The Chamberlin
406 & 410 Chamberlin Ave, Durham, NC
Northgate Park Neighborhood
Project Type:
Rehab + Build-to-Sell
Development Type:
Flag Lot Subdivision
Project Status:
Completed
— KEY METRICS & OUTCOMES
2.34x Return Through Smart Subdivision & Design
Opportunity Overview
This project began not with a listing, but a relationship. The seller, familiar with BETTER’s integrity and execution, reached out after a failed wholesale offer of $250,000. BETTER moved quickly, negotiating a $236,000 off-market purchase and closing within three weeks. Thanks to Durham’s Expanding Housing Choices initiative, the team recognized the site’s potential for subdivision. Mark and Devin’s pre-offer diligence included on-site measurements and a commissioned survey, which confirmed their vision: a second standard lot could be carved out behind the original home, doubling the land value and setting the stage for a creative, high-return project.
Our Strategy
Neighborhood Expertise & Financing: BETTER combined deep neighborhood knowledge with precise due diligence and flexible capital, partnering with a trusted private lender to finance both the renovation and subdivision costs while minimizing upfront capital.
Targeted Renovations: The existing home received thoughtful medium renovations, including sunroom enclosure, full bath conversion, kitchen overhaul, and curb appeal upgrades, all tailored to market demand in Northgate Park.
Premium New Construction: On the newly created flag lot, BETTER built a higher-end, custom-style home featuring a chef's kitchen with a waterfall island, engineered hardwoods, and statement tile work aimed at the area's discerning buyers.
Market Adaptability: The project showcased BETTER's market expertise and the adaptability of their builds and services to meet varying buyer preferences.
Challenges
This project required coordinated execution and problem-solving at every stage:
Subdivision ComplexityThe team navigated Durham’s subdivision approval process and addressed utility easement challenges critical to lot creation. | Zoning AdjustmentsAs local zoning evolved mid-project, BETTER adapted the home design to remain compliant while preserving design quality and value. |
Timeline ManagementRunning renovation and new construction on parallel tracks demanded tight scheduling to reduce carry costs and keep the project on pace. | Go-to-Market PrecisionBETTER partnered with experienced local agents to price and position both homes effectively in a shifting market, maximizing value at sale. |
Qualitative Wins & Investor Returns
Strong Returns: BETTER turned a $60,000 cash investment into $140,320 in profit over 18 months, achieving an impressive 2.34x equity multiple.
A Proven Model: The project reinforced BETTER's approach of unlocking value through smart investing, aligning capital with neighborhood opportunity, and executing with confidence.
Project Analysis | |
Market Value | $1,043,000 |
Total Costs | $912,580 |
(-) Purchase Costs | $236,000 |
(-) Build Costs | $560,000 |
(-) Transaction Fees | $65,580 |
(-) Loan Fees | $54,000 |
Net Proceeds | $130,420 |
Relevant Metrics | |
Project Return | 14.3% |
Levered Return | 117% |
