Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
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MADISON MANOR
1215 Old Furnace Rd, Harrisonburg, VA 22802     $109,000
MLS# 585889    Under Contract
Subdivision: Madison Manor
Area: Harrisonburg
Heating: Heat Pump
Cooling: Heat Pump
Circa: 1988 (31 years old)
Lot Size: 0.02 acres
Association Fee:   $185
Days on Market:   44 (since Mar 6, 2019)
Listing By: Funkhouser Real Estate Group
BACK ON THE MARKET!! There haven't been any of these available since 2017! Get your chance at this great investor or first time buyer starter townhome! Recently refreshed with a new coat of paint in modern colors and ready for it's next owner, this 4 bedroom 2.5 bathroom townhouse has an open floor plan livingroom expanding into the dining and kitchen area. Complete with a breakfast bar and sliding door to a patio, you can stroll on out to enjoy the grassy area overlooking the community amenities. A brand new HVAC system in Feb 2019 and new dishwasher coming prior to closing. Current tenant's lease ends in July. Great for investors or first time buyers looking for a large amount of space with a low price tag!
Elementary School:  Smithland Middle School:  Skyline High School:  Harrisonburg
Sample Madison Manor Investment Analysis....
Property Details
Purchase Price $83,950 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 $714 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 $302 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $4,086  
 
Cash Flow Before Tax
Gross Operating Income $8,640  
 - Operating Expenses  - $4,086  
Net Operating Income $4,554     
 - Annual Debt Service  - $4,548 financing 80% of the purchase price at 5.5%
Cash Flow Before Taxes    $6     

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