636$531-
A
1003 W Heald Avenue
Sold
$340,00021760$4470.8 mi
B
114 N Langstaff Street
Sold
$305,00021768$3970.5 mi
C
108 S S Chestnut St
Pending
$248,999
List Price
22598$4160.5 mi

* Subject property listed price vs sold prices of comps.

Condition Analysis

OVERALL CONDITION SCORE

Fair
TeardownExcellent

Property is moderate renovation needed.

Built in 1948, this home has received cosmetic updates including laminate flooring, fresh interior paint, and a refreshed bathroom with tile flooring. However, the kitchen remains dated with older appliances, and the listing explicitly mentions the need for 'TLC.' While functional and move-in ready, the property shows signs of age and requires minor updates to meet modern standards.

PROSSTRENGTHS & OPPORTUNITIES

  • High Available Lot Utilization

    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 = 636.

  • Expansive Lot Potential

    The property features a generous lot of approximately 8,712 sq. ft., providing ample space for future expansion, an ADU, or extensive outdoor landscaping.

  • Modern Interior Upgrades

    The home boasts upgraded laminate flooring, custom interior paint, and a modernized bathroom with tile flooring, offering a move-in-ready aesthetic despite its vintage.

CONSRISKS & DEFICIENCIES

  • Restrictive Living Space

    At just 636 square feet with a single bedroom, the property has a limited buyer pool and may feel cramped for those requiring a home office or guest space.

  • Required Maintenance

    Built in 1948 and noted as needing 'TLC,' the home likely requires additional investment in repairs or modernization to address its age and condition.

About 405 Lookout

Absolutely charming Lake Elsinore single-bedroom, single-bath home located in an established community and full of potential. Situated on a spacious approximately 8,712 sq. ft. lot, the property offers plenty of room for landscaping, outdoor living, or future personalization of the large yard. Inside, the home features upgraded laminate flooring in the living room and bedroom, along with custom interior paint and ceiling fans throughout, adding comfort and character. The functional kitchen includes a freestanding gas stove, stainless steel sink, and opens to a dining area or breakfast nook on one side, while providing access to the indoor laundry area on the other. The spacious bedroom includes mirrored closets, and the upgraded bathroom features a pedestal sink, shower-in-tub combination, and tile flooring. The rear yard offers a concrete patio and chain-link fenced area, perfect for outdoor enjoyment. A detached single-car garage with an additional storage area provides extra functionality. While the home has great features and character, it could benefit from a little TLC, making it a fantastic opportunity for buyers looking to add their personal touch or for investors seeking potential. Conveniently located with easy access to freeways, shopping, restaurants, and entertainment, and just a short drive to Lake Elsinore for recreation and outdoor activities.

Property Details

Public Facts

Property Type
Single Family Residence
Year Built
1948
Lot Size
7,405 Sq. Ft.

Interior

Total Bedrooms
1
Total Bathrooms
1 (1 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

FeatureSubjectAverage HomeNeighborhood Ranking (50 Listings)
Beds1.04.0
1%
Baths1.03.0
5%
Square foot6361,857
1%
Lot Size7,4057,841
47%
Price$309.9K$590.0K
1%
Price per sq ft$487$319
97%
Built year19482004
6%
HOA$0$0
50%
Days on market3193
1%

Pricing History

Listed for Sale

Mar 4, 2026

$309,888

Initial Listing

Sold

Oct 11, 2019

$229,000

Public Record

Sold

Sep 1, 2017

$160,000

Public Record

Sold

Jun 9, 2014

$138,000

Public Record

Sold

Jan 29, 1999

$30,000

Public Record

Sold

Aug 28, 1996

$41,000

Public Record

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