It could come as a surprise to know one of the cheapest two-bedroom condos on the Atlanta market right now is not only beyond livable but walkable to Piedmont Park in less than 10 minutes.

But it’s also what you might call an atypical living arrangement for Atlanta.

The unit in question is located at the Ansley North Cooperative on Monroe Drive, across the street from Ansley Mall and its access point to the BeltLine’s Northeast Trail, which is set to be expanded soon directly into Piedmont Park.

Freshly renovated and altered with a more open floorplan, the 800-square-foot residence listed four days ago at a price that could seem like a 1990s flashback: $154,900.

Photography by Isadora Pennington; courtesy of Homestead Realtors

The catch is that only all-cash buyers will be considered. That’s because, while the home is marketed as a condo, its co-op status means buyers don’t become owners but rather shareholders who buy in to the larger cooperative of other people living there, or the corporation owning it, as Realtor.com explains.

Another hurdle could be the $900 monthly HOA fees.

The upgraded kitchen, with access to a private balcony. Photography by Isadora Pennington; courtesy of Homestead Realtors

But that monthly outlay, in the case of Ansley North, covers costs including water, trash, electricity, insurance, exterior grounds maintenance—and even taxes, as listing agent Susan Schlittler, Homestead Realtors owner and managing broker, tells Urbanize Atlanta.  

Schlittler says the HOA is “extremely strong,” with deep reserves and capacity to keep the community exceptionally well-maintained. The deal goes that when people move out, their buy-in “is refunded to them pretty much entirely.”

“If you look at the cost of comparable units, they might be $75,000 to $100,000 more, with lower HOA fees,” Schlittler wrote via email. “This unit has been renovated from top to bottom… it’s in exceptional shape and pretty.”

One perk is that the two-bedroom, one-bath corner condo is situated at the back of the low-rise community, enhancing privacy. The modernized bathroom and kitchen are new; ditto for flooring and lighting throughout, and the included washer and dryer (stacked conveniently/unfortunately in the kitchen).

Photography by Isadora Pennington; courtesy of Homestead Realtors

A nice touch is that sliding glass doors (also new) reveal a private patio that can be accessed from the kitchen and living room. (See more pics in the gallery above.) There’s a community pool at the center of the property, and per the listing, the red-brick exteriors are in the process of being repainted. CORRECTION: 2:34 p.m., April 20: The condo's owner reaches out to clarify: "They are currently finishing a painting project which encompasses the trim, doors, railings, and woodwork. All the bricks are left original." 

The total package is marketed as being as good as intown condo living gets for a two-bedroom, thoroughly renovated unit under $200,000. All things considered, would you agree?

• Touring the new Northeast Trail, the BeltLine's most boring section to date (Urbanize Atlanta)