Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group
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MADISON MANOR
1116 Blue Ridge Dr, Harrisonburg, VA 22802     $190,000
MLS# 653115    Under Contract
Subdivision: Madison Manor
Area: Harrisonburg
Heating: Heat Pump
Cooling: Heat Pump
Circa: 1988 (36 years old)
Lot Size: 0.00 acres
Association Fee:   $196
Days on Market:   20 (since Jun 24, 2024)
Listing By: Rocktown Realty
Perfect property for investors or homeowners! Located in the sought after Madison Manor community. Short drive to downtown Harrisonburg, James Madison University, and convenient access to the interstate. This third floor unit offers three bedrooms and two full bathrooms, a bright living room with a vaulted ceiling and high windows, and a fantastic view off the back balcony overlooking the Blue Ridge Mountains. This unit is ready for move-in or to be rented out immediately!
Elementary School:  Smithland Middle School:  Skyline High School:  Harrisonburg
Sample Madison Manor Investment Analysis....
Property Details
Purchase Price $168,500 based on median sales price
 
Income (Annual)
Monthly Rental Rate $850 estimate based on currently available rental data   
Projected Vacancy 4% half a month per year
Gross Operating Income    $9,792     
 
Expense (Annual)
Real Estate Taxes $1,517 estimate based on median sales price
Repairs $850 estimate based on typical property condition
Association Dues $2,220 estimated to be $185 per month
Property Management $0 assuming self management
Insurance $607 estimate based on recent trends
Utilities $0 assumes tenant pays all utilities
Advertising $100 estimate
Total Operating Expenses    $5,293  
 
Cash Flow Before Tax
Gross Operating Income $9,792  
 - Operating Expenses  - $5,293  
Net Operating Income $4,499     
 - Annual Debt Service  - $11,460 financing 80% of the purchase price at 7.75%
Cash Flow Before Taxes    $-6,961     

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