Character, flexibility, and income potential - this 1939 home delivers all three. Set on nearly half an acre just minutes from downtown Shelbyville, the main residence greets you with a charming wrap-around front porch and a welcoming foyer that sets the tone for the generous space within. The main level offers a formal dining room, eat-in kitchen, two large rooms, and a full bath. Beyond the kitchen, a separate room with its own full bath and private side entrance creates an opportunity for a kitchenette conversion - pair it with the two large upstairs rooms and you have a self-contained upper-suite ideal for extended family or a rental tenant. Continue through the kitchen to a large utility/laundry room with cellar access and a mud room that bridges the original house to the uniqueness of this property: a finished studio apartment boasting a generous living area, full kitchen, private full bath, and its own exterior entrance. Whether you envision a rental unit, home business, creative studio, or guest quarters, this space delivers - and if garage use is ever preferred again, reinstalling doors is entirely feasible. A gravel parking pad accommodates multiple vehicles, and a rear shed handles all your storage and lawn care needs. With 4,198 square feet of workable space, 3 full baths, and multiple living configurations under one roof, this property is a rare find for investors, owner-occupants seeking rental income, or buyers who simply need room to grow. Come see the possibilities!