Real Estate Investing in Roanoke, Virginia (24015)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 24015 (Roanoke, 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.
- Elevated vacancy: 8.6% vacancy may signal weakening demand.
What’s happening in Roanoke, VA (24015)?
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Market Analysis: 24015 Roanoke
The 24015 ZIP covers a section of Roanoke that demands careful diligence. Prices near $308K look accessible, but the work to make a deal cash flow is real.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 24015 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Regionally, 24015 sits on the difficult end of the VA spectrum. The a credible choice for read — for disciplined operators — is that pricing reflects the difficulty.
Turning to rents, 15,761 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.
Experienced landlords with local relationships tend to find 24015 workable. Turnkey investors from out of state usually find the numbers do not hold up in practice.
Here's what matters if you're considering buying a home in Roanoke:
Property Strategy for 24015
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $214,452 | $1,080 | 3.6% | +9.6% | $107,226 |
| 3BR | $293,931 | $1,500 | 3.7% | +8.8% | $97,977 |
| 4BR | $366,326 | $1,810 | 3.6% | +8.5% | $91,581 |
| 5BR | $470,441 | — | — | +8.5% | $94,088 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 24015 Compare?
| Metric | 24015 | Roanoke | Roanoke, VA | Virginia |
|---|---|---|---|---|
| Home Value | $307,878 | $52,650 | N/A | $403,170 |
| 5-Year CAGR | 7.0% | 7.1% | N/A | 6.4% |
| Avg Rent | $1,363 | $1,398 | N/A | - |
| Cap Rate | 3.5% | 4.6% | - | - |
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 24015 (Roanoke, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $307,878 |
| Monthly Rent | $1,363 |
| Price-to-Rent | 18.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.3% |
| Cap Rate | 3.5% |
| 5-Year IRR | 10.4% |
📈 Home Appreciation
| 1-Year | +4.6% ▲ |
| 3-Year CAGR | +4.9% ▲ |
| 5-Year CAGR | +7.0% ▲ |
| 10-Year CAGR | +7.2% ▲ |
🏠 Rent Trends
| 1-Year | -4.0% ▼ |
| 3-Year CAGR | +1.4% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.5%). 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 24015
Population: 15,761
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 24015
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Addison Aerospace Magnet Middle
Hurt Park Elementary
Roanoke Academy For Mathematics & Science Elementary
Fairview Elementary
Highland Park Elementary
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 709 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is Roanoke, VA landlord-friendly?
VA ranks as a landlord-friendly state for landlord-tenant law. Roanoke generally follows the statewide framework, so landlords face reasonable operating rules.
Is Roanoke in VA worth investing in?
Investors tracking Roanoke, VA will find a 3.0/5 rating supported by $308K median home values and $1,363/mo rents. That profile suits long-term holders targeting steady returns.
Are renters plentiful in Roanoke, VA?
Roanoke, VA draws a steady base of working renters. Demand at the $1,363/mo rent level is reasonable for standard single-family and small multi rentals.
What is the typical rental rate in Roanoke, VA?
The typical rental in Roanoke, VA commands about $1,363/mo monthly. That rent profile stable cash flow against the $308K purchase basis.
What are home prices like in Roanoke, VA?
The median home value in Roanoke, VA is roughly $308K. That puts it reasonable relative to the VA statewide average.
You know 24015 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 24015 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 24015 ranks in Roanoke, VA
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