537 Homeland Ave · Durham, NC 27707

$155,900

3 bd · 1.0 ba · 864 sqft · SingleFamily public records · 2 Days on market

Built 1940 8,712 sqft lot Est $241k · 35% under ↓ 18% since listing

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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 +21.2/30.0
• ARV discount +15.0/15.0
• DSCR +6.8/10.0
• 1% rule +5.0/10.0
• Livability +4.0/5.0
• Schools +3.0/10.0
• Condition / age +2.5/5.0
• Rent growth +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

This home is located in an area where new homes are being built on lots where homes similar to this one previously stood. The home is being sold as is where is. Convenient to grocery store, bus stop, and NCCU.

Key facts

• 8,712 sq ft lot
• 2 parking spots
• Built 1940

Property features AI

Exterior

• Home design: - Single-family property
• Construction: - Year built not available

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $156k.

Deal economics

• At list price, monthly cash flow is $225 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $156k).
• Cap rate 8.0% 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: Hillside High (math 31% / reading 32%, grade F, #449 of 535 statewide, top 85%, 1,526 students, 100% FRL) — zoned schools average 100% FRL vs 58% district-wide (42 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents soft (-1.2%/yr); 299 active listings in the ZIP; 21 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 2,905 units permitted in Durham County in 2024 (955 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

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 $155,900

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.00% ✓
• Cap rate: 8.03%
• Cash-on-cash: 6.20%
• DSCR: 1.28
• GRM: 8.3

CMA / ARV

• ARV (on-the-fly): $241,056
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
616 Homeland Ave	0.11mi	3/1.0	845 (-2%)	2mo	$199,000	$236	90
2514 Dakota St	0.42mi	3/1.0	790 (-9%)	5mo	$140,000	$177	62
825 Chalmers St	0.58mi	3/2.0	867 (+0%)	12mo	$250,000	$288	59
2540 Atlantic St	0.57mi	3/1.0	942 (+9%)	6mo	$262,750	$279	54
209 W Pilot St	0.69mi	2/1.0 (-1)	800 (-7%)	5mo	$123,000	$154	46
3624 Four Seasons Dr	0.50mi	3/1.5	966 (+12%)	20mo	$267,000	$276	38
1110 Chalmers St	0.73mi	3/1.0	910 (+5%)	24mo	$283,000	$311	37
2416 Anacosta St	0.66mi	3/2.0	939 (+9%)	18mo	$285,000	$304	35
3817 Booker Ave	0.65mi	2/1.0 (-1)	749 (-13%)	13mo	$155,000	$207	32
902 Corona St	0.63mi	3/1.0	973 (+13%)	22mo	$280,000	$288	31

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: -10.0%
• Equity multiple: 0.64×
• Total profit: $-15,504
• Equity at exit: $23,245

10-year hold

• IRR: -5.1%
• Equity multiple: 0.71×
• Total profit: $-12,783
• Equity at exit: $13,479

Cash invested: $43,652 (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 27707

• Rents YoY: -1.2%
• Active inventory: 299
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,562 high
• Mortgage (P&I): −$818
• Tax from tax record: −$126 /mo · $1,513/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$328
• Net cashflow: $225

Break-even live

Break-even rent $1,277

Max offer price $155,900

Occupancy floor 81%

Sensitivity live

Price	-10% $314	-5% $270	+0% $225	+5% $181	+10% $137
Rent	-10% $102	-5% $164	+0% $225	+5% $287	+10% $349
Rate	-1.0pp $304	-0.5pp $265	base $225	+0.5pp $185	+1.0pp $144

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: $38,975
• Closing costs: $4,677
• Reserves months: —
• Total cash needed: —

Rent comps 21 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
412 E Pilot St Durham, NC	1.0–2.0	1.0	643	$1,075	$1.67	24d	6	0.24mi
2727 Atlantic St Durham, NC	3.0	1.0	1036	$1,595	$1.54	14d	1	0.37mi
3528 Arlington St Durham, NC	3.0	1.5	1053	$1,850	$1.76	24d	1	0.40mi
901 Elmira Ave Durham, NC	3.0	1.0	960	$1,595	$1.66	14d	1	0.46mi
515 Burlington Ave Unit A Durham, NC	2.0	1.0	763	$1,200	$1.57	24d	1	0.69mi
2314 S Roxboro St Unit A Durham, NC	2.0	1.0	750	$1,170	$1.56	24d	1	0.78mi
2314 S Roxboro St Durham, NC	2.0	1.0	750	$1,145	$1.53	24d	1	0.78mi
2312 S Roxboro St Durham, NC	2.0	1.0	750	$1,145	$1.53	24d	1	0.79mi
520 Cecil St Durham, NC	3.0	1.0	900	$1,800	$2.00	14d	1	0.81mi
2146 Charles St #54 Durham, NC	2.0	1.5	1080	$1,250	$1.16	24d	1	0.89mi
1819 Cecil St Durham, NC	3.0	2.0	1105	$1,795	$1.62	24d	1	0.93mi
10 Hartford Ct Durham, NC	2.0	1.5	1000	$1,500	$1.50	24d	1	1.17mi
1301 S Alston Ave Durham, NC	2.0	1.0	994	$1,495	$1.50	14d	1	1.24mi
1400 E Cornwallis Rd Durham, NC	2.0–3.0	2.0–3.0	792	$1,679	$2.12	14d	5	1.26mi
1107 Dayton St Durham, NC	2.0	1.5	1050	$1,350	$1.29	24d	1	1.27mi
1107 Dayton St Durham, NC	2.0	1.5	1050	$1,350	$1.29	14d	1	1.27mi
411 Dunstan Ave Durham, NC	3.0	2.0	1091	$2,500	$2.29	24d	1	1.28mi
813 Dupree St Durham, NC	2.0	2.0	1027	$1,650	$1.61	14d	1	1.30mi
1012 S Alston Ave Apt C Durham, NC	2.0	1.0	750	$1,150	$1.53	24d	1	1.36mi
401 Archdale Dr Durham, NC	1.0–2.0	1.0–2.5	946	$1,831	$1.94	24d	1	1.38mi
1002 Bacon St Durham, NC	3.0	2.0	1028	$1,850	$1.80	24d	1	1.42mi

Listing history 11 events

1. 2026-06-18
   days on market $155,900 Active 2 DOM
2. 2026-06-16
   days on marketlisting id $155,900 Active 1 DOM
3. 2026-05-31
   days on market $155,900 Active 143 DOM
4. 2026-05-30
   days on market $155,900 Active 142 DOM
5. 2026-01-07
   listed $155,900 Active
6. 2025-11-24
   price $155,900
7. 2025-08-01
   price $175,900
8. 2025-07-12
   status Active
9. 2025-07-01
   status Pending
10. 2025-07-01
    historical
11. 2025-04-05
    listed $189,000 Active

ⓘ 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: $1,513 · $126/mo
• Projected year-2 tax: $1,513 · $126/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $18,743
• − Mortgage interest: −$8,733
• − Property taxes: −$1,513
• − Insurance: −$780
• − Repairs & maintenance: −$1,499
• − Management: −$1,499
• − Depreciation: −$4,535
• Taxable income: $184
• Est. tax owed @ 24.0%: −$44
• After-tax cash flow: $2,660/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): 51,274
• Household income: $74,406
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 2274.0

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: White 40% Black 33% Hispanic / Latino 17% Two or more races 9% Asian 5%
• Hispanic origin (detail): Mexican 7% Cuban 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 16% · Canada, China, South Korea
• Languages at home: 79% English-only · Spanish 14% Other Indo-European 1% Chinese 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: ▼ -467.75%
• Current HPI: 262.9732
• Rent YoY: ▼ -1.16%
• 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

-17.5% since first listed

7 events — show timeline

• 2026-01-07 Listed $155,900 TMLS
• 2025-11-24 Price Changed $155,900 TMLS
• 2025-08-01 Price Changed $175,900 TMLS
• 2025-07-12 Relisted — TMLS
• 2025-07-01 Pending — TMLS
• 2025-07-01 Listing Removed — TMLS
• 2025-04-05 Listed $189,000 TMLS

Property tax history

+4.5%/yr

Latest (2025): $1,513 · +72.1% YoY. Source: county tax records.