Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
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HUNTERS RIDGE
1340 Hunters Rd, Harrisonburg, VA 22801     $87,000
MLS# 585046    For Sale
Subdivision: Hunters Ridge
Area: Harrisonburg
Heating: Electric, Heat Pump
Cooling: Central AC
Circa: 1987 (32 years old)
Lot Size: 0.00 acres
Association Fee:   $250
Days on Market:   147 (since Jan 20, 2019)
Listing By: Funkhouser Real Estate Group
Great investment opportunity in this desirable 3rd floor unit. Leased through July 2020 for $810/month, with tenants paying water and electric. Recent updates include attractive and durable tile flooring throughout, completely remodeled bathrooms, new windows, HVAC, furniture and paint. Special Deck Assessments paid in full.
Elementary School:  Stone Spring Middle School:  Thomas Harrison High School:  Harrisonburg
Sample Hunters Ridge Investment Analysis....
Property Details
Purchase Price $80,000 based on median sales price
 
Income (Annual)
Monthly Rental Rate $775 estimate based on currently available rental data   
Projected Vacancy 4% half a month per year
Gross Operating Income    $8,928     
 
Expense (Annual)
Real Estate Taxes $680 estimate based on median sales price
Repairs $775 estimate based on typical property condition
Association Dues $3,000 estimated to be $250 per month
Property Management $0 assuming self management
Insurance $288 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $4,843  
 
Cash Flow Before Tax
Gross Operating Income $8,928  
 - Operating Expenses  - $4,843  
Net Operating Income $4,085     
 - Annual Debt Service  - $4,332 financing 80% of the purchase price at 5.5%
Cash Flow Before Taxes    $-247     

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