Real Estate Investing in Norfolk, Virginia (23517)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23517 (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 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 (23517)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23517 Norfolk
ZIP 23517 in Norfolk, VA carries a sturdy set of headwinds. Home values near $328K and rents of $1,782/mo sit inside a market where underwriting has to be tight.
Distressed markets are won on execution, not on spreadsheets. ZIP 23517 stands at the profile where tenant screening, deferred maintenance, and local relationships determine the outcome.
In the broader VA picture, 23517 is a reminder that not every low-priced ZIP is a value-add opportunity — some are simply distressed, and the difference matters.
Who lives in 23517 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategy in 23517 is an operator game, not a passive one. Meanwhile, entry prices of $328K 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 23517
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $250,437 | $1,660 | 4.8% | +3.9% | $125,219 |
| 3BR | $395,384 | $2,300 | 4.2% | +4.5% | $131,795 |
| 4BR | $479,188 | $2,710 | 4.1% | +4.7% | $119,797 |
| 5BR | $652,230 | — | — | +4.4% | $130,446 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23517 Compare?
| Metric | 23517 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $328,492 | $281,864 | $403,170 |
| 5-Year CAGR | 2.7% | 4.1% | 6.4% |
| Avg Rent | $1,782 | $1,780 | - |
| Cap Rate | 4.2% | 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 23517 (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 | $328,492 |
| Monthly Rent | $1,782 |
| Price-to-Rent | 15.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.5% |
| Cap Rate | 4.2% |
| 5-Year IRR | 7.0% |
📈 Home Appreciation
| 1-Year | +1.1% ▲ |
| 3-Year CAGR | +1.5% ▲ |
| 5-Year CAGR | +2.7% ▲ |
| 10-Year CAGR | +3.5% ▲ |
🏠 Rent Trends
| 1-Year | +15.1% ▲ |
| 3-Year CAGR | +7.5% ▲ |
| 5-Year CAGR | +6.8% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.2%). 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 23517
Population: 4,550
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 23517
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
How strict are landlord regulations in Norfolk, VA?
The landlord environment in Norfolk, VA is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
Is Norfolk, VA suited for a house hack?
House hacking in Norfolk, VA is a challenging. With home values around $328K and rents at $1,782/mo, owner-occupants can offset a meaningful share of PITI.
What price range are homes in Norfolk, VA?
Norfolk, VA home values average about $328K. That price point suits investors targeting rentals with $1,782/mo in monthly income.
Is Norfolk, VA a good place for real estate investing?
Our data puts Norfolk, VA at 3.0/5 for investability. Home prices of $328K and rents around $1,782/mo create a solid backdrop for investor activity.
How deep is the rental pool in Norfolk, VA?
Tenant demand in Norfolk, VA is solid. The local workforce $1,782/mo rents across most rental classes.
You know 23517 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23517 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 23517 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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