Please scroll to the bottom of this page for a complete list of available inventory in the Raleigh, Durham, Chapel Hill and surrounding areas!
Modern duplex located in Durham, NC
Multi-family homes can be a great investment, especially for those who are new to real estate investing. These types of properties are easy to understand for new investors. You expect that each unit will have its own entrance, kitchen, bathroom, and utility metering - in other words, the same amenities you’d find in a single-family home.
Investing in a duplex, triplex, or four-plex (quad) is our focus in this article because these types of properties are considered residential real estate and that makes financing a much simpler task than applying for a commercial real estate loan.
Buying a multi-family home offers you a host of options for renting out the units. Some people choose to live in one and rent out the other(s). Other families use them to house extended family, aging parents or adult children, for example. Family members keep their independence, but any help needed is just a few steps away!
There are both pros and cons to these types of units, as with any real estate investment. Individual investors will need to consider many factors when making a decision. On the plus side:
Beginning investors will usually have an easier time with financing in residential units of four and less. In fact, most lenders treat these smaller multifamily units as if they were a single-family home. They are seen as a lower-risk investment and thus more attractive to lenders.
An investment in multi-family properties will typically offer you a greater monthly cash flow than a single-family home. Having leases that renew on a 3, 6, 9, or 12-month cycle means that rents can be increased according to market demand.
Multi-family homes by definition have multiple rental revenue streams, so if you own a triplex, and one unit is empty, you are still collecting rents on the other two units to defray your mortgage costs. Typically, the combined rent from multi-family homes will beat out a single-family residence at the same price point.
As an additional bonus, multi-family homes have weathered past times of economic uncertainty better than almost any other type of real estate investment.
As housing prices have risen around the country - this is certainly true in the Raleigh / Durham area - many people who would be traditional home buyers find themselves priced out of the market. Some of those families are delaying their home purchase plans for now and renting instead.
It might seem logical that the price for a multi-family home is just a multiple of an individual unit, but in fact, there are economies of scale. The second unit of a duplex, for example, may be only 50% more than buying a single unit. Because of this the cash flow on duplexes and triplexes are almost always better than the cash flow on a single family residence. Also, if one unit goes unrented then you still have the rent coming in from the other unit at least.
A quad located in Raleigh, NC
If you aren’t interested in full-time management of your multi-family property, the alternate route is to hire a property management company. That option can be cost-prohibitive for a single-family dwelling but makes more sense if you have multiple units in one property.
“House hacking” is not a cyber weapon, but an advantage that works for some investors. Here’s how it works: when you live in one of the units of the multifamily residence, it’s possible that those tenants will essentially pay your mortgage and expenses for you. Eliminating your housing costs is a huge win in anyone’s budget, especially with the way housing prices have increased in the Raleigh / Durham area in the past decade.
“Owner-occupied” properties may also have advantages for financing with lower interest rates and lower down payments.
However, there are some disadvantages to living on-site, which brings us to the downsides of buying multi-family homes.
If you are an owner-occupied property, remember that your tenants will be looking for you if they have any issues. It’s your door they will be knocking on in the middle of the night when the pipes burst.
And of course, you’re sharing walls and other common areas with your tenants. There may be more “community” in this endeavor than you’re comfortable with, so keep that in mind.
Managing a multifamily unit requires a certain time commitment. You can mitigate this downside by hiring a property manager, but keep in mind you will still need to allocate some time as you, the owner, may need to visit the property for maintenance and repair requests.
As the owner, you will have to deal with individual leases, tenants of all personality types and communication styles. However, a multifamily property is still less work than managing a portfolio of single-family homes.
When it comes to renting out your units, you will be competing with larger apartment complexes, some of which have all amenities - pools, tennis courts, fitness areas. You may not be able to command the highest rent in some areas that have multiple apartment complexes; on the other hand, some renters do prefer quieter spaces and are happy to forego the “extras.”
The other competition with multi-family units can come from more experienced investors. This sometimes shuts new investors out of the market completely. One strategy used by beginning investors is to partner with more experienced investors to learn the ropes.
Rental units can be inconsistent in terms of vacancies and maintenance expenses; even property taxes can vary wildly in some markets from year to year. We have seen taxes go up in the Raleigh / Durham area in the past 10 years, mainly due to property values increasing.
Nearly all multi-family units need a little work when you purchase them since most are not owner-occupied. One of the important things to do is to get an independent home inspector to look at the units before completing the purchase. That way if there is a major repair issue you can either negotiate with the seller or back out of the contract.
Though multi-family homes such as a duplex or triplex are rare compared to single-family homes, there is usually at least some inventory in the Triangle area. Below you will find a complete list of multi-family homes for sale in Durham, Chapel Hill, Raleigh, and the surrounding areas.
Make sure to select the appropriate county that you would like to search in, or contact us for help. We have experience in small multi-family properties and can help with assessing the property’s value.
To view multi-family homes for sale in a specific community, follow these links:
Investor Special! Duplex located on Steel Bridge Rd in Sanford, NC. Each unit has one bedroom and one bathroom. Lots of potential with some "TLC".
1 1/2 Story Home with 7 Unit and 2 Bathroom, Commons Kitchen, Rear Parking Lot, Central HVAC. Home is complete with Hardwood Floors. Annual Rental Income Approx. $32,200....
8 Units with 2 Full Bathrooms, Commons Kitchen, Hardwoods, Central HVAC, Newer Roof, and a Covered Front Porch and Rear Parking Lot. Approx. Annual Income: $36,800. Selle...
Great cash-flowing duplex! Calling all investors & first time buyers. This duplex has a very solid rental history and demand. Value add opportunity! Rent out or live in o...
Calling all investors! This is an excellent opportunity to add three rentals to your portfolio or purchase this package for future development. Three homes on 2 acres of ...
Combined 1.77 acre lot that is zoned B-1. Currently has 3 rental homes (208, 212 and 216 Depot St) and a very large storage building on the property. One is currently ren...
Rare opportunity to acquire a spacious duplex located off of Country Club Drive. Very close to the VA Hospital, shopping, schools, etc. Estimated huge gross rents with a ...
Perfect for house hacking! Rent one side, live in the other to keep your mortgage affordable! Duplex with two 2BR, 1BA units with laundry room, kitchen and nice size livi...
Perfect for house hacking! Rent one side, live in the other to keep your mortgage affordable! Duplex with two 2BR, 1BA units with laundry room,kitchen and nice size livin...
Perfect for house hacking! Rent one side, live in the other to keep your mortgage affordable! Two story duplex with two 2BR, 1.5 BA units. Nice yard space that could easi...
Home will be sold AS IS, owner will not make repairs. This property is 2.63 acres and structure needs lots of work both inside and out before it could be up and running ...
TWO newly updated homes for the investor in Johnston County! BOTH have newly installed roofs and in home #708 New HVAC installed 2022! One lives like brand new with newl...
**Back on the market** Triplex each unit is 2 bed/1 bath. Private lot, low taxes, Three blocks from Wilson downtown $100M project Pine-Nash street. Close to Barton Col...
Investor Opportunity! Updated brick ranch home and a duplex! Per the owner, lots of updates in 2017 including: new wiring, HVAC, duct work, plumbing, roof, and windows. D...
2 UNITS- RENTAL POTENTIAL. Ready to move in 3/2 Ranch AND Apartment on 1 acre just outside of town. RENT ONE AND LIVE IN THE OTHER! Tastefully JUST RENOVATED: new applian...
Two Story Home located in the Historical District on a Corner Lot. Home is complete with Hardwood Floors, Newer Roof, Central HVAC, Covered Front Porch, Rear Parking Lot....
Excellent opportunity for the savvy investor/builder to acquire two duplexes with easy value add component. Simply raise rents to market rate. These duplexes are situated...
Don't miss this opportunity to own investment property in Fuquay Varina. 2 units, both are 2BR/1.5BA with eat in kitchens with pantries. Large family rooms, large fenced...
5 LEASED UNITS" 2 Homes located on almost an half acre lot with (5 active rentals).Larger 4 -plex Home has historic background and was Dunn's first Hospital dating back t...
Brick Duplexes in the Heart of Town. Great Investment Opportunity! Tons of Potential! Owner says will only sale with White House behind these Duplexes. MLS #2462342
Get creative on Club! Fantastic opportunity as an owner occupied landlord! Or strictly investment - lots of options! This charming 30's duplex boasts 2 units (vertical sp...
Rarest of Rare Here! Investor or 1st Time Buyer Alert ~ Brand New Duplex in Wake Forest/Wake County. Rent Both Sides Our or Live in One Side and Rent the Other. Almost Re...
SELLER WILLING TO PAY $8,000.00 TOWARDS CLOSING COSTS with FULL OFFER!! NO closing cost paid if under asking. Rooms rented from $400-$550 with a income potential of $6,15...
Back on the Market with Price Improvement! Great Investment Opportunity in Prime Location in Morrisville! TWO Brick Homes and ONE Singlewide all on same parcel. Renovate ...
18 Unit Brick Home featuring 4 Full Bath Rooms, Common Kitchen, Hardwoods Floors, Front Porch, Side/Rear Parking Lot and also a basement. Walking Distance to downtown Bur...
Private, cul-de-sac home in quiet neighborhood with easy access to Duke, parks, shopping. Current owner lived in Unit A/leased Unit B, also leased both units during owner...
GREAT INVESTMENT OPPORTUNITY! Rentals will remain high in demand with the current interest rates and economy so this is a great time to get into the rental market! Recent...
INVESTMENT OPPORTUNITY in walk zone to DOWNTOWN CARRBORO!! *4-UNITS - Each Unit is 1,043 Sq Ft / 2 BR / 1.5 Bath with W/D hook-ups *Rear patios facing wooded views *Excel...
This property is selling for land value..Improvements go with the property in as is condition and are not being shown without 48 hrs. notice and a prequalification letter...
New construction duet-style home, each unit lives like a townhome. Buyer can purchase entire duplex or individual unit. First floor open concept interior provides flow, w...
Mobile home park has 24 lots. 18 homes are park owned. Park owner has paid for 4 more sewer lines to be added to the park. The park consist of 3 parcel 0702849,0700300,07...
Great investment opportunity to obtain a quad in the city of Durham. Each of the four units offers two spacious bedrooms and lots of storage, plus tons of cabinets and c...
Rare Investment Opportunity to own this newly-built 2-unit building right near UNC's campus! High-quality construction. LVP flooring, tile baths, well-appointed kitchens,...
Incredible potential for land development or a rehab project for an existing Quadruplex. 2 units are 2 bed/1 bath . 2 units are 1 bed/ 1 bath. Prime Location near NC Stat...
The improvements are being sold as is. This property has been listed for a Land Investor as the price represents building up to 20 Townhomes with 20 ADU units. Verificati...
Priced reduced for quick sale. 16,709 Sqft building with 16 apartment Units. Situated in Thomasville and minutes from shopping and restaurants, sell AS IS Need updates ...
READY TO GO! *UPDATED 6-UNIT (3 Duplex) INVESTMENT on approx 5 ACRES in CHAPEL HILL w/ LOW CHATHAM COUNTY TAXES & NO HOA! *Over 4,400 total sq ft & $6,650 in current mont...
$1,150,000.00 CLIFFS OF ROCKFISH CONDOMINIUMS 8 PLEX. This incredible investment opportunity does not come around too often. The building is comprised of 8 individually d...
Great location - package deal! 11 acres of land ready to be developed; surrounded by established single family homes. 6 separate subdivided lots with 3 Stick Built Homes ...
Investment opportunity. Measurements, Photos, and Floor Plans will be added by 9/29/22. No showings until 10/3/22.
Listings provided courtesy of Triangle MLS, Inc. of NC, Internet Data Exchange Database. Information deemed reliable but not guaranteed. © 2023 Triangle MLS, Inc. of North Carolina. Data last updated .