Rare opportunity to own a versatile property in a prime Stateline, Nevada location! This unique townhouse features a spacious 3-bedroom, 2-bath main residence plus a separate-entry studio with its own bathroom, offering exceptional flexibility for rental income, multi-generational living, or guest accommodations. Explore a variety of investment possibilities, including short-term rental potential for the upper living space while leasing the lower studio long-term, or enjoy one unit yourself while generating income from the other. As of 7/15/26, there are still 4 short term rental permits available for this neighborhood through Douglas County. Ideally situated on the lake side of Highway 50, this property is just minutes from the Lake Tahoe Bike Path and the scenic Lam Watah Nature Trail leading to Nevada Beach and Round Hill Pines, some of Lake Tahoe's most beloved beaches. Nestled between the prestigious Edgewood Golf Course and the open spaces of Rabe Meadows, the location offers the perfect balance of recreation, convenience, and natural beauty. One of the great highlights of this property is the vaulted tongue and groove ceilings with exposed wood beams which enhance the character of every room. Recent improvements include an updated kitchen, remodeled main level bathroom, and newer flooring throughout. The spacious primary suite occupies its own private level and features a unique sitting nook. The backyard includes multiple storage areas, along with an outdoor bar, and entertainment space. Mature landscaping includes fruit trees, raspberry bushes, and an abundance of mint. Unlike many properties in the area, this townhouse has no HOA. Offered fully furnished and turnkey, this home is ready for immediate enjoyment or rental use. Take advantage of Nevada's favorable tax benefits while owning your own piece of Lake Tahoe.