Turnkey Duplex with Rare Double Lot - Multi-Family Income Opportunity! 205 Water Street is a well-maintained duplex with historical income-producing options situated on a rare 0.35± acre corner lot in the heart of Sheridan, Montana. This unique property includes two separate parcels, offering not only potential rental income but also future development options-build an additional single-family home, duplex, garage or simply hold the second lot as a long-term investment. A projected $3,000/month was estimated by a local, licensed property manager between the 2 units as long term rental, plus you have the option to sell or develop the other lot! Built in 2012, the existing home is thoughtfully configured as a true up/down duplex, with separate entrances, full kitchens, laundry facilities, and dedicated utility meters for each unit. The upper unit features 3 bedrooms and 2 full bathrooms, a spacious open-concept living area, a full kitchen with appliances, in-unit laundry, central A/C, and a private balcony deck-ideal for outdoor dining or relaxation. The lower unit mirrors the functionality of the upper, offering 3 additional bedrooms, 1 full bathroom, a full kitchen with pantry, a separate laundry room and a private entrance-making it well-suited for either long-term or short-term rental use. Both units are serviced by their own furnace and hot water heater, creating efficient and independent living spaces for tenants. The property was previously rented, having been used for both long- and short-term income generation and is currently used as a single family residence. Investors will appreciate the dual meters, utility separation, basement floor drain and flexible layout, which make management and tenant turnover simpler and more efficient. Located in the beautiful town of Sheridan, this property offers access to world-class recreation in all directions, including fly fishing, hiking, hunting, horseback riding, and snowmobiling. The nearby historic town of Virginia City adds to the area's charm, while the property's central location between Bozeman and Butte-with airports in both directions-provides convenient regional connectivity. Whether you're an investor seeking cash flowing opportunity, a homeowner looking to offset your mortgage with rental income or a builder interested in the development potential of the second lot, 205 Water Street represents a rare and versatile opportunity in one of Montana's most scenic small towns.