1505 N Hyde Park Ave · Durham, NC 27701

$195,000

4 bd · 2.0 ba · 1,232 sqft · MultiFamily public records · 281 Days on market

Built 1940 4,356 sqft 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

2 bed/1 bath duplex with long terms tenants available for your investment. Tenants are month to month and would like to stay. Right around the corner from Drew/ Granby Park with access to the new R Kelly Bryant Bridge Trail and East End Park & Long Meadow Park with splash pads and pool. Gutters installed 2021. Unit B had interior painted 2022, tenants enlarged back deck on their own (no railing). Entire lot is in flood plain and flood insurance is required. In 2021, inspection noted termite tunnels and inactive powder post beetles in crawl space and termites were treated 2026.

Key facts

• Interior painted
• Enlarged back deck
• Gutters installed

Tags

• GUTTERS INSTALLED
• INTERIOR PAINTED
• ENLARGED BACK DECK
• ACCESS TO EAST END PARK
• ACCESS TO LONG MEADOW PARK

Property features AI

Finance

• Other: Lot dimensions approximately 34 x 124 (0.1 acre)
• Financial info: Two-unit property (2 total units). Owner pays none of the unit expenses.
• HOA & community: No association

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Duplex; One level; One common wall
• Construction: Wood siding construction; Shingle roof; 1 building
• Exterior features: Porch

Interior

• Bedrooms: 4 bedrooms
• Flooring: Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Baseboard heating; Wall/window air conditioning units
• Interior features: Vinyl flooring; Crawl space basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $936 ($11k/yr) — positive. Per door: $468/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $172k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.7% 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 rising (+3.2%/yr); 197 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 2,905 units permitted in Durham County in 2024 (955 in 5+ unit buildings).
• At $3,358/mo this rent would consume 58% 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 $1k of loan paydown is wiped out by about $6k 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 + 3.2% rent growth), your $55k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 281 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $11k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); 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 $171,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 281 days. Have you received any prior offers? Is the seller open to a 12% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.72% ✓
• Cap rate: 14.68%
• Cash-on-cash: 29.95%
• DSCR: 2.33
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.25% rent growth · sell at horizon

5-year hold

• IRR: 13.3%
• Equity multiple: 1.53×
• Total profit: $29,139
• Equity at exit: $29,075

10-year hold

• IRR: 22.5%
• Equity multiple: 2.96×
• Total profit: $106,755
• Equity at exit: $16,860

Cash invested: $54,600 (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: 9.7×

Monthly cashflow live

• Estimated rent: $3,358 high
• Mortgage (P&I): −$1,023
• Tax from tax record: −$186 /mo · $2,237/yr
• Insurance: −$81
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$705
• Net cashflow: $936

Break-even live

Break-even rent $2,173

Max offer price $195,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,358
Total (2 units)			$3,358

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1136 Drew St Unit A Durham, NC	3.0	2.5	1390	$1,550	$1.12	14d	1	0.14mi
1516 London Cir Durham, NC	3.0	1.0	1118	$1,650	$1.48	23d	1	0.37mi
603 N Elm St Unit A Durham, NC	3.0	2.0	1200	$1,495	$1.25	23d	1	0.68mi
406 N Hyde Park Ave Durham, NC	3.0	1.0	1160	$1,730	$1.49	21d	1	0.81mi
1104 Raynor St Durham, NC	4.0	2.0	1388	$1,720	$1.24	14d	1	0.88mi
615 N Hardee St Durham, NC	3.0	2.0	1250	$1,690	$1.35	14d	1	0.88mi
1237 Naples Pl Durham, NC	1.0–4.0	1.0–2.0	995	$1,900	$1.91	11d	1	0.93mi
500 E Main St Durham, NC	3.0	1.0–2.0	1002	$3,556	$3.55	14d	40	0.98mi
1911 Fidelity Dr Durham, NC	3.0	2.0	1209	$1,815	$1.50	23d	1	0.99mi
318 W Corporation St Durham, NC	3.0	1.0–2.0	900	$3,750	$4.17	14d	55	0.99mi
1809 E Main St Durham, NC	3.0	1.0	1200	$1,700	$1.42	14d	1	1.07mi
2011 Aiken Ave Durham, NC	3.0	2.0	1120	$1,595	$1.42	23d	1	1.20mi
510 E Pettigrew St Durham, NC	3.0	1.0–2.0	996	$3,130	$3.14	14d	29	1.20mi
504 E Pettigrew St Durham, NC	3.0	1.0–2.0	1092	$2,528	$2.32	21d	30	1.21mi
441 S Dillard St Durham, NC	1.0–3.0	1.0–2.5	1153	$3,389	$2.94	14d	21	1.21mi
701 Washington St Durham, NC	1.0–3.0	1.0–2.0	996	$5,241	$5.26	14d	214	1.22mi
2408 Hart St Durham, NC	3.0	1.0	960	$1,445	$1.51	23d	1	1.26mi
511 S Mangum St Durham, NC	3.0	1.0–2.0	1159	$4,115	$3.55	14d	29	1.31mi
701 Grant St Durham, NC	3.0	2.0	1145	$1,850	$1.62	23d	1	1.41mi
605 W Main St Durham, NC	3.0	1.0–2.0	977	$3,628	$3.71	14d	48	1.43mi

Listing history 13 events

1. 2026-06-05
   days on market $195,000 Active 281 DOM
2. 2026-06-03
   days on market $195,000 Active 280 DOM
3. 2026-06-02
   days on market $195,000 Active 279 DOM
4. 2026-06-01
   days on market $195,000 Active 278 DOM
5. 2026-05-31
   days on market $195,000 Active 277 DOM
6. 2026-05-30
   days on market $195,000 Active 276 DOM
7. 2025-10-18
   price $195,000
8. 2025-08-25
   listed $206,000 Active
9. 2021-03-17
   soldstatus $179,500
10. 2006-02-09
    historical
11. 2005-08-08
    listed $70,000
12. 2005-06-08
    historical
13. 2005-04-24
    listed $69,000

ⓘ 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: $2,237 · $186/mo
• Projected year-2 tax: $2,237 · $186/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 8/10 Severe FEMA zone AE · 78% 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: $40,296
• − Mortgage interest: −$10,923
• − Property taxes: −$2,237
• − Insurance: −$6,094
• − Repairs & maintenance: −$3,224
• − Management: −$3,224
• − Depreciation: −$5,673
• Taxable income: $8,922
• Est. tax owed @ 24.0%: −$2,141
• After-tax cash flow: $9,090/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

+182.6% since first listed

7 events — show timeline

• 2025-10-18 Price Changed $195,000 TMLS
• 2025-08-25 Listed $206,000 TMLS
• 2021-03-17 Sold (Public Records) $179,500 Public Records
• 2006-02-09 Listing Removed — TMLS
• 2005-08-08 Listed $70,000 TMLS
• 2005-06-08 Listing Removed — TMLS
• 2005-04-24 Listed $69,000 TMLS

Property tax history

+8.1%/yr

Latest (2025): $2,237 · +101.1% YoY. Source: county tax records.