Real Estate Investing in Wallops Island, Virginia (23337)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23337 (Wallops Island, VA)? Our answer, based on the numbers below.
Multiple negative signals. Better options likely exist nearby.
Structural challenges here. The numbers may look cheap but operational risk is high. Only for experienced, hands-on investors.
- High vacancy: 21.9% of homes vacant — above national norms.
- High price-to-rent: Price-to-rent ratio 25.3 — hard to cash-flow at these prices.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Wallops Island, VA (23337)?
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Market Analysis: 23337 Wallops Island
ZIP 23337 inside Accomack looks affordable on the surface — median value of $287K — but the discount exists for reasons that a careful buyer should understand before committing.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 23337 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Nearby ZIPs in Wallops Island have seen price recovery that 23337 has not matched. Accomack data supports the view that the spread is structural rather than temporary.
The 23337 ZIP's population of 582 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that reports the need for careful underwriting.
The 23337 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Wallops Island:
Market Trends
Home Value History (with trend line)
📊 How Does 23337 Compare?
| Metric | 23337 | Wallops Island | Virginia |
|---|---|---|---|
| Home Value | $287,260 | $287,260 | $403,170 |
| 5-Year CAGR | N/A | N/A | 6.4% |
| Avg Rent | $945 | $945 | - |
| Cap Rate | 2.6% | 2.6% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23337 (Wallops Island, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $287,260 |
| Monthly Rent | $945 |
| Price-to-Rent | 25.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.0% |
| Cap Rate | 2.6% |
| 5-Year IRR | 7.3% |
📈 Home Appreciation
| 1-Year | +4.7% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
| 10-Year CAGR | N/A |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.6%). 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 23337
Population: 582
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
Frequently Asked Questions
Does Wallops Island, VA favor landlords or tenants?
For rental operators, Wallops Island, VA rates as landlord-friendly. The regulatory environment standard buy-and-hold operations.
Should investors consider Wallops Island, VA?
Wallops Island, VA sits at an investability rating of 2.0/5, with median home values near $287K and average rents around $945/mo. That combination puts it in the impressive tier for investor interest.
What is the best play in Wallops Island, VA?
The best-fit strategy in Wallops Island, VA is careful cash-flow rentals with hands-on management. That approach the rent and price profile of the market.
Is house hacking profitable in Wallops Island, VA?
The a challenging house-hack environment in Wallops Island, VA reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
What price range are homes in Wallops Island, VA?
In Wallops Island, VA the median home value sits at $287K. Against the broader VA market, that reads as reasonable for most investors.
You know 23337 now. You don’t know where it ranks.
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