Rare income-producing and redevelopment opportunity in highly desirable 78704! Situated on an approximately 8,612 SF (.198-acre) corner lot in a prime Central Austin location, this versatile property features three separate living spaces and approximately $6,600 per month ($79,200 annually) in current gross rental income, offering an exceptional opportunity for an investor, owner-occupant, or builder. The main home, approximately 1,104 SF, offers 2 bedrooms and 2 baths. A separate rear building includes two additional living spaces: an approximately 879 SF upstairs 2-bedroom, 1-bath Unit A, currently leased to long-term tenants, and an approximately 550 SF furnished 1-bedroom, 1-bath garage apartment, Unit B, currently operated as a short-term rental (STR). Both rear units may offer potential for short-term rental use, subject to buyer verification of applicable city regulations, permitting, and requirements. Owner pays utilities. The property offers income from day one with meaningful value-add potential. Unit A has not been updated, creating an opportunity to renovate and potentially increase rental income. Numerous improvements have been completed throughout the property, enhancing its immediate income-producing appeal. For investors, the property can be held as an income-producing property, renovated to maximize rental income, or explored for future redevelopment. The 8,612 SF corner lot may offer potential for three separate residences, subject to buyer verification of zoning, permitting, and development requirements. The flexible layout provides options for maximizing current income and future value. Ideally located just minutes from Downtown Austin, with easy access to South Congress, South Lamar, Lady Bird Lake, restaurants, shopping, and entertainment, this is a rare opportunity to acquire an income-producing property with multiple paths for future upside in one of Austin's most sought-after neighborhoods.