Rare opportunity in the heart of 78704 just minutes from downtown Austin and the South Lamar corridor. This fully reimagined 1930s South Austin property offers exceptional flexibility with two distinct ownership paths: a spacious primary residence with guest income potential, or a fully functioning multi-unit investment property with immediate cash flow. Option 1: Primary Residence with Income Support The main home is a thoughtfully expanded 3-bedroom, 3-bath residence featuring an open-concept living area with fireplace, two guest bedrooms on the main level, and a private upstairs primary suite spanning the entire second floor. The layout offers separation, comfort, and character while maintaining a warm, livable flow ideal for everyday living and entertaining. Outdoor spaces include porch, a private patio, and a mature shade tree with swing-creating a rare retreat feel. Option 2: Fully Income-Producing Compound For investors or hybrid owner-occupants, the property functions as a true multi-unit setup. A converted garage structure includes two separate residences: a 2-bedroom, 1-bath unit with kitchenette and laundry amenities. Also a fully renovated 1-bedroom 1-bath (~550 sq ft) upstairs apartment with full kitchen and established long-term tenancy on month-to-month terms. The main home and additional units have been utilized for both short-term and long-term rental income, offering diversified revenue streams in one of Austin's most consistently in-demand rental corridors. Significant system upgrades include spray foam insulation throughout both structures (2014), new roofs (2021), and high-efficiency windows on the main residence (2024), supporting long-term efficiency and reduced maintenance. Located in one of Austin's most walkable and high-demand neighborhoods, this property offers immediate usability, strong rental performance, and long-term appreciation potential without the typical constraints of nearby comparable properties.