Real Estate Investing in Richmond, Virginia (23224)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23224 (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.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- Elevated vacancy: 8.5% vacancy may signal weakening demand.
- Elevated poverty: 20.1% poverty rate — can affect rent collection.
What’s happening in Richmond, VA (23224)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23224 Richmond
The 23224 ZIP covers a section of Richmond that demands careful diligence. Prices near $248K look accessible, but the work to make a deal cash flow is real.
The investment case in 23224 is significant only for operators who understand what they are buying. A $248K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Within VA, ZIP 23224 trails on several market indicators that neighboring Richmond City submarkets outperform. The gap is real and impressive enough to shape underwriting.
Resident income in 23224 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
tilts toward the ZIP is not uninvestable, but it is unforgiving. Section 8 landlords, local operators, and specialized value-add funds are the investor types that tend to succeed.
Here's what matters if you're considering buying a home in Richmond:
Property Strategy for 23224
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $187,947 | $1,540 | 5.9% | +15.9% | $93,973 |
| 3BR | $241,277 | $1,950 | 5.8% | +10.9% | $80,426 |
| 4BR | $276,734 | $2,410 | 6.3% | +9.9% | $69,183 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23224 Compare?
| Metric | 23224 | Richmond | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $247,760 | $141,872 | N/A | $403,170 |
| 5-Year CAGR | 8.3% | 5.7% | N/A | 6.4% |
| Avg Rent | $1,551 | $1,732 | N/A | - |
| Cap Rate | 4.9% | 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 23224 (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 | $247,760 |
| Monthly Rent | $1,551 |
| Price-to-Rent | 13.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.5% |
| Cap Rate | 4.9% |
| 5-Year IRR | 13.2% |
📈 Home Appreciation
| 1-Year | +6.8% ▲ |
| 3-Year CAGR | +1.0% ▲ |
| 5-Year CAGR | +8.3% ▲ |
| 10-Year CAGR | +11.0% ▲ |
🏠 Rent Trends
| 1-Year | +0.9% ▲ |
| 3-Year CAGR | +3.1% ▲ |
| 5-Year CAGR | +4.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.9%). 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 23224
Population: 39,010
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 23224
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Westover Hills Elementary
Richmond High School for the Arts
Elizabeth D. Redd Elementary
G.H. Reid Elementary
Lucille M. Brown Middle
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
Is Richmond in VA worth investing in?
The 3.0/5 investability rating in Richmond, VA reflects its $248K prices and $1,551/mo rents. Investors generally consider it a solid option within VA.
What are rental rates like in Richmond, VA?
Expect rents around $1,551/mo per month in Richmond, VA. With home values at $248K, the yield math works out to reasonable levels for rental investors.
Is the tenant base reliable in Richmond, VA?
Richmond, VA draws a measured base of working renters. Demand at the $1,551/mo rent level is reasonable for standard single-family and small multi rentals.
Do rentals sit vacant long in Richmond, VA?
Richmond, VA sees elevated vacancy, which is reasonable relative to the broader VA rental market.
Can I live-in-and-rent in Richmond, VA?
House hacking works a challenging in Richmond, VA. Rents of $1,551/mo against $248K acquisition make the strategy solid for owner-occupants.
You know 23224 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23224 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 23224 ranks in Richmond, VA
Every ZIP in this metro, ranked. Free.
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