Under contract-accepting backup offers. Discover an exceptional lakeside opportunity on peaceful Lake Starr! Featuring two private in-law suites — a rare find with very few properties offering this level of flexibility — this unique 5-bedroom, 5-bath waterfront property provides versatile living spaces and strong income potential, making it ideal for multigenerational living, investment, or a primary residence with rental flexibility. The private in-law suites is an attached structure with its own entrance, full 1-bedroom, 1-bath layout, living area, and full kitchen, all overlooking beautiful Lake Starr. The suite also includes additional storage and a dedicated laundry area. (Currently tenant-occupied.) A detached second-story cottage (also tenant-occupied) offers a functional kitchen, bedroom, living area, ample storage, and washer/dryer hookup. The in-law suite and cottage each have separate electric meters, separate water tanks, and separate water heaters, providing excellent flexibility for rental or independent living. The property also features two septic systems—one servicing the main home and one servicing the cottage. The main residence includes multiple flexible living areas, additional bedrooms with private bath access and kitchenette options, and a spacious primary suite with a large walk-in closet. An attached bonus room with dedicated laundry space adds convenience. The main home is equipped with central AC along with several mini-split systems for added efficiency and comfort. Additional improvements include a roof replacement approximately seven years ago, newly installed handicap-accessible railing, and two storage sheds. Enjoy direct lake access—perfect for kayaking, paddleboarding, canoeing, and fishing—while being conveniently located just north of Downtown Lake Wales with easy access to US-27. This waterfront property offers space, privacy, flexibility, and income-producing potential with beautiful lake views on Lake Starr.