Welcome to 318 S Water Street! This unique property truly offers three for the price of one and is packed with potential. The main home is a charming rancher with over 3,000 square feet of living space, set on over an acre, all just minutes from the shops, restaurants, brewery, and everything downtown Woodstock has to offer. Inside, you'll immediately notice the comfortable and easy flow, with plenty of space to spread out. The main living area opens into a bright sunroom with built-ins, creating a great everyday space to relax, read, or work from home. The kitchen provides ample cabinet space and connects seamlessly to the dining area and living room. There is also an additional living space with a fireplace and spiral staircase that adds character and flexibility for whatever fits your needs, whether that is a cozy second living room, rec room, or creative space. The main level also features two spacious bedrooms and a full bath, while the finished basement offers even more room to work with, including an additional bedroom, two full bathrooms, a large open living area, and a full second kitchen, making it a great setup for private lower level living or extended stays. From there, step out onto the screened in porch and down to a deck overlooking the backyard, creating a great space to relax or entertain. But wait, there's more! This property also includes a separate additional dwelling featuring 1 bedroom, 1 bathroom, a full kitchen, and its own electric meter, making it ideal for rental income, guest space, or a private home office. Plus, an additional vacant lot right in town adds even more value, whether you're looking for extra privacy or future building potential. Opportunities like this don't come along often. Space to live, space to earn, and room to grow, all in one property. Documentation is available regarding a FEMA Letter of Map Amendment (LOMA) from 2009 removing the structures from the Special Flood Hazard Area (SFHA).