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678-909-1645
Real Estate Company
1917 Penelope Nw Road, Atlanta, GA 30314
- $369,000
- 7
- BD
- 3
- BA
- 2,640
- SqFt
- List Price
- $369,000
- MLS#
- 7862221
- Status
- ACTIVE
- Type
- Single Family Residential
- Subtype
- Single Family Residence
- Bedrooms
- 7
- Bathrooms
- 3
- Square Footage
- 2,640
- Lot Size
- 0.215
- Subdivision
- Penelope Neighbors
- Basement
- Yes
- Basement Description
- Exterior Entry, Finished Bath, Full, Interior Entry
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!
Additional Information
- Style
- Ranch, Traditional
- Stories
- Two
- Construction
- Brick
- Year Built
- 1957
- Neighborhood Amenities
- Near Public Transport, Near Schools, Near Shopping, Park, Pickleball, Playground, Pool, Street Lights, Tennis Court(s)
- Kitchen Features
- Breakfast Bar, Breakfast Room, Solid Surface Counters
- Interior
- High Ceilings, High Ceilings 9 ft Lower, High Ceilings 9 ft Main, High Ceilings 9 ft Upper, Walk-In Closet(s)
- Fireplaces
- 1
- Exterior
- Other
- Roof
- Composition
- Parking
- Attached, Garage, Parking Pad
- Lot Desc
- Other
- Water
- Public
- Sewer
- Public Sewer
- Elementary School
- Woodson Park Academy
- Middle School
- Ralph Bunche
- High School
- Frederick Douglass
- Acres
- 0.22
- Dock
- None
- Levels
- Two
- Taxes
- $4,945
Listing courtesy of Coldwell Banker Realty.
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