1917 Penelope Road NW

About this home

Exceptional cash-flowing investment opportunity in Atlanta's growing Westside! Offered at just $369,000, 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, subject to applicable regulations and platform approval. 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 strategic property improvements and additional income-generating opportunities, with nearby sales including 1860 Penelope Road ($475,000) and 1328 Sharon Street ($475,000). 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! Seller is also willing to buy down the interest rate with the right offer.

Details

Home type

Other

County

Fulton County

Year built

1957

Lot size (acres)

0.215

Annual tax

$4,949

Tax year

2024

Elementary school

Woodson Park Academy

Middle school

Ralph Bunche

High school

Frederick Douglass

Heating

Central

Cooling

Attic Fan, Ceiling Fan(s), Central Air

Flooring

Hardwood, Vinyl

Parking

Attached, Garage

Levels

Two

Community

Golf, Near Beltline, Near Public Transport, Near Schools, Near Shopping, Near Trails/Greenway, Park, Playground, Pool, Street Lights, Tennis Court(s)

Days on market

8

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