Intown Atlanta still has hundreds of small brick apartment buildings from the 1920s through the 1960s, the kind with six or eight units, a shared stair and a lawn out front. They sit in neighborhoods where single-family prices have climbed, which is why investors chase them.
In short: Yes, LendingStreet finances 5 to 8 unit rental buildings in Atlanta with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000 with no stated maximum, the standard minimum DSCR is 1.0x and maximum LTV on 5-8 units varies by program. In Atlanta, the deciding factors are usually the Fulton or DeKalb tax bill after a sale, Georgia's mortgage intangibles tax and the condition of older brick buildings.
Midtown, Virginia-Highland, Morningside, Inman Park and Candler Park have many 1920s to 1960s brick buildings with six to eight units. Kirkwood, Grant Park, Ormewood Park and the West End add smaller buildings and some fourplex rows.
Outside the city, Decatur, Avondale Estates, Marietta and Smyrna have small garden-style buildings. Prices vary widely: an updated Virginia-Highland building can cost several times what a similar unit count costs in southwest Atlanta.
| Area | Typical building | What to check |
|---|---|---|
| Midtown, Virginia-Highland, Morningside | 1920s-60s brick, 6-8 units | High prices, parking, original plumbing |
| Kirkwood, Grant Park, West End | Smaller buildings and fourplex rows | Renovation quality, rent support |
| Decatur, Marietta, Smyrna | Small garden-style buildings | City rules, newer systems, parking |
Our residential programs cover one to eight units, so a six or eight unit building in Atlanta is underwritten much like a fourplex, only with more rent and more units to document. Properties with nine or more units are commercial and are handled separately on our commercial programs.
Qualification runs on the property's rent, not your income: no W-2s, no tax returns, LLC ownership allowed. Loans start at $150,000 with no stated maximum, the minimum credit score is 620 and standard programs look for a DSCR of at least 1.0x. Purchases can go up to 80% LTV on some programs and cash-out up to 75%, but 5-8 unit buildings often get lower maximums; it varies by program.
Buildings that need major work before they can be leased are often financed first with a bridge or rehab loan, then refinanced into a DSCR loan once the units are rented. Seasoning for that refinance varies by program, so plan the timing before you buy.
Georgia assesses property at 40% of fair market value, an assessment ratio applied to the full value of a rental with no homestead exemption. Fulton and DeKalb counties revalue regularly, and a sale often triggers a higher value. Budget the tax on your purchase price, using the combined county, city and school millage.
Georgia charges a transfer tax of $1 per $1,000 of value and an intangible recording tax on new mortgages of $1.50 per $500 of the loan amount, which is paid at closing. Include both in your cash to close.
Atlanta's short-term rental ordinance requires a license and limits how many STR units a host can operate, so most five to eight unit buildings here are underwritten on 12-month leases. Code enforcement applies to all rentals, and some buildings sit in historic districts with design review.
Confirm the legal unit count with the city, and check for open code cases. Older buildings that were converted or expanded without permits can create appraisal and insurance problems.
Many intown buildings sit on lots where current zoning would not allow the same number of units to be built today. That is usually fine for an existing legal building, but confirm the use is legally nonconforming and can be rebuilt after a loss, because insurers and appraisers will ask.
This example is illustrative and not a quote. Picture a 6-unit brick building in Kirkwood priced at $1,250,000. With units averaging $1,450, the building brings in $8,700 a month. The budget uses $1,800 a month for taxes and $450 for insurance.
At 75% LTV the loan is $937,500, estimated principal and interest is about $6,555 and the total payment is about $8,805, for a DSCR of about 0.99x. At 70% LTV the loan drops to $875,000, the total payment to about $8,368 and the DSCR rises to about 1.04x. A 40% assessment ratio on the full purchase price makes the tax line large, so the ratio sits right around 1.0x at 75% LTV and needs the lower loan amount, or a sub-1.0 program, to work.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $937,500 | $875,000 |
| Gross monthly rent | $8,700 | $8,700 |
| Estimated principal and interest | $6,555 | $6,118 |
| Property taxes | $1,800 | $1,800 |
| Insurance | $450 | $450 |
| Total monthly payment | $8,805 | $8,368 |
| DSCR | About 0.99x | About 1.04x |
On a five to eight unit building, the appraiser usually looks at comparable small-building sales and at the income the units produce. The rent used for the ratio comes from current leases and a market rent estimate for each unit, and the lower of the two figures is often what counts.
That makes a clean rent roll worth the effort. List every unit, its rent, its lease dates and any concessions, and be ready to explain units that are vacant or leased below market.
Atlanta gets severe thunderstorms, hail and occasional tornadoes, and old trees over roofs are common in intown neighborhoods. Insurers ask about roof age, electrical panels and galvanized plumbing in 1920s to 1960s buildings.
Some properties along Peachtree Creek and other creeks are in mapped flood zones; check before you make an offer.
Atlanta's job base, from Midtown offices to Emory, Georgia Tech, the airport and corporate campuses along I-285, supports steady rental demand. Buildings near MARTA stations and the BeltLine draw tenants who want to walk to restaurants and transit.
BeltLine-adjacent buildings often trade at higher prices relative to rent, so the ratio can be tighter there than in neighborhoods a mile or two away.
Before you apply, pull together the paperwork that shows the building's income and costs. Then send it through the form below or call (877) 298-1001.
Our investor loans are business-purpose loans on non-owner-occupied property, and LendingStreet reviews each building on its own rent and costs. Share the rent roll, taxes and insurance quote, and the team will show you how the ratio changes at different loan amounts.
Georgia charges an intangible recording tax on new mortgages of $1.50 per $500 of loan amount. It is paid at closing and counts toward your cash to close.
Atlanta requires STR licenses and limits how many units a host can run, so most small buildings are underwritten on long-term leases.
Yes, if the building has 5 to 8 units and the rent supports the payment. Prices near the BeltLine are often high relative to rent, so leverage may need to be lower.
Yes. LLC borrowers are standard on our DSCR programs, and you sign for the loan personally.
Yes. Cash-out goes up to 75% LTV on some programs, often lower on 5-8 units, and seasoning varies by program.
Underwriting looks at leases and market rent for each unit. A vacant unit may be counted at market rent on some programs, but documented leases help.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
On our programs, buildings with up to 8 units are residential. Nine or more units is commercial financing.
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