Real Estate Investing in Henrico, Virginia (23231)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23231 (Henrico, VA)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
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 (23231)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23231 Henrico
ZIP 23231 inside Henrico County looks affordable on the surface — median value of $338K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed markets are won on execution, not on spreadsheets. ZIP 23231 reflects the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
Within VA, ZIP 23231 trails on several market indicators that neighboring Henrico County submarkets outperform. The gap is real and robust enough to shape underwriting.
The 23231 ZIP's population of 37,949 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that posts the need for careful underwriting.
Experienced landlords with local relationships tend to find 23231 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Henrico:
Property Strategy for 23231
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $276,484 | $1,400 | 3.6% | +4.9% | $276,484 |
| 2BR | $227,281 | $1,540 | 4.9% | +9.8% | $113,640 |
| 3BR | $303,283 | $1,950 | 4.6% | +8.5% | $101,094 |
| 4BR | $384,656 | $2,410 | 4.5% | +7.3% | $96,164 |
| 5BR | $454,945 | — | — | +6.8% | $90,989 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23231 Compare?
| Metric | 23231 | Henrico | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $338,475 | $414,762 | N/A | $403,170 |
| 5-Year CAGR | 6.2% | 5.7% | N/A | 6.4% |
| Avg Rent | $1,694 | $1,742 | N/A | - |
| Cap Rate | 3.9% | 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 23231 (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 | $338,475 |
| Monthly Rent | $1,694 |
| Price-to-Rent | 16.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.0% |
| Cap Rate | 3.9% |
| 5-Year IRR | 10.1% |
📈 Home Appreciation
| 1-Year | +4.9% ▲ |
| 3-Year CAGR | +2.7% ▲ |
| 5-Year CAGR | +6.2% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 Rent Trends
| 1-Year | +0.4% ▲ |
| 3-Year CAGR | +4.5% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.9%). 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 23231
Population: 37,949
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 23231
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 2,146 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Henrico, VA better for rentals, flips, or BRRRR?
For Henrico, VA, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
Is the tenant base reliable in Henrico, VA?
The renter base in Henrico, VA is reasonable for the $1,694/mo price point. Screening well and pricing to market typically yields reliable tenants.
How strong is Henrico, VA for real estate investors?
Henrico, VA rates 3.0/5 for investability. With median values at $338K and rents near $1,694/mo, the market offers reasonable fundamentals for rental investors.
Does house hacking make sense in Henrico, VA?
House hacking in Henrico, VA is reasonable to execute. Prices around $338K and rents of $1,694/mo solid owner-occupant economics.
Should investors worry about vacancy in Henrico, VA?
Vacancy in Henrico, VA is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $1,694/mo.
You know 23231 now. You don’t know where it ranks.
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How 23231 ranks in Richmond, VA
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