Located just a short walk from the beach, this 4-bedroom, 3-bath lakefront home in Waves offers solid potential for renovation and long-term value. Designed with a reverse floor plan, the top level features soaring ceilings, an open-concept kitchen, a screened in porch, dining, and living areas that take advantage of ocean views and natural light. A bonus room on the lower level provides flexible space for an office, game area, or additional living area. With multiple covered and uncovered decking (with a Stair Tamer lift that is in great shape!), there's always a spot to nap in the shade or enjoy a bit of sunshine. Enjoy direct access to the lake for kayaking and paddleboarding, along with access to community amenities including a pool and tennis courts. New Septic, 2011; Exterior HVAC units were replaced in 2021 and 2023. Offered at a significantly reduced price to reflect the potential for updating, this property presents a great opportunity for buyers looking to personalize a home in a desirable Outer Banks community.