Real Estate Investing in Richmond, Virginia (23220)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23220 (Richmond, VA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated vacancy: 9.9% vacancy may signal weakening demand.
What’s happening in Richmond, VA (23220)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23220 Richmond
From an investor standpoint, ZIP 23220 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $455K median. It rewards specialists, not generalists.
For an experienced owner, 23220 can be a a credible choice for hunting ground — but the discount at $455K reflects genuine risk that outside investors often underestimate.
In the broader VA picture, 23220 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
On the rental side, 34,524 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Experienced landlords with local relationships tend to find 23220 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 Richmond:
Property Strategy for 23220
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $269,864 | $1,830 | 4.9% | +4.7% | $269,864 |
| 2BR | $331,555 | $2,010 | 4.4% | +5.0% | $165,778 |
| 3BR | $459,184 | $2,520 | 4.0% | +6.3% | $153,061 |
| 4BR | $627,039 | $3,100 | 3.6% | +5.9% | $156,760 |
| 5BR | $1,017,266 | — | — | +5.2% | $203,453 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23220 Compare?
| Metric | 23220 | Richmond | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $454,554 | $141,872 | N/A | $403,170 |
| 5-Year CAGR | 4.2% | 5.7% | N/A | 6.4% |
| Avg Rent | $1,761 | $1,732 | N/A | - |
| Cap Rate | 3.0% | 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 23220 (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 | $454,554 |
| Monthly Rent | $1,761 |
| Price-to-Rent | 21.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.0% |
| 5-Year IRR | 7.3% |
📈 Home Appreciation
| 1-Year | +4.7% ▲ |
| 3-Year CAGR | +5.0% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +5.6% ▲ |
🏠 Rent Trends
| 1-Year | +7.2% ▲ |
| 3-Year CAGR | +5.1% ▲ |
| 5-Year CAGR | +6.3% ▲ |
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 23220
Population: 34,524
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 23220
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Richmond Virtual Academy
Albert Hill Middle
Lois Harrison-Jones Elementary
Richmond Hospital Ep.
Virginia Treatment Ctr.
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
How strong is the working-renter base in Richmond, VA?
Richmond, VA draws a stable base of working renters. Demand at the $1,761/mo rent level is reasonable for standard single-family and small multi rentals.
Does Richmond, VA make sense for an investment property?
Our data puts Richmond, VA at 3.0/5 for investability. Home prices of $455K and rents around $1,761/mo create a solid backdrop for investor activity.
How much does a house cost in Richmond, VA?
Richmond, VA home values average about $455K. That price point suits investors targeting rentals with $1,761/mo in monthly income.
Can owner-occupants cash flow in Richmond, VA?
The a challenging house-hack environment in Richmond, VA reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
Do rentals sit vacant long in Richmond, VA?
Vacancy in Richmond, VA is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $1,761/mo.
You know 23220 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23220 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 23220 ranks in Richmond, VA
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