Real Estate Investing in Henrico, Virginia (23223)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23223 (Henrico, 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.
- Elevated vacancy: 8.8% vacancy may signal weakening demand.
What’s happening in Henrico, VA (23223)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23223 Henrico
This part of Henrico County is not an easy win. The 23223 ZIP sits at softness in key indicators, and the playbook that works in cleaner markets often stalls here.
The investment case in 23223 is impressive only for operators who understand what they are buying. A $300K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within VA, ZIP 23223 trails on several market indicators that neighboring Henrico County submarkets outperform. The gap is real and significant enough to shape underwriting.
A impressive renter share of 56% in 23223 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
New investors are better served looking at Henrico's stable or hybrid ZIPs before stepping into 23223. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Henrico:
Property Strategy for 23223
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $263,082 | $1,410 | 3.9% | +7.8% | $263,082 |
| 2BR | $212,313 | $1,550 | 5.3% | +10.9% | $106,157 |
| 3BR | $278,925 | $1,950 | 5.0% | +8.7% | $92,975 |
| 4BR | $352,507 | $2,410 | 4.9% | +8.0% | $88,127 |
| 5BR | $431,278 | — | — | +6.9% | $86,256 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23223 Compare?
| Metric | 23223 | Henrico | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $300,253 | $414,762 | N/A | $403,170 |
| 5-Year CAGR | 6.2% | 5.7% | N/A | 6.4% |
| Avg Rent | $1,539 | $1,742 | N/A | - |
| Cap Rate | 4.0% | 3.4% | - | - |
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 23223 (Henrico, VA). Anonymous, moderated, never written by AI.
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Property managers serving Henrico County
Manage rentals here? List your business →PMI Richmond offers residential and commercial property management services, including marketing, tenant screening, rent collection, maintenance, and accounting. summary from their website
Cobb & Co. Property Management provides property management services in Richmond, including marketing, resident screening, rent collection, maintenance, and accounting. summary from their website
Peak Property Management offers residential property management and lease-only services in Richmond and surrounding areas. 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 | $300,253 |
| Monthly Rent | $1,539 |
| Price-to-Rent | 16.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.2% |
| Cap Rate | 4.0% |
| 5-Year IRR | 10.2% |
📈 Home Appreciation
| 1-Year | +4.6% ▲ |
| 3-Year CAGR | +1.7% ▲ |
| 5-Year CAGR | +6.2% ▲ |
| 10-Year CAGR | +8.2% ▲ |
🏠 Rent Trends
| 1-Year | +4.2% ▲ |
| 3-Year CAGR | +4.5% ▲ |
| 5-Year CAGR | +5.8% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.0%). 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 23223
Population: 56,569
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 23223
Schools in This ZIP Code
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 2,282 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Does Henrico, VA make sense for an investment property?
The 3.0/5 investability rating in Henrico, VA reflects its $300K prices and $1,539/mo rents. Investors generally consider it a solid option within VA.
How much do tenants pay in Henrico, VA?
Expect rents around $1,539/mo per month in Henrico, VA. With home values at $300K, the yield math works out to reasonable levels for rental investors.
What real estate strategy is ideal for Henrico, VA?
Henrico, VA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($300K prices, $1,539/mo rents) make it a reasonable choice.
What is the typical vacancy rate in Henrico, VA?
Occupancy in Henrico, VA runs consistent with elevated vacancy. Well-priced units at $1,539/mo lease on reasonable timelines.
What is the typical home price in Henrico, VA?
In Henrico, VA the median home value sits at $300K. Against the broader VA market, that reads as reasonable for most investors.
You know 23223 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23223 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 23223 ranks in Richmond, VA
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