Welcome to this exceptional bungalow featuring two legal units, offering a fantastic opportunity for homeowners, investors, or multi-generational families. Located in the desirable Old Lakeshore neighbourhood, this well-maintained property combines comfortable living, excellent rental potential, and an impressive 8â?? x 20â?? Swim Spa. The home has been thoughtfully updated over the years, including a newer electrical panel and plumbing, a 2020 furnace and A/C, a 2020 on-demand water heater, a 2019 asphalt driveway, an updated, newly legal 1-bed basement unit, a garage door, eavestroughs and fascia, plus an updated steel roof. The front porch and fully fenced backyard were newly completed this year. The bright primary bedroom features sliding-door access to a new deck surrounding the Swim Spa, creating a private and relaxing outdoor oasis. The fenced yard, complemented by privacy curtains and mature trees, offers excellent potential to create your own backyard retreat. A large storage shed provides additional convenience. Inside, the spacious updated kitchen is ideal for anyone who loves to cook, featuring stainless steel appliances, a gas stove, oversized refrigerator, deep sink, and an extra-large peninsula countertop. The updated main-floor bathroom includes convenient laundry and a walk-in shower. The living room is filled with natural light through a large picture window overlooking the peaceful cul-de-sac. Downstairs, the legal 1 beds basement provides a gas fireplace, modern kitchen, additional bedroom, and full bathroom. It is ideal for independent living and also offers excellent potential as a stable rental unit, providing an additional source of rental income for the property. Enjoy a fantastic location close to Laurelwood Conservation Area, the University of Waterloo, and the LRT, while being within walking distance of schools, public transit, and shopping.