Real Estate Investing in Norfolk, Virginia (23504)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23504 (Norfolk, 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: 10.3% vacancy may signal weakening demand.
- Elevated poverty: 31.2% poverty rate — can affect rent collection.
- Higher unemployment: 8.0% unemployment — tenant risk signal.
- Lower household income: $39,611 median — tenant affordability is tighter.
What’s happening in Norfolk, VA (23504)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23504 Norfolk
The 23504 ZIP in Norfolk, VA is a local-operator market. Outside capital chasing a $273K entry has to pair deep knowledge with the discount.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 23504 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
In the broader VA picture, 23504 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Employment concentration in 23504 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The right play in 23504 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 23504
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $188,369 | $1,450 | 5.5% | +9.1% | $94,184 |
| 3BR | $257,924 | $2,010 | 5.6% | +7.2% | $85,975 |
| 4BR | $323,752 | $2,370 | 5.3% | +7.1% | $80,938 |
| 5BR | $344,154 | — | — | +6.2% | $68,831 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23504 Compare?
| Metric | 23504 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $273,366 | $281,864 | $403,170 |
| 5-Year CAGR | 5.1% | 4.1% | 6.4% |
| Avg Rent | $1,650 | $1,780 | - |
| Cap Rate | 4.7% | 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 23504 (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 | $273,366 |
| Monthly Rent | $1,650 |
| Price-to-Rent | 13.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.2% |
| Cap Rate | 4.7% |
| 5-Year IRR | 9.8% |
📈 Home Appreciation
| 1-Year | +5.0% ▲ |
| 3-Year CAGR | +3.9% ▲ |
| 5-Year CAGR | +5.1% ▲ |
| 10-Year CAGR | +6.3% ▲ |
🏠 Rent Trends
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +6.3% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.7%). 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 23504
Population: 24,052
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 23504
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Southside STEM Academy at Campostella
Willard Elementary
P.B. Young Sr. Elementary
St. Helena Elementary
Academy for Discovery at Lakewood
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 5,182 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How much is rent in Norfolk, VA?
The typical rental in Norfolk, VA commands about $1,650/mo monthly. That rent profile predictable cash flow against the $273K purchase basis.
How do home values compare in Norfolk, VA?
Norfolk, VA median home values land near $273K. That is reasonable territory for investors looking at $1,650/mo-per-month rentals.
What investment strategy works best in Norfolk, VA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Norfolk, VA. The numbers - $273K homes against $1,650/mo rents - support that play.
Should investors worry about vacancy in Norfolk, VA?
Expect elevated vacancy in Norfolk, VA. Rents at $1,650/mo are absorbed by the tenant base without meaningful lag.
Is Norfolk, VA good for landlords?
Landlord-friendliness in Norfolk, VA is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
You know 23504 now. You don’t know where it ranks.
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How 23504 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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