1233 N Miami Blvd · Durham, NC 27703

$450,000

5 bd · 3.0 ba · 1,780 sqft · MultiFamily public records · 28 Days on market

Built 1940 0.27 ac lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +9.4/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Fully leased triplex less than 2 miles to the thriving center of Downtown Durham. Large corner lot offers lots of opportunity.

Key facts

• Large corner lot
• Fully leased triplex
• 0.27 acre lot

Tags

• FULLY LEASED TRIPLEX
• LARGE CORNER LOT

Property features AI

Finance

• Other: Lot is approximately 0.27 acres (zoned R-5)
• HOA & community: No association

Exterior

• Utilities: Public water; Public sewer
• Home design: Triplex; One level
• Construction: Vinyl siding construction
• Exterior features: Shingle roof

Interior

• Bedrooms: Five bedrooms, all on the main level
• Flooring: See remarks
• Bathrooms: Three full bathrooms
• Heating & cooling: Forced air heating (see remarks); Window unit(s) for cooling
• Interior features: See remarks for flooring details

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $777/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Recommended offer: $443k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.5% vs local median 3.0% in Durham — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 81/100 on livability (#15 in NC, #1,411 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, housing A+; Watch: crime F.
• Durham Public Schools (urban): math 29% / reading 39% proficiency, ranked #132 of 178 in NC (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Riverside High (math 49% / reading 42%, grade D-, #347 of 535 statewide, top 65%, 1,812 students, 51% FRL).
• Market conditions: Rents flat; 1103 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 2,905 units permitted in Durham County in 2024 (955 in 5+ unit buildings).
• At $6,476/mo this rent would consume 87% of the median local household income ($89k/yr) (locally 1685% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• Durham County population projected at +44% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $126k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($443k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $450k implies a 260% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major wind risk, 27% chance of damaging wind over 30y; extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $443,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
8. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
9. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.44% ✓
• Cap rate: 12.51%
• Cash-on-cash: 22.19%
• DSCR: 1.99
• GRM: 5.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.84% rent growth · sell at horizon

5-year hold

• IRR: 12.6%
• Equity multiple: 1.49×
• Total profit: $61,621
• Equity at exit: $67,096

10-year hold

• IRR: 19.9%
• Equity multiple: 2.51×
• Total profit: $190,222
• Equity at exit: $38,908

Cash invested: $126,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 85 Strongly Landlord-Friendly
• State North Carolina: 85 Strongly Landlord-Friendly · R+3
• County: — inherits STATE
• City: — inherits STATE

10-day notice; preempted; landlord-favorable but court speed varies.

Methodology + full state rankings →

ZIP-level market 27703

• Rents YoY: 0.8%
• Active inventory: 1103
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $6,476 medium
• Mortgage (P&I): −$2,360
• Tax from tax record: −$238 /mo · $2,860/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,360
• Net cashflow: $2,330

Break-even live

Break-even rent $3,526

Max offer price $450,000

Occupancy floor 59%

3-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$6,477
Total (3 units)			$6,476

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1602 Juniper St Unit B Durham, NC	4.0	3.0	1754	$2,800	$1.60	23d	1	0.05mi
1104 Raynor St Durham, NC	4.0	2.0	1388	$1,720	$1.24	14d	1	0.39mi
1237 Naples Pl Durham, NC	1.0–4.0	1.0–2.0	995	$1,900	$1.91	11d	1	0.60mi
1312 N Alston Ave Durham, NC	4.0	2.5	1660	$2,350	$1.42	23d	1	0.66mi
114 N Guthrie Ave Durham, NC	4.0	3.0	1877	$2,450	$1.31	23d	1	0.77mi

Listing history 18 events

1. 2026-06-18
   days on market $450,000 Active 28 DOM
2. 2026-06-17
   days on market $450,000 Active 27 DOM
3. 2026-06-16
   days on market $450,000 Active 26 DOM
4. 2026-06-15
   days on market $450,000 Active 25 DOM
5. 2026-06-14
   days on market $450,000 Active 23 DOM
6. 2026-06-10
   days on market $450,000 Active 20 DOM
7. 2026-06-09
   days on market $450,000 Active 19 DOM
8. 2026-06-08
   days on market $450,000 Active 18 DOM
9. 2026-06-07
   days on market $450,000 Active 17 DOM
10. 2026-06-05
    days on market $450,000 Active 14 DOM
11. 2026-06-03
    days on market $450,000 Active 13 DOM
12. 2026-06-02
    days on market $450,000 Active 12 DOM
13. 2026-06-01
    days on market $450,000 Active 11 DOM
14. 2026-05-31
    days on market $450,000 Active 10 DOM
15. 2026-05-30
    days on market $450,000 Active 9 DOM
16. 2026-05-20
    listed $450,000 Active
17. 2018-10-30
    soldstatus $125,000
18. 2000-11-08
    soldstatus $77,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast NC · Resets to sale price

• Current annual tax: $2,860 · $238/mo
• Projected year-2 tax: $3,690 · $308/mo
• Expected delta: +$830/yr (+$69/mo · 29.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 6/10 Major 7 d/yr ≥106°F today · 16 d/yr by 30 yrs out
• 💨 Wind 6/10 Major 27% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $77,712
• − Mortgage interest: −$25,207
• − Property taxes: −$2,860
• − Insurance: −$2,250
• − Repairs & maintenance: −$6,217
• − Management: −$6,217
• − Depreciation: −$13,091
• Taxable income: $21,870
• Est. tax owed @ 24.0%: −$5,249
• After-tax cash flow: $22,715/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Durham Public Schools
• NCES district ID: 3701260
• Math proficiency: 29% ▼ -3.00%
• Reading proficiency: 39% ▲ 2.00%
• Median HH income: $52,143
• Composite: 29.69/100
• National rank: #6457
• State rank: #132 of 178 in NC

Livability — Durham

• Score: 81/100
• State rank: #15
• US rank: #1411

Category grades

Amenities A+ Commute A+ Cost of living B+ Crime F Employment B Housing A+ Health & safety A+ User ratings A-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Durham, NC
• County: Durham County · 288,747 people
• City population: 288,747
• Metro: Durham-Chapel Hill, NC
• Population (ZIP): 63,458
• Household income: $89,317
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1685.0

Population outlook (Durham County) Hauer SSP2

• Today (2025): 368,962 people
• By 2030: 402,686 · +9.1%
• By 2040: 468,677 · +27.0%
• By 2050: 531,727 · +44.1%
• By 2075: 660,446 · +79.0%
• By 2100: 739,971 · +100.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.70)
• Race & ethnicity: Black 40% White 32% Hispanic / Latino 20% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 11% Puerto Rican 1%
• Common ancestry: Swiss 2% Romanian 2% Italian 1%
• Foreign-born: 15% · Canada, Vietnam, China
• Languages at home: 77% English-only · Spanish 17% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Durham

• 2024 margin: Solid D (+61.9) · D 80.2% · R 18.2% · Other 1.6%
• 2008→2024 swing: +10.0pp toward D · 2008: 51.9pp · 2024: 61.9pp
• All cycles: 2024: D+61.9 2020: D+62.4 2016: D+60.4 2012: D+52.7 2008: D+51.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -129.81%
• Current HPI: 206.7413
• Rent YoY: ▲ 0.84%
• Metro: Durham-Chapel Hill, NC
• State GDP YoY: ▲ 3.28%
• F500 in state: 26

Industry mix (Fortune 500 HQ in NC)

Industry	F500 HQs	Revenue
▸Financial Services	2	$213B
▸Retail	2	$95B
▸Industrial Conglomerate	1	$38B
▸Metals / Steel	1	$35B
▸Utilities	1	$30B
▸Industrial Machinery	1	$19B

Price history

+484.4% since first listed

3 events — show timeline

• 2026-05-20 Listed $450,000 TMLS
• 2018-10-30 Sold (Public Records) $125,000 Public Records
• 2000-11-08 Sold (Public Records) $77,000 Public Records

Property tax history

+6.6%/yr

Latest (2025): $2,860 · +84.9% YoY. Source: county tax records.