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Key Details
Sold Price $195,000
Property Type Single Family Home
Sub Type Single Family Residence
Listing Status Sold
Purchase Type For Sale
Square Footage 1,946 sqft
Price per Sqft $100
Subdivision Woodland Park
MLS Listing ID 7402999
Sold Date 08/23/24
Style Ranch
Bedrooms 7
Full Baths 2
Construction Status Resale
HOA Y/N No
Originating Board First Multiple Listing Service
Year Built 1957
Annual Tax Amount $2,387
Tax Year 2023
Lot Size 10,497 Sqft
Acres 0.241
Property Description
Eureka! You've found the ultimate cash-flowing rental. This 4-sided brick PadSplit coliving home generates over $4,600 per month in gross rental income ($56,000+ per year). This investment offers a unique combination of cash flow and turnkey management. After expenses the CAP rate is over 12% and 20% cash-on-cash ROI. Featuring granite countertops and upgraded bathrooms, this fully occupied rental is conveniently located minutes from major employers, including Hartsfield-Jackson International Airport. Its proximity to public transit and I-75 / I-285 ensures superb connectivity for its occupants. The home is leased to one tenant, PadSplit, which hosts the property on their platform. PadSplit is a workforce housing solution that not only helps members save money and live closer to work but also provides an avenue for investors to achieve 2-3x+ cash flow of typical rental properties. All members are professionally screened by PadSplit, required to pass a criminal background check and undergo income verification. PadSplit handles inbound requests from members and enforces house rules. One rent payment is direct-deposited into the owner's bank account based on the home's previous month's performance. Sold with an optional top-rated Superhost who coordinates cleaning and repairs, this property is ideal for any investor, regardless of their capacity. In a time when cash flow is hard to find, this turnkey rental defies the odds. It doesn't just meet the '1% rule,' it blows it away. Contact us today for preferred lenders if you need financing. If PadSplit is new to you, please Google 'PadSplit' to learn more about this game-changing affordable housing solution before calling. Part of a portfolio, contact the listing agent if you are interested in purchasing multiple properties with a similar setup and ROI.
Location
State GA
County Clayton
Lake Name None
Rooms
Bedroom Description Roommate Floor Plan
Other Rooms None
Basement Crawl Space
Main Level Bedrooms 7
Dining Room None
Interior
Interior Features Disappearing Attic Stairs
Heating Central
Cooling Central Air
Flooring Hardwood, Laminate
Fireplaces Type None
Window Features None
Appliance Dryer, Electric Range, Microwave, Refrigerator
Laundry In Hall
Exterior
Exterior Feature Rain Gutters
Garage Driveway
Fence None
Pool None
Community Features None
Utilities Available Electricity Available, Water Available
Waterfront Description None
View Other
Roof Type Composition,Shingle
Street Surface Concrete
Accessibility None
Handicap Access None
Porch None
Private Pool false
Building
Lot Description Back Yard, Front Yard, Level
Story One
Foundation Block
Sewer Public Sewer
Water Public
Architectural Style Ranch
Level or Stories One
Structure Type Brick,Brick 4 Sides
New Construction No
Construction Status Resale
Schools
Elementary Schools Edmonds
Middle Schools Forest Park
High Schools Forest Park
Others
Senior Community no
Restrictions false
Tax ID 13048B C010
Ownership Fee Simple
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing no
Special Listing Condition None
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Robert Clements
Associate Broker | License ID: 415129
Associate Broker License ID: 415129