Welcome to 921 N Payne Street in New Ulm! This spacious 4 bedroom, 2 bathroom home offers over 2,300 finished square feet along with a unique opportunity for both homeowners and investors alike. The main level features comfortable everyday living with fresh paint updates throughout the kitchen, dining room, living room, and bedroom spaces, creating a bright and inviting feel from the moment you walk in. The home also features durable steel siding for added curb appeal and low-maintenance exterior living. Downstairs, the home truly stands out with a licensed lower-level rental setup complete with its own kitchenette, living room, bedroom with newly added egress window, 3/4 bathroom, and walkout access. Whether you're looking to offset your mortgage through rental income, create a private space for multigenerational living, or expand your investment portfolio, this flexible layout opens the door to multiple possibilities. The basement also features an additional bonus room that could be converted into a 5th bedroom, used as an indoor workshop, home gym, office, or provide valuable extra storage space depending on your needs. Additional updates include a new kitchen faucet, added basement screen door, and exterior paint improvements. The attached 2-stall garage, functional layout, and established neighborhood location make this property an attractive option for owner-occupants and investors alike. Homes with income-producing potential like this are hard to find in New Ulm. Schedule your showing today!