Real Estate Investing in Norfolk, Virginia (23507)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23507 (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.
No major risk flags on the data we track.
What’s happening in Norfolk, VA (23507)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23507 Norfolk
The 23507 ZIP in Norfolk, VA is a local-operator market. Outside capital chasing a $487K entry has to pair deep knowledge with the discount.
For an experienced owner, 23507 can be a worth a close look for hunting ground — but the discount at $487K reflects genuine risk that outside investors often underestimate.
Nearby ZIPs in Norfolk have seen price recovery that 23507 has not matched. Norfolk City data supports the view that the spread is structural rather than temporary.
Employment concentration in 23507 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
Strategy in 23507 is an operator game, not a passive one. Meanwhile, entry prices of $487K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Norfolk:
Property Strategy for 23507
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $183,430 | $1,530 | 6.0% | +4.9% | $183,430 |
| 2BR | $262,066 | $1,730 | 4.8% | +3.2% | $131,033 |
| 3BR | $451,101 | $2,400 | 3.8% | +4.0% | $150,367 |
| 4BR | $614,461 | $2,820 | 3.3% | +4.7% | $153,615 |
| 5BR | $732,781 | — | — | +4.9% | $146,556 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23507 Compare?
| Metric | 23507 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $487,341 | $281,864 | $403,170 |
| 5-Year CAGR | 3.1% | 4.1% | 6.4% |
| Avg Rent | $1,696 | $1,780 | - |
| Cap Rate | 2.7% | 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 23507 (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 | $487,341 |
| Monthly Rent | $1,696 |
| Price-to-Rent | 23.9:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.2% |
| Cap Rate | 2.7% |
| 5-Year IRR | 5.8% |
📈 Home Appreciation
| 1-Year | +0.4% ▲ |
| 3-Year CAGR | +2.2% ▲ |
| 5-Year CAGR | +3.1% ▲ |
| 10-Year CAGR | +3.3% ▲ |
🏠 Rent Trends
| 1-Year | +1.4% ▲ |
| 3-Year CAGR | +4.7% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.7%). 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 23507
Population: 6,515
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 23507
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Chesterfield Elementary
Ruffner School
Southside STEM Academy at Campostella
Willard Elementary
James Monroe Elementary
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
What is the smart move for investors in Norfolk, VA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Norfolk, VA. The numbers - $487K homes against $1,696/mo rents - support that play.
What monthly rent should investors expect in Norfolk, VA?
Rent in Norfolk, VA is around $1,696/mo. The resulting rent-to-value relationship with $487K pricing is reasonable for most investor models.
How expensive is real estate in Norfolk, VA?
Expect median prices around $487K in Norfolk, VA. The market has run at a 0.0% 5-year CAGR, so entry costs have been consistent.
What is the rental occupancy rate in Norfolk, VA?
Vacancy risk in Norfolk, VA is elevated. That supports stable cash flow for typical rental holds.
How do landlord-tenant laws work in Norfolk, VA?
Norfolk, VA operates under VA law, which is landlord-friendly overall for landlords. Expect steady treatment in typical lease and eviction cases.
You know 23507 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23507 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 23507 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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