Under contract-accepting backup offers. Exceptional income-producing waterfront property on peaceful Lake Starr with two private in-law suites — a rare feature few properties offer. This unique property includes a spacious main residence, a detached cottage, and a in-law suite with its own entrance and full privacy — ideal for multigenerational living, extended guests, or rental income. The first in-law suite is a private, attached upstairs suite featuring a full one-bedroom, one-bath layout with living area and full kitchen overlooking beautiful Lake Starr. The lower level provides additional storage and a dedicated laundry area. The second in-law suite is the detached cottage, currently rented, with a functional kitchen, bedroom, living area, ample storage, and washer/dryer hookup. Both in-law suites have separate electric meters, water tanks, and water heaters, allowing for fully independent utility management. Two septic systems — one for the main home and one for the cottage — further enhance flexibility. The main residence offers expansive living space, including a spacious primary suite with a large walk-in closet and an attached room with a private laundry area. Central AC and multiple mini-split systems ensure efficient climate control. Additional updates include a metal roof replacement approximately seven years ago, two storage sheds, and newly installed handicap-accessible railing. 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 rare waterfront property combines versatile living, strong rental potential, and lifestyle appeal, offering two fully independent in-law suites, privacy, and beautiful lakefront views.