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$140,000

Beds
2
Baths
2.0
sq ft
Unknown

561 Formwalt St SW Unit 5, Atlanta, GA 30312

561 Formwalt St SW Unit 5

Atlanta, GA 30312

  • 8 days on market
Location! REDUCED MOTIVATED SELLER AND $10,000 towards downpayment with the help of the $10,000 Homebuyer Access grant as a primary residence purchase...Perfect first-time home buyer or Investor, no Rental Restrictions. The unit is currently rented for 1250 to a long-term tenant. It is very easy to find new tenants or increase rent. Also, it can be bought as a package with two other units in the same complex. Additional Unit 8 is rented for 1200 to a long term tenant. And 571 Formwalt unit 7 is rented for 1200. There are no Seller Disclosure as the seller has not lived there.

Details

Property type

Condominium

Est. home value

$158,220

Lot size

584 sq ft

Price per sq ft

Unknown

Year built

1961

Annual property taxes

$2,473

HOA

Yes

Price History

02/14/2025
FMLS

FMLS #7524995

Listed
$140,000
+3.7%
02/01/2025
FMLS

FMLS #7491872

Removed
$135,000
11/27/2024
FMLS

FMLS #7491872

Listed
$135,000
+184.21%

Schools & Community

Neighborhood: 

Mechanicsville

Elementary school: 

Paul L. Dunbar

Middle school: 

Martin L. King Jr.

High school: 

Maynard Jackson

Community features: 

None

Number of units in community: 

1

Negotiation Insights

Before you make an offer, understand who you are negotiating with so you can tailor your negotiation strategy to their situation.

Seller could get up to

$122,436
Asking price
$140,000
Closing costs (~8% of asking)
-$11,200
Est. remaining loan balance
-$6,364
Cash to seller
$122,436

This is an estimate of how much the seller could receive at closing after paying off the outstanding mortgage.

Seller’s Loan History

Lender

Countrywide Home Loans Inc

Loan start date

April 2005

Original loan amount

$18,980

Est. remaining balance

$6,364

Interest rate

5.69%

Loan type

New Conventional, 25 year

Seller

Michael K Temba

Source: Public records data

If you're the owner, you can request to remove loan details. Email listingsupport@tomo.com

How insights can help you

Interest rate

If the seller has a low interest rate, they may be tempted to rent the property out if they can't get the price they have in mind.

Motivation

If the seller already got a job in a different city, they may feel pressure to sell quickly to free up cash for a new home.

Equity

If the seller stands to receive a large amount of cash when they sell the property, they might be willing to negotiate on the offer price.

Interested in learning more?

Status: Active

Tomo last checked: 02/23/2025 at 9:40 AM

Listing updated: 02/18/2025 at 1:45 PM

Listed by: Pratik Karan, Dalton Wade, Inc. Phone #: (888) 668-8283

MLS: FMLS #7524995

FMLS logo

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