Prime PadSplit or Group Home Investment Opportunity in Durham, NC!
🏡 Prime PadSplit or Group Home Opportunity - Durham, NC 🛠️
💥 Perfect for Group Shared Housing!
📍 AWESOME LOCATION: Durham, NC 27704
Close to DUKE Regional Hospital 🏥 and Downtown Durham 🌆!
🏠 Property Highlights:
10 Beds 🛏️ | 7 or 8 Baths 🚿
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: $4650k 💵
Estimated Rehab/Updates: $75k 🛠️ (overestimated to give end buyer more room)
All-In Price: $540k 🏷️
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).
Jervon Thompson 480-444-9503
