Welcome to an affordable opportunity in the heart of the Northwoods! This 2 bed, 2 bath home in Phelps offers tremendous potential for the right buyer looking to build equity, create a cozy Up North retreat, or invest in the growing demand for affordable housing. Whether you are searching for a starter home, downsizing option, long-term rental, short-term rental, or simple fishing and hunting getaway, this property deserves serious consideration. Conveniently located within walking distance to many local amenities, the property sits less than a block from the popular ice cream shop and just a short walk from Lakefront Pines Park and North Twin Lake access. Natural gas, municipal sewer and water, and high-speed internet availability provide conveniences that are increasingly difficult to find at this price point in the Northwoods. Inside, you will find a spacious layout with solid bones and excellent flexibility for future improvements. One exceptionally large bedroom offers numerous possibilities including additional sleeping arrangements, office space, hobby area, or potential reconfiguration depending on a buyer’s vision. While portions of the home are dated and could benefit from cosmetic updating, the property offers a very functional layout and the potential to become incredibly charming without requiring a complete overhaul. The lower level provides additional usable space with excellent potential for a future rec room, crafting area, workshop, or additional hangout space. The detached 18x24 garage adds storage space, though buyers should note much of the structure appears to encroach onto the neighboring parcel. The property has been priced accordingly. This estate property is being sold AS-IS as part of settling a family estate. Historically used as a simple and enjoyable gathering place for fishing trips, weekends, and family memories, this property now offers a new owner the opportunity to bring fresh vision and life to a well-located home with potential.