Investor-grade opportunity in the sought-after Indian Waters Subdivision, located within the Bandera city limits and serviced by city water and sewer. This property spans three level platted lots totaling approximately 0.717 acres, including a desirable corner lot, creating multiple paths for redevelopment or income production. The existing structure is in need of significant repair. With a full renovation, the home could be reconfigured into a functional 2-bedroom, 2-bath residence suitable for long-term rental or resale. Alternatively, the true value may lie in the land-offering the potential to clear and build up to three separate homes across the individual lots, subject to city guidelines. The setting is a standout feature, with mature oak trees, established crape myrtles, and evergreen ligustrums providing a classic Hill Country landscape. Located just minutes from Main Street in City of Bandera-known as the Cowboy Capital of the World-this property offers close proximity to local dining, live music, and year-round attractions & events. This is a project property with multiple exit strategies: renovate, rent, resell, or redevelop.