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
515 Davis Mills Dr, Harrisonburg, VA 22801     $199,900
MLS# 602748    For Sale
Subdivision: Campus View Condos
Area: Harrisonburg
Heating: Central Heat, Electric, Heat Pump, Hot Water
Cooling: Central AC
Circa: 2008 (12 years old)
Lot Size: 0.02 acres
Association Fee:   $160
Days on Market:   50 (since Apr 15, 2020)
Listing By: Funkhouser Real Estate Group
Great investment opportunity for Investors/ parents/ students, 4 master bedrooms condo with an awesome cash flow! The condo has open living area and a private balcony.campus view is located off Reservoir St. by JMU Campus. The Area comes with exercise room,Pool, Volleyball and Grill area. All 4 future tenants have signed their lease. Rent will be $450/month. Lease runs 8/10/20 – 7/15/21. The property management agreement coneys.
Elementary School:  Stone Spring Middle School:  Skyline High School:  Harrisonburg
Sample Campus View Investment Analysis....
Property Details
Purchase Price $185,000 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 $1,573 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 $666 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $6,491  
Cash Flow Before Tax
Gross Operating Income $20,736  
 - Operating Expenses  - $6,491  
Net Operating Income $14,246     
 - Annual Debt Service  - $10,020 financing 80% of the purchase price at 5.5%
Cash Flow Before Taxes    $4,226     

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