Real Estate Investing in Franklin, Virginia (23851)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23851 (Franklin, 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 vacancy: 12.3% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Franklin, VA (23851)?
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Market Analysis: 23851 Franklin
ZIP 23851 in Franklin, VA carries a impressive set of headwinds. Home values near $251K and rents of $990/mo sit inside a market where underwriting has to be tight.
Rent of $990/mo on a $251K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 23851 sits below the stated 0.0% once reality is priced in.
Nearby ZIPs in Franklin have seen price recovery that 23851 has not matched. Franklin City data supports the view that the spread is structural rather than temporary.
Who lives in 23851 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
Strategically, 23851 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Franklin:
Property Strategy for 23851
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $135,017 | $1,100 | 5.9% | +8.8% | $67,508 |
| 3BR | $239,750 | $1,440 | 4.3% | +8.6% | $79,917 |
| 4BR | $332,719 | $1,840 | 4.0% | +8.4% | $83,180 |
| 5BR | $409,557 | — | — | +8.3% | $81,911 |
Market Trends
Home Value History (with trend line)
📊 How Does 23851 Compare?
| Metric | 23851 | Franklin | Virginia |
|---|---|---|---|
| Home Value | $251,021 | $125,511 | $403,170 |
| 5-Year CAGR | 7.1% | 7.1% | 6.4% |
| Avg Rent | $990 | $990 | - |
| Cap Rate | 3.1% | 3.1% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23851 (Franklin, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $251,021 |
| Monthly Rent | $990 |
| Price-to-Rent | 21.1:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.7% |
| Cap Rate | 3.1% |
| 5-Year IRR | 10.2% |
📈 Home Appreciation
| 1-Year | +6.5% ▲ |
| 3-Year CAGR | +5.1% ▲ |
| 5-Year CAGR | +7.1% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.1%). 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 23851
Population: 13,481
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 23851
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
Frequently Asked Questions
How much does a house cost in Franklin, VA?
The median home value in Franklin, VA is roughly $251K. That puts it reasonable relative to the VA statewide average.
What is the renter demographic in Franklin, VA?
Tenant demand in Franklin, VA is solid. The local workforce $990/mo rents across most rental classes.
What type of investing works in Franklin, VA?
In Franklin, VA the durable play is typically careful cash-flow rentals with hands-on management. The combination of $251K prices and $990/mo rents suits that approach.
What is the rental occupancy rate in Franklin, VA?
Rental vacancy in Franklin, VA is elevated. Investors should budget normal turnover but not chronic empty units.
How do landlord-tenant laws work in Franklin, VA?
Landlord-friendliness in Franklin, VA is landlord-friendly. Eviction timelines and lease enforcement are considered reasonable by most property managers.
You know 23851 now. You don’t know where it ranks.
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How 23851 ranks in Virginia Beach-Norfolk-Newport News, VA-NC
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