1917 Penelope Road Nw, Atlanta, GA 30314
Local realty services provided by:Better Homes and Gardens Real Estate Metro Brokers
Listed by: rick wiley
Office: coldwell banker realty
MLS#:10882923
Source:METROMLS
Price summary
- Price:$349,000
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....
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Home facts
- Year built:1957
- Subdivision & Development:Penelope Neighbors
- Listing ID #:10882923
- Updated:November 09, 2026 at 09:26 PM
Rooms and interior
- Basement Description:Bath Finished, Exterior Entry, Full, Interior Entry
Heating and cooling
- Cooling:Attic Fan, Ceiling Fan(s), Central Air
- Heating:Central
- Central air:Yes
Structure and exterior
- Year built:1957
- Lot area:0.21 Acres
- Construction Materials:Brick
- Levels:2 Story
Schools
- High school:Douglass
- Middle school:Bunche
- Elementary school:Woodson
Utilities
- Water:Public
- Sewer:Public Sewer, Sewer Connected
Finances and disclosures
- Price:$349,000
- Tax amount:$4,949 (2024)
Parking
- Total parking spaces:3
- Parking description:Attached, Garage, Parking Pad
- Garage:Yes
2026 Georgia MLS. All rights reserved. Information Deem Reliable But Not Guaranteed November 9, 2026New listings near 1917 Penelope Road Nw
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