Real Estate Investing in Gloucester, Virginia (23128)
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Should you buy in 23128 (Gloucester, VA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 31.5% of homes vacant — above national norms.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Gloucester, VA (23128)?
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Market Analysis: 23128 Gloucester
Not every below-median market is a bargain. Gloucester's 23128 ZIP comes in at signals that favor experienced operators who can absorb the risk $377K pricing implies.
Distressed markets are won on execution, not on spreadsheets. ZIP 23128 sits at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
In the broader VA picture, 23128 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 23128 ZIP's population of 353 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that comes in at the need for careful underwriting.
The 23128 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Gloucester:
Market Trends
Home Value History (with trend line)
📊 How Does 23128 Compare?
| Metric | 23128 | Gloucester | Virginia |
|---|---|---|---|
| Home Value | $376,633 | $376,301 | $403,170 |
| 5-Year CAGR | 6.3% | 6.2% | 6.4% |
| Avg Rent | $1,269 | $1,546 | - |
| Cap Rate | 2.6% | 3.2% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23128 (Gloucester, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $376,633 |
| Monthly Rent | $1,269 |
| Price-to-Rent | 24.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.0% |
| Cap Rate | 2.6% |
| 5-Year IRR | 9.0% |
📈 Home Appreciation
| 1-Year | +5.1% ▲ |
| 3-Year CAGR | +5.2% ▲ |
| 5-Year CAGR | +6.3% ▲ |
| 10-Year CAGR | +5.7% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.6%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 23128
Population: 353
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What is the typical home price in Gloucester, VA?
In Gloucester, VA the median home value sits at $377K. Against the broader VA market, that reads as reasonable for most investors.
What is the typical renter like in Gloucester, VA?
Gloucester, VA offers a reliable renter base at the $1,269/mo rent level. Tenant turnover is reasonable for well-managed properties.
Where do rents currently stand in Gloucester, VA?
Investors in Gloucester, VA typically see rents near $1,269/mo per month against $377K home values - a solid setup for rental cash flow.
How do landlord-tenant laws work in Gloucester, VA?
VA ranks as a landlord-friendly state for landlord-tenant law. Gloucester generally follows the statewide framework, so landlords face reasonable operating rules.
Which investment style suits Gloucester, VA?
A careful cash-flow rentals with hands-on management strategy Gloucester, VA best. The market produces steady results for that approach at the $377K price point.
You know 23128 now. You don’t know where it ranks.
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How 23128 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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