705 N Driver St · Durham, NC 27703

$360,000

2 bd · 2.0 ba · 1,232 sqft · MultiFamily public records · 6 Days on market

Built 1920 6,970 sqft lot Est $249k · 45% over

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Why this score? — see what drove the F 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 +14.9/30.0
• DSCR +4.6/10.0
• Livability +4.0/5.0
• 1% rule +3.2/10.0
• Schools +3.0/10.0
• Rent growth +2.7/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

Incredible opportunity to own an established income producing property. This wonderful Historic bungalow is a part of the National East Durham Historic District and is possibly eligible for Historic tax Credits! Unit A is vacant for new tenant or owner occupant. Unit B currently rented out for instant cash flow! New roof, 2024. Wonderful historic neighborhood, walk to Old East Durham business district or Golden Belt in mere minutes! Current rent is $795 for Unit B, expires on 4/14/2025. Seller to entertain any and all requests from potential buyer!

Key facts

• Central location
• Private entrance
• Airbnb setup

Tags

• DUPLEX OPPORTUNITY
• PRIVATE ENTRANCE
• STRONG RENTAL POTENTIAL
• RECENT HOME INSPECTION REPORT
• CENTRAL LOCATION
• AIRBNB SETUP

Property features AI

Finance

• Financial info: Two units total; Owner pays none of the listed utilities/expenses
• HOA & community: No association

Exterior

• Parking: On-street parking; 1 open parking space
• Utilities: Public water; Public sewer
• Home design: Duplex; One story; Above-grade finished area about 1,235 (per plans)
• Construction: Wood siding; Shingle roof
• Exterior features: Front porch; No fencing; Lot approximately 0.16 acre; Public-maintained road access; Zoned R-3

Interior

• Kitchen: Electric range; Granite counters
• Bedrooms: 2 bedrooms
• Flooring: Laminate
• Bathrooms: 2 full bathrooms
• Heating & cooling: No heating; Central air (electric)
• Interior features: Bathtub/shower combination; Crown molding; Granite counters
• Laundry & utility: Washer hookup; Electric dryer hookup; Laundry closet; Water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $360k.

Deal economics

• At list price, monthly cash flow is $109 ($1k/yr) — positive. Per door: $54/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 $297k (17.6% below list).
• Recommended offer: $297k (17.6% below list) — sets the bar for 1% rule.
• Cap rate 6.7% 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: 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 flat; 1103 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 40% 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 $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

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 5y 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 $250k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $296,600 (17.6% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
8. 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.
9. 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.
10. 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: 0.82% ✗
• Cap rate: 6.65%
• Cash-on-cash: 1.29%
• DSCR: 1.06
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $248,864
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705 N Driver St	0.00mi	2/2.0	1,236 (+0%)	19mo	$250,000	$202	84
600 N Hyde Park Ave	0.21mi	2/2.0	1,140 (-8%)	12mo	$205,000	$180	68
1008 Alma St	0.26mi	2/2.0	1,134 (-8%)	19mo	$245,000	$216	59
1604 Fay St	0.62mi	2/2.0	1,103 (-10%)	15mo	$237,610	$215	41
1406 Manteo St	0.62mi	2/2.0	1,368 (+11%)	23mo	$250,000	$183	33

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 · 0.84% rent growth · sell at horizon

5-year hold

• IRR: -16.5%
• Equity multiple: 0.43×
• Total profit: $-57,846
• Equity at exit: $53,677

10-year hold

• IRR: -12.3%
• Equity multiple: 0.34×
• Total profit: $-66,718
• Equity at exit: $31,126

Cash invested: $100,800 (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: 20.2×

Monthly cashflow live

• Estimated rent: $2,966 high
• Mortgage (P&I): −$1,888
• Tax from tax record: −$197 /mo · $2,361/yr
• Insurance: −$150
• HOA: −$0
• Vacancy / Maint / Mgmt: −$623
• Net cashflow: $109

Break-even live

Break-even rent $2,829

Max offer price $360,000

Occupancy floor 91%

Sensitivity live

Price	-10% $312	-5% $210	+0% $109	+5% $7	+10% $-95
Rent	-10% $-126	-5% $-9	+0% $109	+5% $226	+10% $343
Rate	-1.0pp $290	-0.5pp $200	base $109	+0.5pp $15	+1.0pp $-80

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,966
Total (2 units)			$2,966

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: $90,000
• Closing costs: $10,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
910 Fiske St Unit B Durham, NC	2.0	1.0	750	$1,025	$1.37	24d	1	0.28mi
916 Fiske St Unit A Durham, NC	2.0	1.0	800	$1,050	$1.31	24d	1	0.30mi
406 N Hyde Park Ave Durham, NC	3.0	1.0	1160	$1,730	$1.49	22d	1	0.33mi
1104 Chester St Durham, NC	1.0	1.0	1300	$625	$0.48	24d	1	0.36mi
1609 Evergreen St Durham, NC	2.0	1.0	1051	$1,695	$1.61	22d	1	0.37mi
1828 Liberty St Unit B Durham, NC	2.0	1.0	1100	$1,450	$1.32	14d	1	0.45mi
603 N Elm St Unit A Durham, NC	3.0	2.0	1200	$1,495	$1.25	24d	1	0.54mi
1809 E Main St Durham, NC	3.0	1.0	1200	$1,700	$1.42	14d	1	0.54mi
721 Liberty St Unit C Durham, NC	2.0	1.0	800	$1,495	$1.87	24d	1	0.58mi
1136 Drew St Unit A Durham, NC	3.0	2.5	1390	$1,550	$1.12	14d	1	0.62mi
1516 London Cir Durham, NC	3.0	1.0	1118	$1,650	$1.48	24d	1	0.63mi
1911 Fidelity Dr Durham, NC	3.0	2.0	1209	$1,815	$1.50	24d	1	0.64mi
2408 Hart St Durham, NC	3.0	1.0	960	$1,445	$1.51	24d	1	0.67mi
807 E Main St Durham, NC	1.0	1.0	1000	$1,695	$1.70	24d	2	0.70mi
809 Lee St Durham, NC	1.0	1.0	1370	$580	$0.42	14d	1	0.76mi
809A Lee St Durham, NC	1.0	1.0	1370	$714	$0.52	24d	1	0.76mi
607 Dowd St Durham, NC	2.0	1.0	720	$1,550	$2.15	24d	1	0.77mi
2113 Angier Ave Apt B Durham, NC	2.0	1.0	925	$1,300	$1.41	24d	1	0.77mi
1600 N Alston Ave Unit C Durham, NC	2.0	1.0	800	$1,150	$1.44	14d	1	0.78mi
506 Gurley St Unit A Durham, NC	2.0	1.0	775	$1,300	$1.68	14d	1	0.82mi
615 N Hardee St Durham, NC	3.0	2.0	1250	$1,690	$1.35	14d	1	0.84mi
518 N Hardee St Durham, NC	1.0–2.0	1.0–1.5	665	$1,299	$1.95	24d	1	0.88mi
2418 Owen St Unit A Durham, NC	2.0	1.0	750	$1,195	$1.59	14d	1	0.91mi
500 E Main St Durham, NC	3.0	1.0–2.0	1002	$2,920	$2.91	14d	40	0.95mi
518 Boone St Unit 103 Durham, NC	2.0	1.0	850	$1,095	$1.29	14d	1	0.99mi
1237 Naples Pl Durham, NC	1.0–4.0	1.0–2.0	995	$1,233	$1.24	12d	1	1.00mi
208 Gray Ave Apt 4H Durham, NC	2.0	1.0	800	$1,250	$1.56	24d	1	1.04mi
2810 Ashe St Durham, NC	3.0	2.0	1300	$2,370	$1.82	24d	1	1.04mi
701 Grant St Durham, NC	3.0	2.0	1145	$1,850	$1.62	24d	1	1.12mi
510 E Pettigrew St Durham, NC	3.0	1.0–2.0	996	$2,510	$2.52	14d	29	1.13mi
704 Bacon St Durham, NC	2.0	1.0	744	$1,495	$2.01	24d	1	1.15mi
464 E Pettigrew St Durham, NC	2.0	2.0	1091	$2,786	$2.55	14d	1	1.15mi
504 E Pettigrew St Durham, NC	2.0	1.0–2.0	1025	$2,219	$2.16	14d	35	1.17mi
504 E Pettigrew St Durham, NC	3.0	1.0–2.0	1092	$2,255	$2.07	22d	30	1.17mi
441 S Dillard St Durham, NC	1.0–3.0	1.0–2.5	1153	$2,454	$2.13	14d	21	1.20mi
1000 Linwood Ave Durham, NC	3.0	2.0	1150	$2,400	$2.09	14d	1	1.26mi
200 W Geer St Unit 200-C Durham, NC	2.0	1.0	850	$1,400	$1.65	14d	1	1.27mi
109 W Main St #402 Durham, NC	2.0	1.5	1296	$2,695	$2.08	24d	1	1.31mi
110 N Corcoran St Durham, NC	1.0–2.0	1.0–2.0	1219	$4,594	$3.77	14d	8	1.31mi
514 E Umstead St Durham, NC	3.0	2.0	1134	$1,625	$1.43	24d	1	1.32mi

Listing history 6 events

1. 2026-06-18
   days on market $360,000 Active 6 DOM
2. 2026-06-17
   days on market $360,000 Active 5 DOM
3. 2026-06-16
   days on market $360,000 Active 4 DOM
4. 2026-06-15
   days on market $360,000 Active 3 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $360,000 Active 1 DOM

ⓘ 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: $2,361 · $197/mo
• Projected year-2 tax: $2,952 · $246/mo
• Expected delta: +$591/yr (+$49/mo · 25.0%)

ⓘ 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: $35,592
• − Mortgage interest: −$20,166
• − Property taxes: −$2,361
• − Insurance: −$1,800
• − Repairs & maintenance: −$2,847
• − Management: −$2,847
• − Depreciation: −$10,473
• Taxable loss: −$4,902
• Est. tax savings @ 24.0%: +$1,176
• After-tax cash flow: $2,479/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

+125.1% since first listed

14 events — show timeline

• 2026-06-12 Listed $360,000 TMLS
• 2024-11-26 Sold (Public Records) $250,000 Public Records
• 2024-11-26 Sold (MLS) $250,000 TMLS
• 2024-11-12 Pending — TMLS
• 2024-08-28 Listed $275,000 TMLS
• 2024-04-06 Rental Removed $795 APPFOLIO
• 2024-03-13 Listed for Rent $795 APPFOLIO
• 2022-06-22 Price Changed $775 APPFOLIO
• 2021-02-22 Sold (MLS) $165,000 AMLSNC
• 2021-02-22 Sold (MLS) $165,000 TMLS
• 2021-01-19 Contingent — TMLS
• 2021-01-13 Listed $159,900 TMLS
• 2021-01-11 Coming Soon $159,900 TMLS
• 2021-01-11 Listed $159,900 AMLSNC

Property tax history

+10.7%/yr

Latest (2025): $2,361 · +118.8% YoY. Source: county tax records.