Midtown is fucking awesome! We have a Condo on 12th overlooking Piedmont Park. I was there last month and basically parked my truck. Everything is within walking distance. Bars, restaurants, grocery, coffee, etc..., it's all right there.
I'm not sure if you're looking to buy or rent. But, I guess if you're looking buy, I saw several one bed room studio available for like $250,000 in some of the high-rise buildings. Currently, we have a pending sale on one of our condos here
http://www.blueskyatl.com/viewlisting.asp?id=118 The family will not rent this one, but if you're looking to buy, they're taking back up offers. May be more than what you're willing to pay, though.
We have another Condo on 10th and one more off Marietta. The one off Marietta doubles as an
Art Studio. The one on 10th is cool, but not nearly as convenient as the one off 12th.
If you're going to live in that area, get a bike! Also, have a smaller car to get around in. I think ATL is the Capital of Land Rover, as you see one about every three minutes in the Midtown area - mainly RRS's. But, you hardly ever see something along the lines of an H2 - they're just too fucking big and a PITA to park.