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1917 Penelope Road Nw, 
Atlanta, GA 30314

$349,000


7

Beds


—

Bath


2,640

Sq Ft


Single Family


Virtual Tour

Active

Listed by

Rick Wiley

Last updated:

November 12, 2026, 03:13 PM

MLS#

7862221

Source:

FIRSTMLS

About This Home

1917 Penelope Road Nw

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.

Home Facts

Single Family

7 Bedrooms

Built in 1957

Subdivision & Development:

Penelope Neighbors

Price Summary

349,000

$132 per Sq. Ft.

MLS #:

7862221

Last Updated:

November 12, 2026, 03:13 PM


Rooms & Interior

Bedrooms

Total Bedrooms:

7

Bathrooms

Full Bathrooms:

3

Interior

Living Area:

2,640 Sq. Ft.


Structure

Structure

Architectural Style:

Ranch, Traditional

Building Area:

2,640 Sq. Ft.

Year Built:

1957


Lot

Lot Size (Sq. Ft):

9,365


Finances & Disclosures

Finances

Price:

$349,000

Price per Sq. Ft:

$132 per Sq. Ft.

1917 Penelope Road Nw
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Contact an Agent

Yes, I would like more information. Please use and/or share my information with a Coldwell Banker ® affiliated agent to contact me about my real estate needs. By clicking Contact, I request to be contacted by phone or text message and consent to being contacted by automated means. I understand that my consent to receive calls or texts is not a condition of purchasing any property, goods, or services. Alternatively, I understand that I can access real estate services by email or I can contact the agent myself.

If a Coldwell Banker affiliated agent is not available in the area where I need assistance, I agree to be contacted by a real estate agent affiliated with another brand owned or licensed by Anywhere Real Estate (BHGRE®, CENTURY 21®, Corcoran®, ERA®, or Sotheby's International Realty®). I acknowledge that I have read and agree to the terms of use and privacy notice.