OVERVIEW
705 Colfax St, Durham, NC 27701
At $150,000, this property comes in at $126/sq ft in a submarket where recent as-is and updated sales have been closing between $243k and $253k on homes smaller than this one — a spread that immediately gets an investor’s attention. Located in Southeast Durham less than 1.5 miles from Downtown Durham, with Duke University, NCCU, and Duke Regional Hospital all within a few miles, this corridor draws consistent rental demand from students, healthcare workers, and young professionals anchoring the area. No HOA, accessible by appointment.
Comp Avg (Sold): ~$248k (~$260/sq ft) | For Sale Avg: ~$255k–$300k
Gross Yield at Asking: ~11.1% (est. $1,385/mo rent, 2BR SFH in 27701)
DETAILS
Type: Single Family Home
Bedrooms / Baths: 2 bed / 1 bath
Living Area: 1,187 sq ft
Year Built: 1920
Lot Size: 4,356 sq ft
Parking: Driveway
Occupancy at Closing: Access by Appointment
Closing Date: 06/16/26
Closing Attorney: Lowry and Associates
CONDITION
- Roof needs repair
- HVAC needs repair
- Property sold as-is
COMPARABLE SALES
Pending reference: 1010 Cole St, Durham, NC 27701 — Pending at $299k — excluded from average
802 Cox Ave, Durham, NC 27701 — 986 sq ft — Sold for $253k ($257/sq ft) — Sold 03/2026
429 Eugene St, Durham, NC 27701 — 919 sq ft — Sold for $243k ($264/sq ft) — Sold 03/31/2026
Comp Average: ~$248k (~$260/sq ft) Our Price: $150,000 ($126/sq ft) Your Spread: ~$98k
Two closed comps within blocks, both smaller than this property, averaging $248k at $260/sq ft — our ask at $126/sq ft sits nearly half the market rate. Roof and HVAC need attention and buyers should budget accordingly, but at $150,000 there is significant room to absorb a full rehab and still land well below the pending at $299k next door. This is a flipper’s deal, and the numbers make a clean case.
DISCLAIMER — Please Read Before Submitting an Offer
Assignment of Contract
This is an assignment of contract. A legally binding purchase agreement with a memorandum has been executed with the Seller, granting this company exclusive rights to purchase the property. We are not brokers or realtors and are not representing ourselves as such. We do not represent the owner.
Do not contact the Seller directly. Any attempt to contact the owner, interfere with, or circumvent our active contract will result in legal action. This property is not to be re-marketed under any circumstances without our explicit written consent and the execution of a joint venture agreement.
Due Diligence
Buyers are responsible for performing their own due diligence. We are not licensed agents. Please consult appropriate legal or professional counsel before submitting an offer.
Offer & Deposit Terms
A minimum $5,000 non-refundable deposit is required within 24 hours of signing to secure the deal
Closing will occur as quickly as possible, but no longer than 30 calendar days
Buyer pays all closing costs — closing costs are NOT included in the asking price
Taxes will be prorated and split between parties
$495 transaction fee payable to Bright Home Offer LLC
Closing will be conducted with our closing attorney
As-Is Terms
This property is offered as-is, where-is, with no warranties. By submitting an offer, you are accepting these terms.
No repairs or improvements will be made prior to closing
No clean-out or clean-up of any kind will be completed
Property will not be broom clean at closing
Realtors & Wholesalers
If you are working with a client and wish to receive a commission or fee, please note that the wholesale price does not include your compensation. You may either: Negotiate your commission/fee directly with your client, separate from the wholesale price, or adjust the wholesale price upward to include your fee. If you’d like to be compensated by us at or outside of closing, please reach out or include those terms in your offer.