192 Morphew Rd, Hot Springs, AR 71913

4.5-Acre Multi-Family Compound & Development Opportunity | Lake Hamilton School District (Outside City Limits) Owner's Vision: When I moved to Hot Springs, I was frustrated by the lack of quality long-term rentals in good areas. Due to tourism from the lakes, track, and casino, nearly everything is a short-term rental. Families must choose between cheap, run-down housing in bad areas, or outrageously priced rentals. I set out to break that cycle. My dream was to build a beautiful community offering clean, reliable, affordable long-term housing. A new owner can rent these units at a reasonable price while making an exceptional return, giving working families a rare opportunity to raise kids in a safe area and attend Lake Hamilton School District—the area's top district. Due to health reasons requiring a move out of state for medical facilities, I cannot finish this project. I am looking for someone to buy this property and finish this dream, capitalizing on massive rental demand. Alternatively, it is perfectly set up as a private family compound to live in the main home and use the turnkey lakefront cottage for guests. Parcel & Property Breakdown: Sold together under one transaction. Note: Standard online estimates (like the Zestimate) only calculate the single 3.5-acre parcel and completely omit the independent 1-acre lakefront parcel. The 3.5-Acre Parcel: Holds the updated 2,720 sq ft main residence and features the active creek running along the back into the finger of the lake. The 1-Acre Lakefront Parcel: Holds the fully remodeled, 1,100 sq ft turnkey bungalow, sitting elevated on the hill overlooking a quiet finger of the lake. Prime Location & Neighborhood Profile: Offers a peaceful residential mix balancing quiet stability with luxury real estate. The immediate channel features premium, million-dollar lakefront estates. Bordering west is an upscale, gated community; directly north sits another premier community of million-dollar properties. To the east, the property borders a long-standing pocket of well-maintained homes built in the 1960s. This side is quiet, stable, and populated mostly by long-term residents. Main Residence (2,720 SQ FT | 4 BR / 3 BA): Features a new roof (2023), new AC, and new LVP flooring. Premium, custom real wood ceiling fans are in every room. Split layout features a Primary Suite with a private full bath, separate exterior entrance, and a door to the backyard. The Second Suite sits on the opposite side with an attached bath. Bedrooms 3 & 4 share a third full bath. Includes a large laundry room with a granite counter, cabinets, space for a second fridge, and a high-volume water heater. Lake Bungalow (1,100 SQ FT | 1 BR / 1 BA): Completely remodeled on the elevated 1-acre parcel. Features a new roof (2023), new AC, new LVP, heavy-duty 3/4-inch drywall, all-new electrical, and new PEX plumbing. Includes new windows, doors, granite counters, custom cabinets, and premium real wood ceiling fans in every room. The redone back porch overlooks the quiet channel with a large outdoor fan. Outside features a new barbecue area with a rock border and gravel. Fully furnished and turnkey with TVs, kitchen equipment, linens, and towels. Infrastructure & Development: An active creek on the back end empties into a peaceful, narrow channel of the lake. Standing at the shoreline offers a scenic look down the channel toward open water. A level, cleared building pad is already in place. Located outside city limits with no restrictive ordinances or short-term rental license rules. Includes engineered plans for a 15-unit mobile home park layout (expired by a couple of months but readily renewable/adjustable). Sale includes $30,000 worth of brand-new, commercial-grade sewer infrastructure components on-site (high-capacity tank and pump system engineered for up to 18 homes) ready for installation.