Tucked just one street from the lake and minutes from multiple boat ramps, this tenant-occupied fixer upper offers a rare investment opportunity in the heart of Canyon Lake. Situated on a peaceful .21-acre lot shaded by towering oak trees, the property captures the relaxed Hill Country atmosphere buyers and renters are drawn to. The elevated 3-bedroom, 1-bath home features 1,128 square feet and a full-length second-story deck that creates a unique treehouse-style setting overlooking the natural surroundings. Downstairs, beyond the 1-car garage, you'll find a partially finished studio efficiency space with plumbing already in place-offering excellent potential for a guest suite, short-term rental, or additional income-producing unit once completed. Whether you're looking to renovate, expand, or create a multi-income property, this home delivers strong upside potential with immediate rental income already in place.