Real Estate Investing in Chesterfield, Virginia (23838)
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Should you buy in 23838 (Chesterfield, VA)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High price-to-rent: Price-to-rent ratio 30.7 — hard to cash-flow at these prices.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Chesterfield, VA (23838)?
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Market Analysis: 23838 Chesterfield
Investors eyeing 23838 need to respect the fundamentals at play. Home values of $577K come alongside slower price movement and elevated management overhead.
In practical terms, the numbers look inviting — $577K purchase price, 0.0% nominal cap — the work to hit that pro forma in 23838 is substantial and deserves full respect.
Regionally, 23838 sits on the difficult end of the VA spectrum. The a strong candidate for read — for disciplined operators — is that pricing reflects the difficulty.
Employment concentration in 23838 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
New investors are better served looking at Chesterfield's stable or hybrid ZIPs before stepping into 23838. The learning curve here is expensive when the lesson is wrong.
Here's what matters if you're considering buying a home in Chesterfield:
Property Strategy for 23838
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $288,766 | $1,740 | 4.3% | +8.1% | $144,383 |
| 3BR | $399,094 | $2,190 | 4.0% | +8.0% | $133,031 |
| 4BR | $575,268 | $2,690 | 3.4% | +7.4% | $143,817 |
| 5BR | $714,895 | — | — | +6.8% | $142,979 |
Market Trends
Home Value History (with trend line)
📊 How Does 23838 Compare?
| Metric | 23838 | Chesterfield | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $576,626 | $441,302 | N/A | $403,170 |
| 5-Year CAGR | 6.1% | 6.0% | N/A | 6.4% |
| Avg Rent | $1,566 | $1,816 | N/A | - |
| Cap Rate | 2.1% | 3.4% | - | - |
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 23838 (Chesterfield, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $576,626 |
| Monthly Rent | $1,566 |
| Price-to-Rent | 30.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.3% |
| Cap Rate | 2.1% |
| 5-Year IRR | 8.2% |
📈 Home Appreciation
| 1-Year | +5.8% ▲ |
| 3-Year CAGR | +7.7% ▲ |
| 5-Year CAGR | +6.1% ▲ |
| 10-Year CAGR | +6.1% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (2.1%). 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 23838
Population: 17,213
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 23838
Schools in This ZIP Code
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 1,073 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How strong is Chesterfield, VA for real estate investors?
Chesterfield, VA sits at an investability rating of 3.0/5, with median home values near $577K and average rents around $1,566/mo. That combination puts it in the robust tier for investor interest.
What do rentals go for in Chesterfield, VA?
Rent in Chesterfield, VA is around $1,566/mo. The resulting rent-to-value relationship with $577K pricing is reasonable for most investor models.
Is the tenant base reliable in Chesterfield, VA?
Working renters make up the core of the Chesterfield, VA tenant base. The pool is reasonable for investors targeting long-term holds.
What investment strategy works best in Chesterfield, VA?
Investors who focus on careful cash-flow rentals with hands-on management typically do well in Chesterfield, VA. The numbers - $577K homes against $1,566/mo rents - support that play.
Can owner-occupants cash flow in Chesterfield, VA?
The a challenging house-hack environment in Chesterfield, VA reflects the rent-to-price spread. Expect meaningful PITI offset at market rents.
You know 23838 now. You don’t know where it ranks.
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How 23838 ranks in Richmond, VA
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