Welcome to Ann Acres, where endless possibilities await. This charming beach cottage offers the perfect opportunity to enjoy summer living, earn rental income from a proven rental history, or build a brand-new home. Located on a fee simple 50 x 100 lot just three blocks from the ocean (fee simple means no ground rent)this home has undergone numerous updates over the past two years. The first level features a family room that leads to an updated kitchen and dining area. There are three bedrooms, one full bathroom, and a door that opens to a deck overlooking a large fenced yard with an outdoor shower and room for a pool! The second level boasts a family room with a back covered porch and a front open deck. Extensive updates have been made, including reinforced foundation, refinished hardwood floors, a custom staircase to the second floor, newly drywalled and painted ceilings on the first level, updated kitchen cabinetry and counters, and relocated hot water heater. Additional improvements include two mini-splits for HVAC and heating, insulated and drywalled walls on the second level, new flooring on the covered porch, new deck railings, repaired siding, updated fencing, gates, paver sidewalk, and parking area. Enhancements also include an updated outdoor shower, new light fixtures, ceiling fans in bedrooms, and more. Despite these modern upgrades, the property maintains its classic beach cottage charm with knotty pine paneling. A Rental Proforma suggests an income range of $38,000 to $90,000 per year, with the potential for an additional $20,000 by adding a pool. If you envision starting fresh, plans are available for a brand-new three-story, 5-bedroom home on this lot, starting at $1,412,400 as a lot/home package. Immerse yourself in the Dewey Beach Way of Lifetake the video tour today!