Nestled on a quiet street in the heart of Russell and backing directly onto the Castor River, this rare riverfront bungalow offers an exceptional opportunity to renovate and create something truly special. Set on a generous lot with approximately 80 feet of frontage and 180 feet of depth, the property features a spacious backyard with direct water access ideal for canoeing, kayaking, or simply enjoying the peaceful setting. Built in 1960, the home offers solid bones and a flexible layout suited to renovators or buyers seeking multi-generational living potential. The main level currently features 2 bedrooms, with the possibility of converting back to the original 3-bedroom layout. A recently updated kitchen (2025) provides a fresh starting point, while the remainder of the home is ready for cosmetic updating and renovation. The walk-out basement includes a separate entrance, full bathroom, its own kitchen and laundry, and a nanny or in-law suite style setup offering excellent flexibility for extended family or guests. Originally designed as a 2-car garage, the space is currently configured as a 1-car garage with workshop and storage areas, but could easily be converted back if desired. Within walking distance to schools, parks, and the village core, this is a rare chance to secure a waterfront property in an established neighbourhood and renovate to your own taste while enjoying one of Russell's most scenic settings.