INVESTORS, PRIMARY RESIDENTS & MULTI-GENERATIONAL BUYERS--Discover an exceptional opportunity to own one of Santa Rosa Beach's most versatile properties-2 HOMES for the price of ONE! Just minutes from the sugar-white beaches of South Walton and Scenic Highway 30A, this unique coastal compound is zoned for both short-term and long-term rentals, offering incredible flexibility for investors, owner-occupants, workforce housing, or multi-generational living. Situated on a 0.28-acre lot and bordered by a 255-acre conservation buffer that will never be developed, the property features two fully furnished coastal cottages, a 30-amp RV hookup with sewer connection, ample parking, no HOA, and room to add a pool, spa, garden, or expanded outdoor living spaces. One of the property's most remarkable qualities is how it lives far larger than its square footage suggests. Expansive screened porches, generous decks, and thoughtfully designed outdoor spaces blur the line between indoors and out, creating an inviting coastal atmosphere where every square foot is maximized. Whether enjoying your morning coffee on the porch, entertaining friends outdoors, or unwinding after a day at the beach, the seamless indoor-outdoor flow becomes an extension of the living space. The Blue Cottage offers 2 bedrooms, 1 bathroom, 868 square feet of heated and cooled living space plus a 178-square-foot screened porch, totaling 1,046 square feet of usable space. Extensive improvements include a 2023 metal roof, new kitchen appliances, new kitchen island, countertops, flooring, interior and exterior paint, water heater, washer and dryer, and a new laundry room door. The screened porch features a flat-screen TV and opens to a grilling deck, while plumbing is already in place for a future outdoor shower, pool, or spa. The most recent long-term lease generated $2,125 per month, while the cottage produced approximately $29,000 in gross short-term rental income during 2023. Privately tucked away on the opposite side of the property, the detached "Crab Island" Studio Cottage, built in 2014, creates its own secluded retreat behind an 8-foot privacy fence. Perfect for pets, guests, or future outdoor enhancements, the fenced yard offers ample room for a pool, hot tub, or additional entertaining space. The studio features 350 square feet of interior living space complemented by an impressive 236-square-foot screened porch, where large sliding glass doors create a true indoor-outdoor living experience. Designed for coastal entertaining, the porch includes an outdoor kitchen with a wet bar, sink, mini refrigerator, storage, and ceiling fans, while the wraparound deck and outdoor shower make beach days effortless. Inside, the studio offers a kitchenette, an updated bathroom with a new shower, and flexible living space ideal as a guest house, artist's studio, home office, hobby room, fitness room, private retreat, or mother-in-law suite. The most recent long-term lease generated $1,675 per month, and the studio produced approximately $19,000 in gross short-term rental income during 2023. With combined long-term rental income of $3,800 per month ($45,600 annually), this property offers outstanding flexibility. Live in one cottage while renting the other, lease both for investment income, accommodate extended family, create workforce housing for local professionals, or simply enjoy a private coastal retreat with supplemental rental potential. Conveniently located just minutes from Scenic Highway 30A, Grand Boulevard, Topsail Hill Preserve State Park, Sacred Heart Hospital, shopping, dining, entertainment, and South Walton's world-famous beaches, this property combines privacy, versatility, and established income potential in one exceptional offering. More than just two cottages, this is a thoughtfully designed coastal compound where lifestyle, flexibility, and investment opportunity come together--offering possibilities that are increasingly rare to find in Santa Rosa Beach.