NEW PRICE. Seller is very motivated. Quick close preferred. This a rare opportunity to purchase a classic cottage-cabin rambler on Phelps Island, steps from Phelps Bay, Lake Minnetonka. This is one of the best lots on Phelps Island. Built in 1920, this charming home sits on a double, corner, and wooded lot, surrounded by well-cared-for mature trees. The large fenced-in yard is a blank canvas for anyone who wants to create their dream landscaping/garden or have a large space for kids or pets or both. The property has two large driveways - more than enough extra space to park your boat, camper etc. As a Mound resident the owner will be part of the exclusive Mound Dock Program, allowing access to stunning Phelps Bay, Lake Minnetonka. The light-filled, open-plan, and relaxed interior feels connected to the nature that surrounds the home. Two large bedrooms, working original fireplace, with ample room for entertaining inside and out. Set in a tranquil location this home feels like a hideaway. New roof on house in 2023. New roof on garage and garage rehab in 2022. New retaining wall in 2023. Bathroom pipes/plumbing replaced 7 years ago with a bathroom update. HVAC, washer, dryer, range, and refrigerator have all been covered by "Home Service Plus" through Centerpoint Energy - all kept serviced and up to date. Phelps Bay is one of the quietest Bays on Lake Minnetonka - lots of sailing, windsurfing, kayaking, and canoeing. Don't miss this opportunity to live in a truly beautiful and unique location. Live in it and love it, or build your dream home - limitless possiblities and potential.