161 Gould Street Frankston VIC 3199 $1,450,000 - $1,595,000 Positioned between the golden sands of Long Island Beach and the tranquil waters of Kananook Creek, this rare waterfront property on approx. 425sqm delivers a flexible dual-living layout ideal for investors, extended families, or holiday-makers seeking a high-yield income stream in a prized Frankston location. At the front, the beautifully renovated main residence features an expansive open plan living, dining and kitchen zone, enhanced by timber-look floors, LED downlights, split system heating/cooling, and potential to reinstate the original open fireplace. The modern kitchen is well-appointed with a Foster gas cooktop, Whirlpool oven, Bellini dishwasher, breakfast bar and pendant lighting. Three spacious bedrooms are carpeted with built-in robes, serviced by a sleek central bathroom with integrated laundry and a generous storage room. A loft ladder leads to additional ceiling storage, offering excellent practicality. Additionally the property features a 10kW Solar System. At the rear, a separate self-contained cottage residence boasts a light-filled living and dining space, kitchenette with fridge, a large master bedroom plus a second bedroom with ensuite, and under-house storage. Styled with beachy charm, this space is ideal for dual occupancy, guests, or short-stay accommodation. Outdoors, a large deck and landscaped garden flow down to the private jetty and boat house, offering direct access to Kananook Creek. The property also includes a double remote carport, pergola, and side access. All this within a short walk to Frankston's vibrant restaurants, cafés, cinemas, train station, Long Island beach, Frankston Pier, and the scenic boardwalk along the waterfront.