Rare opportunity to own a high-upside, 31.4-acre estate in Perham, MN, located just five minutes from downtown amenities and the shores of Little Pine Lake. This exceptional property offers a unique blend of privacy, recreation, and significant income potential. The residence is currently configured as two fully separated, self-contained units-a 1,326 sq. ft. 2-bedroom/2-bath unit and a 1,572 sq. ft. 3-bedroom/2.75-bath unit. This layout provides unmatched flexibility, whether you are looking for a multi-generational living solution, a high-performing duplex for long-term tenants, or a lucrative short-term rental (VRBO) near the lakes. For those seeking a massive single-family retreat, the floor plan offers an easy path to integration into a 5-bedroom, 5-bathroom masterpiece. The outdoor amenities are equally impressive and increasingly rare for the area, featuring prime hunting land, abundant wildlife, and a private stocked fishing pond that creates a true sanctuary atmosphere. Complementing the acreage is a standout 44' x 80' fully insulated steel building, complete with concrete floors and in-floor heat. This professional-grade space is perfect for a heated workshop, a home-based business, or storing a large collection of boats and recreational toys. Whether you are an investor looking for a high-yield asset or a homeowner dreaming of a private country retreat with modern utility, this property delivers incredible value and endless possibilities in one of the region's most sought-after locations.