A service of Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group 540.578.0102 | scott@HarrisonburgHousingToday.com
520 Davis Mills Dr, Harrisonburg, VA 22801 • $245,000
MLS# 651687 • Under Contract
| Subdivision: | Campus View Condos |
| Area: | Harrisonburg |
| Heating: | Heat Pump |
| Cooling: | Heat Pump |
| Circa: | 2008 (16 years old) |
| Lot Size: | 0.00 acres |
| Association Fee: | $265 |
| Days on Market: | 6 (since Apr 25, 2024) |
| Listing By: | LONG & FOSTER REAL ESTATE INC STAUNTON/WAYNESBORO |
Have a child going to JMU? Looking for an investment property? This second level condo is designed to fit so many scenarios. Offering four bedrooms, each with an on suite bath and an open living to kitchen layout, as well as laundry. Just minutes away from the JMU campus, this complex features full access to the clubhouse and fitness center, on site pool and easy accessibility to anything one would need. Very low turnover and easily rented to students and/or young professionals. Newer HVAC and microwave. Washer/dryer units are less than 6 years old. The current leases expire mid July. COA covers Area Maint, Club House, Dumpster, Exercise Room, Exterior Maint, Master Ins. Policy, Pool, Prof. Mgmt., Reserve Fund, Snow Removal, Trash Pickup and Yard Maintenance. Call to schedule a tour!
| Elementary School: Stone Spring | Middle School: Skyline | High School: Harrisonburg |
Sample Campus View Investment Analysis....
| Property Details | ||
| Purchase Price | $244,700 | based on median sales price |
| Income (Annual) | ||
| Monthly Rental Rate | $2,200 | estimate based on currently available rental data |
| Projected Vacancy | 4% | half a month per year |
| Gross Operating Income | $25,344 | |
| Expense (Annual) | ||
| Real Estate Taxes | $2,202 | estimate based on median sales price |
| Repairs | $2,200 | estimate based on typical property condition |
| Association Dues | $2,352 | estimated to be $196 per month |
| Property Management | $0 | assuming self management |
| Insurance | $881 | estimate based on recent trends |
| Utilities | $0 | assumes tenant pays all utilities |
| Advertising | $100 | estimate |
| Total Operating Expenses | $7,735 | |
| Cash Flow Before Tax | ||
| Gross Operating Income | $25,344 | |
| - Operating Expenses | - $7,735 | |
| Net Operating Income | $17,609 | |
| - Annual Debt Service | - $16,632 | financing 80% of the purchase price at 7.75% |
| Cash Flow Before Taxes | $977 | |