Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
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HUNTERS RIDGE
1380 Hunters Rd, Harrisonburg, VA 22801     $86,600
MLS# 586145    Under Contract
Subdivision: Hunters Ridge
Area: Harrisonburg
Heating: Electric, Heat Pump
Cooling: Heat Pump
Circa: 1986 (33 years old)
Lot Size: 0.00 acres
Association Fee:   $250
Days on Market:   23 (since Mar 2, 2019)
Listing By: Massanutten Realty
Great investment opportunity , very close to JMU & EMU. This unit has a new deck (Deck Assessment has been paid in full), patio door, windows, HVAC, and microwave. It includes combo washer & dryer, and most of the furniture. Each of the bedrooms have their own full bath. The Unit has FASTASTIC VIEWS to the west of the city and just steps away from the new Starbucks and city bus stop. There is plenty of parking, close to several restaurants, and also features its own dog park! The condo is rented til end of June 2019 at $900 ($450/room)with owner paying for water and tenant paying electric and cable. This unit is then rented til 2020 at $800 all utilities paid by tenants
Elementary School:  Stone Spring Middle School:  Skyline High School:  Harrisonburg
Sample Hunters Ridge Investment Analysis....
Property Details
Purchase Price $78,500 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 $667 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 $283 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $4,825  
 
Cash Flow Before Tax
Gross Operating Income $8,928  
 - Operating Expenses  - $4,825  
Net Operating Income $4,103     
 - Annual Debt Service  - $4,260 financing 80% of the purchase price at 5.5%
Cash Flow Before Taxes    $-157     

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