INCREDIBLE 6BD/6BA VA HI PROPERTY! OWN FOR LESS THAN RENT!!

INCREDIBLE 6BD/6BA VA HIGHLAND HOME & GUEST HOUSE! WALKING DISTANCE TO N. HIGHLAND AVE. AND PIEDMONT PARK! OFFERED AT $639,000! PLEASE SEE OUR DEDICATED WEBSITE FOR MORE INFO AND PHOTOS: WWW.935GREENWOOD.COM CALL (404) 664-0506 FOR INFO AND SHOWINGS! LICENSED BUYER'S BROKERS PROTECTED UPON SUCCESSFUL CLOSING (PLEASE SEE MLS LISTING FOR DETAILS). PLEASE DON'T DISTURB THE RESIDENTS (PLEASE CALL OR E-MAIL US TO SCHEDULE A SHOWING AT YOUR CONVENIENCE). 

The main house was built in the early 1900s and has some of the incredible charm and character of homes of that time period, including high ceilings, hard wood floors, a tile fireplace, ornamental antique door knobs, solid interior doors, stained glass, etc. The house currently is split between the upstairs and downstairs (being rented as separate units), but there is no permanent separation of the units in the house (just some locked french doors) - so converting it back to single family will be as simple as opening up the doors! There are two bedrooms and two baths downstairs in the main part of the house. Also an open kitchen and dining room, and large living room with lots of windows! The front door opens into a formal entry foyer, with the staircase to the upstairs. It also has access to the laundry room. Upstairs there is one bedroom and a large living room, one bath, and a kitchen. There is a deck off the main living room, which can be seen in the front of the house (see the picture below). The upstairs could be used as an in-law suite, or for two additional bedrooms, or could be kept rented for additional income! Current rental rates are: (1) $1225 for the main level of the house; and (2) $750 for upstairs level.

The back building was constructed in 1997, and includes lots of modern amenities, including energy-efficient windows, insulation, and HVAC systems. There currently two units in the back building, which are set up as townhouse-style units. One is a 2 bedroom, 2 bath unit, with a bright kitchen that has an open interior windown into the dining room, and a separate living room/den. The other unit is a 1 bedroom loft townhouse, with soaring ceilings and incredible floor-to-ceiling windows in the loft (the upper window seen in the picture below). These back units could be used as guest suites or rented out for additional income. Current rental rates are: (1) $895 for the one bedroom loft; and (2) $1195 for the two bedroom townhouse.

Owner may consider taking back a second mortgage. Here is an example of possible financing (for demostration purposes only - please contact your local mortgage lender for information on available financing for you):

New First Mortgage: $511,200 (80% Loan to Value) Principal Amount, 30 year amortization, 4.75% interest rate. Principal and Interest Payments = $2,666.66

Owner Second Mortgage: $63,900 (10% Loan to Value) Principal Amount, 15 year amortization, 5.75% interest rate. Principal and Interest Payments = $530.63

Cash Down Payment: $63,900 (10%).

Total of Monthly Principal and Interest: $3,197.29

If you decide to live in the front house and keep the back units leased, then your total monthly payments are reduced by $1,975! So your effective principal and interest payments under this example would be: $3,197.29 - $1,975.00 = $1,222.29 !! That's the equivalent payment of a $235,000 loan payment for a $639,000 property!! Or keep the upstairs of the main house rented, and lower your effective principal and interest payments for living in the main part of the house to $472.29!!

That's less than rent! And you can expand upstairs (and later use one or both of the back townhomes as guest houses) - as your budget allows! Or purchase the property for a nice steady investment and enjoy rental income for years to come!