Rare opportunities like this don't come along often! Lovingly maintained by the same family for decades, this charming 1955 raised bungalow is ideally located just one block from the hospital, within walking distance to downtown and all amenities, and backs onto a beautiful forested area along Waskasoo Creek with no neighbours behind. Situated on a huge lot with a spacious double garage, room for RV parking, and multi-family residential zoning, this property offers outstanding future potential for expansion or redevelopment - while being a wonderful home today. Inside, you'll find a bright, functional layout with large windows, spacious rooms, and original mid-century charm. Numerous updates include shingles, high-efficiency furnace, humidifier, and hot water tank (all 2014) as well as vinyl windows in approximately 2023. This provides peace of mind and extremely affordable energy bills, even in the coldest months. The bright basement features a walk-up side entrance, plenty of storage, a kitchenette with a vintage gas stove, another bedroom and an office or den. This is a truly unique property offering exceptional value in one of Red Deer's most unique hidden locations.