Compass Lake Living! This charming Florida cottage sits across from the stunning 581-acre spring-fed Compass Lake on 3.8 acres of land. Ideal for lake lovers, Compass Lake is an all-sports paradise, perfect for water skiing, jet skiing, pontooning, boating, sailing, wakeboarding, kayaking, and swimming. The property's location is prime for development into a bed & breakfast or vacation rental units, with tremendous potential for growth. The existing block-built home is ready for renovation, offering an opportunity to make it your own. A 17x26 unfinished room was added, along with an open attic space, allowing for additional living areas. A 1,900 sq ft workshop with 200-amp electric service sits behind the cottage and could easily be converted into a barn dominium. Plus, a separate 20x30 metal storage building, with electricity, and a pole barn offer additional storage or workspace. The property also boasts creek frontage in the back and direct access to Hwy 231. With plenty of room to build, the lake and public boat ramp nearby, this property offers the perfect mix of privacy and convenience. Whether you're looking to make it your permanent home or develop it into a vacation rental haven, the possibilities are endless!