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Gasp! A Sensibly Priced House Emerges in Old Fourth Ward!?

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The Old Fourth Ward has taken heat for being one of the first intown markets to see post-Recession home prices explode. We won't name names, but in some cases, the criticisms could have been appropriate. So it's refreshing to see a home — albeit beleaguered — that isn't trying to be something it isn't, and a pricing situation that doesn't smack as a trick from which buyers might never escape. Built in 1925, this three-bedroom bungalow at the edge of Inman Park has great bones but serious arthritis. The listing photos highlight ornate trim and fireplaces, but in doing so, they reveal the near-ruins state that parts of the house are in. But, as the agent points out, the existing footprint could allow for a vital second bathroom — or a second-floor addition to double the square footage. The lot neighbors the Freedom PATH Trail that branches off the Beltline toward downtown. Which helps explain why the 83 Walk Score is dynamite for a leafy residential avenue like Alaska. Larger, rehabbed homes on the same street have recently fetched upwards of $600,000. This isn't the only O4W fixer-upper in the mid-$200,000s range, but its spot might just be sweeter than the competition. Any guesses what it'd cost to chisel this $250,000 rock into a gem?

· 302 Alaska Ave. NE [Zillow]