Real Estate Investing in Henrico, Virginia (23294)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23294 (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 (23294)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23294 Henrico
Meanwhile, ZIP 23294 has challenges — vacancy pressure, softer price growth, and tenant stability concerns sit alongside the $366K median. It rewards specialists, not generalists.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $366K asset, 23294 is the wrong submarket. If the plan prices in friction, the yield can still work.
From a cash-flow lens, 23294 offers a low basis, the region around Henrico has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Demographically, 23294 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Experienced landlords with local relationships tend to find 23294 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 23294
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $289,147 | $1,970 | 4.9% | +6.6% | $144,573 |
| 3BR | $347,591 | $2,470 | 5.1% | +7.7% | $115,864 |
| 4BR | $398,345 | $3,040 | 5.5% | +7.4% | $99,586 |
| 5BR | $470,445 | — | — | +6.6% | $94,089 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23294 Compare?
| Metric | 23294 | Henrico | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $365,511 | $414,762 | N/A | $403,170 |
| 5-Year CAGR | 6.1% | 5.7% | N/A | 6.4% |
| Avg Rent | $1,657 | $1,742 | N/A | - |
| Cap Rate | 3.5% | 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 23294 (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 | $365,511 |
| Monthly Rent | $1,657 |
| Price-to-Rent | 18.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.4% |
| Cap Rate | 3.5% |
| 5-Year IRR | 9.6% |
📈 Home Appreciation
| 1-Year | +3.0% ▲ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | +6.1% ▲ |
| 10-Year CAGR | +6.8% ▲ |
🏠 Rent Trends
| 1-Year | +4.2% ▲ |
| 3-Year CAGR | +4.0% ▲ |
| 5-Year CAGR | +4.0% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). 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 23294
Population: 19,377
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 23294
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Lakeside Elementary
Longdale Elementary
Hungary Creek Middle
Dumbarton Elementary
Echo Lake 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 do rentals go for in Henrico, VA?
Average rent in Henrico, VA is approximately $1,657/mo per month. Against $366K home values that yields a reasonable rent-to-price ratio.
Are landlord laws favorable in Henrico, VA?
Rental owners in Henrico, VA deal with a landlord-friendly legal framework. Most standard eviction processes run on reasonable timelines.
How quickly do rentals get leased in Henrico, VA?
Vacancy risk in Henrico, VA is elevated. That supports stable cash flow for typical rental holds.
What does house hacking look like in Henrico, VA?
For house hackers, Henrico, VA is a challenging. The $1,657/mo rent on a unit helps defray the mortgage on a $366K property.
What real estate strategy is ideal for Henrico, VA?
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.
You know 23294 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23294 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 23294 ranks in Richmond, VA
Every ZIP in this metro, ranked. Free.
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