Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
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College Rentals Multi Family Properties Newer Townhouses Upscale Townhouses Slightly Older Townhouses Foreclosures Bank Owned Properties
515 Davis Mills Dr, Harrisonburg, VA 22801     $175,000
4 Beds    4 Baths    1396 Square Feet    MLS# 570528    For Sale
Subdivision: Campus View Condos
Area: Harrisonburg
Heating: Heat Pump
Cooling: Heat Pump
Circa: 2008 (10 years old)
Lot Size: 0.00 acres
Association Fee:   $243
Days on Market:   7 (since Jan 10, 2018)
Listing By: Funkhouser Real Estate Group
Fantastic investment opportunity! This second story, upscale student housing condo features four bedrooms each with their own private attached bathroom and walk-in closet. Each bedroom comes furnished with a bed, dresser, desk and chair. Living room furniture includes a sofa, coffee table, two barstools, and a dining table with four chairs. This condo is already leased for the 2018 - 2019 school year for $1,920/month ($480/month/bedroom). Community amenities include a pool, clubhouse, gym, hot tub, volleyball court, and basketball court.
Elementary School:  Stone Spring Middle School:  Skyline High School:  Harrisonburg
Sample Campus View Investment Analysis....
Property Details
Purchase Price $163,000 based on median sales price
Income (Annual)
Monthly Rental Rate $1,800 estimate based on currently available rental data   
Projected Vacancy 4% half a month per year
Gross Operating Income    $20,736     
Expense (Annual)
Real Estate Taxes $1,386 estimate based on median sales price
Repairs $1,800 estimate based on typical property condition
Association Dues $2,352 estimated to be $196 per month
Property Management $0 assuming self management
Insurance $587 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $6,224  
Cash Flow Before Tax
Gross Operating Income $20,736  
 - Operating Expenses  - $6,224  
Net Operating Income $14,512     
 - Annual Debt Service  - $8,448 financing 80% of the purchase price at 5.1%
Cash Flow Before Taxes    $6,064     

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401 University Blvd Harrisonburg, VA 22801


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