Timeless craftsman bungalow in the highly desirable Greater Woodlawn neighborhood of St. Petersburg, offering historic character, modern conveniences and the added advantage of a valuable financial benefit through potential rental income. This property features a spacious three-bedroom, two-bath main residence with over 1,500 square feet, original refinished heart pine floors, high ceilings, a fireplace, an updated kitchen with quartz countertops and stainless steel appliances, formal living and dining areas, a separate office, a sunroom and inside laundry. Enjoy the oversized wraparound screened porch, private deck and fenced backyard. A separate two-story building in the rear provides additional flexibility, featuring an updated two-bedroom, one-bath apartment upstairs and a studio downstairs, offering excellent opportunities for rental income, guest accommodations, multigenerational living or a private workspace. Additional features include a two-bay garage, separate water and electric meters for each building and off-street parking. Major improvements include main roof replacement in 2021, porch roofs in 2023 and main house A/C in 2022. Ideally located within a short distance of popular restaurants and shops and just minutes from Crescent Lake Park, Downtown St. Petersburg, beaches, hospitals and I-275. A rare opportunity to enjoy a beautifully maintained home with exceptional flexibility and income-producing potential in one of St. Petersburg's most desirable neighborhoods. The property is not in a flood zone.