Fascinating! Do we know whether this was a black or white school? I don't find it in Joanne Abel's incredibly well-researched history of African-American schools in Durham County (http://www.durhamcountylibrary.org/ncc/jeanes/schools.php), so I assume this was a "white" school that served the Lowell community. From what Gary says here, that community predates Durham, although from its style, I doubt that this building did.
Kwix - South Lowell and Milton Hill were the two white schools in this general area. I know the Russell School was a (later) African-American school nearby.