Real Estate Investing in Chesapeake, Virginia (23323)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23323 (Chesapeake, 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 Chesapeake, VA (23323)?
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Market Analysis: 23323 Chesapeake
Not every below-median market is a bargain. Chesapeake's 23323 ZIP sits at signals that favor experienced operators who can absorb the risk $431K pricing implies.
The investment case in 23323 is resilient only for operators who understand what they are buying. A $431K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
The gap between 23323 and stronger Chesapeake ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
A durable renter share of 19% in 23323 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Strategy in 23323 is an operator game, not a passive one. On balance, entry prices of $431K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Chesapeake:
Property Strategy for 23323
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $245,649 | $2,000 | 5.9% | +8.4% | $122,825 |
| 3BR | $342,921 | $2,770 | 5.8% | +7.1% | $114,307 |
| 4BR | $463,125 | $3,270 | 5.1% | +6.9% | $115,781 |
| 5BR | $607,714 | — | — | +7.0% | $121,543 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23323 Compare?
| Metric | 23323 | Chesapeake | Virginia |
|---|---|---|---|
| Home Value | $430,569 | $402,271 | $403,170 |
| 5-Year CAGR | 5.3% | 5.5% | 6.4% |
| Avg Rent | $2,291 | $2,143 | - |
| Cap Rate | 4.2% | 4.3% | - |
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 23323 (Chesapeake, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $430,569 |
| Monthly Rent | $2,291 |
| Price-to-Rent | 15.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.4% |
| Cap Rate | 4.2% |
| 5-Year IRR | 9.5% |
📈 Home Appreciation
| 1-Year | +5.6% ▲ |
| 3-Year CAGR | +4.0% ▲ |
| 5-Year CAGR | +5.3% ▲ |
| 10-Year CAGR | +5.4% ▲ |
🏠 Rent Trends
| 1-Year | +8.2% ▲ |
| 3-Year CAGR | +5.4% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.2%). 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 23323
Population: 43,383
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 23323
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 3,862 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Where do home prices stand in Chesapeake, VA?
Chesapeake, VA median home values land near $431K. That is reasonable territory for investors looking at $2,291/mo-per-month rentals.
What real estate strategy is ideal for Chesapeake, VA?
Chesapeake, VA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($431K prices, $2,291/mo rents) make it a reasonable choice.
What is the tenant pool like in Chesapeake, VA?
Expect a solid tenant pool in Chesapeake, VA. The rental market absorbs $2,291/mo rents without meaningful friction.
Does Chesapeake, VA make sense for an investment property?
The 3.0/5 investability rating in Chesapeake, VA reflects its $431K prices and $2,291/mo rents. Investors generally consider it a solid option within VA.
What is it like being a landlord in Chesapeake, VA?
VA ranks as a landlord-friendly state for landlord-tenant law. Chesapeake generally follows the statewide framework, so landlords face reasonable operating rules.
You know 23323 now. You don’t know where it ranks.
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How 23323 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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