There is a ring of single-family house neighborhoods encircling downtown Atlanta that were all built between about 1900 and 1950. You can go in any direction from downtown and find houses that are similar in size, style and condition.
My house, in one of those neighborhoods, was $77/ft^2 when I bought it in 2009. Right now, my guess is it's worth maybe $130/ft^2. The house next door, which has granite counter tops and such (instead of the builder-grade finishes I have) is probably $200/ft^2.
A similar house in the bad area southwest of downtown might be $20/ft^2.
A similar house in the most gentrified neighborhoods northeast of downtown could be $400/ft^2 or more.
Jack - Just wondering, what neighborhood are you in? I may have an opportunity for a new job in Atlanta next year and have just recently begun researching various neighborhoods and suburbs. The job would be in Midtown. Any input on "mustachian" areas to look at would be greatly appreciated.
My neighborhood in Chicago goes for about $400/ sq. ft. This is one of the major reasons motivating me to look at this Atlanta job!
I don't want to say which neighborhood I live in (it would make me too identifiable). However, I'm happy to suggest which ones you should pick.
First of all, Metro Atlanta is divided into ITP (Inside The Perimeter, i.e., inside Interstate 285) and OTP (Outside The Perimeter). ITP is mostly urban and liberal; OTP is suburban and conservative. However, regardless of your politics, if you're going to work in Midtown and don't want to hate your clown-car commute / life then you shouldn't even
consider living OTP.
In order, the currently-best "mustachian" (single-family home) neighborhoods for somebody who works in Midtown are as follows:
The first three on the list are along the
Beltline, making them a very easy bike commute to Midtown and also highly desirable. Prices are rising rapidly, and at this point anything that isn't a fixer-upper is probably headed north of $200/ft^2. Old Fourth Ward and Reynoldstown are historically black and have some poverty / crime. Cabbagetown is historically white and has less crime, but also really tiny (yet surprisingly expensive) houses.
Ormewood Park & Grant Park are also on the Beltline, but they're a little farther south (that segment of the trail isn't due to be finished for another year or so). These neighborhoods should have less crime than Old Fourth Ward, but are also more expensive. Grant Park is currently annoyingly far from grocery stores, but they're planning to
build a new Kroger nearby.
Edgewood, Kirkwood and EAV were the most rapidly-gentrifying neighborhoods before the housing crash and before the Beltline construction really got underway. They're still improving, but not quite as fast as the Beltline neighborhoods. However, they are still "close" to the Beltline (you'd have to cycling about a mile or so on low-traffic streets to get to it -- still a pretty easy commute) and should be less expensive than the neighborhoods that are actually "on" it. East Atlanta is a little cheaper than Kirkwood and doesn't have quite as good transit (MARTA rail) access, but it has the best nightlife in the city. Note, by the way, that these neighborhoods are in Dekalb county whereas most of the City of Atlanta is in Fulton County. I believe they have lower property taxes (among other differences).
These are the best, but there are other options you could consider (such as if you'd like to live in a high-density condo, or out in the suburbs, or if you don't mind being an "urban pioneer" in a neighborhood that's currently scary but has lots of potential). PM me if you want more info.