Real Estate Investing in Spring Grove, Virginia (23881)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 23881 (Spring Grove, VA)? Our answer, based on the numbers below.
Proceed carefully. Weak appreciation or affordability makes this a harder case for most buyers.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 18.3% 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 Spring Grove, VA (23881)?
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Market Analysis: 23881 Spring Grove
Investors eyeing 23881 need to respect the fundamentals at play. Home values of $303K come alongside slower price movement and elevated management overhead.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $303K asset, 23881 is the wrong submarket. If the plan prices in friction, the yield can still work.
Turning to rents, 23881 offers a low basis, the region around Spring Grove has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
The 23881 ZIP's population of 2,330 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that records the need for careful underwriting.
Strategically, 23881 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 Spring Grove:
Market Trends
Home Value History (with trend line)
📊 How Does 23881 Compare?
| Metric | 23881 | Spring Grove | Richmond, VA | Virginia |
|---|---|---|---|---|
| Home Value | $302,501 | $302,501 | N/A | $403,170 |
| 5-Year CAGR | 4.7% | 4.7% | N/A | 6.4% |
| Avg Rent | $1,386 | $1,386 | N/A | - |
| Cap Rate | 3.6% | 3.6% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 23881 (Spring Grove, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $302,501 |
| Monthly Rent | $1,386 |
| Price-to-Rent | 18.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.5% |
| Cap Rate | 3.6% |
| 5-Year IRR | 8.3% |
📈 Home Appreciation
| 1-Year | +6.7% ▲ |
| 3-Year CAGR | +3.8% ▲ |
| 5-Year CAGR | +4.7% ▲ |
| 10-Year CAGR | +6.0% ▲ |
🏠 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 (3.6%). 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 23881
Population: 2,330
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
Frequently Asked Questions
Are homes affordable in Spring Grove, VA?
Expect median prices around $303K in Spring Grove, VA. The market has run at a 0.0% 5-year CAGR, so entry costs have been consistent.
Are renters plentiful in Spring Grove, VA?
Expect a solid tenant pool in Spring Grove, VA. The rental market absorbs $1,386/mo rents without meaningful friction.
Is VA a landlord-friendly state?
VA ranks as a landlord-friendly state for landlord-tenant law. Spring Grove generally follows the statewide framework, so landlords face reasonable operating rules.
Are there empty rentals in Spring Grove, VA?
Vacancy risk in Spring Grove, VA is elevated. That supports steady cash flow for typical rental holds.
Is Spring Grove, VA a good market for FHA house hackers?
House hacking in Spring Grove, VA is a challenging. With home values around $303K and rents at $1,386/mo, owner-occupants can offset a meaningful share of PITI.
You know 23881 now. You don’t know where it ranks.
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How 23881 ranks in Richmond, VA
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