509 Sparella St · Durham, NC 27703

$290,000

2 bd · 2.0 ba · 1,160 sqft · MultiFamily public records · 71 Days on market

Built 1920 7,405 sqft lot

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Why this score? — see what drove the C- 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 +22.9/30.0
• ARV discount +7.5/15.0
• DSCR +7.4/10.0
• 1% rule +4.7/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Tucked into one of Durham's most connected neighborhoods, this fully remodeled 1920s bungalow delivers the charm of a century-old home with the peace of mind of new construction, without the new construction price tag. Every system in this 3-bedroom, 2-bathroom home has been replaced from the ground up. New electrical, new plumbing, new HVAC, new water heater, new roof; the kind of updates that don't show up in photos but matter most when you own a home. Inside, fresh flooring runs throughout, new cabinetry anchors the kitchen, and brand-new appliances are ready for your first meal in. Both bathrooms have been completely redesigned with modern finishes that feel clean and intentional. At 1,

Key facts

• Quartz countertops
• Remodeled ranch home
• Private backyard

Tags

• REMODELED RANCH HOME
• WHITE KITCHEN
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• LVP FLOORING
• PRIVATE BACKYARD

Property features AI

Finance

• Other: Located in Durham County, postal code 27703; Directions available from NC 147 to Sparella St
• HOA & community: No HOA; Not a senior community

Exterior

• Parking: Open parking with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Site-built single-story home; One level
• Construction: Board & batten siding; Vinyl siding; Site built construction
• Exterior features: Shingle roof; Lot approximately 0.17 acre; Publicly maintained road access; Zoned R-5

Interior

• Kitchen: Dishwasher; Electric cooktop; Electric oven; Microwave; Refrigerator
• Bedrooms: 3 bedrooms (all on the main level)
• Flooring: Luxury vinyl; Tile
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air
• Interior features: Dishwasher; Electric cooktop; Electric oven; Microwave; Refrigerator; Laundry room with utility sink on the main level; Luxury vinyl flooring; Tile flooring; Central heating; Central air
• Laundry & utility: Main-level laundry room with sink

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $511 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $282k (2.8% below list).
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: Pearsontown Elementary (math 64% / reading 73%, grade B+, #111 of 1,410 statewide, top 8%, 726 students, 27% FRL); Lowe'S Grove Middle (math 13% / reading 22%, grade F, #445 of 475 statewide, top 94%, 700 students, 75% FRL); 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; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• This rent runs 38% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k 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.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $115k; list at $290k implies a 152% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — 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 $272,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 0.97% ✗
• Cap rate: 8.41%
• Cash-on-cash: 7.55%
• DSCR: 1.34
• GRM: 8.6

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: -7.0%
• Equity multiple: 0.75×
• Total profit: $-20,602
• Equity at exit: $43,240

10-year hold

• IRR: -0.0%
• Equity multiple: 1.00×
• Total profit: $-180
• Equity at exit: $25,074

Cash invested: $81,200 (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: 17.1×

Monthly cashflow live

• Estimated rent: $2,820 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$76 /mo · $906/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$592
• Net cashflow: $511

Break-even live

Break-even rent $2,174

Max offer price $290,000

Occupancy floor 77%

Sensitivity live

Price	-10% $675	-5% $593	+0% $511	+5% $429	+10% $346
Rent	-10% $288	-5% $399	+0% $511	+5% $622	+10% $733
Rate	-1.0pp $657	-0.5pp $584	base $511	+0.5pp $436	+1.0pp $359

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,820
Total (2 units)			$2,820

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Sparella St Durham, NC	3.0	2.0	1046	$1,620	$1.55	15d	1	0.14mi
2810 Ashe St Durham, NC	3.0	2.0	1300	$2,370	$1.82	25d	1	0.65mi
518 Boone St Unit 103 Durham, NC	2.0	1.0	850	$1,095	$1.29	15d	1	0.67mi
205 Spring St Durham, NC	1.0	1.0	785	$1,400	$1.78	25d	1	0.71mi
2418 Owen St Unit A Durham, NC	2.0	1.0	750	$1,195	$1.59	15d	1	0.76mi
3107 Ivey Wood Ln Durham, NC	2.0	1.5	1008	$1,625	$1.61	25d	1	0.97mi
2113 Angier Ave Apt B Durham, NC	2.0	1.0	925	$1,300	$1.41	25d	1	0.98mi
2408 Hart St Durham, NC	3.0	1.0	960	$1,445	$1.51	25d	1	0.98mi
3004 Ivey Wood Ln Durham, NC	2.0–3.0	1.0–2.0	988	$1,399	$1.42	15d	12	1.00mi
3262 Ivey Wood Ln Unit 1 Durham, NC	3.0	2.5	1380	$1,675	$1.21	15d	1	1.11mi
3290 Ivey Wood Ln Durham, NC	2.0	3.0	1150	$1,495	$1.30	25d	1	1.16mi
3290 Ivey Wood Ln Unit 1 Durham, NC	2.0	2.5	1150	$1,495	$1.30	25d	1	1.16mi
3004 Forrestal Dr Durham, NC	3.0	3.0	1500	$1,875	$1.25	25d	1	1.19mi
1002 Bacon St Durham, NC	3.0	2.0	1028	$1,850	$1.80	25d	1	1.20mi
419 Walton St Durham, NC	3.0	1.5	1212	$1,595	$1.32	15d	1	1.20mi
704 Bacon St Durham, NC	2.0	1.0	744	$1,495	$2.01	25d	1	1.21mi
1218 Kendall Dr Durham, NC	3.0	2.5	1408	$1,820	$1.29	25d	1	1.22mi
1828 Liberty St Unit B Durham, NC	2.0	1.0	1100	$1,450	$1.32	15d	1	1.32mi
122 Cushman St Durham, NC	3.0	1.0	1000	$1,650	$1.65	25d	1	1.33mi
1809 E Main St Durham, NC	3.0	1.0	1200	$1,700	$1.42	15d	1	1.33mi
1921 Edgerton Dr Durham, NC	3.0	1.0	1305	$2,800	$2.15	25d	1	1.36mi
612 Kendall Dr Durham, NC	2.0	2.0	970	$1,325	$1.37	25d	1	1.39mi
3216 Hursey St Durham, NC	2.0	2.0	1064	$1,700	$1.60	15d	1	1.46mi
1107 Dayton St Durham, NC	2.0	1.5	1050	$1,350	$1.29	25d	1	1.48mi
1107 Dayton St Durham, NC	2.0	1.5	1050	$1,350	$1.29	15d	1	1.48mi

Listing history 20 events

1. 2026-06-18
   days on market $290,000 Active 71 DOM
2. 2026-06-17
   days on market $290,000 Active 70 DOM
3. 2026-06-16
   days on market $290,000 Active 69 DOM
4. 2026-06-15
   price $290,000 Active 68 DOM
5. 2026-06-15
   days on market $295,000 Active 68 DOM
6. 2026-06-14
   days on market $295,000 Active 66 DOM
7. 2026-06-10
   days on market $295,000 Active 63 DOM
8. 2026-06-09
   days on market $295,000 Active 62 DOM
9. 2026-06-08
   days on market $295,000 Active 61 DOM
10. 2026-06-07
    days on market $295,000 Active 60 DOM
11. 2026-06-05
    days on market $295,000 Active 57 DOM
12. 2026-06-03
    days on market $295,000 Active 56 DOM
13. 2026-06-02
    days on market $295,000 Active 55 DOM
14. 2026-06-01
    days on market $295,000 Active 54 DOM
15. 2026-05-31
    days on market $295,000 Active 53 DOM
16. 2026-05-30
    days on market $295,000 Active 52 DOM
17. 2026-05-20
    price $295,000
18. 2026-04-23
    price $299,999
19. 2026-04-08
    listed $310,000 Active
20. 2025-08-19
    soldstatus $115,000

ⓘ 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: $906 · $76/mo
• Projected year-2 tax: $2,378 · $198/mo
• Expected delta: +$1,472/yr (+$123/mo · 162.4%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥105°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: $33,840
• − Mortgage interest: −$16,245
• − Property taxes: −$906
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,707
• − Management: −$2,707
• − Depreciation: −$8,436
• Taxable income: $1,388
• Est. tax owed @ 24.0%: −$333
• After-tax cash flow: $5,795/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

+156.5% since first listed

4 events — show timeline

• 2026-05-20 Price Changed $295,000 TMLS
• 2026-04-23 Price Changed $299,999 TMLS
• 2026-04-08 Listed $310,000 TMLS
• 2025-08-19 Sold (Public Records) $115,000 Public Records

Property tax history

+11.4%/yr

Latest (2024): $906 · +6.5% YoY. Source: county tax records.