Real Estate Investing in Henrico, Virginia (23233)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23233 (Henrico, VA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
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 (23233)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23233 Henrico
The 23233 ZIP in Henrico, VA is a local-operator market. Outside capital chasing a $543K entry has to pair deep knowledge with the discount.
Rent of $2,056/mo on a $543K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 23233 sits below the stated 0.0% once reality is priced in.
In the broader VA picture, 23233 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
The 23233 ZIP's population of 31,775 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that shows the need for careful underwriting.
The right play in 23233 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Henrico:
Property Strategy for 23233
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $291,827 | $2,030 | 5.0% | +7.5% | $145,914 |
| 3BR | $428,372 | $2,540 | 4.3% | +6.7% | $142,791 |
| 4BR | $572,710 | $3,130 | 3.9% | +7.0% | $143,177 |
| 5BR | $792,047 | — | — | +7.2% | $158,409 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23233 Compare?
| Metric | 23233 | Henrico | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $543,284 | $414,762 | N/A | $403,170 |
| 5-Year CAGR | 5.4% | 5.7% | N/A | 6.4% |
| Avg Rent | $2,056 | $1,742 | N/A | - |
| Cap Rate | 3.0% | 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 23233 (Henrico, VA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 23233 (Henrico, VA)?
~25 seconds · no account needed · your report is anonymous
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 | $543,284 |
| Monthly Rent | $2,056 |
| Price-to-Rent | 22.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 3.0% |
| 5-Year IRR | 8.3% |
📈 Home Appreciation
| 1-Year | +4.4% ▲ |
| 3-Year CAGR | +5.7% ▲ |
| 5-Year CAGR | +5.4% ▲ |
| 10-Year CAGR | +5.2% ▲ |
🏠 Rent Trends
| 1-Year | +2.0% ▲ |
| 3-Year CAGR | +3.3% ▲ |
| 5-Year CAGR | +4.0% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.0%). 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 23233
Population: 31,775
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 23233
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 1,209 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How tight is the rental market in Henrico, VA?
Henrico, VA carries elevated vacancy risk. Expect steady absorption at market rents of $2,056/mo.
How strong is tenant demand in Henrico, VA?
Working renters make up the core of the Henrico, VA tenant base. The pool is reasonable for investors targeting long-term holds.
What monthly rent should investors expect in Henrico, VA?
Average rent in Henrico, VA is approximately $2,056/mo per month. Against $543K home values that yields a reasonable rent-to-price ratio.
Is rental property easy to operate in Henrico, VA?
Landlord-friendliness in Henrico, VA is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
What are home prices like in Henrico, VA?
The median home value in Henrico, VA is roughly $543K. That puts it reasonable relative to the VA statewide average.
You know 23233 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23233 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 23233 ranks in Richmond, VA
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 23233 (Henrico)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 23233 (Henrico, VA).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.