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Classic South Austin charmer! This thoughtfully updated home sits on a beautifully landscaped . 21 acre lot in the heart of the desirable 78704 zip code, with easy access to South Lamar, Zilker & Barton Springs, as well as the South First and Congress districts. The main house has two bedrooms and two bathrooms, while the adaptable second-story studio apartment serves as a third bedroom and bath. This versatile space has been used as a permitted short-term rental, a guest retreat, and a home office, offering various possibilities! The interior features fresh paint throughout, gorgeous natural light, archways, and updated fixtures. This formerly 3/1 ranch has been opened up to provide more space for the living, dining, and kitchen areas, along with a laundry and storage room for added convenience. At the front of the home is a guest bedroom and full bathroom. The large primary suite is nestled at the rear of the home and has ample natural light from multiple windows overlooking the garden, as well as private access to the backyard. The ensuite bathroom features a newly-updated walk-in shower. The second-floor, cedar-lined studio apartment has a private entrance that is accessed from the backyard, eliminating the need to pass through the main house. Complete with a full bathroom, it offers a tranquil retreat overlooking the trees and backyard. This flexible space offers many possibilities, including the potential to earn short-term rental income. The exterior features plenty of space for entertaining, including a fire pit area, dining patio, and newly-rebuilt stairs and deck for the second-story unit. A privacy fence and lush landscaping complete with an irrigation system create a secluded and relaxing oasis. This well-maintained home has had an efficient tankless water heater and new HVAC installed in recent years. For discerning buyers, the property has been professionally inspected and a comprehensive home inspection report is available in documents.