Rare lakefront opportunity in Lincoln City with highly sought-after zoning that permits short-term vacation rentals 365 days per year—an increasingly rare feature on the Oregon Coast. Licensed and operating as a successful, established vacation rental, this custom Craftsman home offers four bedrooms, three and a half baths, and the perfect blend of lifestyle and investment potential. Designed to showcase stunning lake views, the home features three separate living areas, two gas fireplaces, a private sauna, a wet bar with a mini fridge, and expansive outdoor entertaining spaces. Open Nano doors create seamless indoor-outdoor living, while the gourmet kitchen is appointed with quartz countertops, a large island, a gas range, a farmhouse sink, soft-close cabinetry, and a pantry. Two ensuite primary bedrooms—including one on the main level—provide flexibility for owners and guests alike. Upstairs, a spacious bunk loft features two twin-over-full bunk beds, creating a fun and functional space for additional guests. With accommodations for 12-14 guests, the home is ideally suited for large gatherings, multi-generational vacations, and strong vacation rental demand. Recent upgrades include a swim platform, Trex decking, a hot tub, and a private boat dock, making it easy to enjoy boating, swimming, paddleboarding, and all that lakefront living has to offer. Located just minutes from Lincoln City's beaches, shopping, dining, Devils Lake recreation, hiking trails, and Chinook Winds Casino, this exceptional waterfront property presents a rare opportunity to own a home that can be enjoyed personally while generating income year-round. Whether you're seeking a proven investment property, a private retreat, or the best of both worlds, this unique lakefront residence offers outstanding versatility, year-round rental flexibility, and exceptional income potential.