Perched high above the street in Sullivan's Gulch, this classic Old Portland Foursquare is loaded with original character and wildly versatile, the ultimate Swiss Army knife house. Use it as one generous single family home or close the central stairwell door to create two living spaces, each with its own kitchen and private entry. The current owners have used it both ways, living upstairs while renting the main floor and vice versa. An active Airbnb city permit with 5-star ratings across 88 reviews between the upper and lower units adds another intriguing option.A gracious formal entry opens to a beautiful staircase, wood floors, and pocket doors. The dreamy living room with large picture windows and fireplace is a focal point. The dining room off the living room has French doors to a deck. The sunny kitchen has another back deck, great for grilling and entertaining. The main floor bath was fully renovated with all new fixtures and heated tile floors. Upstairs there are two bedrooms, a generous living room, a second kitchen and another full bathroom. Just off the living room is a super cool covered balcony, a year round guest favorite. The full basement offers room to finish. A seriously cool tunnel connects the garage to the basement. The garage rooftop patio is perfect for dining. Major system improvements include an upgraded electrical panel, rewired basement and attic, attic insulation, and more.The backyard is a true oasis, with mature plantings, beautiful trees, and open space. Exterior improvements include 2026 paint, new fencing and front gate, rebuilt exterior staircase, and more.Fred Meyer and New Seasons are just one block away, and the house sits on a designated shared bicycle roadway connecting neighborhood greenways. Walk to Grant Park, 28th Avenue restaurants, bars, schools, and neighborhood favorites, with Broadway and the Hollywood Theatre nearby. I-84 is just minutes away. One house, an impressive number of ways to make it work. [Home Energy Score = 1. HES Report at https://rpt.greenbuildingregistry.com/hes/OR10183048]