The idea of an income-generating duplex is often more enticing than the reality. While it would be great to live in one place while making money off another — there are often certain concessions that come along with it — but 2047 Lake Shore Avenue makes for a compelling case.

For $849,000 – an average sum for an Elysian Heights home these days – you get a charming 2 bedroom, 1 bath Spanish-style bungalow in front, along with a garage that’s been converted into a studio space, plus a 1 bedroom, 1 bath studio that’s completely separate from the main house.

Original 1920s charm can be found all over the front home, and recent updates tastefully blend in with the hardwood floors and built-in cabinets.

While not huge, the rooms are all comfortably sized and well-appointed. The kitchen has stainless steel appliances and the farm house sink we’ve come to expect.  Additionally, the bedrooms and bath offer plenty of space.

The terraced space out back offers multiple options for outdoor entertaining, while also serving as a comfortable buffer between the main house and studio.

The studio (pictured above) is far from being a penalty box, offering both privacy and better views.  While there’s no interior photo of said studio, it’s amazing in person.  It is spacious, with high ceilings, and would make the perfect home office or den.

Above the terraced sitting area, you’ll find the 1+1 unit.

Inside you’ll find a smaller living and dining area, but charm from the original home carries over.

Theoretically, if this were going to be for an in-law, they wouldn’t have much reason to be mad with you.  All that’s missing is central or dual-split A/C to make them comfy.

Between a well-appointed front home, a converted garage/studio, plenty of usable outdoor space, and a charming 1+1 there is much to like about 2047 Lake Shore Avenue.

For a private showing, please contact Jovelle Schaffer at jovelle@jovelle.com or call (213) 718-1110.

Sarah Pearson of Teles Properties, Inc. has the listing.