Two independent rent streams. Renovated. Yield-oriented.
204 / 206 West Holt Street, Burlington, NC 27217 — compact brick duplex with two separate 1-bedroom / 1-bathroom units after interior renovations. Indicated combined rent $1,900/mo. Stabilized values supported in the low-to-mid $200,000s by a recent duplex sale and the subject’s own prior transfer.
Cash-flow duplex in central Burlington.
Compact brick duplex offering dual rental income streams in the Piedmont secondary market. Interiors renovated. Best suited for cash investors who prioritize yield, can implement disciplined screening and management, and are comfortable underwriting urban secondary-market dynamics.
$950 per unit. Supporting rental comps for renovated 1-bed product run $775–$1,100+ in this market.
ARV / stabilized estimate for a renovated duplex of this size after comps review.
Dual independent streams reduce vacancy exposure vs single-family product of similar total rent.
1910 brick bungalow. Two full 1/1 units.
Each unit contains a bedroom, full bathroom, living/family room, and kitchen. Heat pump (electric), central air, public water and sewer. Crawl-space foundation. No HOA.
Unit A — 1 bd / 1 ba
Independent living stream. Renovated interior: LVP flooring, fresh paint, updated kitchen with navy cabinetry and granite-style counters, modern bath fixtures.
~500 sf footprintUnit B — 1 bd / 1 ba
Mirror configuration — separate entrance path on the dual-porch elevation. Same renovation standard. Dual occupancy cuts single-tenant vacancy risk in half.
Independent unit
Aerial — subject parcel, central Burlington
Illustrative cash investor returns.
Assumes stabilized operations at indicated rents. All figures approximate — verify during diligence. Cash-on-cash equals cap rate for all-cash purchase.
Annual, stabilized
Run it your way
| Purchase price | GRM | Cap (low NOI) | Cap (high NOI) |
|---|---|---|---|
| $200,000 | ~8.8× | ~7.0% | ~8.3% |
| $215,000 | ~9.4× | ~6.5% | ~7.7% |
| $225,000 | ~9.9× | ~6.2% | ~7.3% |
Sensitivity from the investor memorandum. Taxes and insurance likely increase after transfer; model the high end of opex conservatively.
ZIP 27217 / Burlington context.
Recent median sale price in ZIP 27217 ~$255,000 ($189/sf). Modest ~3% YoY price trend; DOM mid-50s. Solid 1-bed rental demand.
| Comparable | Detail | Price / date |
|---|---|---|
| Closest duplex comp | Two 1/1 units · ~1,200 sf · larger lot · mid-1950s | $215,000 · Feb 2026 was listed ~$240k |
| Subject prior transfer | After interior work | $204,000 · Dec 2024 |
| Nearby similar-size homes | Comparable footprint sales band | $195k – $274k |
| Stabilized ARV estimate | Renovated duplex this size | $210k – $230k |
What a serious buyer models first.
We surface these in the memo so you can underwrite them — not hide them.
Crime environment
Burlington records elevated total and violent crime rates vs national averages. Expect potentially higher insurance and the need for rigorous screening + active management.
Building age (1910)
Confirm roof, foundation, plumbing, electrical, HVAC age/condition, and crawl space. Interior renovation does not guarantee full systems updates.
Unit size
Compact footprint (~500 sf per unit) constrains absolute rent growth potential even as product stays renovated and rentable.
Expense trajectory
Taxes and insurance are likely to increase after transfer. Current assessment is relatively low — reassess post-close.
Items still being gathered / confirmed.
Critical for end-investor underwriting and a clean close. Speed matters on a short diligence window.
- Current occupancy of each unit + tenant contacts if occupied
- Full rent roll + trailing 12-month collection history
- Copies of all leases (or written MTM confirmation)
- Security deposit amounts and who holds them
- Utility responsibility matrix (owner vs tenant per unit)
- Detailed renovation scope (what / when / warranties / receipts)
- Deferred maintenance / systems condition (roof, HVAC, plumbing, electrical, foundation, crawl)
- Access for full inspection + contractor walkthroughs
- Exact tax bill + any pending assessments
- Insurance claims history if available
- Preliminary title commitment / liens / exceptions
- Closing attorney / title company confirmation
- Municipal code violations, open permits, compliance
- Any additional NC seller disclosures required
Why a cash buyer takes this call.
From the investor memorandum — the thesis in six lines.
Dual streams
Two independent 1/1 units cut single-tenant vacancy risk vs. a similar-rent SFR.
Renovated interiors
LVP, paint, navy kitchens, modern baths — product that supports indicated $950/unit rents.
Comp-supported basis
Duplex sold $215k (Feb 2026). Subject transferred $204k (Dec 2024). Stabilized band $210–230k.
Cash-flow orientation
Est. NOI $14–16.5k. Cap ~6.5–7.7% at $215k mid. CoC = cap on all-cash.
Flexible use
Pure hold, house-hack (occupy one unit), or light future value-add.
Near-term close
Prepared cash purchasers can move on a short window. Principal-direct access for inspection.
Everything we have — download it.
Full package: memo, fact sheet, diligence checklist, investment thesis, and the complete 24-photo set. Verify every number independently. Purchase contract / county cards transfer with assignment when under contract (not yet in this file).
Investor Memorandum
Source writeup: executive summary, property facts, location, comps, income, pro forma sensitivity, risks, highlights, diligence list.
Download ↓
Property Fact Sheet
One-page underwriting sheet: facts, income shape, sensitivity table, comps, and primary risks.
Download ↓
Investment Highlights
Thesis, buyer fit, headline numbers, and conclusion — shareable summary for partners.
Download ↓
Diligence Checklist
15 open items still being gathered: occupancy, rent roll, leases, deposits, renos, systems, title, taxes.
Download ↓
Photo Package (24 images)
Full-resolution exteriors, renovated interiors (both unit styles), kitchens, baths, and aerial drone set.
Download ↓
On-page gallery
Same 24 photos in the lightbox above — flip through without downloading the zip.
Jump to gallery ↓
What is not in this vault yet: executed purchase/assignment paper and county property-record PDFs. Those ship with assignment / escrow when we have them. Everything currently in the file is downloadable above.
How a serious cash buyer moves.
Call or text
Principal direct. We’ll walk the memo numbers, open items, and access for inspection.
Walk the asset
Physical inspection + contractor walk. Confirm systems age and occupancy status on site.
Underwrite
Plug your opex and basis into the calculator above. Stress crime, taxes, and insurance.
Close cash
Title / attorney coordination. Near-term closing feasible for prepared cash purchasers.
Dual streams. Renovated interiors. Cash yield.
If the $14–16.5k NOI band works at your basis, call. One assignment mindset — serious buyers only.