1917 Penelope Road NW, Atlanta, GA 30314

Property Description

Exceptional cash-flowing investment opportunity in Atlanta's growing Westside! Offered at just $369,000, this income-producing 7-bedroom, 3-bathroom rooming house offers an impressive 15.53% gross rental yield based on scheduled income, established tenants, and tremendous value-add potential! Located JUST 3 BLOCKS FROM A MARTA TRAIN STATION, this property offers exceptional convenience for tenants and excellent potential for PadSplit or other room-by-room co-living strategies, subject to applicable regulations and platform approval. Current monthly rental breakdown includes Room 1: $740 (Airbnb), Room 2: $675 (long-term tenant), Room 3: $680, Room 4: $725 (private bathroom/on-site house manager), Room 5: $680, Room 6: $750, and Room 7: $600, totaling $4,850 monthly ($58,200 annually) in gross potential rental income. After the house manager's $75 monthly discount, scheduled rental income is $4,775 monthly ($57,300 annually), representing a 15.53% gross rental yield at the asking price before operating expenses. The spacious layout features 4 bedrooms and 2 bathrooms on the main level, plus a finished basement in-law suite with 3 bedrooms, 1 bathroom, and a kitchenette. Owner pays utilities, with Georgia Power currently on a $199 monthly budget billing plan. Significant upside potential exists through strategic property improvements and additional income-generating opportunities, with nearby sales including 1860 Penelope Road ($475,000) and 1328 Sharon Street ($475,000). Investors may also explore converting the garage into a studio apartment and the living room into an additional bedroom, potentially adding $1,700 monthly and increasing scheduled rental income to $6,475 monthly ($77,700 annually), representing a projected 21.06% gross rental yield at the current asking price before conversion costs and operating expenses, subject to zoning and permitting approvals. With 7 established rental rooms, existing tenants, and an on-site house manager, this property presents an attractive opportunity for investors seeking immediate rental income, future equity growth, and expansion into PadSplit-style shared housing. Conveniently located near Downtown Atlanta, MLK Jr. Drive, I-20, shopping, dining, and the BeltLine Westside corridor. Listing agent has access to lenders specializing in rooming-house financing. An outstanding opportunity to acquire an established income-producing investment with substantial upside potential and multiple avenues to maximize cash flow! Seller is also willing to buy down the interest rate with the right offer.

Listing Status:

Active

Date Added:

November 1, 2026

Data Last Updated:

November 11, 2026 at 5:06PM

Listing Office:

Coldwell Banker Realty : 404-252-4908

Listing Agent:

Rick Wiley : 404-620-1400

Contact:

404-252-4908

MLS ID:

7862230

Interior

• Flooring: HardwoodVinyl
• A/C: Attic FanCeiling Fan(s)Central Air
• Heating: Central
• Disability Feature: None
• Eco/Green Feature: RoofThermostatNone

Exterior

• Parking: AttachedGarageParking spaces: 3

Construction

• Roofing: Composition
• Windows: Insulated Windows
• General: BrickBrick 4 SidesTwo

Location

• Originating MLS: First Multiple Listing Service
• County: Fulton - GA

Lot

• Zoning: 014 017300100158
• View: City
• Fencing: Chain Link

Utilities

• Utilities: Cable AvailableElectricity AvailableNatural Gas AvailablePhone AvailableWater Available
• Water: Public
• Sewer: Public Sewer

Financial

• Source: First Multiple Listing Service