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Property Details
Prime PadSplit or Group Home Opportunity - West Murray Ave, Durham, NC
1109 West Murray Avenue, Durham, NC 27704 | 10 Bedrooms / 8 Bathrooms | 2,307 sqft | Price: $500,000
Property Overview
Perfect for Group Shared Housing!
Price: $500,000
LOCATION: Durham, NC 27704
**Close to DUKE Regional Hospital and Downtown Durham**
Square Feet: 2,307 sqft
Beds / Baths: 10 Bedrooms / 7 - 8 Bathrooms
Property Highlights:
- 5 Bedrooms with Private Bathrooms: Renting for $700-750 per room x 5 = $3,500/month
- 5 Bedrooms Sharing Bathrooms: Renting for $600-625 per room x 5 = $3,000/month
Current Rent Roll: $6,000-6,500/month with 100% occupancy
No Rent Increase in 5 Years!
Property Features:
NEW Roof: Installed 2 years ago
2 Kitchens
2 or 3 Shared Living Rooms/Spaces
7 Bedrooms Upstairs & 3 Bedrooms in the Basement
10 Parking Spaces
Potential Rental Income (with Updates):
5 Bedrooms with Private Baths: Could rent for $900+ per month x 5 = $4,500/month
5 Bedrooms Sharing Bathrooms: Could rent for $700+ per month x 5 = $3,500/month
Total Potential Rental Income: $8,000/month OR MORE!
Financial Overview:
Selling Price: $500k
Estimated Rehab/Updates: $75k (overestimated to give end buyer more room)
All-In Price: $575k
Rent Return on Investment: 1.35x, exceeding the 1% rent rule!
Why Invest?
Proven Income: This property is generating steady rental income with 100% occupancy.
High Demand Area: Proximity to Duke Regional Hospital and Downtown Durham makes this an attractive location for tenants.
Upside Potential: With updates, the property’s rental income can increase significantly, transforming it into a cash flow powerhouse!
PadSplit Benefits:
Increased Profitability: PadSplit hosts typically see a return on investment 2x higher than traditional rentals by renting rooms individually. This property is well-suited for this model, which could greatly enhance its profitability.
Reduced Risk: PadSplit’s rent-by-the-room approach minimizes risks like vacancies or non-payment, as each room is rented individually, ensuring steady cash flow even if one tenant leaves.
Social Impact: By offering affordable housing, you’re contributing to the community by providing much-needed accommodations close to essential services like Duke Regional Hospital.
Low Barriers for Tenants: PadSplit doesn’t require high credit scores or spotless rental histories, which means a broader pool of potential tenants, ensuring continuous demand.
This is a rare opportunity to invest in a property with both strong financial returns and significant social impact, especially in a market with a growing need for affordable, shared housing solutions. Don't miss out on securing this unique investment on West Murray Ave, Durham, NC!
Average Weekly Room Rate: The average weekly rate for PadSplit rooms generally falls between $150 to $250 depending on the location and property condition. For a property like yours in Durham, which is close to a major hospital and downtown, the rate would likely be on the higher end of this range, around $200 to $250 per week.
Occupancy Rate: PadSplit properties typically achieve an occupancy rate of over 90%. Given the strategic location of your property near Duke Regional Hospital and downtown, you can expect a high demand, which should help maintain or even exceed this average occupancy rate.Using these figures, if you were to rent out 10 rooms at an average rate of $225 per week, your monthly gross rental income could be around $9,000, assuming a full occupancy rate. Even with a slightly lower occupancy, the property would still generate significant income.This approach offers a substantial increase in revenue compared to traditional rentals and adds the benefit of consistent cash flow with lower vacancy risks, making it an excellent investment strategy.For more accurate estimates, I recommend using PadSplit's earnings calculator, which can provide tailored projections based on specific property details (PadSplit) (PadSplit).
⚠️ NON-Refundable EMD
WE HAVE A PREFERRED LENDER WHO DOES 100% FINANCING!** Are you an experienced investor with at least 6 completed flips? Our preferred lender offers exclusive 100% financing for your next project. Take advantage of this incredible opportunity to maximize your investment potential with zero upfront costs!
Take the first step toward a prosperous investment future!
Important Notes & Disclaimers
Approaching the seller at any point is prohibited. Anyone who does will be permanently removed from our buyer's list AND black-listed with all other major partners in the area. Further, such contact will be viewed as intentional interference with a contract and may result in legal action being brought against you. We are under contract with the seller of this property and are therefore a PRINCIPAL in the transaction. Buyers are encouraged to perform their own due diligence regarding properties. Information provided is taken from public records and other sources, is provided in good faith, but is not guaranteed to be accurate. After renovated value ("ARV"), estimated repair costs, and other such figures are simply estimates; as such, buyers should conduct their own analysis and diligence regarding all aspects of the property prior to offering/purchasing.
Don’t Miss Out on This Incredible Investment Opportunity! Contact Us Today - Submit Your Offer and Secure This Property Before It’s Gone!