Real Estate Investing in Norfolk, Virginia (23513)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23513 (Norfolk, VA)? Our answer, based on the numbers below.
Solid choice — stable market with a reasonable entry point and good rental backup if you ever need to move.
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 (23513)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23513 Norfolk
The 23513 ZIP covers a section of Norfolk that demands careful diligence. Prices near $277K look accessible, but the work to make a deal cash flow is real.
Rent of $1,511/mo on a $277K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 23513 sits below the stated 0.0% once reality is priced in.
In the broader VA picture, 23513 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
From a cash-flow lens, 29,962 residents fill the ZIP, renter turnover runs higher than neighboring postal codes and delinquency risk is a real line item rather than a theoretical one.
Distressed ZIPs reward experience. impressive returns are possible in 23513, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Norfolk:
Property Strategy for 23513
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $205,382 | $1,590 | 5.6% | +6.5% | $102,691 |
| 3BR | $259,637 | $2,210 | 6.1% | +6.5% | $86,546 |
| 4BR | $328,403 | $2,600 | 5.7% | +6.3% | $82,101 |
| 5BR | $371,357 | — | — | +6.3% | $74,271 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23513 Compare?
| Metric | 23513 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $276,699 | $281,864 | $403,170 |
| 5-Year CAGR | 4.6% | 4.1% | 6.4% |
| Avg Rent | $1,511 | $1,780 | - |
| Cap Rate | 4.3% | 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 23513 (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 | $276,699 |
| Monthly Rent | $1,511 |
| Price-to-Rent | 15.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.6% |
| Cap Rate | 4.3% |
| 5-Year IRR | 8.9% |
📈 Home Appreciation
| 1-Year | +4.9% ▲ |
| 3-Year CAGR | +3.2% ▲ |
| 5-Year CAGR | +4.6% ▲ |
| 10-Year CAGR | +5.8% ▲ |
🏠 Rent Trends
| 1-Year | -5.1% ▼ |
| 3-Year CAGR | +2.9% ▲ |
| 5-Year CAGR | +5.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.3%). 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 23513
Population: 29,962
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 23513
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Chesterfield Elementary
Crossroads PreK-8 School
Lake Taylor
Little Creek Elementary
Ruffner School
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 1,507 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
What is the average home sale price in Norfolk, VA?
Norfolk, VA median home values land near $277K. That is reasonable territory for investors looking at $1,511/mo-per-month rentals.
How should investors approach Norfolk, VA?
A careful cash-flow rentals with hands-on management strategy Norfolk, VA best. The market produces measured results for that approach at the $277K price point.
How deep is the rental pool 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.
How do landlord-tenant laws work in Norfolk, VA?
The landlord environment in Norfolk, VA is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
Is real estate in Norfolk, VA a good investment right now?
Investors tracking Norfolk, VA will find a 3.0/5 rating supported by $277K median home values and $1,511/mo rents. That profile suits long-term holders targeting stable returns.
You know 23513 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23513 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 23513 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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