Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
 A service of Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group 540.578.0102 | 

College Rentals Multi Family Properties Newer Townhouses Upscale Townhouses Slightly Older Townhouses Foreclosures Bank Owned Properties
510 Davis Mills Dr, Harrisonburg, VA 22801     $182,900
MLS# 583497    For Sale
Subdivision: Campus View Condos
Area: Harrisonburg
Heating: Electric, Heat Pump
Cooling: Central AC
Circa: 2008 (10 years old)
Lot Size: 0.00 acres
Association Fee:   $160
Days on Market:   35 (since Nov 13, 2018)
Listing By: Rocktown Realty LLC
This top floor condo overlooks the pool and comes furnished with double beds, desks, chest of drawers in each bedroom and the living room has a sofa, chair, end table and coffee table. Currently rented at $1800.00 per month with electric included up to $125 a month and water included up to $50 a month. New leases signed for upcoming school year with same terms as above through June 2020. Campus View offers a club house, pool, hot tub, fitness center, volley ball, basketball and more. Campus View is also minutes from RMH and JMU and is on the JMU bus line.
Elementary School:  Stone Spring Middle School:  Skyline High School:  Harrisonburg
Sample Campus View Investment Analysis....
Property Details
Purchase Price $170,250 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 $1,447 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 $613 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $6,312  
Cash Flow Before Tax
Gross Operating Income $20,736  
 - Operating Expenses  - $6,312  
Net Operating Income $14,424     
 - Annual Debt Service  - $9,468 financing 80% of the purchase price at 5.75%
Cash Flow Before Taxes    $4,956     

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