Real Estate Investing in Chesapeake, Virginia (23324)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23324 (Chesapeake, 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.
- Elevated vacancy: 9.8% vacancy may signal weakening demand.
What’s happening in Chesapeake, VA (23324)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23324 Chesapeake
ZIP 23324 inside Chesapeake City looks affordable on the surface — median value of $290K — but the discount exists for reasons that a careful buyer should understand before committing.
Rent of $1,963/mo on a $290K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 23324 sits below the stated 0.0% once reality is priced in.
In the broader VA picture, 23324 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Resident income in 23324 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Experienced landlords with local relationships tend to find 23324 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 Chesapeake:
Property Strategy for 23324
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $213,979 | $1,460 | 4.9% | +8.2% | $106,989 |
| 3BR | $270,842 | $2,020 | 5.4% | +8.0% | $90,281 |
| 4BR | $338,929 | $2,380 | 5.1% | +7.5% | $84,732 |
| 5BR | $374,847 | — | — | +7.3% | $74,969 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23324 Compare?
| Metric | 23324 | Chesapeake | Virginia |
|---|---|---|---|
| Home Value | $289,580 | $402,271 | $403,170 |
| 5-Year CAGR | 6.1% | 5.5% | 6.4% |
| Avg Rent | $1,963 | $2,143 | - |
| Cap Rate | 5.3% | 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 23324 (Chesapeake, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $289,580 |
| Monthly Rent | $1,963 |
| Price-to-Rent | 12.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.1% |
| Cap Rate | 5.3% |
| 5-Year IRR | 11.4% |
📈 Home Appreciation
| 1-Year | +5.2% ▲ |
| 3-Year CAGR | +4.5% ▲ |
| 5-Year CAGR | +6.1% ▲ |
| 10-Year CAGR | +6.3% ▲ |
🏠 Rent Trends
| 1-Year | +14.7% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.3%). 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 23324
Population: 23,684
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 23324
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Southside STEM Academy at Campostella
St. Helena Elementary
Cradock Elementary
Cradock Middle
Georgetown Primary
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
What is the typical renter like in Chesapeake, VA?
Tenant demand in Chesapeake, VA is solid. The local workforce $1,963/mo rents across most rental classes.
Which real estate strategy fits Chesapeake, VA?
For Chesapeake, VA, careful cash-flow rentals with hands-on management is the standard investor playbook. The market structure makes it a reasonable default approach.
How much does a house cost in Chesapeake, VA?
Median home price in Chesapeake, VA is near $290K, with a 5-year CAGR of 0.0%. Prices have been stable and supportive of buy-and-hold strategies.
How viable is house hacking in Chesapeake, VA?
Chesapeake, VA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,963/mo rent level.
How does Chesapeake, VA stack up for property investment?
With a 3.0/5 investability score, Chesapeake, VA ranks as a solid market for rental property investors. Median prices of $290K and rents of $1,963/mo drive the underlying numbers.
You know 23324 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23324 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 23324 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
Every ZIP in this metro, ranked. Free.
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