A service of Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group 540.578.0102 | scott@HarrisonburgHousingToday.com
1215 Old Furnace Rd, Harrisonburg, VA 22802 • $189,900
MLS# 652641 • Under Contract
| Subdivision: | Madison Manor |
| Area: | Harrisonburg |
| Heating: | Electric, Forced Air, Heat Pump |
| Cooling: | Central AC, Heat Pump |
| Circa: | 1988 (36 years old) |
| Lot Size: | 0.02 acres |
| Association Fee: | $197 |
| Days on Market: | 6 (since May 13, 2024) |
| Listing By: | APMS Realty LLC |
This 4 BR, 2.5 bath townhouse condo in Harrisonburg won't last long! Open floor plan includes a breakfast bar and sliding door to the patio. Great for first time home buyers or investors who want to add to their rental portfolio. Currently leased on a month to month, tenants pay all utilities.
| Elementary School: Smithland | Middle School: Skyline | High School: Harrisonburg |
Sample Madison Manor Investment Analysis....
| Property Details | ||
| Purchase Price | $179,900 | 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 | $1,619 | 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 | $648 | estimate based on recent trends |
| Utilities | $0 | assumes tenant pays all utilities |
| Advertising | $100 | estimate |
| Total Operating Expenses | $5,437 | |
| Cash Flow Before Tax | ||
| Gross Operating Income | $9,792 | |
| - Operating Expenses | - $5,437 | |
| Net Operating Income | $4,355 | |
| - Annual Debt Service | - $12,228 | financing 80% of the purchase price at 7.75% |
| Cash Flow Before Taxes | $-7,873 | |