Experience the perfect blend of historic charm and modern versatility at 261 Colborne Street - one of the area's original 1880 homesteads, set on an impressive 71 x 414 ft lot backing directly onto the Elora Cataract Trailway. Just a short 1 km stroll to downtown Elora, this property offers the rare combination of small-town convenience and private, country-like serenity. The main home features 4 spacious bedrooms upstairs, including a generous primary with double closets, along with a 4-piece bathroom on the upper level. The main floor offers a bright eat-in kitchen filled with natural light, a cozy rear living room with walkout access to the deck and backyard, and a convenient 3-piece bathroom - ideal for guests or everyday family living. Downstairs, you'll find a fully self-contained 2-bedroom basement apartment complete with its own kitchen, full bathroom, and separate laundry - an ideal setup for multigenerational living, steady rental income, or short-term Airbnb rental potential. Outside is where this property truly shines. The massive, beautifully landscaped lot provides exceptional privacy in the warmer months, framed by mature trees and direct trail access. A heated detached workshop offers endless possibilities for hobbyists, small business owners, or additional storage, with ample room for future expansion. Generous parking easily accommodates multiple vehicles, guests, or recreational toys. Whether you're looking for a family home with income support, a savvy investment, or a private retreat just steps from downtown charm - this property delivers. Space. Privacy. Flexibility. A truly rare offering in Elora.