Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
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MADISON MANOR
1010 Blue Ridge Dr, Harrisonburg, VA 22802     $66,000
2 Beds    2 Baths    1012 Square Feet    MLS# 564395    Under Contract
Subdivision: Madison Manor
Area: Harrisonburg
Heating: Heat Pump
Cooling: Heat Pump
Circa: 1988 (29 years old)
Lot Size: 0.00 acres
Association Fee:   $185
Days on Market:   7 (since Jul 18, 2017)
Listing By: Old Dominion Realty Crossroads
This condominium is rent @$675 through April 2018. Great opportunity for investors. Property is subject to current property management agreement.
Elementary School:  Smithland Middle School:  Thomas Harrison High School:  Harrisonburg
Sample Madison Manor Investment Analysis....
Property Details
Purchase Price $72,000 based on median sales price
 
Income (Annual)
Monthly Rental Rate $750 estimate based on currently available rental data   
Projected Vacancy 4% half a month per year
Gross Operating Income    $8,640     
 
Expense (Annual)
Real Estate Taxes $562 estimate based on median sales price
Repairs $750 estimate based on typical property condition
Association Dues $2,040 estimated to be $170 per month
Property Management $0 assuming self management
Insurance $259 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $3,711  
 
Cash Flow Before Tax
Gross Operating Income $8,640  
 - Operating Expenses  - $3,711  
Net Operating Income $4,929     
 - Annual Debt Service  - $3,732 financing 80% of the purchase price at 5.1%
Cash Flow Before Taxes    $1,197     

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