479 Kelly St SE Unit 1-4 · Atlanta, GA 30312

$1,175,000

None bd · None ba · — sqft · MultiFamily · 33 Days on market

Built 1961 Good condition 7,100 sqft lot

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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 +18.8/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• 1% rule +5.0/10.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.2/5.0
• Schools +2.7/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks

479 Kelly Street, Atlanta, GA 30316 A rare chance to acquire a stabilized and income-producing quadplex (fourplex) with the ability to build 2 Additional units in the rear. Located near the thriving areas of Grant Park and Summerhill. This property offers a desirable 4 unit mix with excellent rental income and future upside potential. 3 of the 4 unit apartments have happy, reliable, long-term tenants in place. The comfortable, well-maintained apartments and huge off-street parking lot attract quality tenants for this outstanding location that is walking distance to Grant Park and the Beltline. Parking is street parking. Unit 1 is vacant for showings. Please see additional info Sheets in th

Key facts

• 7,100 sq ft lot
• 4 parking spots
• Built 1961

Tags

• INCOME PRODUCING QUADPLEX
• BUILD 2 ADDITIONAL UNITS
• WELL MAINTAINED APARTMENTS
• HUGE OFF STREET PARKING LOT
• WALKING DISTANCE TO GRANT PARK
• WALKING DISTANCE TO BELTLINE

Property features AI

Finance

• Other: Parcel located at 479 Kelly St SE Units 1–4, Atlanta, GA 30312; Subdivision: Grant Park; Unit count: 4 units; Listing agent: Ryan Sconyers; List price: $1,175,000; On market date: 2026-04-29
• Financial info: Gross income reported: $76,800; Listing terms include 1031 Exchange, Cash, Conventional, FHA
• HOA & community: No association

Exterior

• Parking: Off-street parking for 4 vehicles
• Utilities: Public water; Public sewer; Electricity on individual meters; Gas on individual meters; Sewer connected
• Home design: Residential income property; Multi-family quadruplex; Quadruplex structure; Resale
• Construction: Built in 1961; Brick exterior; Block foundation
• Exterior features: Brick construction; Block foundation; Lot approximately 0.163 acres; Located in Grant Park neighborhood; Near a park, near public transportation, within walking distance to schools

Interior

• Heating & cooling: Electric heating; Central air; Window unit(s)
• Interior features: Two levels; No basement; No fireplaces

What this means for you Summary

Snapshot

• This is a 4 × 3-bed/2-bath units multifamily listed at $1.18M. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $296/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.18M).
• Recommended offer: $1.14M (3.0% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 (+2.8%/yr); 237 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• At $11,777/mo this rent would consume 171% of the median local household income ($83k/yr) (locally 2010% 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 $8k of loan paydown is wiped out by about $35k 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 33 days — a 3% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 6→15/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,139,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 7.50%
• Cash-on-cash: 4.32%
• DSCR: 1.19
• GRM: 8.3

CMA / ARV

No comps found within radius.

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
395 Oakland Ave SE	0.36mi	4/4.0	—	3mo	$985,000	—	68
622 Kent St SE	0.34mi	2/2.0	—	7mo	$520,000	—	66
443 Woodward Ave SE	0.51mi	4/2.0	—	10mo	$785,000	—	55
352 Cherokee Ave SE	0.50mi	8/4.0	—	12mo	$1,150,000	—	54
768 Grant Ter	0.56mi	3/1.0	—	14mo	$315,000	—	50
505 Bryan St SE	0.58mi	2/2.0	—	20mo	$601,000	—	44

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 · 2.84% rent growth · sell at horizon

5-year hold

• IRR: -9.7%
• Equity multiple: 0.65×
• Total profit: $-116,727
• Equity at exit: $175,196

10-year hold

• IRR: -0.5%
• Equity multiple: 0.96×
• Total profit: $-11,590
• Equity at exit: $101,593

Cash invested: $329,000 (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 30312

• Rents YoY: 2.8%
• Active inventory: 237
• Price-to-rent: 33.3×

Monthly cashflow live

• Estimated rent: $11,777 high
• Mortgage (P&I): −$6,162
• Tax est. 1.5%: −$1,469 /mo · $17,625/yr
• Insurance: −$490
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,473
• Net cashflow: $1,184

Break-even live

Break-even rent $10,279

Max offer price $1,175,000

Occupancy floor 85%

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	3	2	$11,776
Total (4 units)			$11,777

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: $293,750
• Closing costs: $35,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
472 Martin St SE #6 Atlanta, GA	3.0	3.5	1496	$4,200	$2.81	24d	1	0.16mi
85 Hammock Pl SE Atlanta, GA	3.0	2.5	1600	$3,600	$2.25	24d	1	0.22mi
71 Fulton St SE Atlanta, GA	3.0	2.5	1580	$2,395	$1.52	20d	1	0.24mi
71 Fulton St SE Atlanta, GA	3.0	2.5	1580	$2,395	$1.52	24d	1	0.24mi
225 Woodward Ave SE Atlanta, GA	2.0	2.0	1600	$2,603	$1.63	24d	1	0.24mi
89 Woodward Ave SE Atlanta, GA	1.0–3.0	1.0–2.0	1013	$1,490	$1.47	1d	30	0.29mi
53 Hammock Pl SE Atlanta, GA	3.0	2.5	1510	$2,895	$1.92	4d	1	0.29mi
484 Fraser St SE Unit 484 Atlanta, GA	3.0	2.5	1580	$2,350	$1.49	24d	1	0.29mi
307 Georgia Ave SE Atlanta, GA	3.0	2.5	2098	$6,500	$3.10	22d	1	0.43mi
230 Martin Luther King Jr Dr SE Atlanta, GA	3.0	1.0–3.0	979	$2,595	$2.65	2d	21	0.44mi
438 Cherokee Ave SE #1 Atlanta, GA	2.0	2.0	1200	$2,300	$1.92	24d	1	0.46mi
565 Hank Aaron Dr SW Atlanta, GA	1.0–3.0	1.0–2.0	1139	$2,326	$2.04	2d	23	0.48mi
679 Arcos Way SE Atlanta, GA	2.0	2.5	1500	$2,650	$1.77	16d	1	0.49mi
459 Glenwood Ave SE Unit B Atlanta, GA	1.0	1.0	700	$1,325	$1.89	17d	1	0.49mi
64 Bass St SE Atlanta, GA	3.0	3.0	2100	$3,295	$1.57	20d	1	0.51mi
240 Grant St SE Atlanta, GA	2.0	1.0–2.0	801	$2,236	$2.79	2d	22	0.52mi
691 Concrete Aly SE Atlanta, GA	2.0	2.0	1171	$4,521	$3.86	18d	1	0.53mi
349 Decatur St SE Atlanta, GA	2.0	1.0–2.0	956	$2,397	$2.51	4d	18	0.55mi
465 Memorial Dr SE Unit 340 Atlanta, GA	1.0	1.0	714	$1,639	$2.30	22d	1	0.58mi
465 Memorial Dr SE Atlanta, GA	2.0	2.0	1081	$2,470	$2.28	24d	1	0.58mi
465 Memorial Dr SE Unit 436 Atlanta, GA	2.0	2.0	1031	$2,121	$2.06	22d	1	0.58mi
60 Adore Ct SE Atlanta, GA	2.0	2.0	1139	$2,200	$1.93	15d	1	0.59mi
720 Hank Aaron Dr SE Atlanta, GA	2.0	1.0–2.0	847	$2,219	$2.62	2d	24	0.60mi
767 Terry St SE Unit B Atlanta, GA	3.0	2.0	1330	$2,600	$1.95	24d	1	0.62mi
357 Auburn Pointe Dr SE Atlanta, GA	1.0–2.0	1.0–2.0	917	$1,644	$1.79	1d	8	0.65mi
207 South Ave SE Atlanta, GA	2.0	1.0	750	$1,977	$2.64	24d	1	0.68mi
197 South Ave SE Apt C Atlanta, GA	2.0	1.0	2972	$2,600	$0.87	24d	1	0.68mi
795 Grant St SE Atlanta, GA	3.0	2.0	1474	$5,200	$3.53	2d	1	0.68mi
51 Little St SE Atlanta, GA	3.0	2.5	1478	$2,995	$2.03	24d	1	0.69mi
523 SE BLVD Unit B Atlanta, GA	2.0	2.0	1275	$2,500	$1.96	22d	1	0.74mi
502 Pryor St SW #317 Atlanta, GA	1.0	1.0	750	$1,350	$1.80	24d	1	0.76mi
133 Trinity Ave SW Atlanta, GA	1.0–2.0	1.0–2.0	897	$1,725	$1.92	7d	9	0.79mi
210 Pryor St SW Atlanta, GA	1.0	1.0	1374	$2,575	$1.87	3d	2	0.81mi
71 Lucy St SE #4 Atlanta, GA	3.0	4.5	2645	$3,600	$1.36	5d	1	0.82mi
259 Atlanta Ave SE Atlanta, GA	3.0	2.5	1916	$3,599	$1.88	5d	1	0.83mi
170 Boulevard SE Unit F101 Atlanta, GA	1.0	1.0	737	$2,400	$3.26	4d	1	0.84mi
170 Boulevard SE Unit H112 Atlanta, GA	2.0	1.0	1399	$2,650	$1.89	24d	1	0.84mi
630 Woodward Ave SE Atlanta, GA	2.0	1.0	1253	$2,700	$2.15	22d	1	0.85mi
647 Bryan St SE Atlanta, GA	2.0	2.0	1500	$3,500	$2.33	18d	1	0.86mi
130 Vanira Ave SE Atlanta, GA	1.0	1.0	—	$758	—	3d	1	0.87mi

Listing history 3 events

1. 2026-06-01
   days on market $1,175,000 Active 33 DOM
2. 2026-05-31
   days on market $1,175,000 Active 32 DOM
3. 2026-04-29
   listed $1,175,000 New 710-char remark

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 6 d/yr ≥104°F today · 15 d/yr by 30 yrs out
• 💨 Wind 5/10 Major 26% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $141,324
• − Mortgage interest: −$65,818
• − Property taxes: −$17,625
• − Insurance: −$5,875
• − Repairs & maintenance: −$11,306
• − Management: −$11,306
• − Depreciation: −$34,182
• Taxable loss: −$4,788
• Est. tax savings @ 24.0%: +$1,149
• After-tax cash flow: $15,353/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This fourplex is in good condition with cosmetic updates needed for curb appeal and value enhancement.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace gutters — Improves drainage and property value

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace gutters — Improves drainage and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 26,942
• Household income: $82,779
• Rent vs Own: 65.0% rent · 35.0% own
• Severe rent burden: 2010.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: Black 46% White 41% Hispanic / Latino 6% Two or more races 5% Asian 4%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% 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: ▼ -507.19%
• Current HPI: 240.8692
• Rent YoY: ▲ 2.84%
• 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

2 events — show timeline

• 2026-06-01 Listing Removed — GAMLS
• 2026-04-29 Listed $1,175,000 GAMLS