608 N Elm St · Durham, NC 27701

$124,900

2 bd · 1.0 ba · 968 sqft · SingleFamily public records · 21 Days on market

Built 1900 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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• 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

Listing remarks MLS

Very Good Rental Opportunity. Home is in very good condition. Off street parking. Owner financing available with acceptable offer.

Key facts

• 4,356 sq ft lot
• Built 1900
• Listed 21 days

Tags

• MINUTES FROM DOWNTOWN
• COOKING AND DINING SPACE
• NEW CONSTRUCTION SALES

Property features AI

Finance

• Other: Zoning: R-3
• HOA & community: No homeowners association

Exterior

• Utilities: Public water; Public sewer
• Home design: Site-built single-story home; One level
• Construction: Site built construction; Vinyl siding; Shingle roof
• Exterior features: Shingle roof; Vinyl siding; Lot approximately 0.1 acre; Publicly maintained road access

Interior

• Bedrooms: 2 bedrooms (1 on the main level)
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central heating; Central air conditioning
• Interior features: Laminate flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $579 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.9% 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; 40 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 $864 of loan paydown is wiped out by about $4k 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 $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 22y ago 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.
• Current owner paid $65k; list at $125k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — 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 $123,026 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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: 1.47% ✓
• Cap rate: 11.86%
• Cash-on-cash: 19.87%
• DSCR: 1.88
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $255,552
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
608 N Elm St	0.00mi	2/1.0	968 (0%)	1mo	$105,000	$108	100
1207 Wall St	0.20mi	2/1.0	916 (-5%)	12mo	$155,000	$169	72
1107 N Hyde Park Ave	0.43mi	3/1.0 (+1)	960 (-1%)	6mo	$299,500	$312	68
919 Chester St	0.34mi	2/1.0	855 (-12%)	9mo	$200,000	$234	57
1112 N Driver St	0.62mi	2/1.0	1,036 (+7%)	4mo	$268,500	$259	56
1904 Hart St	0.70mi	2/2.0	998 (+3%)	7mo	$315,000	$316	52
1309 N Hyde Park Ave	0.57mi	3/1.0 (+1)	875 (-10%)	7mo	$175,000	$200	47
610 N Driver St	0.49mi	2/1.0	1,099 (+14%)	11mo	$305,000	$278	45
1010 Cole St	0.75mi	3/2.0 (+1)	1,041 (+8%)	0mo	$275,000	$264	43
1915 Taylor St	0.63mi	3/2.0 (+1)	1,050 (+8%)	8mo	$282,500	$269	41
1704 E Main St	0.57mi	3/2.0 (+1)	1,107 (+14%)	2mo	$205,000	$185	39
1011 Lowry Ave	0.39mi	3/2.0 (+1)	1,106 (+14%)	14mo	$300,000	$271	38

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: 12.3%
• Equity multiple: 1.49×
• Total profit: $17,147
• Equity at exit: $18,623

10-year hold

• IRR: 21.4%
• Equity multiple: 2.84×
• Total profit: $64,483
• Equity at exit: $10,799

Cash invested: $34,972 (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: 5.7×

Monthly cashflow live

• Estimated rent: $1,839 high
• Mortgage (P&I): −$655
• Tax from tax record: −$167 /mo · $2,002/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$386
• Net cashflow: $579

Break-even live

Break-even rent $1,106

Max offer price $124,900

Occupancy floor 64%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
721 Liberty St Unit C Durham, NC	2.0	1.0	800	$1,495	$1.87	23d	1	0.10mi
807 E Main St Durham, NC	1.0	1.0	1000	$1,695	$1.70	23d	2	0.20mi
600 N Hyde Park Ave Unit A Durham, NC	1.0	1.0	570	$1,000	$1.75	23d	1	0.30mi
506 Gurley St Unit A Durham, NC	2.0	1.0	775	$1,300	$1.68	14d	1	0.43mi
500 E Main St Durham, NC	3.0	1.0–2.0	1002	$2,920	$2.91	14d	40	0.44mi
103 Young Ave Durham, NC	1.0	1.0	600	$945	$1.57	23d	1	0.50mi
607 Dowd St Durham, NC	2.0	1.0	720	$1,550	$2.15	23d	1	0.59mi
510 E Pettigrew St Durham, NC	3.0	1.0–2.0	996	$2,510	$2.52	14d	29	0.63mi
464 E Pettigrew St Durham, NC	2.0	2.0	1091	$2,786	$2.55	14d	1	0.64mi
504 E Pettigrew St Durham, NC	2.0	1.0–2.0	1025	$2,219	$2.16	14d	35	0.67mi
504 E Pettigrew St Durham, NC	3.0	1.0–2.0	1092	$2,255	$2.07	21d	30	0.67mi
208 Gray Ave Apt 4H Durham, NC	2.0	1.0	800	$1,250	$1.56	23d	1	0.67mi
441 S Dillard St Durham, NC	1.0–3.0	1.0–2.5	1153	$2,454	$2.13	14d	21	0.69mi
1600 N Alston Ave Unit C Durham, NC	2.0	1.0	800	$1,150	$1.44	14d	1	0.72mi
910 Fiske St Unit B Durham, NC	2.0	1.0	750	$1,025	$1.37	23d	1	0.77mi
916 Fiske St Unit A Durham, NC	2.0	1.0	800	$1,050	$1.31	23d	1	0.79mi
1609 Evergreen St Durham, NC	2.0	1.0	1051	$1,695	$1.61	21d	1	0.79mi
201 Raynor St Durham, NC	1.0	1.0	600	$1,150	$1.92	23d	1	0.82mi
110 N Corcoran St Durham, NC	1.0–2.0	1.0–2.0	1219	$4,594	$3.77	14d	8	0.84mi
905 Bunn Ter Durham, NC	1.0	1.0	560	$875	$1.56	23d	1	0.85mi
511 S Mangum St Durham, NC	3.0	1.0–2.0	1159	$3,278	$2.83	14d	29	0.85mi
2113 Angier Ave Apt B Durham, NC	2.0	1.0	925	$1,300	$1.41	23d	1	0.91mi
703 S Roxboro St Durham, NC	2.0	1.0–2.0	1113	$1,696	$1.52	23d	16	0.92mi
1828 Liberty St Unit B Durham, NC	2.0	1.0	1100	$1,450	$1.32	14d	1	0.92mi
1516 London Cir Durham, NC	3.0	1.0	1118	$1,650	$1.48	23d	1	0.94mi
311 W Corporation St Durham, NC	2.0	1.0–2.0	691	$3,505	$5.07	21d	5	0.95mi
311 W Corporation St Unit 3-201 Durham, NC	2.0	2.0	985	$3,355	$3.41	23d	1	0.95mi
321 W Corporation St Durham, NC	2.0	2.0	977	$2,530	$2.59	14d	1	0.95mi
2408 Hart St Durham, NC	3.0	1.0	960	$1,445	$1.51	23d	1	0.95mi
200 W Geer St Unit 200-C Durham, NC	2.0	1.0	850	$1,400	$1.65	14d	1	0.98mi
3 Fisher Pl Durham, NC	2.0	1.5	752	$1,100	$1.46	23d	1	0.98mi
318 W Corporation St Durham, NC	3.0	1.0–2.0	900	$2,934	$3.26	14d	55	1.00mi
815 Madison St Durham, NC	2.0	1.0–2.0	859	$2,854	$3.32	21d	5	1.01mi
530 Foster St Durham, NC	2.0	1.0–2.0	918	$2,750	$3.00	14d	18	1.02mi
115 Morris St #1908 Durham, NC	1.0	1.0	750	$2,600	$3.47	23d	1	1.03mi
704 Bacon St Durham, NC	2.0	1.0	744	$1,495	$2.01	23d	1	1.03mi
115 Morris St Durham, NC	1.0–2.0	1.0–2.0	1066	$7,661	$7.18	14d	76	1.03mi
2313 Owen St Unit A Durham, NC	1.0	1.0	600	$1,095	$1.82	23d	1	1.04mi
2309 Owen St Unit B Durham, NC	1.0	1.0	600	$1,095	$1.82	23d	1	1.05mi
545 Foster St Durham, NC	2.0	1.0–2.0	910	$2,722	$2.99	14d	2	1.06mi

Listing history 26 events

1. 2026-05-08
   status Pending
2. 2026-04-17
   listed $124,900 Active
3. 2021-01-11
   soldstatus $65,000
4. 2014-02-13
   soldstatus $29,900 Closed 130-char remark

   Show marketing remark (130 chars)

   Very Good Rental Opportunity. Home is in very good condition. Off street parking. Owner financing available with acceptable offer.

5. 2014-01-25
   status Pending 130-char remark

   Show marketing remark (130 chars)

   Very Good Rental Opportunity. Home is in very good condition. Off street parking. Owner financing available with acceptable offer.

6. 2014-01-16
   listed $29,900 Active 130-char remark

   Show marketing remark (130 chars)

   Very Good Rental Opportunity. Home is in very good condition. Off street parking. Owner financing available with acceptable offer.

7. 2013-10-21
   historical
8. 2013-07-23
   price $37,500
9. 2013-07-05
   price $39,900
10. 2013-06-24
    price $45,000
11. 2013-05-06
    price $49,900
12. 2013-04-24
    listed $55,000 Active
13. 2010-09-06
    historical
14. 2010-03-12
    listed $29,000
15. 2009-01-01
    historical
16. 2008-08-07
    listed $35,500
17. 2008-08-01
    historical
18. 2008-06-25
    listed $45,000
19. 2005-06-13
    soldstatus $7,000
20. 2005-06-02
    historical
21. 2005-02-10
    historical
22. 2005-01-20
    listed $10,000
23. 2004-08-20
    listed $17,500
24. 2002-05-15
    soldstatus $70,000
25. 2000-11-28
    soldstatus $35,000
26. 2000-03-02
    soldstatus $101,250

ⓘ 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: $2,002 · $167/mo
• Projected year-2 tax: $2,002 · $167/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: $22,072
• − Mortgage interest: −$6,996
• − Property taxes: −$2,002
• − Insurance: −$624
• − Repairs & maintenance: −$1,766
• − Management: −$1,766
• − Depreciation: −$3,633
• Taxable income: $5,284
• Est. tax owed @ 24.0%: −$1,268
• After-tax cash flow: $5,682/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

+23.4% since first listed

26 events — show timeline

• 2026-05-08 Pending — TMLS
• 2026-04-17 Listed $124,900 TMLS
• 2021-01-11 Sold (Public Records) $65,000 Public Records
• 2014-02-13 Sold (MLS) $29,900 TMLS
• 2014-01-25 Pending — TMLS
• 2014-01-16 Listed $29,900 TMLS
• 2013-10-21 Listing Removed — TMLS
• 2013-07-23 Price Changed $37,500 TMLS
• 2013-07-05 Price Changed $39,900 TMLS
• 2013-06-24 Price Changed $45,000 TMLS
• 2013-05-06 Price Changed $49,900 TMLS
• 2013-04-24 Listed $55,000 TMLS
• 2010-09-06 Listing Removed — TMLS
• 2010-03-12 Listed $29,000 TMLS
• 2009-01-01 Listing Removed — TMLS
• 2008-08-07 Listed $35,500 TMLS
• 2008-08-01 Listing Removed — TMLS
• 2008-06-25 Listed $45,000 TMLS
• 2005-06-13 Sold (MLS) $7,000 TMLS
• 2005-06-02 Listing Removed — TMLS
• 2005-02-10 Listing Removed — TMLS
• 2005-01-20 Listed $10,000 TMLS
• 2004-08-20 Listed $17,500 TMLS
• 2002-05-15 Sold (Public Records) $70,000 Public Records
• 2000-11-28 Sold (Public Records) $35,000 Public Records
• 2000-03-02 Sold (Public Records) $101,250 Public Records

Property tax history

+9.7%/yr

Latest (2025): $2,002 · +37.1% YoY. Source: county tax records.