If you are looking to live intown, next to everything, in an area that has nowhere to go but up, look no further. I am getting ready to go to grad school and am selling my beautiful 3 bedroom, 2 bath house in Kirkwood (zip 30317). My house is located on a very quiet street, and is just three blocks from new shops and restaurants (new Kirkwood Village), as well as just 3 miles from hotspots such as Emory Village, Virginia Highlands, and downtown. It is located just on the other side of Candler Park and only 2 miles from little 5 points (Target, Lowes, Kroger) and Oakhurst village. The house is on the stone mountain bike trail and is accross the street from Coan Elementary ( a common gathering ground for soccer games, families, and dogs).
Rennovated in 2006 this 1925 Bungalow features original hardwood floors, high ceilings, original molding, two fireplaces, off-street parking (driveway) and a fenced-in back yard. This home has new central heat and air, upated electrical and plumbing. The kitchen has modern kitchen appliances, as well as separate room with a washer/dryer.
The neatest thing about this house is that it has an in-law suite which features a separate bedroom, bath, large kitchen with a small eatery, and a small living room. I currently rent this side of the house out to a college student $675 per month, so this helps a great deal with the mortgage payment. This suite is totally separate from the rest of the house and is on a separate utility meter. My side of the home features a living room and dining room, a kitchen, two bedrooms and one bath. We share the utility room that has a washer and dryer.
So you may be asking, where's the catch? How can I afford to live downtown for only $1013 per month? Well heres the breakdown:
30 yr financing on 265K at 5.12% = $1442 per month
Real Estate taxes = $166 per month
Property Insurance= $80 per month
Total= $1688
Rent =$675
Total=$1013
The greatest thing about this house is that it has got enormous 'upside potential'. What do I mean by this? Well in 2007 the house appraised for $340K. Now given the current market downturn, the house has probably lost about 5-8% value from this number (our area has not been impacted as much as other areas). So my point is that there is anywhere from $35000 to $60000 equity in this house at that price. Also, given the amount of rennovation currently ongoing, and new developments going in with in .5 mile radius, the area is definitely on an upswing.
The other great thing about this house is that it works great from if you have a family that needs to live with you but not 'with you' if you know what i mean...you can get you privacy yet have your loved one nearby. Or, i could be made into an office or some other useful space (art or music studio, etc.). Also another benefit is that the house could be easily converted one day to a single family home (it would be large, around 1800 sq ft.). It also works very well from a tax write off standpoint.
I know that times are tough, and you may be having a hard time coming up with a downpayment. If you fit this category, I may be willing to owner-finance the property with good credit.
So give me a call if it sounds like this house fits for you. I would love to show it to you! AGENTS ARE PROTECTED SO I WOULD LOVE TO SPEAK WITH YOU!
Martin
404-543-4158
PS...I will be posting pictures later on this week.
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