This could be the peaceful waterfront Keys property that actually ''pays you back''. Located in one of the Upper Keys' most beloved neighborhoods, known locally as 'Indian Mound', this canal front duplex combines Old Florida Keys charm with solid construction and development potential for a savvy buyer. Water access is important in the Keys and it's terrific from this property. With 32' of dockage on a 100' wide turning basin, this location provides a very quick, easy ride to the bay. Tavernier Creek is nearby, so ocean access is a breeze. Built in 1959, the concrete two-unit home has beautiful terrazzo floors and interesting feature walls that ooze Old Florida charm. Each of the two units has two bedrooms and one bath. Both are leased month-to-month by excellent tenants who have been in place for years. The homes are protected by a 5V-crimp Galvalume metal roof, and kept cool by two 2019 A/C systems. Set on an oversized 10,000 sf lot shaded by attractive trees and served by buried power lines. Recognized by the Village of Islamorada, this duplex offers compelling redevelopment and investment options. Owners might choose to sell two valuable market-rate waterfront Transferable Development Rights (TDRs), replace them with early-evacuation affordable housing allocations, and maintain rental income. Another possibility is to sell one TDR and convert the existing duplex into a single-family home, preserving its charm while unlocking long-term residential potential. Or, simply continue enjoying this solid income-producing property as it is, in a peaceful and highly desirable Keys neighborhood.**Buyers must confirm all redevelopment options and details with the Village of Islamorada Planning Department to ensure alignment with current regulations and opportunities**. Combining Old Florida character, reliable income, and flexible future possibilities, this is ideal for anyone who loves Keys charm & income potential. Vacant 7,023 sf lot next door is available separately.