Real Estate Investing in Richmond, Virginia (23221)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23221 (Richmond, VA)? Our answer, based on the numbers below.
Mixed — home prices are stretched relative to local incomes. Run the math on your specific situation.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 30.8 — hard to cash-flow at these prices.
What’s happening in Richmond, VA (23221)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23221 Richmond
The 23221 ZIP in Richmond, VA is a local-operator market. Outside capital chasing a $659K entry has to pair deep knowledge with the discount.
For an experienced owner, 23221 can be a an appealing option for hunting ground — but the discount at $659K reflects genuine risk that outside investors often underestimate.
Nearby ZIPs in Richmond have seen price recovery that 23221 has not matched. Richmond City data supports the view that the spread is structural rather than temporary.
The demographic picture in 23221 includes headwinds that any investor should price in. Income distribution skews lower than Richmond averages, and tenant stability requires active management.
Distressed ZIPs reward experience. robust returns are possible in 23221, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Richmond:
Property Strategy for 23221
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $270,457 | $1,810 | 4.8% | +7.3% | $270,457 |
| 2BR | $344,356 | $1,990 | 4.2% | +2.9% | $172,178 |
| 3BR | $649,223 | $2,490 | 2.8% | +7.1% | $216,408 |
| 4BR | $924,944 | $3,070 | 2.4% | +7.7% | $231,236 |
| 5BR | $1,665,258 | — | — | +9.7% | $333,052 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23221 Compare?
| Metric | 23221 | Richmond | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $659,121 | $141,872 | N/A | $403,170 |
| 5-Year CAGR | 6.3% | 5.7% | N/A | 6.4% |
| Avg Rent | $1,785 | $1,732 | N/A | - |
| Cap Rate | 2.1% | 3.5% | - | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23221 (Richmond, VA). Anonymous, moderated, never written by AI.
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Property managers serving Richmond City County
Manage rentals here? List your business →Landmark Property Services Inc. provides property management services, including apartment search and resident services. summary from their website
Peak Property Management offers residential property management and lease-only services in Richmond and surrounding areas. summary from their website
Real Property Management Richmond Metro is a property management company in Richmond, VA, focused on delivering peace of mind. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $659,121 |
| Monthly Rent | $1,785 |
| Price-to-Rent | 30.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.3% |
| Cap Rate | 2.1% |
| 5-Year IRR | 8.4% |
📈 Home Appreciation
| 1-Year | +5.4% ▲ |
| 3-Year CAGR | +11.1% ▲ |
| 5-Year CAGR | +6.3% ▲ |
| 10-Year CAGR | +6.8% ▲ |
🏠 Rent Trends
| 1-Year | -4.7% ▼ |
| 3-Year CAGR | +1.9% ▲ |
| 5-Year CAGR | +4.7% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.1%). 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 23221
Population: 14,180
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
🎓 Schools in 23221
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Thomas Jefferson High
Maymont Pre-K Center
Open High
George W. Carver Elementary
Westover Hills Elementary
About Repit School Scores
Traditional school ratings rely heavily on standardized test scores, which often reflect family income more than school quality. Repit takes a different approach.
We evaluate schools based on factors that research shows actually impact educational outcomes:
- Class Size — Smaller classes mean more individual attention
- School Funding — Resources available for programs, staff, and facilities
- Community Factors — Neighborhood characteristics that influence student success
- School Environment — Size, type, and structure
Scores are updated annually using federal education data.
🎓 Nearby Colleges & Universities
Investor Insight: With 1,073 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Do rentals sit vacant long in Richmond, VA?
Richmond, VA carries elevated vacancy risk. Expect predictable absorption at market rents of $1,785/mo.
Does Richmond, VA favor landlords or tenants?
Landlord-friendliness in Richmond, VA is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What price range are homes in Richmond, VA?
Richmond, VA home values average about $659K. That price point suits investors targeting rentals with $1,785/mo in monthly income.
Are rents high in Richmond, VA?
Expect rents around $1,785/mo per month in Richmond, VA. With home values at $659K, the yield math works out to reasonable levels for rental investors.
What is the renter demographic in Richmond, VA?
Richmond, VA draws a predictable base of working renters. Demand at the $1,785/mo rent level is reasonable for standard single-family and small multi rentals.
You know 23221 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23221 compares to every other market. Investor ($19/mo) screens every U.S. ZIP by cap rate, the 1% rule, vacancy and landlord climate, and exports your shortlist.
How 23221 ranks in Richmond, VA
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