1851 Penelope Rd NW · Atlanta, GA 30314

$179,900

3 bd · 2.0 ba · 1,482 sqft · SingleFamily public records · 81 Days on market

Built 1950 9,361 sqft lot Est $304k · 41% under

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Why this score? — see what drove the C grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.6/30.0
• ARV discount +15.0/15.0
• DSCR +6.2/10.0
• 1% rule +5.8/10.0
• Livability +4.2/5.0
• Rent growth +3.1/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic opportunity awaits with this 4 bedroom, 2 bathroom detached home-perfect for investors or handy buyers looking for a great fixer-upper. Located in an area with strong comps nearby, this property is ideal for a profitable flip. Enjoy the bonus of two storage sheds, providing plenty of extra space. Don't miss your chance to unlock this home's full potential!

Key facts

• Detached home
• Two storage sheds
• Fixer-upper

Tags

• DETACHED HOME
• FIXER-UPPER
• TWO STORAGE SHEDS
• EXTRA SPACE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $180k.

Deal economics

• At list price, monthly cash flow is $206 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 3.1% in Atlanta — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 83/100 on livability (#6 in GA, #919 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: schools C-, cost of living C-.
• Atlanta Public Schools (urban): math 28% / reading 35% proficiency, ranked #80 of 174 in GA (top 46%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+2.5%/yr); 294 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• At $1,939/mo this rent would consume 55% of the median local household income ($42k/yr) (locally 1293% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Fulton County population projected at +38% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.08% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.91%
• DSCR: 1.22
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $303,810
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1860 Penelope Rd NW	0.03mi	3/2.5	1,688 (+14%)	1mo	$475,000	$281	72
225 NW Aaron St NW	0.21mi	2/2.0 (-1)	1,367 (-8%)	1mo	$120,000	$88	71
30 Holly Rd NW	0.57mi	3/2.0	1,503 (+1%)	0mo	$395,000	$263	71
1824 Tiger Flowers Dr NW	0.38mi	3/2.0	1,400 (-6%)	4mo	$309,000	$221	70
180 Wellington St SW	0.62mi	3/2.0	1,481 (-0%)	4mo	$350,000	$236	68
2074 Morehouse Dr	0.64mi	3/2.0	1,559 (+5%)	0mo	$320,000	$205	61
197 Mathewson Pl SW	0.72mi	3/2.0	1,416 (-4%)	1mo	$190,000	$134	58
41 Spring Ln NW	0.51mi	4/3.0 (+1)	1,400 (-6%)	7mo	$275,000	$196	52
1459 Mozley Pl	0.75mi	3/2.5	1,599 (+8%)	1mo	$389,900	$244	49
1872 Oakmont Dr NW	0.31mi	4/3.0 (+1)	1,653 (+12%)	11mo	$274,900	$166	48
1757 Derry Ave SW	0.73mi	3/2.0	1,285 (-13%)	4mo	$190,000	$148	40
2066 Bethel Dr NW	0.72mi	3/1.0	1,624 (+10%)	9mo	$53,000	$33	39

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 2.53% rent growth · sell at horizon

5-year hold

• IRR: -9.2%
• Equity multiple: 0.67×
• Total profit: $-16,855
• Equity at exit: $26,824

10-year hold

• IRR: -0.3%
• Equity multiple: 0.98×
• Total profit: $-1,156
• Equity at exit: $15,554

Cash invested: $50,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 90 Strongly Landlord-Friendly
• State Georgia: 90 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

Magistrate court evictions in 10-30 days; no rent control; preempted; few tenant protections.

Methodology + full state rankings →

ZIP-level market 30314

• Home prices YoY: -22.9%
• Rents YoY: 2.5%
• Active inventory: 294
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,939 high
• Mortgage (P&I): −$943
• Tax from tax record: −$307 /mo · $3,685/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$407
• Net cashflow: $206

Break-even live

Break-even rent $1,678

Max offer price $179,900

Occupancy floor 84%

Sensitivity live

Price	-10% $308	-5% $257	+0% $206	+5% $155	+10% $104
Rent	-10% $53	-5% $130	+0% $206	+5% $283	+10% $359
Rate	-1.0pp $297	-0.5pp $252	base $206	+0.5pp $160	+1.0pp $112

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1839 Penelope Rd NW Atlanta, GA	3.0	1.0	988	$1,400	$1.42	25d	1	0.04mi
0 W Lake Ave NW Atlanta, GA	3.0	2.5	1300	$1,900	$1.46	3d	1	0.21mi
2111 Martin Luther King Junior Dr NW Atlanta, GA	3.0	1.0	1470	$1,800	$1.22	25d	1	0.31mi
176 Racine St SW Atlanta, GA	3.0	2.0	1423	$2,800	$1.97	25d	1	0.47mi
1770 Springview Rd NW Atlanta, GA	3.0	2.0	1262	$2,000	$1.58	25d	1	0.48mi
195 W Lake Ave NW Unit 1 Atlanta, GA	3.0	2.0	1245	$2,654	$2.13	25d	1	0.48mi
195 W Lake Ave NW Unit 1 Atlanta, GA	3.0	2.0	1245	$2,850	$2.29	0d	1	0.48mi
66 Holly Rd NW Atlanta, GA	3.0	2.5	1632	$2,228	$1.37	3d	1	0.61mi
198 Wellington St SW Atlanta, GA	3.0	2.5	1787	$2,700	$1.51	25d	1	0.64mi
308 Anderson Ave NW Unit A Atlanta, GA	4.0	3.0	1250	$2,200	$1.76	25d	1	0.69mi
273 Wadley St NW Atlanta, GA	3.0	2.0	1406	$1,990	$1.42	25d	1	0.69mi
1916 Joseph E. Boone Blvd NW Unit B Atlanta, GA	2.0	1.0	1000	$1,195	$1.20	25d	1	0.69mi
1916 Joseph E. Boone Blvd NW Unit A Atlanta, GA	3.0	1.0	1100	$1,550	$1.41	22d	1	0.69mi
316 Henry Aaron Ave SW Atlanta, GA	3.0	2.0	1740	$1,580	$0.91	25d	1	0.71mi
2162 Larchwood Rd SW Atlanta, GA	4.0	2.0	1200	$2,550	$2.12	25d	1	0.76mi
324 Brooks Ave SW Unit A Atlanta, GA	2.0	1.0	1176	$1,000	$0.85	25d	1	0.78mi
324 Brooks Ave SW Unit B Atlanta, GA	2.0	1.0	1176	$1,050	$0.89	25d	1	0.78mi
1649 Derry Ave SW Atlanta, GA	4.0	2.0	1825	$3,200	$1.75	25d	1	0.80mi
2227 Telhurst St SW Atlanta, GA	2.0	2.0	928	$1,395	$1.50	15d	1	0.80mi
2227 Telhurst St SW Atlanta, GA	2.0	2.0	928	$1,395	$1.50	5d	1	0.80mi
2199 Tiger Flowers Dr NW Atlanta, GA	3.0	1.0	936	$1,325	$1.42	25d	1	0.83mi
364 Brooks Ave SW Atlanta, GA	3.0	2.0	1134	$1,495	$1.32	9d	1	0.83mi
1758 Emerald Ave SW Atlanta, GA	4.0	2.0	1873	$2,700	$1.44	12d	1	0.84mi
29 Chappell Rd NW Atlanta, GA	3.0	2.0	1670	$1,953	$1.17	23d	1	0.85mi
280 Holly Rd NW Unit B Atlanta, GA	2.0	2.0	1100	$1,650	$1.50	25d	1	0.85mi
390 W Lake Ave NW Unit B9 Atlanta, GA	2.0	1.5	1256	$1,275	$1.02	25d	1	0.89mi
390 W Lake Ave NW Apt A1 Atlanta, GA	3.0	1.5	1256	$1,299	$1.03	25d	1	0.89mi
390 W Lake Ave NW Unit A10 Atlanta, GA	3.0	1.5	1256	$1,275	$1.02	25d	1	0.89mi
1948 Detroit Ave NW Unit A Atlanta, GA	3.0	2.5	1205	$1,900	$1.58	25d	1	0.90mi
1448 Rome Dr NW Unit 1448 Atlanta, GA	3.0	2.5	1400	$2,300	$1.64	14d	1	0.95mi
1595 Carlisle St NW Unit 1 Atlanta, GA	2.0	1.0	900	$1,200	$1.33	25d	1	0.96mi
1619 Stokes Ave SW Atlanta, GA	3.0	2.0	1332	$2,400	$1.80	4d	1	0.98mi
1332 Akridge St NW Atlanta, GA	3.0	2.0	1400	$1,775	$1.27	25d	1	0.98mi
269 Florida Ave SW Atlanta, GA	3.0	1.0	925	$1,850	$2.00	25d	1	0.98mi
1894 North Ave NW Atlanta, GA	2.0	1.5	1098	$1,995	$1.82	25d	1	0.98mi
505 W Ontario Ave SW Atlanta, GA	3.0	2.0	1587	$2,800	$1.76	22d	1	0.99mi
511 Emily Pl NW Atlanta, GA	3.0	1.0	1101	$1,745	$1.58	25d	1	1.06mi
427 Holly St NW Atlanta, GA	2.0	2.0	900	$2,100	$2.33	25d	1	1.07mi
1437 Lucile Ave SW Unit 8 Atlanta, GA	2.0	1.0	1060	$1,800	$1.70	23d	1	1.09mi
2423 M.L.K. Jr Dr SW Atlanta, GA	1.0–3.0	1.0–2.0	1120	$1,750	$1.56	0d	17	1.10mi

Listing history 14 events

1. 2026-05-05
   historical Active Under Contract 368-char remark

   Show marketing remark (368 chars)

   Fantastic opportunity awaits with this 4 bedroom, 2 bathroom detached home-perfect for investors or handy buyers looking for a great fixer-upper. Located in an area with strong comps nearby, this property is ideal for a profitable flip. Enjoy the bonus of two storage sheds, providing plenty of extra space. Don't miss your chance to unlock this home's full potential!

2. 2026-05-01
   status Back On Market 368-char remark

   Show marketing remark (368 chars)

   Fantastic opportunity awaits with this 4 bedroom, 2 bathroom detached home-perfect for investors or handy buyers looking for a great fixer-upper. Located in an area with strong comps nearby, this property is ideal for a profitable flip. Enjoy the bonus of two storage sheds, providing plenty of extra space. Don't miss your chance to unlock this home's full potential!

3. 2026-04-30
   historical 368-char remark

   Show marketing remark (368 chars)

   Fantastic opportunity awaits with this 4 bedroom, 2 bathroom detached home-perfect for investors or handy buyers looking for a great fixer-upper. Located in an area with strong comps nearby, this property is ideal for a profitable flip. Enjoy the bonus of two storage sheds, providing plenty of extra space. Don't miss your chance to unlock this home's full potential!

4. 2026-04-27
   status Pending
5. 2026-02-05
   listed $179,900 New 368-char remark

   Show marketing remark (368 chars)

   Fantastic opportunity awaits with this 4 bedroom, 2 bathroom detached home-perfect for investors or handy buyers looking for a great fixer-upper. Located in an area with strong comps nearby, this property is ideal for a profitable flip. Enjoy the bonus of two storage sheds, providing plenty of extra space. Don't miss your chance to unlock this home's full potential!

6. 2026-02-05
   listed $179,900 Active

   Show marketing remark (368 chars)

   Fantastic opportunity awaits with this 4 bedroom, 2 bathroom detached home-perfect for investors or handy buyers looking for a great fixer-upper. Located in an area with strong comps nearby, this property is ideal for a profitable flip. Enjoy the bonus of two storage sheds, providing plenty of extra space. Don't miss your chance to unlock this home's full potential!

7. 2026-01-01
   historical
8. 2025-10-01
   listed $179,900 New
9. 2025-09-01
   historical
10. 2025-07-01
    listed $179,900 New
11. 2025-01-21
    soldstatus $395,000
12. 2002-12-17
    soldstatus $129,500
13. 1986-06-13
    soldstatus $20,363
14. 1981-11-25
    soldstatus $14,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast GA · Resets to sale price

• Current annual tax: $3,685 · $307/mo
• Projected year-2 tax: $3,685 · $307/mo
• Expected delta: $0/yr ($0/mo · -0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 24% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,265
• − Mortgage interest: −$10,077
• − Property taxes: −$3,685
• − Insurance: −$900
• − Repairs & maintenance: −$1,861
• − Management: −$1,861
• − Depreciation: −$5,233
• Taxable loss: −$353
• Est. tax savings @ 24.0%: +$85
• After-tax cash flow: $2,558/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Atlanta Public Schools
• NCES district ID: 1300120
• Math proficiency: 28% ▼ -6.00%
• Reading proficiency: 35% ▼ -2.00%
• Median HH income: $48,306
• Composite: 27.27/100
• National rank: #7006
• State rank: #80 of 174 in GA

Livability — Atlanta

• Score: 83/100
• State rank: #6
• US rank: #919

Category grades

Amenities A+ Commute A+ Cost of living C- Crime A Employment B Housing A+ Health & safety A- User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Atlanta, GA
• County: Fulton County · 1,094,430 people
• City population: 629,525
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• Population (ZIP): 23,333
• Household income: $42,089
• Rent vs Own: 56.7% rent · 43.3% own
• Severe rent burden: 1293.0

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 1,203,707 people
• By 2030: 1,299,706 · +8.0%
• By 2040: 1,488,256 · +23.6%
• By 2050: 1,664,580 · +38.3%
• By 2075: 2,036,072 · +69.2%
• By 2100: 2,222,402 · +84.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (76%)
• Race & ethnicity: Black 76% White 11% Hispanic / Latino 7% Asian 4% Two or more races 3%
• Hispanic origin (detail): Mexican 4% Dominican 1%
• Common ancestry: Lithuanian 1%
• Foreign-born: 6% · Canada, China, South Korea
• Languages at home: 89% English-only · Spanish 5% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid D (+44.9) · D 71.9% · R 27.0% · Other 1.1%
• 2008→2024 swing: +9.8pp toward D · 2008: 35.0pp · 2024: 44.9pp
• All cycles: 2024: D+44.9 2020: D+46.4 2016: D+42.1 2012: D+29.6 2008: D+35.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -95.32%
• Current HPI: 321.4626
• Rent YoY: ▲ 2.53%
• Metro: Atlanta-Sandy Springs-Alpharetta, GA
• State GDP YoY: ▲ 2.66%
• F500 in state: 28

Industry mix (Fortune 500 HQ in GA)

Industry	F500 HQs	Revenue
▸Paper / Packaging	2	$29B
▸Retail	1	$160B
▸Transportation / Logistics	1	$91B
▸Airlines	1	$62B
▸Consumer Goods	1	$47B
▸Utilities	1	$25B

Price history

+1140.7% since first listed

14 events — show timeline

• 2026-05-05 Contingent — GAMLS
• 2026-05-01 Relisted — GAMLS
• 2026-04-30 Listing Removed — GAMLS
• 2026-04-27 Pending — FMLS
• 2026-02-05 Listed $179,900 FMLS
• 2026-02-05 Listed $179,900 GAMLS
• 2026-01-01 Listing Removed — GAMLS
• 2025-10-01 Listed $179,900 GAMLS
• 2025-09-01 Listing Removed — GAMLS
• 2025-07-01 Listed $179,900 GAMLS
• 2025-01-21 Sold (Public Records) $395,000 Public Records
• 2002-12-17 Sold (Public Records) $129,500 Public Records
• 1986-06-13 Sold (Public Records) $20,363 Public Records
• 1981-11-25 Sold (Public Records) $14,500 Public Records

Property tax history

+13.7%/yr

Latest (2025): $3,685 · -11.3% YoY. Source: county tax records.