Attention investors, rentals are scarce, can you help out?


Attention investors, rentals are scarce, can you help out?
By Scott Rogers • May 1, 2017
The townhouse shown above recently became available for rent -- and within days there were 30+ inquiries, multiple applications, and the tenants have already moved in. There is a significant shortage of well maintained rental properties for non-students in the City of Harrisonburg. So, investors, anyone want to step up to the plate and purchase some properties to turn around and rent? Now, admittedly, the return on such a property is not as favorable as you might find with a student rental, or a multi-family property, but the numbers still work. For example.... Purchase Price: $150,000 Down Payment: 20% ($30,000) Interest Rate on 30 year Mortgage: 4.5% Monthly Payment: $740 (principal, interest, taxes, insurance) Rental Income: $1050 Property Management: -$105 Association Dues: -$50 Mortgage Payment: -$740 Net Cash Flow: +$155 So -- if you're interested in buying a townhouse or two to help with this rental shortage -- and to benefit yourself financially, let me know. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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