479 Kelly St SE · Atlanta, GA 30312

$1,175,000

1 bd · 1.0 ba · 2,030 sqft · MultiFamily public records · 50 Days on market

Built 1961 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 +24.3/30.0
• DSCR +7.8/10.0
• ARV discount +7.5/15.0
• 1% rule +5.2/10.0
• Livability +4.2/5.0
• Rent growth +3.2/5.0
• Schools +2.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

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 the Docs.

Key facts

• 7,100 sq ft lot
• Built 1961
• Listed 50 days

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: Some units occupied by tenants; at least one unit vacant; Directions: Use GPS; County: Fulton
• Financial info: 4 total units; Unit rents recorded: $1,350; $1,350; $1,550 (individual unit rents noted); Deposits recorded for units

Exterior

• Parking: See remarks for parking details
• Utilities: Public water; Public sewer; Cable available; Electricity available; Natural gas available; Sewer available; Water available
• Home design: Two-story building; Brick on all sides
• Construction: Composition roof; Brick 4-sides construction
• Exterior features: Back yard with fencing; Fenced property; Near Beltline

Interior

• Kitchen: Some units include refrigerators
• Bedrooms: Four 1-bedroom units
• Flooring: Ceramic tile; Laminate; Hardwood floors in some units
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Wall unit heating; Wall unit cooling; Central air in one vacant unit; Window units in several units
• Interior features: Unfurnished; Insulated windows
• Laundry & utility: Maintenance included for all units

What this means for you Summary

Snapshot

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $1.18M.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $592/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 8.7% 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: 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.
• Zoned schools: Martin L. King Jr. Middle School (math 16% / reading 23%, grade F, #356 of 470 statewide, top 78%, 818 students, 100% FRL); Maynard Jackson High School (math 30% / reading 24%, grade F, #160 of 424 statewide, top 38%, 1,474 students, 44% FRL) — zoned schools at 72% FRL track the district average.
• Market conditions: Rents rising (+2.8%/yr); 237 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).
• At $12,001/mo this rent would consume 174% 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 50 days — a 3% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 15y 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 $337k; list at $1.18M implies a 248% gain — meaningful room to come down on a strong offer.

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 50 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: 1.02% ✓
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.84% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.87×
• Total profit: $-41,858
• Equity at exit: $175,196

10-year hold

• IRR: 6.1%
• Equity multiple: 1.45×
• Total profit: $148,199
• 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: 32.6×

Monthly cashflow live

• Estimated rent: $12,001 high
• Mortgage (P&I): −$6,162
• Tax from tax record: −$460 /mo · $5,519/yr
• Insurance: −$490
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,520
• Net cashflow: $2,369

Break-even live

Break-even rent $9,002

Max offer price $1,175,000

Occupancy floor 75%

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	4	$12,000
Total (4 units)			$12,001

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 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
225 Woodward Ave SE Atlanta, GA	2.0	2.0	1600	$2,603	$1.63	24d	1	0.24mi
230 Martin Luther King Jr Dr SE Atlanta, GA	3.0	1.0–3.0	979	$2,000	$2.04	1d	21	0.44mi
565 Hank Aaron Dr SW Atlanta, GA	1.0–3.0	1.0–2.0	1139	$1,583	$1.39	2d	23	0.48mi
679 Arcos Way SE Atlanta, GA	2.0	2.5	1500	$2,650	$1.77	15d	1	0.49mi
197 South Ave SE Apt C Atlanta, GA	2.0	1.0	2972	$2,600	$0.87	24d	1	0.68mi
210 Pryor St SW Atlanta, GA	1.0	1.0	1374	$2,575	$1.87	2d	2	0.81mi
647 Bryan St SE Atlanta, GA	2.0	2.0	1500	$3,500	$2.33	18d	1	0.86mi
171 Auburn Ave NE Atlanta, GA	1.0–2.0	1.0–2.0	1080	$1,295	$1.20	1d	34	0.93mi
730 Glenwood Ave SE Atlanta, GA	1.0–2.0	1.0–2.5	1032	$1,402	$1.36	1d	16	0.99mi
1000 Hill St SE Unit A Atlanta, GA	2.0	1.0	1500	$2,323	$1.55	7d	1	1.03mi
728 Eloise Way SE Atlanta, GA	2.0	2.5	1564	$2,999	$1.92	21d	1	1.06mi
685 Wylie St SE Atlanta, GA	2.0	2.0	1434	$5,200	$3.63	21d	1	1.16mi
45 Boynton Ave SE Atlanta, GA	2.0–4.0	2.5–4.0	1452	$2,568	$1.77	1d	15	1.17mi
133 Estoria St SE Atlanta, GA	2.0	2.5	1491	$6,200	$4.16	24d	1	1.18mi
777 Memorial Dr SE Atlanta, GA	3.0	1.0–2.0	1005	$1,943	$1.93	1d	22	1.19mi
670 DeKalb Ave NE Atlanta, GA	3.0	1.0–2.0	1121	$2,519	$2.25	1d	35	1.19mi
342 Nelson St SW Atlanta, GA	1.0	1.0	1461	$2,522	$1.73	24d	1	1.20mi
400 Pratt Dr SE #1401 Atlanta, GA	2.0	2.0	1718	$2,500	$1.46	24d	1	1.22mi
161 Peachtree Center Ave NE Atlanta, GA	3.0	1.0–3.5	1474	$3,029	$2.05	1d	27	1.22mi
123 Luckie St NW #1503 Atlanta, GA	2.0	2.0	1488	$3,800	$2.55	24d	1	1.25mi
841 Killian St SE Atlanta, GA	1.0–3.0	1.0–2.0	1242	$1,994	$1.60	2d	6	1.26mi
250 Martin Luther King Junior Dr SW Atlanta, GA	3.0	1.0–3.0	989	$3,000	$3.03	1d	78	1.30mi
238 Walker St SW Atlanta, GA	1.0–2.0	1.0–2.5	1550	$1,650	$1.06	13d	2	1.31mi
655 Mead St SE #67 Atlanta, GA	2.0	2.0	1500	$2,295	$1.53	24d	1	1.34mi
375 Highland Ave NE #606 Atlanta, GA	2.0	2.5	1478	$2,800	$1.89	24d	1	1.35mi
250 Piedmont Ave NE Atlanta, GA	1.0–2.0	1.0–2.0	1110	$1,523	$1.37	2d	20	1.35mi
915 Glenwood Ave SE Atlanta, GA	1.0–2.0	1.0–2.0	1119	$1,906	$1.70	1d	16	1.35mi
309 Skylar Ter SE Atlanta, GA	2.0	4.0	1573	$2,600	$1.65	7d	1	1.37mi
1099 Boulevard SE Atlanta, GA	2.0	1.0–2.0	928	$1,766	$1.90	1d	30	1.38mi
807 Field St SE Atlanta, GA	2.0	1.0	1690	$2,600	$1.54	24d	1	1.39mi
Mc Gill Park Ave #405 Atlanta, GA	2.0	2.0	1458	$3,000	$2.06	24d	1	1.39mi
920 Memorial Dr SE #22 Atlanta, GA	2.0	2.0	2000	$3,600	$1.80	18d	1	1.43mi
230 Bill Kennedy Way SE Atlanta, GA	2.0	1.0–2.5	1062	$2,372	$2.23	1d	42	1.44mi

Listing history 36 events

1. 2026-06-18
   days on market $1,175,000 Active 50 DOM
2. 2026-06-17
   days on market $1,175,000 Active 49 DOM
3. 2026-06-16
   days on market $1,175,000 Active 48 DOM
4. 2026-06-15
   days on market $1,175,000 Active 47 DOM
5. 2026-06-13
   days on market $1,175,000 Active 45 DOM
6. 2026-06-13
   days on market $1,175,000 Active 44 DOM
7. 2026-06-09
   days on market $1,175,000 Active 41 DOM
8. 2026-06-08
   days on market $1,175,000 Active 40 DOM
9. 2026-06-07
   days on market $1,175,000 Active 39 DOM
10. 2026-06-04
    days on market $1,175,000 Active 36 DOM

    Show marketing remark (710 chars)

    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 the Docs.

11. 2026-06-03
    days on market $1,175,000 Active 35 DOM
12. 2026-06-02
    days on market $1,175,000 Active 34 DOM
13. 2026-06-01
    days on market $1,175,000 Active 33 DOM
14. 2026-05-31
    days on market $1,175,000 Active 32 DOM
15. 2026-04-29
    listed $1,175,000 Active 710-char remark
16. 2026-03-04
    soldstatus $337,300
17. 2026-01-08
    historical
18. 2026-01-08
    historical
19. 2025-11-24
    listed $895,000 Active
20. 2025-11-24
    listed $895,000 New
21. 2024-12-02
    historical $895
22. 2024-11-27
    listed $895
23. 2024-11-17
    historical $895
24. 2024-11-01
    price $895
25. 2024-09-05
    listed $995
26. 2024-08-23
    historical $995
27. 2024-08-13
    listed $995
28. 2022-11-14
    historical
29. 2011-06-30
    historical
30. 2011-06-23
    soldstatus $72,118 Sold
31. 2011-05-31
    status Pending
32. 2011-05-12
    listed $58,410 Active
33. 2003-03-14
    soldstatus $260,000
34. 2002-11-06
    soldstatus $148,300
35. 1997-06-10
    soldstatus $110,000
36. 1979-09-26
    soldstatus $27,000

ⓘ 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: $5,519 · $460/mo
• Projected year-2 tax: $10,810 · $901/mo
• Expected delta: +$5,291/yr (+$441/mo · 95.9%)

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

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: $144,012
• − Mortgage interest: −$65,818
• − Property taxes: −$5,519
• − Insurance: −$5,875
• − Repairs & maintenance: −$11,521
• − Management: −$11,521
• − Depreciation: −$34,182
• Taxable income: $9,576
• Est. tax owed @ 24.0%: −$2,298
• After-tax cash flow: $26,135/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): 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

+4251.9% since first listed

23 events — show timeline

• 2026-06-04 Listed $1,175,000 GAMLS
• 2026-04-29 Listed $1,175,000 FMLS
• 2026-03-04 Sold (Public Records) $337,300 Public Records
• 2026-01-08 Listing Removed — GAMLS
• 2026-01-08 Listing Removed — FMLS
• 2025-11-24 Listed $895,000 GAMLS
• 2025-11-24 Listed $895,000 FMLS
• 2024-12-02 Rental Removed $895 RENTALBEAST
• 2024-11-27 Listed for Rent $895 RENTALBEAST
• 2024-11-17 Rental Removed $895 RENTALBEAST
• 2024-11-01 Price Changed $895 RENTALBEAST
• 2024-09-05 Listed for Rent $995 RENTALBEAST
• 2024-08-23 Rental Removed $995 RENTALBEAST
• 2024-08-13 Listed for Rent $995 RENTALBEAST
• 2022-11-14 Rental Removed — RENT.
• 2011-06-30 Listing Removed — FMLS
• 2011-06-23 Sold (MLS) $72,118 FMLS
• 2011-05-31 Pending — FMLS
• 2011-05-12 Listed $58,410 FMLS
• 2003-03-14 Sold (Public Records) $260,000 Public Records
• 2002-11-06 Sold (Public Records) $148,300 Public Records
• 1997-06-10 Sold (Public Records) $110,000 Public Records
• 1979-09-26 Sold (Public Records) $27,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $5,519 · +371.4% YoY. Source: county tax records.