Welcome to 1071 Lilac Ave in East Lansing, a beautifully maintained 4-bedroom, 2-bath Cape Cod located in the desirable Flowerpot Neighborhood. Licensed for a family or up to four unrelated occupants, this property is an excellent opportunity for both homeowners and investors. Currently leased for $2,900 per month through August 2027, it offers immediate rental income in a prime location close to Michigan State University, an elementary school, shopping, and major highways. This well-cared-for home features beautiful hardwood floors and a functional layout with two bedrooms and a full bath on the main level, along with the living room, kitchen, and dining area. Upstairs, you'll find two additional bedrooms, a second full bath, and the convenience of second-floor laundry. Recent updates include a new sewer line and driveway (2018), fresh exterior paint (2020), a new furnace (2021), a new shed (2023), plus newer washer, dryer, and dishwasher. Situated on a double lot, the property also offers the potential to split the second parcel and build an additional home, subject to East Lansing approval, creating an outstanding opportunity for future development or added value. Whether you're looking for a turnkey investment or a well-maintained home with exceptional potential, this property offers a rare combination of location, flexibility, and long-term opportunity.