213 Hargrove St · Durham, NC 27701

$365,000

2 bd · 2.0 ba · 1,228 sqft · MultiFamily public records · 34 Days on market

Built 1938 5,227 sqft lot

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Why this score? — see what drove the D+ 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 +17.5/30.0
• ARV discount +7.5/15.0
• DSCR +5.5/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• Schools +3.0/10.0
• 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: 2 units. confirmed

Listing remarks

Duplex at 213 Hargrove Street in Downtown Durham. The property has 1-bed and 1-bath units of approximately 560 SF and 675 SF respectively. Both units feature recently updated interiors including LVP flooring, new countertops, stainless steel appliances and updated fixtures. One unit is currently vacant, providing immediate upside through and lease-up to market rents. This vacancy also presents an attractive opportunity for an owner-occupant seeking to live in one unit while generating income from the other. The rented unit (left-side) is M-to-M at $990. Owner pays water. Located across from the Bay-Hargrove Park, the property offers walkable access to Downtown Durham's premier dining, retai

Key facts

• Updated interiors
• Lvp flooring
• New countertops

Tags

• UPDATED INTERIORS
• LVP FLOORING
• NEW COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• UPDATED FIXTURES
• VACANT UNIT

Property features AI

Finance

• Other: Building area approximately 1,235
• Financial info: 4 total units on the property; Owner pays water and sewer
• HOA & community: No association

Exterior

• Parking: Driveway with 2 open parking spaces
• Utilities: Public water; Public sewer
• Home design: Duplex; One story
• Construction: Wood siding construction; Built as a duplex
• Exterior features: Shingle roof; Lot approximately 0.12 acres; Zoned R-5; Publicly maintained road access

Interior

• Bedrooms: 2 bedrooms
• Flooring: Luxury vinyl; Tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Luxury vinyl, tile, and vinyl flooring

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $365k.

Deal economics

• At list price, monthly cash flow is $280 ($3k/yr) — positive. Per door: $140/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $345k (5.5% below list).
• Recommended offer: $345k (5.5% below list) — sets the bar for 1% rule.
• Cap rate 7.2% 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: schools D+, 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.
• Market conditions: Rents rising (+3.2%/yr); 197 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); 2,905 units permitted in Durham County in 2024 (955 in 5+ unit buildings).
• At $3,451/mo this rent would consume 59% of the median local household income ($70k/yr) (locally 1402% 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 $11k 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 34 days — a 3% lower offer ($354k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $15k; list at $365k implies a 2333% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1938 — 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 $345,100 (5.5% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.95% ✗
• Cap rate: 7.21%
• Cash-on-cash: 3.28%
• DSCR: 1.15
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $224,724
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1406 Manteo St	0.74mi	2/2.0	1,368 (+11%)	23mo	$250,000	$183	27

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 · 3.25% rent growth · sell at horizon

5-year hold

• IRR: -10.9%
• Equity multiple: 0.60×
• Total profit: $-40,466
• Equity at exit: $54,423

10-year hold

• IRR: -1.2%
• Equity multiple: 0.91×
• Total profit: $-8,700
• Equity at exit: $31,559

Cash invested: $102,200 (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 27701

• Rents YoY: 3.2%
• Active inventory: 197
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $3,451 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$381 /mo · $4,567/yr
• Insurance: −$152
• HOA: −$0
• Vacancy / Maint / Mgmt: −$725
• Net cashflow: $280

Break-even live

Break-even rent $3,097

Max offer price $365,000

Occupancy floor 87%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$3,452
Total (2 units)			$3,451

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 W Geer St Unit 200-C Durham, NC	2.0	1.0	850	$1,400	$1.65	13d	1	0.04mi
815 Madison St Durham, NC	2.0	1.0–2.0	859	$2,854	$3.32	21d	5	0.15mi
318 W Corporation St Durham, NC	3.0	1.0–2.0	900	$2,934	$3.26	13d	55	0.19mi
311 W Corporation St Durham, NC	2.0	1.0–2.0	691	$3,505	$5.07	21d	5	0.19mi
311 W Corporation St Unit 3-201 Durham, NC	2.0	2.0	985	$3,355	$3.41	23d	1	0.19mi
620 Foster St Durham, NC	2.0	1.0–2.0	888	$3,303	$3.72	13d	43	0.21mi
321 W Corporation St Durham, NC	2.0	2.0	977	$2,530	$2.59	13d	1	0.21mi
620 Foster St Unit 443 Durham, NC	2.0	2.0	1243	$2,918	$2.35	23d	1	0.21mi
620 Foster St Unit 543 Durham, NC	2.0	2.0	1243	$2,853	$2.30	13d	1	0.21mi
530 Foster St Durham, NC	2.0	1.0–2.0	918	$2,750	$3.00	13d	18	0.31mi
545 Foster St Durham, NC	2.0	1.0–2.0	910	$2,722	$2.99	13d	2	0.32mi
208 Gray Ave Apt 4H Durham, NC	2.0	1.0	800	$1,250	$1.56	23d	1	0.34mi
701 Washington St Durham, NC	1.0–3.0	1.0–2.0	996	$3,338	$3.35	13d	214	0.37mi
311 Liggett St Durham, NC	2.0	1.0–2.0	1008	$4,525	$4.49	13d	11	0.48mi
406 Green St Durham, NC	2.0	1.0	912	$1,990	$2.18	23d	1	0.49mi
607 Dowd St Durham, NC	2.0	1.0	720	$1,550	$2.15	23d	1	0.55mi
1000 N Duke St Durham, NC	2.0	1.5	1080	$1,595	$1.48	23d	1	0.57mi
506 Gurley St Unit A Durham, NC	2.0	1.0	775	$1,300	$1.68	13d	1	0.57mi
334 Clark St Unit A Durham, NC	2.0	1.0	796	$1,150	$1.44	23d	1	0.57mi
115 Morris St #1908 Durham, NC	1.0	1.0	750	$2,600	$3.47	23d	1	0.59mi
115 Morris St Durham, NC	1.0–2.0	1.0–2.0	1066	$7,661	$7.18	13d	76	0.61mi
110 N Corcoran St Durham, NC	1.0–2.0	1.0–2.0	1219	$4,594	$3.77	13d	8	0.62mi
1600 N Alston Ave Unit C Durham, NC	2.0	1.0	800	$1,150	$1.44	13d	1	0.64mi
109 W Main St #402 Durham, NC	2.0	1.5	1296	$2,695	$2.08	23d	1	0.65mi
800 Demerius St Durham, NC	2.0	1.0	715	$1,445	$2.02	23d	1	0.67mi
809 Lee St Durham, NC	1.0	1.0	1370	$580	$0.42	13d	1	0.68mi
809A Lee St Durham, NC	1.0	1.0	1370	$714	$0.52	23d	1	0.68mi
605 W Main St Durham, NC	3.0	1.0–2.0	977	$2,837	$2.90	13d	48	0.71mi
1005 W Main St Durham, NC	1.0	1.0	909	$2,179	$2.40	23d	1	0.80mi
501 Willard St Durham, NC	2.0	1.0–2.0	817	$2,204	$2.70	13d	26	0.83mi
500 E Main St Durham, NC	3.0	1.0–2.0	1002	$2,920	$2.91	13d	40	0.87mi
721 Liberty St Unit C Durham, NC	2.0	1.0	800	$1,495	$1.87	23d	1	0.90mi
511 S Mangum St Durham, NC	3.0	1.0–2.0	1159	$3,278	$2.83	13d	29	0.91mi
464 E Pettigrew St Durham, NC	2.0	2.0	1091	$2,786	$2.55	13d	1	0.91mi
600 Willard St Durham, NC	2.0	2.0	1480	$2,625	$1.77	23d	1	0.94mi
605 W Chapel Hill St Durham, NC	2.0	1.0–2.0	760	$2,011	$2.64	13d	19	0.94mi
441 S Dillard St Durham, NC	1.0–3.0	1.0–2.5	1153	$2,454	$2.13	13d	21	0.95mi
1104 Chester St Durham, NC	1.0	1.0	1300	$625	$0.48	23d	1	0.96mi
603 N Elm St Unit A Durham, NC	3.0	2.0	1200	$1,495	$1.25	23d	1	0.97mi
600 S Duke St #14 Durham, NC	2.0	2.0	915	$2,000	$2.19	23d	1	0.98mi

Listing history 17 events

1. 2026-06-18
   days on market $365,000 Active 34 DOM
2. 2026-06-17
   days on market $365,000 Active 33 DOM
3. 2026-06-16
   days on market $365,000 Active 32 DOM
4. 2026-06-15
   days on market $365,000 Active 31 DOM
5. 2026-06-14
   days on market $365,000 Active 29 DOM
6. 2026-06-10
   days on market $365,000 Active 26 DOM
7. 2026-06-09
   days on market $365,000 Active 25 DOM
8. 2026-06-08
   days on market $365,000 Active 24 DOM
9. 2026-06-07
   days on market $365,000 Active 23 DOM
10. 2026-06-05
    days on market $365,000 Active 20 DOM
11. 2026-06-03
    days on market $365,000 Active 19 DOM
12. 2026-06-02
    days on market $365,000 Active 18 DOM
13. 2026-06-01
    days on market $365,000 Active 17 DOM
14. 2026-05-31
    days on market $365,000 Active 16 DOM
15. 2026-05-30
    days on market $365,000 Active 15 DOM
16. 2026-05-15
    listed $365,000 Active
17. 1995-05-30
    soldstatus $15,000

ⓘ 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: $4,567 · $381/mo
• Projected year-2 tax: $4,567 · $381/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 ≥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: $41,412
• − Mortgage interest: −$20,446
• − Property taxes: −$4,567
• − Insurance: −$1,825
• − Repairs & maintenance: −$3,313
• − Management: −$3,313
• − Depreciation: −$10,618
• Taxable loss: −$2,670
• Est. tax savings @ 24.0%: +$641
• After-tax cash flow: $3,995/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): 24,793
• Household income: $69,740
• Rent vs Own: 69.8% rent · 30.2% own
• Severe rent burden: 1402.0

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 0.69)
• Race & ethnicity: White 40% Black 32% Hispanic / Latino 19% Two or more races 9% Asian 3%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 2% Italian 2% Slovak 2%
• Foreign-born: 18% · Canada, Vietnam
• Languages at home: 76% English-only · Spanish 18% Other Indo-European 2% German/W. Germanic 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: ▼ -272.19%
• Current HPI: 347.5371
• Rent YoY: ▲ 3.25%
• 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

+2333.3% since first listed

2 events — show timeline

• 2026-05-15 Listed $365,000 TMLS
• 1995-05-30 Sold (Public Records) $15,000 Public Records

Property tax history

+15.5%/yr

Latest (2025): $4,567 · +156.2% YoY. Source: county tax records.