1640 Lakewood Ave SE · Atlanta, GA 30315

$175,000

6 bd · 4.0 ba · 4,757 sqft · MultiFamily · 33 Days on market

Built 1940 Good condition 0.27 ac lot ↓ 39% since listing

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Why this score? — see what drove the B- 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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.7/10.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Condition / age +4.0/5.0
• Rent growth +3.3/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

This Lakewood Heights property is a unique investor opportunity with mixed-use zoning and flexible uses! While it is technically being called a duplex because it is on 2 meters, the setup lives more like a quadraplex with 4 separate units and 6 total rooms. The current layout includes two studio-style apartments with 1 bedroom and 1 bathroom each, plus two additional 2-bedroom, 1-bath style units, giving you multiple ways to create rental income under one roof. The mixed-use zoning is where this property really gets interesting. You can renovate the current setup and hold it as a rental, reconfigure the existing units, explore live/work potential, or look into future commercial, residential, or multi-unit redevelopment options. This is not just a standard residential property. It gives you room to think bigger, especially in a corridor already seeing new construction and redevelopment. Inside, the property has several key pieces already in place, including multiple kitchens, multiple bathrooms, gas ranges, white cabinetry, updated-looking flooring, and flexible rooms that can be used for bedrooms, living areas, office space, or tenant setups. The covered front porch gives the property character, and the lot gives you additional space to work with. Located right on Lakewood Avenue in Lakewood Heights, this property sits close to Lakewood Amphitheatre, The Ron Clark Academy, and major Atlanta routes. With 4 separate units, 2 meters, mixed-use zoning, and strong upside in a growing Atlanta location, this is the kind of property investors look for when they want options. Don't wait, take a tour today!

Key facts

• Covered front porch
• Multiple kitchens
• Flexible uses

Tags

• MIXED-USE ZONING
• FLEXIBLE USES
• MULTIPLE KITCHENS
• MULTIPLE BATHROOMS
• COVERED FRONT PORCH

Property features AI

Exterior

• Parking: On-street parking; Open parking available
• Utilities: Public water; Public sewer
• Home design: One-level home; Resale condition
• Construction: Wood siding exterior; Composition roof; Slab foundation
• Exterior features: Covered patio/porch; Paved road frontage on a city street

Interior

• Kitchen: Cabinets (other) and laminate countertops; Gas range; Refrigerator
• Bedrooms: Six bedrooms on the main level; Bedroom features: Other
• Bathrooms: Four full bathrooms; Four main-level bathrooms; Master bathroom: none listed
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Other interior features; No common walls; Basement with bath rough-in/stubbed

What this means for you Summary

Snapshot

• This is a 6-bed/4.0-bath multifamily listed at $175k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $550 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Recommended offer: $170k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.1% 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: Thomas Heathe Slater Elementary School (math 2% / reading 8%, grade F, #1,160 of 1,228 statewide, top 98%, 569 students, 100% FRL); Judson Price Middle School (math 2% / reading 8%, grade F, #462 of 470 statewide, top 99%, 283 students, 100% FRL) — zoned schools average 100% FRL vs 71% district-wide (29 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 5% at this address vs 32% district-wide (-26 pts) — the specific schools serving this property underperform the Atlanta Public Schools average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising (+3.2%/yr); 378 active listings in the ZIP; 11,565 units permitted in Fulton County in 2024 (8,159 in 5+ unit buildings).

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.
• At projected returns (-3.0% appreciation + 3.2% rent growth), your $49k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• 15 sale attempts since 3y 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wind risk, 26% chance of damaging wind over 30y; extreme-heat days projected 7→17/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,750 (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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. 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: 1.27% ✓
• Cap rate: 10.06%
• Cash-on-cash: 13.47%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.23% rent growth · sell at horizon

5-year hold

• IRR: 3.8%
• Equity multiple: 1.15×
• Total profit: $7,227
• Equity at exit: $26,093

10-year hold

• IRR: 13.6%
• Equity multiple: 2.10×
• Total profit: $53,673
• Equity at exit: $15,131

Cash invested: $49,000 (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 30315

• Rents YoY: 3.2%
• Active inventory: 378
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,227 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$468
• Net cashflow: $550

Break-even live

Break-even rent $1,531

Max offer price $175,000

Occupancy floor 70%

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Listing history 47 events

1. 2026-06-18
   days on market $175,000 Active 33 DOM
2. 2026-06-17
   days on market $175,000 Active 32 DOM
3. 2026-06-16
   days on market $175,000 Active 31 DOM
4. 2026-06-15
   days on market $175,000 Active 30 DOM
5. 2026-06-13
   days on market $175,000 Active 28 DOM
6. 2026-06-13
   days on market $175,000 Active 27 DOM
7. 2026-06-09
   days on market $175,000 Active 24 DOM
8. 2026-06-08
   days on market $175,000 Active 23 DOM
9. 2026-06-07
   days on market $175,000 Active 22 DOM
10. 2026-06-04
    days on market $175,000 Active 19 DOM
11. 2026-06-03
    days on market $175,000 Active 18 DOM
12. 2026-06-02
    days on market $175,000 Active 17 DOM
13. 2026-06-01
    days on market $175,000 Active 16 DOM
14. 2026-05-31
    days on market $175,000 Active 15 DOM
15. 2026-05-16
    listed $175,000 Active

    Show marketing remark (1633 chars)

    This Lakewood Heights property is a unique investor opportunity with mixed-use zoning and flexible uses! While it is technically being called a duplex because it is on 2 meters, the setup lives more like a quadraplex with 4 separate units and 6 total rooms. The current layout includes two studio-style apartments with 1 bedroom and 1 bathroom each, plus two additional 2-bedroom, 1-bath style units, giving you multiple ways to create rental income under one roof. The mixed-use zoning is where this property really gets interesting. You can renovate the current setup and hold it as a rental, reconfigure the existing units, explore live/work potential, or look into future commercial, residential, or multi-unit redevelopment options. This is not just a standard residential property. It gives you room to think bigger, especially in a corridor already seeing new construction and redevelopment. Inside, the property has several key pieces already in place, including multiple kitchens, multiple bathrooms, gas ranges, white cabinetry, updated-looking flooring, and flexible rooms that can be used for bedrooms, living areas, office space, or tenant setups. The covered front porch gives the property character, and the lot gives you additional space to work with. Located right on Lakewood Avenue in Lakewood Heights, this property sits close to Lakewood Amphitheatre, The Ron Clark Academy, and major Atlanta routes. With 4 separate units, 2 meters, mixed-use zoning, and strong upside in a growing Atlanta location, this is the kind of property investors look for when they want options. Don't wait, take a tour today!

16. 2026-05-16
    listed $175,000 New 1624-char remark

    Show marketing remark (1633 chars)

    This Lakewood Heights property is a unique investor opportunity with mixed-use zoning and flexible uses! While it is technically being called a duplex because it is on 2 meters, the setup lives more like a quadraplex with 4 separate units and 6 total rooms. The current layout includes two studio-style apartments with 1 bedroom and 1 bathroom each, plus two additional 2-bedroom, 1-bath style units, giving you multiple ways to create rental income under one roof. The mixed-use zoning is where this property really gets interesting. You can renovate the current setup and hold it as a rental, reconfigure the existing units, explore live/work potential, or look into future commercial, residential, or multi-unit redevelopment options. This is not just a standard residential property. It gives you room to think bigger, especially in a corridor already seeing new construction and redevelopment. Inside, the property has several key pieces already in place, including multiple kitchens, multiple bathrooms, gas ranges, white cabinetry, updated-looking flooring, and flexible rooms that can be used for bedrooms, living areas, office space, or tenant setups. The covered front porch gives the property character, and the lot gives you additional space to work with. Located right on Lakewood Avenue in Lakewood Heights, this property sits close to Lakewood Amphitheatre, The Ron Clark Academy, and major Atlanta routes. With 4 separate units, 2 meters, mixed-use zoning, and strong upside in a growing Atlanta location, this is the kind of property investors look for when they want options. Don't wait, take a tour today!

17. 2026-05-16
    listed $175,000 New 1633-char remark

    Show marketing remark (1633 chars)

    This Lakewood Heights property is a unique investor opportunity with mixed-use zoning and flexible uses! While it is technically being called a duplex because it is on 2 meters, the setup lives more like a quadraplex with 4 separate units and 6 total rooms. The current layout includes two studio-style apartments with 1 bedroom and 1 bathroom each, plus two additional 2-bedroom, 1-bath style units, giving you multiple ways to create rental income under one roof. The mixed-use zoning is where this property really gets interesting. You can renovate the current setup and hold it as a rental, reconfigure the existing units, explore live/work potential, or look into future commercial, residential, or multi-unit redevelopment options. This is not just a standard residential property. It gives you room to think bigger, especially in a corridor already seeing new construction and redevelopment. Inside, the property has several key pieces already in place, including multiple kitchens, multiple bathrooms, gas ranges, white cabinetry, updated-looking flooring, and flexible rooms that can be used for bedrooms, living areas, office space, or tenant setups. The covered front porch gives the property character, and the lot gives you additional space to work with. Located right on Lakewood Avenue in Lakewood Heights, this property sits close to Lakewood Amphitheatre, The Ron Clark Academy, and major Atlanta routes. With 4 separate units, 2 meters, mixed-use zoning, and strong upside in a growing Atlanta location, this is the kind of property investors look for when they want options. Don't wait, take a tour today!

18. 2026-05-16
    listed $175,000 Active

    Show marketing remark (1633 chars)

    This Lakewood Heights property is a unique investor opportunity with mixed-use zoning and flexible uses! While it is technically being called a duplex because it is on 2 meters, the setup lives more like a quadraplex with 4 separate units and 6 total rooms. The current layout includes two studio-style apartments with 1 bedroom and 1 bathroom each, plus two additional 2-bedroom, 1-bath style units, giving you multiple ways to create rental income under one roof. The mixed-use zoning is where this property really gets interesting. You can renovate the current setup and hold it as a rental, reconfigure the existing units, explore live/work potential, or look into future commercial, residential, or multi-unit redevelopment options. This is not just a standard residential property. It gives you room to think bigger, especially in a corridor already seeing new construction and redevelopment. Inside, the property has several key pieces already in place, including multiple kitchens, multiple bathrooms, gas ranges, white cabinetry, updated-looking flooring, and flexible rooms that can be used for bedrooms, living areas, office space, or tenant setups. The covered front porch gives the property character, and the lot gives you additional space to work with. Located right on Lakewood Avenue in Lakewood Heights, this property sits close to Lakewood Amphitheatre, The Ron Clark Academy, and major Atlanta routes. With 4 separate units, 2 meters, mixed-use zoning, and strong upside in a growing Atlanta location, this is the kind of property investors look for when they want options. Don't wait, take a tour today!

19. 2025-12-31
    historical
20. 2025-12-31
    historical
21. 2025-12-31
    historical
22. 2025-08-07
    price $215,000
23. 2025-08-07
    price $215,000
24. 2025-08-07
    price $215,000
25. 2025-05-14
    price $225,000
26. 2025-03-20
    listed $250,000 Active
27. 2025-03-20
    listed $250,000 New
28. 2025-03-20
    listed $250,000 New
29. 2024-12-31
    historical
30. 2024-12-17
    historical
31. 2024-11-12
    listed $269,000 Active
32. 2024-11-11
    historical
33. 2024-11-11
    listed $269,000 New
34. 2024-10-31
    historical
35. 2024-10-31
    historical
36. 2024-09-10
    price $315,000
37. 2024-07-02
    price $315,000
38. 2024-05-13
    listed $225,000 Active
39. 2024-05-13
    listed $225,000 New
40. 2024-04-18
    historical
41. 2024-04-18
    historical
42. 2024-04-18
    historical
43. 2024-04-18
    historical
44. 2023-11-04
    listed $285,000 New
45. 2023-11-04
    listed $285,000 Active
46. 2023-11-03
    listed $285,000 Active
47. 2023-11-03
    listed $285,000 New

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 5/10 Major 7 d/yr ≥105°F today · 17 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: $26,726
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,138
• − Management: −$2,138
• − Depreciation: −$5,091
• Taxable income: $4,056
• Est. tax owed @ 24.0%: −$973
• After-tax cash flow: $5,627/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 property is in good condition with recent renovations, making it a solid investment opportunity. It is move-in ready and can be further enhanced with landscaping and smart home features.

Value-add opportunities

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental.
• Both Addition of smart home features — Improves convenience and adds value for both resale and rental.
• Both Update to appliances — Fresh appliances can attract more renters and buyers.
• Both Painting exterior — Fresh paint can improve curb appeal and add value for both resale and rental.

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping improvements — Enhances curb appeal and adds value for both resale and rental. ↑
• Both Addition of smart home features — Improves convenience and adds value for both resale and rental. ↑
• Both Update to appliances — Fresh appliances can attract more renters and buyers. ↑
• Both Painting exterior — Fresh paint can improve curb appeal and add value for both resale and rental. ↑

ⓘ 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): 34,264
• Household income: $50,822
• Rent vs Own: 56.7% rent · 43.3% own
• Severe rent burden: 2962.0

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 (72%)
• Race & ethnicity: Black 72% White 14% Hispanic / Latino 10% Two or more races 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 1% Italian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 90% English-only · Spanish 9% French/Haitian/Cajun 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: ▼ -281.87%
• Current HPI: 176.673
• Rent YoY: ▲ 3.23%
• 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

-38.6% since first listed

33 events — show timeline

• 2026-05-16 Listed $175,000 FMLS
• 2026-05-16 Listed $175,000 GAMLS
• 2026-05-16 Listed $175,000 GAMLS
• 2026-05-16 Listed $175,000 FMLS
• 2025-12-31 Listing Removed — GAMLS
• 2025-12-31 Listing Removed — GAMLS
• 2025-12-31 Listing Removed — FMLS
• 2025-08-07 Price Changed $215,000 GAMLS
• 2025-08-07 Price Changed $215,000 GAMLS
• 2025-08-07 Price Changed $215,000 FMLS
• 2025-05-14 Price Changed $225,000 FMLS
• 2025-03-20 Listed $250,000 GAMLS
• 2025-03-20 Listed $250,000 GAMLS
• 2025-03-20 Listed $250,000 FMLS
• 2024-12-31 Listing Removed — GAMLS
• 2024-12-17 Listing Removed — FMLS
• 2024-11-12 Listed $269,000 FMLS
• 2024-11-11 Coming Soon — FMLS
• 2024-11-11 Listed $269,000 GAMLS
• 2024-10-31 Listing Removed — GAMLS
• 2024-10-31 Listing Removed — FMLS
• 2024-09-10 Price Changed $315,000 GAMLS
• 2024-07-02 Price Changed $315,000 FMLS
• 2024-05-13 Listed $225,000 GAMLS
• 2024-05-13 Listed $225,000 FMLS
• 2024-04-18 Listing Removed — FMLS
• 2024-04-18 Listing Removed — GAMLS
• 2024-04-18 Listing Removed — GAMLS
• 2024-04-18 Listing Removed — FMLS
• 2023-11-04 Listed $285,000 FMLS
• 2023-11-04 Listed $285,000 GAMLS
• 2023-11-03 Listed $285,000 GAMLS
• 2023-11-03 Listed $285,000 FMLS