Durham, NC and Triangle area-looking to invest

[Chris L.]

Hi there,

I am looking to invest in rental properties in the Durham/Triangle area.  Is there a specific area in Durham or elsewhere that you would recommend investing in and is there a specific type of property that would provide the most income?  Are there other areas or investments you would recommend in the area?  Selling a house in NJ and looking to invest funds here. 

[Eric Weireter]

Hi Mary,

Here's a rundown of Durham:

Duke Park & Trinity Park - Definitely neighborhoods that have arrived. Great places to live. Definitely Pricey, but there are a few deals here.

Cleveland-Holloway - You could say "currently" arriving, but I think it has arrived for the most part. There are already houses in this area that cost as much as homes in Duke Park and Trinity Park. OTOH, this is definitely an area in transition, as many residents are not in the income bracket of where the neighborhood is trending. So, theoretically there are deals here, but the holdover property owners (not always the same as holdover residents) know what is happening in the area and prices for houses in need of complete reno houses are going up and up.

Albright - The transition is starting and yes it will take a while to fully take hold. The positive side is there are deals to be had here. The negative side is depending on how far from the downtown core you go, gentrification may take longer than you wish to arrive. I really like the potential of this area.

East Durham - I could see many out-of-town investors and even local investors overlook this area. After Albright arrives, this is the next logical move for gentrification. Prices here have risen somewhat over the past few years. This area is definitely not as "dangerous" as it was in recent years, but I imagine it would appear too sketchy for many investors.

Forest Hills - This has been an "arrived" neighborhood from the day it was conceived. I don't live there, but if you gave me enough money I'd be there.

Hope Valley Farms - Has a great location and lovely homes in the core part. Appreciation potential could be high on an older home. The area surrounding Forest Hills is pretty reasonable.

American Village - Just west of Duke's campus, large 80's-90s era family homes and the area south of campus bordering MLK but before you get to Hope Valley for affordable 2-3 bedroom houses on big lots. There is in-fill building happening all around American village.

The Lakewood area southeast of campus has gotten expensive but 2 blocks east are some bargains.

Woodcroft is always a safe bet but many of the houses are a dark/rustic style that are hard to update.

There are also some cool houses going up in the neighborhood just west of the ball-park on the other side of highway 147 around roxboro/mangum, I see that as an up and coming area due to proximity to downtown.

Let me know if I can help further!

-Eric