507 Ellis Street, Lake Elsinore, California 92530, Lake Elsinore, - bed, bath
ACTIVE UNDER CONTRACT$495,000
507 Ellis Street, Lake Elsinore, California 92530
4Beds
2Baths
1,300Sqft
6,970Lot
Year Built
1981
Close
-
List price
$495K
Original List price
$600K
Price/Sqft
-
HOA
-
Days on market
-
Sold On
-
MLS number
IV25175306
Home ConditionGood
Features
Good View: Mountain(s), Neighborhood
Patio
ViewMountain(s), Neighborhood
About this home
BUYER COULD NOT PERFORM NO FAULT OF SELLER!!!! Newer roof, backyard renovations, and dishwasher last year. Beautiful single story home with 4 bedrooms and 2 bathrooms with a screened in patio. BRAND NEW custom shutters on all the windows. Spacious parking for multiple cars to include parking for RV's, boats or trailers with a 2 car attached garage. NO HOA, LOW TAXES with no mellos roos. Just off the 15 freeway to make commuting a breeze. . Minutes from downtown Lake Elsinore, Walmart, LA Fitness, shopping, restaurants, gas stations, and much more. Property sold in AS IS condition.
Price History
Date
Event
Price
10/24/25
Price Change
$495,000-2.0%
09/17/25
Price Change
$505,000-2.9%
08/26/25
Price Change
$520,000-13.3%
08/20/25
Listing
$600,000
Neighborhood Comparison
| Subject | Average Home | Neighbourhood Ranking (308 Listings) | |
|---|---|---|---|
| Beds | 4 | 3 | 56% |
| Baths | 2 | 2 | 50% |
| Square foot | 1,300 | 1,830 | 15% |
| Lot Size | 6,970 | 7,405 | 41% |
| Price | $495K | $582K | 14% |
| Price per square foot | $381 | $327 | 78% |
| Built year | 1981 | 2005 | 20% |
| HOA | |||
| Days on market | 77 | 191 | 7% |
Condition Rating
Good
Built in 1981, this property has undergone significant recent updates, including a newer roof, new dishwasher, brand new custom shutters, and backyard renovations within the last year. The kitchen features modern white shaker cabinets, new countertops, and stainless steel appliances, while bathrooms have updated vanities, fixtures, and lighting. Fresh paint and updated laminate/carpet flooring contribute to a move-in ready condition, aligning with the 'Good' criteria for properties extensively renovated within 5-15 years. While sold 'AS IS' and the underlying structure is older, the visible components are well-maintained and updated, requiring no immediate renovation.
Pros & Cons
Pros
Cost-Effective Ownership: The property boasts no HOA fees, low taxes, and no Mello-Roos, significantly reducing the overall cost of ownership for potential buyers.
Recent Key Upgrades: Recent improvements include a newer roof, backyard renovations, a new dishwasher, and brand new custom shutters, enhancing the property's value and appeal.
Exceptional Parking Capacity: Offers spacious parking for multiple vehicles, including RVs, boats, or trailers, in addition to a 2-car attached garage, catering to diverse needs.
Strategic Commuter Location: Conveniently located just off the 15 freeway, providing easy access for commuters and enhancing regional connectivity.
Proximity to Amenities: Minutes away from downtown Lake Elsinore, major retailers like Walmart, LA Fitness, various shopping, dining, and essential services.
Cons
As-Is Sale Condition: The property is explicitly sold in 'AS IS' condition, which may imply potential for required repairs or upgrades at the buyer's expense.
History of Price Reductions: Multiple price adjustments from the original list price of $600,000 down to $495,000 suggest challenges in market absorption or initial overvaluation.
Previous Failed Transaction: The disclosure 'BUYER COULD NOT PERFORM NO FAULT OF SELLER' can raise questions or concerns for prospective buyers, despite the stated reason.