215 Piedmont Ave NE APT 1405, Atlanta, GA 30308

1 bed, 1 bath, 550 sqft
For Sale by Owner
$75,999
Price increase: $1,000 (8/9)
Zestimate®: $56,048
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My Notes
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Calling all investors, and those who wish to own their own condo! This condo is for sale at $75,999. I may consider owner financing with $15,000 down, at a 8 3/4% interest rate for 25 years. The note of $60,999 at 25 years, 8 3/4% would be $501.50 a month. I may consider a longer term at 1/4% higher interest for every extra year of term. At the end of 25 years, you would own this 14th floor condo out right! No mortgage! While having a mortgage your monthly payment to me is $501.50+ $334 paid to the HOA= $835.50 a month. Taxes last year were under $500 for the entire year. You would pay your real estate taxes once a year in the fall.
I may consider an all cash price of $72,000 and split the Attorney closing costs of around $900 (Lawyer,title and Owners title policy)
The attorney and both lender and owner one time title insurance should not be too much more then $900. Price is firm, I will not disturb this great tenant without someone who is fine with the above terms. This is a great 1 bedroom which has new carpet in the bedroom and tile floors in the living room. $334 a month HOA (steady, no increase for 2014) includes all Utilities and cable TV! Move right in! This is a perfect rental for a GA State student! You are allowed to lease here, there are no restrictions! Market rates for 1 bedrooms all inclusive like this lease for $950-1100 a month. Unit is leased from Aug 6th 2014-Aug 5, 2015 @ $1040 a month. That is $12480 a year! Unit does not include a parking space, or rights to rent parking at the building. But since there are so many international students at GSU and Tech, many of whom do not have cars, so this units works very well for them. Like it does for my current tenant.
The Landmark is an older highrise with a large pool that goes to 9ft deep, and a doorman 24 hours a day! The have been no assessments at the building and there are none coming up. This is leased at $1040 a month. The current lease runs through August 5, 2014. Tenant who is a GSU student is a Sophmore and likely will lease again next year.
Unit also comes with an Ikea Queen Bed, Dresser and Nightstand, along with a Queen Platform mattress. Furnished housing comes in handy when attracting GSU and Tech students. These furnishings will transfer with the sale and can be written in the contract. Annual taxes on this condo were less then $500 for 2013! Unit does not come with parking rights, but many of the international students (like the current tenant) do not have a car.
If you would like to pay $72,000 cash (special all cash price), then After paying HOA ($334) and taxes ($50 a month), you still have a profit of over $500 a month on this condo. Thus at over $7800 a year it is a cash on cash yield (Cap Rate) of 11%! If you do owner financing, with the leverage it is like a 14% return! And that is before depreciation, or the future appreciation that is likely to happen! This home has been going up $500-2500 a month on zillow.com
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Facts
  • Condo
  • Built in 1963
  • 155 days on Zillow
  • HOA Fee: $334
  • Cooling: Wall
  • Heating: Heat pump
  • Parking: None
  • Last sold: Aug 2012 for $27,720
  • Price/sqft: $50
Construction
  • Construction quality: 6.0
  • Exterior material: Brick
  • Room count: 3
  • # Stories: 1.0
  • Unit count: 1
Other
  • Floor size: 550 sqft
  • Parcel #: 14 00510013115
  • Zillow Home ID: 35881683
Home Values
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$56,048
-$1,201 Last 30 daysd
$48K
$64K
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$975/mo
+$12 Last 30 daysd
$829
$1.5K
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Neighborhood for 215 Piedmont Avenue Ne APT 1405

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Zillow predicts Downtown home values will increase 6.8% next year, compared to a 7.1% increase for Atlanta as a whole. Among Downtown homes, this home is 47.2% less expensive than the midpoint (median) home, but is priced 3.8% more per square foot.

Foreclosures will be a factor impacting home values in the next several years. In Downtown, the number of foreclosures waiting to be sold is 40.2% greater than in Atlanta, and 163.2% greater than the national average. This higher local number may prevent Downtown home values from rising as quickly as other regions in Atlanta.

Learn more about forecast calculations or Downtown home values.
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