1396 Hunters Rd Unit L · Harrisonburg, VA 22801

$224,900

3 bd · 2.0 ba · 953 sqft · Other public records · 4 Days on market

Built 1986 $200/mo HOA · 11% of rent

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Why this score? — see what drove the D- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +7.8/30.0
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +4.1/5.0
• Schools +3.7/10.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large 4 Bedroom, 2 bath Condo in Hunters Ridge, with close proximity to JMU. Unit is currently fully rented, and leases are already renewed through 7/31/19, at $1,260/month!

Key facts

• Outdoor balcony
• Young refrigerator
• Brand new stove

Tags

• BRAND NEW HVAC SYSTEM
• BRAND NEW STOVE
• YOUNG DISHWASHER
• YOUNG REFRIGERATOR
• OUTDOOR BALCONY
• UNIVERSITY BUS LINE

Property features AI

Finance

• HOA & community: Monthly association fee of $200; Association covers management, common area maintenance, insurance, grounds maintenance, structure maintenance, road maintenance, snow removal, and trash; Community amenities include a basketball court, picnic area, and playground

Exterior

• Security: Surveillance system
• Utilities: Public water; Public sewer; Cable available; High-speed internet available
• Home design: Condominium; One story
• Construction: Stick built construction with vinyl siding; Slab foundation; Composition shingle roof
• Exterior features: Deck

Interior

• Kitchen: Dishwasher; Electric range; Disposal; Microwave; Refrigerator
• Flooring: Carpet; Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central heating; Heat pump heating; Central air conditioning; Heat pump cooling
• Interior features: Primary bedroom located on the downstairs level; Surveillance system
• Laundry & utility: Washer hookup; Dryer hookup; Stacked washer/dryer; Dryer (appliance); Washer (appliance)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $225k.

Deal economics

• At list price, monthly cash flow is $-250 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $189k (16.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $190k (15.3% below list).
• Recommended offer: $189k (16.1% below list) — sets the bar for cash-flow.
• Cap rate 5.0% vs local median 3.8% in Harrisonburg — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 84/100 on livability (#24 in VA, #666 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, health & safety A+; Watch: employment C-.
• Harrisonburg City Public School District (urban): math 37% / reading 51% proficiency, ranked #115 of 131 in VA (top 88%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Stone Spring Elementary (math 52% / reading 67%, grade B-, #536 of 1,108 statewide, top 51%, 557 students, 79% FRL); Thomas Harrison Middle (math 39% / reading 59%, grade C-, #238 of 342 statewide, top 71%, 693 students, 79% FRL); Harrisonburg High (math 58% / reading 73%, grade B, #204 of 319 statewide, top 65%, 1,951 students, 79% FRL) — zoned schools average 79% FRL vs 62% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 58% at this address vs 44% district-wide (+14 pts) — the actual schools serving this property are materially stronger than the Harrisonburg City Public School District average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.5%/yr); 194 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 87 units permitted in Harrisonburg city in 2024 (71 in 5+ unit buildings).
• This rent runs 32% of the median local income ($72k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Harrisonburg County population projected at +31% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 22y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $88k; list at $225k implies a 157% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $188,795 (16.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
6. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 4.96%
• Cash-on-cash: -4.75%
• DSCR: 0.79
• GRM: 9.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.48% rent growth · sell at horizon

5-year hold

• IRR: -19.9%
• Equity multiple: 0.28×
• Total profit: $-45,282
• Equity at exit: $33,533

10-year hold

• IRR: -6.1%
• Equity multiple: 0.54×
• Total profit: $-28,852
• Equity at exit: $19,445

Cash invested: $62,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 55 Moderately Landlord-Leaning
• State Virginia: 55 Moderately Landlord-Leaning · D+2
• County: — inherits STATE
• City: — inherits STATE

VRLTA gives some tenant protections; Northern Virginia courts slower; rural VA landlord-leaning.

Methodology + full state rankings →

ZIP-level market 22801

• Rents YoY: 6.5%
• Active inventory: 194
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,905 medium
• Mortgage (P&I): −$1,179
• Tax est. 1.5%: −$281 /mo · $3,374/yr
• Insurance: −$94
• HOA: −$200
• Vacancy / Maint / Mgmt: −$400
• Net cashflow: $-250

Break-even live

Break-even rent $2,221

Max offer price $188,795

Occupancy floor —

Sensitivity live

Price	-10% $-94	-5% $-172	+0% $-250	+5% $-327	+10% $-405
Rent	-10% $-400	-5% $-325	+0% $-250	+5% $-174	+10% $-99
Rate	-1.0pp $-136	-0.5pp $-192	base $-250	+0.5pp $-308	+1.0pp $-367

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
771 Hillmont Cir Harrisonburg, VA	2.0	2.0	1040	$1,425	$1.37	44d	1	1.08mi
1650 Westminster Way Harrisonburg, VA	1.0–3.0	1.0–2.0	1095	$2,567	$2.34	44d	27	1.11mi
788 Hillmont Cir Harrisonburg, VA	2.0	2.0	1040	$1,425	$1.37	44d	1	1.13mi
2280 Bullpen Dr Harrisonburg, VA	2.0–3.0	1.0–2.0	966	$1,344	$1.39	44d	5	1.24mi

HOA detail

• Monthly dues: $200 · $2,400/yr

Listing history 5 events

1. 2026-06-07
   statusdays on market $224,900 Pending 4 DOM
2. 2026-06-05
   days on market $224,900 Active 3 DOM
3. 2026-06-03
   days on market $224,900 Active 2 DOM
4. 2026-06-02
   remarks 689-char remark
5. 2026-06-02
   listed $224,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 5/10 Major 7 d/yr ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,857
• − Mortgage interest: −$12,598
• − Property taxes: −$3,374
• − Insurance: −$1,124
• − Repairs & maintenance: −$1,829
• − Management: −$1,829
• − HOA: −$2,400
• − Depreciation: −$6,543
• Taxable loss: −$6,839
• Est. tax savings @ 24.0%: +$1,641
• After-tax cash flow: $-1,353/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Harrisonburg City Public School District
• NCES district ID: 5101860
• Math proficiency: 37% ▼ -34.00%
• Reading proficiency: 51% ▼ -12.00%
• Median HH income: $38,769
• Composite: 36.69/100
• National rank: #4602
• State rank: #115 of 131 in VA

Livability — Harrisonburg

• Score: 84/100
• State rank: #24
• US rank: #666

Category grades

Amenities A+ Commute A+ Cost of living A- Crime C+ Employment C- Housing A- Health & safety A+ User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Harrisonburg, VA
• County: Harrisonburg City · 70,357 people
• City population: 70,357
• Metro: Harrisonburg, VA
• Population (ZIP): 39,983
• Household income: $72,067
• Rent vs Own: 53.9% rent · 46.1% own
• Severe rent burden: 2712.0

Population outlook (Harrisonburg County) Hauer SSP2

• Today (2025): 65,688 people
• By 2030: 70,513 · +7.3%
• By 2040: 78,762 · +19.9%
• By 2050: 85,959 · +30.9%
• By 2075: 102,082 · +55.4%
• By 2100: 118,245 · +80.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 18% Two or more races 12% Black 6% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 4% Dominican 1%
• Common ancestry: Italian 2% Slovak 2% Romanian 2%
• Foreign-born: 16% · Canada, South Korea, Vietnam
• Languages at home: 76% English-only · Spanish 15% Russian/Polish/Slavic 2% Arabic 1%

Political lean MEDSL · Harrisonburg

• 2024 margin: Strong D (+25.4) · D 61.7% · R 36.3% · Other 2.0%
• 2008→2024 swing: +9.0pp toward D · 2008: 16.3pp · 2024: 25.4pp
• All cycles: 2024: D+25.4 2020: D+31.8 2016: D+21.9 2012: D+13.4 2008: D+16.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -222.01%
• Current HPI: 166.3265
• Rent YoY: ▲ 6.48%
• Metro: Harrisonburg, VA
• State GDP YoY: ▲ 2.40%
• F500 in state: 50

Industry mix (Fortune 500 HQ in VA)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	4	$236B
▸Technology / Defense	3	$32B
▸Financial Services	2	$176B
▸Utilities	2	$27B
▸Insurance	2	$25B
▸Technology	2	$15B

Price history

+302.2% since first listed

7 events — show timeline

• 2026-06-01 Listed $224,900 HRAR
• 2018-06-15 Sold (MLS) $87,500 HRAR
• 2018-04-12 Listed $89,900 HRAR
• 2015-06-16 Sold (MLS) $41,000 HRAR
• 2015-03-06 Listed $45,000 HRAR
• 2004-02-20 Sold (MLS) $55,917 HRAR
• 2004-01-15 Listed $55,917 HRAR