Set on a half-acre lot in the heart of Middletown, 481 Oliphant Lane is a great combination of space, location, and income-producing potential on Aquidneck Island. This 5-bedroom, 2-bath Colonial is minutes from Newport Vineyards, Newport National Golf Club, Wanumetonomy CC, local walking trails, and Middletown's beaches, with downtown Newport approximately 15 minutes away. A Transient Guest license is currently in place, creating an opportunity for legal short-term rental use and added flexibility as a primary residence, second home, or investment property. The first floor offers a spacious kitchen with a brick fireplace, living and dining areas, a full bathroom, and a large bedroom with an adjoining bonus room ideal for a home office, guest space, or additional living area. The second floor includes 4 additional bedrooms, a full bathroom, and original built-ins that add to the home's classic New England character. The property provides a large yard, ample off-street parking, a detached one-car garage, and an additional storage shed, offering plenty of room for year-round or seasonal living. With convenient access to Newport, Portsmouth, the Naval Station Newport, NUWC, beaches, golf courses, vineyards, and the broader Aquidneck Island community, 481 Oliphant Lane is well positioned for buyers seeking a spacious Middletown home with short-term rental potential in a central location.