Real Estate Investing in Norfolk, Virginia (23518)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23518 (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 (23518)?
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Market Analysis: 23518 Norfolk
Investors eyeing 23518 need to respect the fundamentals at play. Home values of $348K come alongside slower price movement and elevated management overhead.
On the rental side, the numbers look inviting — $348K purchase price, 0.0% nominal cap — the work to hit that pro forma in 23518 is substantial and deserves full respect.
From an investor standpoint, 23518 offers a low basis, the region around Norfolk has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Resident income in 23518 sits below the county median. That reality colors rent collection, vacancy, and reinvestment math in ways that outside investors often underestimate.
Strategy in 23518 is an operator game, not a passive one. Looking more closely, entry prices of $348K 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 23518
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $280,427 | $1,660 | 4.3% | +6.8% | $140,213 |
| 3BR | $315,741 | $2,300 | 5.2% | +6.0% | $105,247 |
| 4BR | $384,815 | $2,710 | 5.1% | +6.0% | $96,204 |
| 5BR | $519,404 | — | — | +6.3% | $103,881 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23518 Compare?
| Metric | 23518 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $347,553 | $281,864 | $403,170 |
| 5-Year CAGR | 4.5% | 4.1% | 6.4% |
| Avg Rent | $2,030 | $1,780 | - |
| Cap Rate | 4.6% | 4.3% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23518 (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 | $347,553 |
| Monthly Rent | $2,030 |
| Price-to-Rent | 14.3:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.0% |
| Cap Rate | 4.6% |
| 5-Year IRR | 9.0% |
📈 Home Appreciation
| 1-Year | +4.5% ▲ |
| 3-Year CAGR | +3.4% ▲ |
| 5-Year CAGR | +4.5% ▲ |
| 10-Year CAGR | +5.0% ▲ |
🏠 Rent Trends
| 1-Year | +7.8% ▲ |
| 3-Year CAGR | +7.6% ▲ |
| 5-Year CAGR | +8.3% ▲ |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (4.6%). 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 23518
Population: 28,957
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 23518
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
Investor Insight: With 1,507 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Should investors consider Norfolk, VA?
With a 3.0/5 investability score, Norfolk, VA ranks as a solid market for rental property investors. Median prices of $348K and rents of $2,030/mo drive the underlying numbers.
How qualified is the tenant pool in Norfolk, VA?
The tenant pool in Norfolk, VA is solid, supported by local employment and population fundamentals. Rents of $2,030/mo are well-absorbed by the market.
What are vacancy rates like in Norfolk, VA?
Vacancy in Norfolk, VA is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $2,030/mo.
Are landlord laws favorable 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.
How much is rent in Norfolk, VA?
Norfolk, VA rentals go for roughly $2,030/mo a month. That puts gross yield in solid territory relative to $348K acquisition costs.
You know 23518 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23518 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 23518 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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