Multifamily

506 Old Wheat Street NE

Atlanta, GA 30312

Location

506 Old Wheat Street NE, Atlanta GA 30312

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List Price$580,000
2 Units$290,000 per unit
Published yieldsYields UnpublishedRent coverage 50% — yields unpublished
Value-add: water recoveryListing evidence · class C
Rents1 / 2 units
Who paysWater owner · Elec tenant · Gas tenant · Trash tenant
OccupancyNot in remarks
FinancialsMLS GI/NOI empty · Tax $8,899 (2025)

Not enough FMLS financials to publish cap, cash-on-cash, or DSCR in the hero. Use the calculator as a modeled scenario and request the rent roll / T-12.

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Data last updated: October 5, 2026 at 4:01 PM EST
ACTIVE
FMLS #7835616
Listing Provided By HomeSmart · 678-313-4003
Description

Property Description

Lovely renovated duplex in the heart of Old Fourth Ward! Just steps from Krog Street Market, the Atlanta BeltLine Eastside Trail, Edgewood Avenue, and the Martin Luther King Jr. National Historical Park, this unbeatable location offers exceptional walkability. Both units feature spacious 1BR/1BA floor plans with hardwood floors, updated kitchens and baths, granite countertops, stainless steel appliances, 10-foot ceilings, and decorative fireplaces that blend historic charm with modern style. Each unit also includes a separate laundry room with washer and dryer. New front porch flooring, freshly painted exterior trim, brand new, upgraded thermostats were added to both sides making the units more energy efficient. A turnkey investment with immediate income and future flexibility for an owner-occupant, short-term rental, or long-term hold.
Listing facts

From this record

  • Incomplete — 1 of 2 unit rents

2 doors on the listing. Generic market notes are below the fold.

Unit Mix & Available Rent Roll

Breakdown based on data provided in the FMLS listing· HUD Small Area FMR (ZIP 30312, FY2027)shown for comparison

UnitBedsBathsMonthly RentHUD SAFMRElecGasWaterGarbMaint
Unit 111—$1,990NNYNY
Unit 211$1,650$1,990+$340NNYNY
Total2 units$1,650Y = owner-paid · — = unknown

* Rent roll information is taken from the available FMLS listing data. Many multifamily listings do not include complete or verified tenant financials. Always verify actual rents, leases, and operating expenses during due diligence. HUD Small Area Fair Market Rents (ZIP-level payment standards) are published by the U.S. Department of Housing and Urban Development and are shown for comparison only.

Scenario

Investment Calculator

Scenario only. 1 of 2 rents in FMLS — GPI blank. Do not treat the results as in-place. Override any value.

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Repairs, pest, landscaping, cleaning, admin. Water and trash are separate lines. Electric/gas off when tenant-paid.

Conventional = fully amortizing. Commercial = shorter call + balloon. Seller finance = below-market note. Cash = no loan.

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Scenario only. Yields unpublished — thin roll. Results are not in-place.

Coverage rules
  • GPI pre-fills only from MLS GI, a building-total UnitTypes row, or a rent roll covering ≥ 80% of doors.
  • A single sample rent is not averaged across the building.
  • Vacancy floor is max(5%, 100 − present occupancy in remarks).
  • Mgmt 8% at 8+ units, else 10%. Insurance $800/door. R&M $800/door.
  • Utility allowances turn on only when the who-pays grid or remarks say owner-paid.
  • SAFMR push is mix-weighted and hidden when the sample is extrapolated from thin coverage.
  • Commercial = 30% / 7% / 25-yr amort. Conventional = 25% / 7% / 30-yr. Cash = 100% equity, no debt service. CoC = NOI ÷ price.
Value-add: owner water / RUBS

Jeff’s Investment Take

Market data · October 2026

Working thesis

FMLS coverage is too thin to publish cap / CoC / DSCR. Named lever is owner-paid / master-metered water (RUBS or submeters).

  • Incomplete — 1 of 2 unit rents
Same thesis · failure-zone checkFulton County expired tape

This ask sits with inventory that expired here without re-listing. List $290,000/door vs expired median $212,500 and closed $192,625. Failures in this county sat 94 days. 44 expired buildings in sample. Not a do-not-buy — it is the price path that failed to clear.

Open the Failures tab →
Local market contextFulton County
Med. close $/door$192,62592 closed · 12 mo
Med. asking rent$1,642
Months of supply10.4Active ÷ (12-mo closed ÷ 12)
County sold gross9.0%Rent ÷ close · T12 sold tape
County asking gross9.0%Rent ÷ list · live asks
County sold NOI cap6.0%Calculator stack on closes

Modeled from available FMLS data, unit mix, and operating assumptions and Fulton County benchmarks. DSCR and cash-on-cash use conventional terms (25% down / 7% / 30-yr) for ≤4 units. Always verify with current rent roll and expenses.

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Disclaimer

Important Investment Information

Median estimated cap, cash-on-cash, and DSCR require MLS gross income or NOI, a dated broker package, a listing building total, or a unit rent roll covering at least 80% of doors. Thin records stay Incomplete — those yields are not printed in the hero or on cards. The calculator is a labeled scenario, not in-place income.

When a line is missing we use disclosed defaults only inside the calculator: vacancy floor of max(5%, 100 − present occupancy in remarks); management 8% of EGI at 8+ units otherwise 10%; insurance $800 per door; R&M $800 per door. Utility allowances turn on only if the who-pays grid or remarks say owner-paid (water $900–1,800 per door until a T-12). A single who-pays row does not set the building. We do not use an all-in “other” of $1,100 per door, and we do not average one sample rent across the building.

Rent coverage 50% — yields unpublished

Any estimated or modeled figures represent the independent analysis of Jeff Crowe / Century 21 The Avenues and are not supplied by FMLS or the listing broker.

This website and its content are for informational and educational purposes only. Nothing on this site constitutes financial, investment, tax, or real estate advice. All information is deemed reliable but not guaranteed. You should always conduct your own thorough due diligence, verify all data independently, review the physical condition of the property, and consult with your own qualified attorney, accountant, and investment advisor before making any purchase decision.