Real Estate Investing in Portsmouth, Virginia (23702)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23702 (Portsmouth, VA)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- Elevated poverty: 20.5% poverty rate — can affect rent collection.
What’s happening in Portsmouth, VA (23702)?
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Market Analysis: 23702 Portsmouth
Investors eyeing 23702 need to respect the fundamentals at play. Home values of $230K come alongside slower price movement and elevated management overhead.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $230K asset, 23702 is the wrong submarket. If the plan prices in friction, the yield can still work.
Within VA, ZIP 23702 trails on several market indicators that neighboring Portsmouth City submarkets outperform. The gap is real and impressive enough to shape underwriting.
Employment concentration in 23702 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The 23702 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Portsmouth:
Property Strategy for 23702
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $183,099 | $1,480 | 5.8% | +7.8% | $91,549 |
| 3BR | $228,684 | $2,050 | 6.5% | +8.1% | $76,228 |
| 4BR | $293,515 | $2,420 | 5.9% | +7.1% | $73,379 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 23702 Compare?
| Metric | 23702 | Portsmouth | Virginia |
|---|---|---|---|
| Home Value | $229,750 | $189,001 | $403,170 |
| 5-Year CAGR | 5.9% | 5.7% | 6.4% |
| Avg Rent | $1,603 | $1,625 | - |
| Cap Rate | 5.4% | 4.8% | - |
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 23702 (Portsmouth, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $229,750 |
| Monthly Rent | $1,603 |
| Price-to-Rent | 12.0:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.4% |
| Cap Rate | 5.4% |
| 5-Year IRR | 11.4% |
📈 Home Appreciation
| 1-Year | +2.7% ▲ |
| 3-Year CAGR | +3.7% ▲ |
| 5-Year CAGR | +5.9% ▲ |
| 10-Year CAGR | +7.0% ▲ |
🏠 Rent Trends
| 1-Year | +8.1% ▲ |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.4%). 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 23702
Population: 12,087
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 23702
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Lakeview Elementary
Douglass Park Elementary
George W. Carver Intermediate
Park View Elementary
Portlock Primary
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 5,169 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Portsmouth, VA a smart market for rental property?
The 3.0/5 investability rating in Portsmouth, VA reflects its $230K prices and $1,603/mo rents. Investors generally consider it a solid option within VA.
How strong are rents in Portsmouth, VA?
The typical rental in Portsmouth, VA commands about $1,603/mo monthly. That rent profile predictable cash flow against the $230K purchase basis.
How quickly do rentals get leased in Portsmouth, VA?
Portsmouth, VA carries elevated vacancy risk. Expect measured absorption at market rents of $1,603/mo.
What is the average home sale price in Portsmouth, VA?
Typical homes in Portsmouth, VA go for around $230K. The 5-year CAGR of 0.0% consistent price movement.
Can owner-occupants cash flow in Portsmouth, VA?
Portsmouth, VA offers a challenging house-hacking opportunity. Small multifamily or rent-by-the-room plays can pair well with the $1,603/mo rent level.
You know 23702 now. You don’t know where it ranks.
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How 23702 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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