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David Hanson

david@hansoncapital.co +1(423) 599-9907

$ 369,000

Est. payment | -/mo

7 Beds

3 Baths

2,640 SqFt

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$ 369,000

Est. payment | -/mo

Save Virtual Tour

7 Beds

3 Baths

2,640 SqFt

Key Details

Property Type Single Family Home

Sub Type Single Family Residence

Listing Status New

Purchase Type For Sale

Square Footage 2,640 sqft

Price per Sqft $139

Subdivision Penelope Neighbors

MLS Listing ID 10882910

Style Ranch,Traditional

Bedrooms 7

Full Baths 3

HOA Y/N No

Year Built 1957

Annual Tax Amount $4,949

Tax Year 2024

Lot Size 9,365 Sqft

Acres 0.215

Lot Dimensions 9365.4

Property Sub-Type Single Family Residence

Source Georgia MLS 2

Property Description

Exceptional cash-flowing investment opportunity in Atlanta's growing Westside! Offered at just $369,000 with a projected after-repair value (ARV) of $480,000, this income-producing 7-bedroom, 3-bathroom rooming house offers an impressive 15.53% gross rental yield based on scheduled income, established tenants, and tremendous value-add potential! Located JUST 3 BLOCKS FROM A MARTA TRAIN STATION, this property offers exceptional convenience for tenants and excellent potential for PadSplit or other room-by-room co-living strategies. Current monthly rental breakdown includes Room 1: $740 (Airbnb), Room 2: $675 (long-term tenant), Room 3: $680, Room 4: $725 (private bathroom/on-site house manager), Room 5: $680, Room 6: $750, and Room 7: $600, totaling $4,850 monthly ($58,200 annually) in gross potential rental income. After the house manager's $75 monthly discount, scheduled rental income is $4,775 monthly ($57,300 annually), representing a 15.53% gross rental yield at the asking price before operating expenses. The spacious layout features 4 bedrooms and 2 bathrooms on the main level, plus a finished basement in-law suite with 3 bedrooms, 1 bathroom, and a kitchenette. Owner pays utilities, with Georgia Power currently on a $199 monthly budget billing plan. Significant upside potential exists through approximately $20,000 in estimated cosmetic kitchen and bathroom upgrades, with nearby sales including 1860 Penelope Road ($475,000) and 1328 Sharon Street ($475,000). Projected ARV of $480,000 is subject to appraisal. Investors may also explore converting the garage into a studio apartment and the living room into an additional bedroom, potentially adding $1,700 monthly and increasing scheduled rental income to $6,475 monthly ($77,700 annually), representing a projected 21.06% gross rental yield at the current asking price before conversion costs and operating expenses, subject to zoning and permitting approvals. With 7 established rental rooms, existing tenants, and an on-site house manager, this property presents an attractive opportunity for investors seeking immediate rental income, future equity growth, and expansion into PadSplit-style shared housing. Conveniently located near Downtown Atlanta, MLK Jr. Drive, I-20, shopping, dining, and the BeltLine Westside corridor. Listing agent has access to lenders specializing in rooming-house financing. An outstanding opportunity to acquire an established income-producing investment with substantial upside potential and multiple avenues to maximize cash flow!

Location

State GA

County Fulton

Rooms

Bedroom Description No

Basement Bath Finished, Exterior Entry, Full, Interior Entry

Dining Room Dining Rm/Living Rm Combo

Interior

Interior Features High Ceilings, Master On Main Level, Tile Bath, Walk-In Closet(s)

Heating Central

Cooling Attic Fan, Ceiling Fan(s), Central Air

Flooring Hardwood, Vinyl

Fireplaces Number 1

Fireplaces Type Other

Fireplace Yes

Appliance Dishwasher, Double Oven, Gas Water Heater, Range, Refrigerator, Stainless Steel Appliance(s)

Laundry Other

Exterior

Exterior Feature Other

Parking Features Garage, Attached, Parking Pad

Garage Spaces 3.0

Fence Back Yard

Community Features Park, Playground, Pool, Street Lights, Tennis Court(s), Near Public Transport, Walk To Schools, Near Shopping

Utilities Available Cable Available, Electricity Available, Natural Gas Available, Sewer Available, Water Available

View Y/N Yes

View City

Roof Type Composition

Total Parking Spaces 3

Garage Yes

Private Pool No

Building

Lot Description Other

Faces GPS

Sewer Public Sewer

Water Public

Architectural Style Ranch, Traditional

Level or Stories Two

Structure Type Brick

New Construction No

Schools

Elementary Schools Woodson

Middle Schools Bunche

High Schools Douglass

Others

HOA Fee Include None

Tax ID 14017300100158

Acceptable Financing Cash, Conventional, FHA, VA Loan

Listing Terms Cash, Conventional, FHA, VA Loan

Special Listing Condition Updated/Remodeled

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David Hanson

Agent License ID: TN 338923 / GA 374620

david@hansoncapital.co

+1(423) 599-9907

1917 Penelope RD NW Atlanta, GA 30314

David Hanson

Key Details

Location

Rooms

Interior

Exterior

Building

Schools

Others

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1917 Penelope RD NW