Nestled on the scenic Colorado Arm of Lake LBJ, this east-facing waterfront property offers outstanding potential and incredible value. Boasting 121 feet of open waterfront, the home sits on one lot with an additional adjacent lot included-providing flexibility for future expansion, additional parking, or private outdoor space. The two-story home features two separate living units (one on each level), each complete with 2 bedrooms, 2 full baths, a living room, kitchen, and expansive lakeside decks. Enjoy sweeping views up and down the Colorado Arm from both levels, perfect for relaxing or entertaining. While the boathouse is currently in disrepair (reflected in the attractive pricing), the property presents a fantastic opportunity for investors or handy buyers looking to create their ideal lake retreat. Short-term rentals are permitted, making this an excellent income-producing investment on one of Texas' most desirable lakes. This is the waterfront investment opportunity you've been waiting for on Lake LBJ!