Incredible and unique market offering! 5.4-acre unrestricted waterfront opportunity in Lakeway 78734 zip code! Gated end-of-the-road position and fenced private park-like feel to this serene oasis. Beautiful shade trees throughout the property. Set up for four horses right now, with stable, storage and riding areas, including an updated one bed, one bath cabin. The main home is completely transformed and is a two-story open-flowing floorplan with natural light. Features full porches on the lakeside, and a second story primary suite with his and her offices or workout areas. Secondary and completely updated two bed, one bath guest house offering overflow or an additional revenue stream with a full kitchen, washer and dryer. One three car garage structure, plus an additional two-car garage with a workshop area and additional covered parking behind for tractors, toys, and trailers. The large, fenced garden area includes a storage shed and outdoor dining opportunity. Plenty of room for hobbies, with flat yard areas, a pool, cabana, boat dock, and its own private boat ramp on the property. Enjoy the Central Lake location while being close in to amenities. No HOA and low tax rate. Two legal acreage lots, offering new owners flexibility on future uses. No duplicate opportunities like this one!