Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
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MADISON MANOR
1014 Blue Ridge Dr, Harrisonburg, VA 22802     $89,900
MLS# 583045    For Sale
Subdivision: Madison Manor
Area: Harrisonburg
Heating: Central Heat, Heat Pump
Cooling: Central AC, Heat Pump
Circa: 1988 (30 years old)
Lot Size: 0.00 acres
Association Fee:   $185
Days on Market:   17 (since Oct 31, 2018)
Listing By: Rocktown Realty LLC
Great investment opportunity!! This condo includes 2 large bedrooms, 2 bath and a great storage shed off the balcony. The spacious living area includes a decorative fireplace and is open to the dinning area. Kitchen offers newer refrigerator and dishwasher. washer and dryer in the unit. FULLY UPDATED, laminated floors, extra cabinets in living. VACANT AND EASY TO SHOW !!! The community includes a picnic area, basketball court and dog park!
Elementary School:  Smithland Middle School:  Skyline High School:  Harrisonburg
Sample Madison Manor Investment Analysis....
Property Details
Purchase Price $78,000 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 $663 estimate based on median sales price
Repairs $750 estimate based on typical property condition
Association Dues $2,220 estimated to be $185 per month
Property Management $0 assuming self management
Insurance $281 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $4,014  
 
Cash Flow Before Tax
Gross Operating Income $8,640  
 - Operating Expenses  - $4,014  
Net Operating Income $4,626     
 - Annual Debt Service  - $4,344 financing 80% of the purchase price at 5.75%
Cash Flow Before Taxes    $282     

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Have Questions?  Contact Scott P. Rogers at 540-578-0102 or scott@HarrisonburgHousingToday.com.