Two separate homes under one roof, both rented, both licensed with the City of Waterloo, and a lot underneath them worth a longer look. The main floor has three bedrooms, a full kitchen, a three-piece bath, and a walkout to the deck over the back yard. Downstairs is a second complete home with two bedrooms, a large separate office, its own kitchen, bath, laundry and private entrance, so the two households never have to cross paths. The house is solid brick on a poured concrete foundation with shingles done in 2016, a gas furnace, central air, water softener and sump pump. There is a detached garage and room for four more cars in the drive. The land is the part most people miss. Just over sixty feet of frontage on close to 7,500 square feet, facing north, minutes from both universities and a four-minute walk to the bus at Lincoln and Mayfield. Waterloo changed its rules in December 2024 about what low-density residential land is allowed to become, and available is a full concept package for a larger multi-unit building here, with site plan, floor plans and mechanical drawings. Lincoln Heights and Bluevale catchment, with Roselea Park on the same street. Collect the rent while you look into the rest.