I have rented many lakefront homes, obviously landlords always paint a rosy picture and leave out important bits. Home is owned by a trust so makes sense no one really seems to have taken "ownership" of upkeep and maintenance.
Pros: On street/parallel parking for boat/trailer, large common room, lakefront/nice views, there's room for more than 3 cars on the primitive gravel driveway, old eclectic home with several homeowner done remodels over the decades, large dining table, board games
Cons: Lakeshore drive is extremely busy, large double pain windows for view are all failed/cloudy, deck is rotted, railing is sketch, stairs are broken, hundreds of screw and nail heads sticking up on deck and dock, rotted broken deck furniture, debris pile under deck, dock is unsafe from a tear your foot open standpoint, not usable for boats. Geese infestation - dock, rocky beach and lawn had hundreds of goose feeces, cleaned up a bucket load. Hose bibb on dock didn't work so couldn't hose off dock. Large sky lights in bedrooms above beds, one bathroom (yes listed, but always the reality), electrical outlet missing cover (zap your kids), continually leaky kitchen faucet. Spiderwebs/bugs at entries, overall lack of someone taking care of a long list of minor maintenance issues.
Summary: not for kids due to high street traffic, exposed electrical, dangerous deck and dock, geese poop. Going in eyes open, you could certainly enjoy a stay here just make sure your expectations are in line.