2040 Chicago Ave NW · Atlanta, GA 30314

$219,900

3 bd · 1.0 ba · 1,494 sqft · SingleFamily public records · 134 Days on market

Built 1951 7,601 sqft lot $147/sqft · 19% below area Est $270k · 19% under

---

Why this score? — see what drove the D+ 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).

• ARV discount +15.0/15.0
• Cash flow +14.3/30.0
• DSCR +4.3/10.0
• Livability +4.2/5.0
• 1% rule +3.6/10.0
• 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

TOTAL RENOVATION.....NOW INCLUDING A $3,000 APPLIANCE ALLOWANCE. Sharp renovation priced far below the new construction homes next door and in this vibrant growing neighborhood. Luxury vinyl flooring throughout. Totally redesigned bathrooms feature walk-in stall showers with beautiful tile work. The kitchen features a full wall of white cabinetry and offers plenty of storage. ALL NEW HWH AND HVAC. Enjoy the original fireplace in the open concept floor plan. The large picture window and high ceilings in the living area helps to flood the house with natural light. Nice level backyard with plenty of room for children and pets to play.

Key facts

• Plenty of storage
• Redesigned bathrooms
• Original fireplace

Tags

• LUXURY VINYL FLOORING
• REDESIGNED BATHROOMS
• WALK-IN STALL SHOWERS
• FULL WALL OF WHITE CABINETRY
• PLENTY OF STORAGE
• ORIGINAL FIREPLACE

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $40 ($480/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (13.8% below list).
• Recommended offer: $190k (13.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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 (+2.5%/yr); 293 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,896/mo this rent would consume 54% 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 $2k of loan paydown is wiped out by about $7k 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 134 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago 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.
• Current owner paid $120k; list at $220k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→18/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,564 (13.8% below list)

Questions for the listing agent

1. It's been on market 134 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.86% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.78%
• DSCR: 1.03
• GRM: 9.7

CMA / ARV

• ARV (median comp): $270,229
• List price: $219,900
• Delta: -18.62%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2074 Morehouse Dr	0.24mi	3/2.0	1,559 (+4%)	0mo	$320,000	$205	77
2022 Detroit Ave NW	0.17mi	3/2.0	1,369 (-8%)	1mo	$235,900	$172	73
360 New Jersey Ave	0.13mi	4/3.0 (+1)	1,430 (-4%)	2mo	$238,500	$167	72
2066 Bethel Dr NW	0.17mi	3/1.0	1,624 (+9%)	9mo	$53,000	$33	70
1827 North Ave NW	0.52mi	3/1.5	1,520 (+2%)	3mo	$167,000	$110	69
1824 Tiger Flowers Dr NW	0.54mi	3/2.0	1,400 (-6%)	4mo	$309,000	$221	57
688 S Eugenia Pl NW	0.66mi	3/2.0	1,526 (+2%)	7mo	$85,000	$56	56
20 S Eugenia Pl NW	0.70mi	3/2.0	1,416 (-5%)	6mo	$280,000	$198	50
2191 Tiger Flowers Dr NW	0.37mi	3/2.0	1,286 (-14%)	8mo	$156,188	$121	48
1938 Maywood Pl NW	0.55mi	4/2.0 (+1)	1,596 (+7%)	8mo	$287,000	$180	48
1708 Detroit Ave NW	0.55mi	4/1.5 (+1)	1,282 (-14%)	6mo	$170,000	$133	38
793 Ayrshire Cir NW	0.64mi	4/2.0 (+1)	1,710 (+14%)	0mo	$299,900	$175	37

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: -15.6%
• Equity multiple: 0.45×
• Total profit: $-33,986
• Equity at exit: $32,788

10-year hold

• IRR: -7.9%
• Equity multiple: 0.51×
• Total profit: $-29,978
• Equity at exit: $19,013

Cash invested: $61,572 (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: 293
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $1,896 high
• Mortgage (P&I): −$1,153
• Tax from tax record: −$213 /mo · $2,553/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$398
• Net cashflow: $40

Break-even live

Break-even rent $1,845

Max offer price $219,900

Occupancy floor 93%

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
308 Anderson Ave NW Unit A Atlanta, GA	4.0	3.0	1250	$2,200	$1.76	24d	1	0.14mi
1916 Joseph E. Boone Blvd NW Unit A Atlanta, GA	3.0	1.0	1100	$1,550	$1.41	21d	1	0.23mi
1916 Joseph E. Boone Blvd NW Unit B Atlanta, GA	2.0	1.0	1000	$1,195	$1.20	24d	1	0.23mi
1948 Detroit Ave NW Unit A Atlanta, GA	3.0	2.5	1205	$1,900	$1.58	24d	1	0.27mi
2199 Tiger Flowers Dr NW Atlanta, GA	3.0	1.0	936	$1,325	$1.42	24d	1	0.38mi
511 Emily Pl NW Atlanta, GA	3.0	1.0	1101	$1,745	$1.58	24d	1	0.39mi
1894 North Ave NW Atlanta, GA	2.0	1.5	1098	$1,995	$1.82	24d	1	0.39mi
273 Wadley St NW Atlanta, GA	3.0	2.0	1406	$1,990	$1.42	24d	1	0.41mi
2060 Baker Rd NW Atlanta, GA	2.0	2.0	1436	$2,100	$1.46	4d	1	0.41mi
1770 Springview Rd NW Atlanta, GA	3.0	2.0	1262	$2,000	$1.58	24d	1	0.57mi
562 Gary Rd NW Atlanta, GA	4.0	2.0	1700	$2,400	$1.41	24d	1	0.62mi
195 W Lake Ave NW Unit 1 Atlanta, GA	3.0	2.0	1245	$2,654	$2.13	24d	1	0.67mi
390 W Lake Ave NW Apt A1 Atlanta, GA	3.0	1.5	1256	$1,299	$1.03	24d	1	0.67mi
390 W Lake Ave NW Unit A10 Atlanta, GA	3.0	1.5	1256	$1,275	$1.02	24d	1	0.67mi
390 W Lake Ave NW Unit B9 Atlanta, GA	2.0	1.5	1256	$1,275	$1.02	24d	1	0.67mi
24 S Eugenia Pl NW Atlanta, GA	4.0	2.5	1410	$1,725	$1.22	24d	1	0.71mi
714 Emily Pl NW Atlanta, GA	3.0	2.0	1492	$2,700	$1.81	3d	1	0.73mi
2705 Lincoln Ct NW Atlanta, GA	3.0	2.0	1134	$2,050	$1.81	18d	1	0.75mi
1839 Penelope Rd NW Atlanta, GA	3.0	1.0	988	$1,400	$1.42	24d	1	0.78mi
1595 Carlisle St NW Unit 1 Atlanta, GA	2.0	1.0	900	$1,200	$1.33	24d	1	0.82mi
687 S Evelyn Pl NW Atlanta, GA	3.0	2.5	1200	$1,978	$1.65	21d	1	0.84mi
557 W Lake Ave NW Atlanta, GA	1.0–3.0	1.0–2.0	1190	$1,556	$1.31	5d	9	0.85mi
2364 Cross St NW Atlanta, GA	3.0	1.0	1168	$1,500	$1.28	17d	1	0.86mi
556 Church St NW Atlanta, GA	2.0	2.0	1432	$2,200	$1.54	8d	1	0.87mi
0 W Lake Ave NW Atlanta, GA	3.0	2.5	1300	$1,900	$1.46	2d	1	0.88mi
280 Holly Rd NW Unit B Atlanta, GA	2.0	2.0	1100	$1,650	$1.50	24d	1	0.93mi
2662 Hood Ave NW Atlanta, GA	3.0	2.0	1450	$2,000	$1.38	24d	1	0.96mi
725 Matilda Pl NW Atlanta, GA	2.0	1.0	1225	$1,450	$1.18	24d	1	0.98mi
427 Holly St NW Atlanta, GA	2.0	2.0	900	$2,100	$2.33	24d	1	0.98mi
66 Holly Rd NW Atlanta, GA	3.0	2.5	1632	$2,228	$1.37	2d	1	1.03mi
2227 Telhurst St SW Atlanta, GA	2.0	2.0	928	$1,395	$1.50	14d	1	1.04mi
2227 Telhurst St SW Atlanta, GA	2.0	2.0	928	$1,395	$1.50	4d	1	1.04mi
2423 M.L.K. Jr Dr SW Atlanta, GA	1.0–3.0	1.0–2.0	1120	$1,750	$1.56	2d	19	1.04mi
636 Francis Pl NW Unit A Atlanta, GA	2.0	2.0	1380	$1,800	$1.30	24d	1	1.07mi
2111 Martin Luther King Junior Dr NW Atlanta, GA	3.0	1.0	1470	$1,800	$1.22	24d	1	1.07mi
717 Church St NW Atlanta, GA	4.0	2.0	1328	$2,000	$1.51	24d	1	1.07mi
1448 Rome Dr NW Unit 1448 Atlanta, GA	3.0	2.5	1400	$2,300	$1.64	13d	1	1.08mi
751 Prince Pl NW Atlanta, GA	4.0	2.0	1785	$2,200	$1.23	24d	1	1.09mi
2507 Dale Creek Dr NW Atlanta, GA	3.0	1.0	1795	$1,900	$1.06	24d	1	1.09mi
753 Prince Pl NW Atlanta, GA	4.0	2.0	1785	$2,200	$1.23	24d	1	1.09mi

Listing history 31 events

1. 2026-06-18
   days on market $219,900 Active 134 DOM
2. 2026-06-17
   days on market $219,900 Active 133 DOM
3. 2026-06-16
   days on market $219,900 Active 132 DOM
4. 2026-06-15
   days on market $219,900 Active 131 DOM
5. 2026-06-13
   days on market $219,900 Active 129 DOM
6. 2026-06-13
   days on market $219,900 Active 128 DOM
7. 2026-06-09
   days on market $219,900 Active 125 DOM
8. 2026-06-08
   days on market $219,900 Active 124 DOM
9. 2026-06-07
   days on market $219,900 Active 123 DOM
10. 2026-06-04
    days on market $219,900 Active 120 DOM
11. 2026-06-03
    days on market $219,900 Active 119 DOM
12. 2026-06-02
    days on market $219,900 Active 118 DOM
13. 2026-06-01
    days on market $219,900 Active 117 DOM
14. 2026-05-31
    days on market $219,900 Active 116 DOM
15. 2026-05-08
    price $219,900 649-char remark

    Show marketing remark (649 chars)

    TOTAL RENOVATION.....NOW INCLUDING A $3,000 APPLIANCE ALLOWANCE. Sharp renovation priced far below the new construction homes next door and in this vibrant growing neighborhood. Luxury vinyl flooring throughout. Totally redesigned bathrooms feature walk-in stall showers with beautiful tile work. The kitchen features a full wall of white cabinetry and offers plenty of storage. ALL NEW HWH AND HVAC. Enjoy the original fireplace in the open concept floor plan. The large picture window and high ceilings in the living area helps to flood the house with natural light. Nice level backyard with plenty of room for children and pets to play.

16. 2026-05-08
    price $219,900 649-char remark

    Show marketing remark (649 chars)

    TOTAL RENOVATION.....NOW INCLUDING A $3,000 APPLIANCE ALLOWANCE. Sharp renovation priced far below the new construction homes next door and in this vibrant growing neighborhood. Luxury vinyl flooring throughout. Totally redesigned bathrooms feature walk-in stall showers with beautiful tile work. The kitchen features a full wall of white cabinetry and offers plenty of storage. ALL NEW HWH AND HVAC. Enjoy the original fireplace in the open concept floor plan. The large picture window and high ceilings in the living area helps to flood the house with natural light. Nice level backyard with plenty of room for children and pets to play.

17. 2026-02-04
    listed $229,900 New 649-char remark

    Show marketing remark (649 chars)

    TOTAL RENOVATION.....NOW INCLUDING A $3,000 APPLIANCE ALLOWANCE. Sharp renovation priced far below the new construction homes next door and in this vibrant growing neighborhood. Luxury vinyl flooring throughout. Totally redesigned bathrooms feature walk-in stall showers with beautiful tile work. The kitchen features a full wall of white cabinetry and offers plenty of storage. ALL NEW HWH AND HVAC. Enjoy the original fireplace in the open concept floor plan. The large picture window and high ceilings in the living area helps to flood the house with natural light. Nice level backyard with plenty of room for children and pets to play.

18. 2026-02-04
    listed $229,900 Active 649-char remark

    Show marketing remark (649 chars)

    TOTAL RENOVATION.....NOW INCLUDING A $3,000 APPLIANCE ALLOWANCE. Sharp renovation priced far below the new construction homes next door and in this vibrant growing neighborhood. Luxury vinyl flooring throughout. Totally redesigned bathrooms feature walk-in stall showers with beautiful tile work. The kitchen features a full wall of white cabinetry and offers plenty of storage. ALL NEW HWH AND HVAC. Enjoy the original fireplace in the open concept floor plan. The large picture window and high ceilings in the living area helps to flood the house with natural light. Nice level backyard with plenty of room for children and pets to play.

19. 2026-01-31
    historical
20. 2025-11-07
    listed $234,900 New
21. 2025-10-31
    historical
22. 2025-10-31
    historical
23. 2025-10-02
    price $239,900
24. 2025-10-02
    price $239,900
25. 2025-07-30
    price $259,900
26. 2025-05-05
    listed $269,900 Active
27. 2025-05-05
    listed $269,900 New
28. 2024-11-02
    historical
29. 2024-10-11
    price $280,000
30. 2024-09-13
    listed $320,000 Active
31. 2023-03-01
    soldstatus $120,000

ⓘ 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: $2,553 · $213/mo
• Projected year-2 tax: $2,553 · $213/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 6/10 Major 7 d/yr ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,748
• − Mortgage interest: −$12,318
• − Property taxes: −$2,553
• − Insurance: −$1,100
• − Repairs & maintenance: −$1,820
• − Management: −$1,820
• − Depreciation: −$6,397
• Taxable loss: −$3,259
• Est. tax savings @ 24.0%: +$782
• After-tax cash flow: $1,262/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

+83.2% since first listed

17 events — show timeline

• 2026-05-08 Price Changed $219,900 GAMLS
• 2026-05-08 Price Changed $219,900 FMLS
• 2026-02-04 Listed $229,900 FMLS
• 2026-02-04 Listed $229,900 GAMLS
• 2026-01-31 Listing Removed — GAMLS
• 2025-11-07 Listed $234,900 GAMLS
• 2025-10-31 Listing Removed — GAMLS
• 2025-10-31 Listing Removed — FMLS
• 2025-10-02 Price Changed $239,900 GAMLS
• 2025-10-02 Price Changed $239,900 FMLS
• 2025-07-30 Price Changed $259,900 FMLS
• 2025-05-05 Listed $269,900 GAMLS
• 2025-05-05 Listed $269,900 FMLS
• 2024-11-02 Listing Removed — FMLS
• 2024-10-11 Price Changed $280,000 FMLS
• 2024-09-13 Listed $320,000 FMLS
• 2023-03-01 Sold (Public Records) $120,000 Public Records

Property tax history

+33.7%/yr

Latest (2025): $2,553 · -2.0% YoY. Source: county tax records.