Real Estate Investing in Henrico, Virginia (23229)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23229 (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.
No major risk flags on the data we track.
What’s happening in Henrico, VA (23229)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23229 Henrico
This part of Henrico County is not an easy win. The 23229 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
For an experienced owner, 23229 can be a a strong candidate for hunting ground — but the discount at $530K reflects genuine risk that outside investors often underestimate.
In the broader VA picture, 23229 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Who lives in 23229 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
New investors are better served looking at Henrico's stable or hybrid ZIPs before stepping into 23229. 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 23229
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $330,774 | $1,630 | 3.5% | +7.2% | $165,387 |
| 3BR | $401,486 | $2,040 | 3.7% | +6.8% | $133,829 |
| 4BR | $627,228 | $2,510 | 2.9% | +7.3% | $156,807 |
| 5BR | $1,208,027 | — | — | +9.2% | $241,605 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23229 Compare?
| Metric | 23229 | Henrico | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $530,163 | $414,762 | N/A | $403,170 |
| 5-Year CAGR | 5.5% | 5.7% | N/A | 6.4% |
| Avg Rent | $1,857 | $1,742 | N/A | - |
| Cap Rate | 2.7% | 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 23229 (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 | $530,163 |
| Monthly Rent | $1,857 |
| Price-to-Rent | 23.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.2% |
| Cap Rate | 2.7% |
| 5-Year IRR | 8.2% |
📈 Home Appreciation
| 1-Year | +6.5% ▲ |
| 3-Year CAGR | +6.1% ▲ |
| 5-Year CAGR | +5.5% ▲ |
| 10-Year CAGR | +5.8% ▲ |
🏠 Rent Trends
| 1-Year | +1.8% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.7%). 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 23229
Population: 35,883
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 23229
Schools in This ZIP Code
Nearby Schools (2 more)
Schools in adjacent ZIP codes that may serve this area
Crestview Elementary
Mary Munford 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 1,209 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What kind of market is Henrico, VA for investors?
Investors tracking Henrico, VA will find a 3.0/5 rating supported by $530K median home values and $1,857/mo rents. That profile suits long-term holders targeting even-keeled returns.
What strategy should investors use in Henrico, VA?
A careful cash-flow rentals with hands-on management strategy Henrico, VA best. The market produces predictable results for that approach at the $530K price point.
Is Henrico, VA a friendly market for rental owners?
For rental operators, Henrico, VA rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
How quickly do rentals get leased in Henrico, VA?
Vacancy risk in Henrico, VA is elevated. That supports even-keeled cash flow for typical rental holds.
What is the tenant pool like in Henrico, VA?
The tenant pool in Henrico, VA is solid, supported by local employment and population fundamentals. Rents of $1,857/mo are well-absorbed by the market.
You know 23229 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23229 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 23229 ranks in Richmond, VA
Every ZIP in this metro, ranked. Free.
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