Below are several general categories of investment properties in Harrisonburg that you might consider purchasing.  Each has its own pros and cons.

College Rentals - There are many more bedrooms than college students in Harrisonburg right now, so this is not necessarily a great choice, but it can work well given the current pricing of these properties.  Hunters Ridge Condos, Hunters Ridge Townhomes and Madison Manor are your main choices in this area, and with a decent down payment, the cash flow can actually work well now that prices have dropped considerably over the past few months.

New-ish Townhomes - Here you'll be aiming for graduate students or young professionals as tenants.  I suggest buying a townhouse with two full bathrooms, and either two bedrooms or three bedrooms can work well.  Your main choices are: Liberty Square, Liberty Square II, Beacon Hill, Avalon Woods, Harmony Heights, Wellington Park and Blakely Park, though there are some other areas to consider as well.  Being new or new-ish townhomes, these are usually in good condition and relatively easy to rent.

Old-ish Single-Family / Multi-Family Homes - If you don't mind tackling some maintenance on a home that is 40 to 70 years old, you might find some good opportunities in and around the downtown area where you can buy a home that could be fixed up and rented to college students, graduate students, young professionals or a family.  These properties range from 2 bedroom homes that may currently be owner occupied to 5+ bedroom homes that have been rented to college students for years.

Depending on your goals as an investor, each of these categories of investment properties can make more or less sense.  Feel free to call (540-578-0102) or e-mail (scott@HarrisonburgHousingToday.com) if you'd like to discuss your goals, and which properties would work best for you.

Read more about the numbers of investing here.