All Forum Posts by: Graham Storey

Kyle, shoot me a message

I have several other properties and check the rental comps pretty regularly. I just think $1,400 is low for a renovated stand alone home in Durham regardless of where it is! I could be wrong though.

Either way I hope you're able to rent it for a good price!

You could definitely get more than $1,400. I have a duplex in a worse area with 2 bed 1 bath each side. Un-renovated is getting $1,200. The renovated side (which is not nearly as nice as this house) is getting $1,400 and it's a duplex.. not a stand alone house. This should get at least $1,500. I agree it's in a rough rough area but it's a nice house.

Hey everyone, I am looking at a 8+ unit multifamily property in the Raleigh/Durham market and I am trying to get a good estimation of what it's going to cost to renovate. The units are 850 - 900 SF. 

Does anyone have a average cost per foot to renovate, or is it better to use a price per unit approach? Thanks in advance. 

Hey Ryan,

I have a duplex with 2, 1 Bed 1 Bath units (+/- 650 SF a side). We are getting $2,000-$2,100 per unit. I have tried to push up to $2,300 or so, but not had luck. Keep in mind the duplex is less then 2 miles from Duke Hospital and a 2 block from 9th St. So I think we are able to get a premium for the location.

Let me know if you have questions.

 Stephen, I am a broker, but also an investor. If you're coming across Durham multi or commercial please add me to your buyers list. I would be happy for you to represent me if you bring me a deal. Thanks

Joe, I am a commercial broker born and raised in Durham. I have a duplex on Clarendon Street, a few blocks from Dukes freshman campus. I am currently operating it as an MTR. I have had good success renting to travel nurses, business professionals, etc. It stays booked for the most part. The short term market doesn't seem to be as strong (just in my experience). There have been a few times I had to fill in a month or so vacancy gap so I was renting it for 2 night stays. The weekends stayed booked, but almost never got any on the week days. Hope this helps!

Thank you everyone!

Hello everyone. Looking for recommendations on good cleaners in Durham for STRs. Please let me know if you have anyone you’d recommend! Thanks!

Tyler, good luck with your search! Durham is a great market. I just purchased a duplex close to downtown with the intent of doing MTRs. We have only renovated one side, but it is booked for the next 4 months, so the demand is there. I am also a licensed drone pilot and have a real estate videography/photography business.