Need some extra storage in your house, but don't have the room for a full closet? The Family Handyman has a guide for a shallow, pegboard-equipped closet that you can fit just about anywhere.
Ideally, you'd remove some drywall to fit this cabinet in place, so this trick isn't for renters — but it would work well in a small house without a lot of storage. Once you've done that, building the cabinet is the simple part — just get some pegboard, some casing that matches the trim in your house, and some small shelves. From there you can hang or store anything you want close by.
Hit the link for detailed instructions, measurements and diagrams.
12 Simple Storage Solutions [The Family Handyman]