Welcome to this beautifully updated bungalow nestled in the heart of Gravenhurst, just a short stroll from Gull Lake Park and the downtown core. This home seamlessly combines modern upgrades with the flexibility of multi-generational living or rental income potential in a quiet, family-friendly neighbourhood. The main level features 4 bedrooms and 1 bathroom, with a renovated custom kitchen & dining area (2022). Enjoy the bright and open layout with updated windows, pot lights, flooring, paint, electrical panel and more - mostly completed in the last 4 years. The fully finished walk-out basement offers incredible versatility with 2 additional bedrooms, 1 bathroom, a second kitchen, and a private entrance. Outside, you'll find a generous level lot with room to relax or entertain, all within walking distance to parks, schools, shops, and restaurants. Whether you're looking for a family home with room to grow or a possible investment property with income potential, this Gravenhurst gem is a must-see!