3202 Lincoln Way, Ames, IA, 50014

About This Home

Excellent opportunity to own an income-producing rental property just a few blocks west of Iowa State University. This classic Dutch Colonial style 2-story home offers 5 bedrooms, 2 bathrooms, a 2-car detached garage, and strong rental history with current gross income of $2,500 per month. The property is leased through July 31, 2026, providing immediate cash flow for the next owner. It also carries a current Letter of Compliance with the City of Ames valid through April 10, 2029 for added peace of mind. Major exterior improvements include new roof, siding, and gutters completed in 2023, along with several newer vinyl windows and a new water heater installed in 2022. Inside, the home retains timeless character with oak hardwood floors throughout much of the property and spacious room sizes rarely found in student rentals. The flexible floor plan includes three bedrooms on the upper level, one bedroom on the main floor, and one bedroom in the lower level, making it ideal for maximizing occupancy and rental demand. Tenants also enjoy a large main floor living and dining area perfect for gathering or studying. Outside, the oversized yard offers room for recreation, while ample off-street parking and the detached 2-car garage provide added convenience and storage. Situated directly on the CyRide bus route, commuting to campus and throughout Ames is easy and convenient. An added bonus: seller is offering a one-year American Home Shield home warranty. A smart addition to any investment portfolio!