Rare and unique opportunity in Cypress Cove! This property features two homes on one wooded lot just under half an acre, backing directly to the 10+ acres Cypress Cove Park for unbeatable privacy and Hill Country views. The main home offers approximately 1,200 sq. ft. with 2 bedrooms, 2 bathrooms, and two elevated decks overlooking the treetops, creating a true "treehouse" feel. Additional storage is available under the home, and the property is shaded by large, mature oak trees. A charming deck bridge connects to the second home, a spacious 1,152 sq. ft. casita/mother-in-law suite with 1 bedroom, 1 bathroom, a full kitchen, screened-in porch, and large covered porch. This setup opens the door to multiple possibilities: live in one home and rent the other to offset your mortgage, enjoy multi-generational living, or lease both homes as an income-generating property. Whether used as guest quarters, a private office, or investment rental, this property delivers flexibility rarely found in the Hill Country. While the homes could benefit from some TLC, they offer incredible potential and character you can make your own. Cypress Cove offers exceptional amenities including Canyon Lake access, the Guadalupe River, Cypress Cove Park, Cypress Cove Pond, Rebecca Creek Park, boat ramp 11, pool, tennis courts, playground, walking trails, fishing, and barbecue areas... ALL IN-WALKING DISTANCE FROM THIS PROPERTY. Everyday convenience is at your fingertips with a neighborhood market at the subdivision entrance, while major shopping and dining in Bulverde is just 20 minutes away. Historic Blanco, New Braunfels, and Wimberley are also nearby, making this an ideal location for both full-time living and investment purposes. This property combines privacy, versatility, and Hill Country charm in a way rarely found-two complete homes on one lot with endless options for living, hosting, or earning income.