A service of Scott P. Rogers, Associate Broker, Funkhouser Real Estate Group 540.578.0102 | scott@HarrisonburgHousingToday.com
510 Davis Mills Dr, Harrisonburg, VA 22801 • $269,000
MLS# 663626 • For Sale
| Subdivision: | Campus View Condos |
| Area: | Harrisonburg |
| Heating: | Heat Pump |
| Cooling: | Heat Pump |
| Circa: | 2008 (17 years old) |
| Lot Size: | 0.00 acres |
| Association Fee: | $265 |
| Days on Market: | 8 (since Apr 24, 2025) |
| Listing By: | Funkhouser Real Estate Group |
Excellent investment opportunity within close proximity to JMU. This first floor condo features 4 bedrooms and 4 private bathrooms and is conveniently located by the clubhouse and the pool. Currently leased at $575/month for 3 bedrooms and $595/month for 1 bedroom. Electric is included up to $150 and water up to $75.00 per month. Condo is leased for the 2025/2026 year. Most furniture and the appliances convey. HOA includes roofs, exterior vinyl, landscaping, trash removal, and professional management of the community.
| Elementary School: Stone Spring | Middle School: Skyline | High School: Rocktown |
Sample Campus View Investment Analysis....
| Property Details | ||
| Purchase Price | $257,500 | 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 | $2,318 | 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 | $927 | estimate based on recent trends |
| Utilities | $0 | assumes tenant pays all utilities |
| Advertising | $100 | estimate |
| Total Operating Expenses | $7,897 | |
| Cash Flow Before Tax | ||
| Gross Operating Income | $25,344 | |
| - Operating Expenses | - $7,897 | |
| Net Operating Income | $17,448 | |
| - Annual Debt Service | - $17,508 | financing 80% of the purchase price at 7.75% |
| Cash Flow Before Taxes | $-61 | |