Real Estate Investing in Norfolk, Virginia (23523)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23523 (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.
- Elevated vacancy: 11.4% vacancy may signal weakening demand.
- Elevated poverty: 28.4% poverty rate — can affect rent collection.
- Lower household income: $34,201 median — tenant affordability is tighter.
What’s happening in Norfolk, VA (23523)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 23523 Norfolk
This part of Norfolk City is not an easy win. The 23523 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
The 23523 ZIP can work — but only with a tight operating hand. Remote landlords and passive investors tend to struggle here more than the underwriting suggests.
ZIP 23523's metrics run below Norfolk City's averages on price growth and tenant stability. Investors who ignore that regional gap tend to relearn it the hard way.
Put differently, 7,698 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. significant returns are possible in 23523, 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 23523
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $175,192 | $1,410 | 5.8% | +9.5% | $87,596 |
| 3BR | $242,239 | $1,960 | 5.8% | +6.9% | $80,746 |
| 4BR | $300,468 | $2,300 | 5.5% | +6.7% | $75,117 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23523 Compare?
| Metric | 23523 | Norfolk | Virginia |
|---|---|---|---|
| Home Value | $261,643 | $281,864 | $403,170 |
| 5-Year CAGR | 5.0% | 4.1% | 6.4% |
| Avg Rent | $2,317 | $1,780 | - |
| Cap Rate | 6.9% | 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 23523 (Norfolk, VA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 23523 (Norfolk, VA)?
~25 seconds · no account needed · your report is anonymous
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 | $261,643 |
| Monthly Rent | $2,317 |
| Price-to-Rent | 9.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 10.6% |
| Cap Rate | 6.9% |
| 5-Year IRR | 11.9% |
📈 Home Appreciation
| 1-Year | +6.5% ▲ |
| 3-Year CAGR | +4.3% ▲ |
| 5-Year CAGR | +5.0% ▲ |
| 10-Year CAGR | +6.3% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) is close to the estimated cap rate (6.9%). Financing this market at current rates produces a cash-on-cash return near the cap rate. Appreciation and tax benefits may still support the investment.
⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 23523
Population: 7,698
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 23523
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Chesterfield Elementary
Ruffner School
Lindenwood Elementary
P.B. Young Sr. Elementary
George W. Carver Intermediate
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
Is Norfolk, VA a smart market for rental property?
Yes - Norfolk, VA a 3.0/5 investability score. With $262K home prices against $2,317/mo monthly rent, the market delivers a reasonable entry point for new investors.
How much is rent in Norfolk, VA?
Average rent in Norfolk, VA is approximately $2,317/mo per month. Against $262K home values that yields a reasonable rent-to-price ratio.
Is it easy to find good tenants in Norfolk, VA?
Norfolk, VA offers a even-keeled renter base at the $2,317/mo rent level. Tenant turnover is reasonable for well-managed properties.
Is Norfolk, VA good for house hacking?
Norfolk, VA is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $262K price point reasonable to enter.
Which investment style suits Norfolk, VA?
In Norfolk, VA the durable play is typically careful cash-flow rentals with hands-on management. The combination of $262K prices and $2,317/mo rents suits that approach.
You know 23523 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 23523 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 23523 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
Every ZIP in this metro, ranked. Free.
AI Market Advisor
Ask questions about investing in 23523 (Norfolk)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 23523 (Norfolk, VA).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.