Real Estate Investing in Norfolk, Virginia (23502)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23502 (Norfolk, VA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A cash-flow market — rent-to-price math works from day one, though value growth is modest. Great for income-focused investors.
No major risk flags on the data we track.
What’s happening in Norfolk, VA (23502)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23502 Norfolk
Not every below-median market is a bargain. Norfolk's 23502 ZIP records signals that favor experienced operators who can absorb the risk $315K pricing implies.
The investment case in 23502 is solid only for operators who understand what they are buying. A $315K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Regionally, 23502 sits on the difficult end of the VA spectrum. The a credible choice for read — for disciplined operators — is that pricing reflects the difficulty.
Who lives in 23502 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The right play in 23502 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Norfolk:
Property Strategy for 23502
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $222,259 | $1,580 | 5.1% | +6.3% | $111,129 |
| 3BR | $291,263 | $2,190 | 5.4% | +6.0% | $97,088 |
| 4BR | $346,937 | $2,580 | 5.4% | +5.7% | $86,734 |
| 5BR | $401,878 | — | — | +6.0% | $80,376 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23502 Compare?
| Metric | 23502 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $314,797 | $281,864 | $403,170 |
| 5-Year CAGR | 4.2% | 4.1% | 6.4% |
| Avg Rent | $1,623 | $1,780 | - |
| Cap Rate | 4.0% | 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 23502 (Norfolk, VA). Anonymous, moderated, never written by AI.
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Property managers serving Norfolk City County
Manage rentals here? List your business →Real Property Management helps protect investments, provide professional service, minimize costs, and maximize income for property owners. summary from their website
OV Living offers 1 & 2 bedroom apartments in Norfolk, Virginia, with spacious layouts, light-filled rooms, and convenient features. 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 | $314,797 |
| Monthly Rent | $1,623 |
| Price-to-Rent | 16.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.2% |
| Cap Rate | 4.0% |
| 5-Year IRR | 8.2% |
📈 Home Appreciation
| 1-Year | +4.1% ▲ |
| 3-Year CAGR | +3.1% ▲ |
| 5-Year CAGR | +4.2% ▲ |
| 10-Year CAGR | +5.3% ▲ |
🏠 Rent Trends
| 1-Year | -4.5% ▼ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.0%). 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 23502
Population: 19,836
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 23502
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Coleman Place Elementary
Norview Elementary
Sherwood Forest Elementary
Tanners Creek Elementary
Norview Middle
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
Frequently Asked Questions
How do landlord-tenant laws work in Norfolk, VA?
VA law landlord-friendly for landlords, and Norfolk inherits those rules. Investors should still review local ordinances for rental licensing.
How strong is tenant demand in Norfolk, VA?
Working renters make up the core of the Norfolk, VA tenant base. The pool is reasonable for investors targeting long-term holds.
Are there empty rentals in Norfolk, VA?
Norfolk, VA sees elevated vacancy, which is reasonable relative to the broader VA rental market.
Does house hacking make sense in Norfolk, VA?
House hacking works a challenging in Norfolk, VA. Rents of $1,623/mo against $315K acquisition make the strategy solid for owner-occupants.
What is the median home value in Norfolk, VA?
Typical homes in Norfolk, VA go for around $315K. The 5-year CAGR of 0.0% predictable price movement.
You know 23502 now. You don’t know where it ranks.
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How 23502 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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