Real Estate Investing in Roanoke, Virginia (24016)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 24016 (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.
- High vacancy: 17.5% of homes vacant — above national norms.
- Elevated poverty: 31.7% poverty rate — can affect rent collection.
What’s happening in Roanoke, VA (24016)?
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Market Analysis: 24016 Roanoke
Not every below-median market is a bargain. Roanoke's 24016 ZIP records signals that favor experienced operators who can absorb the risk $170K pricing implies.
From an investor standpoint, the numbers look inviting — $170K purchase price, 0.0% nominal cap — the work to hit that pro forma in 24016 is substantial and deserves full respect.
From a cash-flow lens, 24016 offers a low basis, the region around Roanoke has moved on in ways that the ZIP itself has not fully absorbed. The result is a discount with genuine reasons.
Who lives in 24016 is part of why the ZIP is priced as it is. The demographic profile requires hands-on management, tight screening, and local knowledge.
The 24016 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 Roanoke:
Property Strategy for 24016
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $121,275 | $1,180 | 7.0% | +12.2% | $60,638 |
| 3BR | $150,396 | $1,640 | 7.9% | +10.7% | $50,132 |
| 4BR | $200,033 | $1,980 | 7.1% | +9.1% | $50,008 |
Market Trends
Home Value History (with trend line)
Rent History (with trend line)
📊 How Does 24016 Compare?
| Metric | 24016 | Roanoke | Roanoke, VA | Virginia |
|---|---|---|---|---|
| Home Value | $169,642 | $52,650 | N/A | $403,170 |
| 5-Year CAGR | 7.6% | 7.1% | N/A | 6.4% |
| Avg Rent | $1,124 | $1,398 | N/A | - |
| Cap Rate | 5.2% | 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 24016 (Roanoke, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $169,642 |
| Monthly Rent | $1,124 |
| Price-to-Rent | 12.6:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.0% |
| Cap Rate | 5.2% |
| 5-Year IRR | 12.8% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +6.7% ▲ |
| 5-Year CAGR | +7.6% ▲ |
| 10-Year CAGR | +9.8% ▲ |
🏠 Rent Trends
| 1-Year | +16.1% ▲ |
| 3-Year CAGR | +7.6% ▲ |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (5.2%). 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 24016
Population: 9,828
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 24016
Schools in This ZIP Code
Nearby Schools (5 more)
Schools in adjacent ZIP codes that may serve this area
Roanoke Academy For Mathematics & Science Elementary
Fishburn Park Elementary
Morningside Elementary
Virginia Heights Elementary
Fairview 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
What is the typical vacancy rate in Roanoke, VA?
Vacancy risk in Roanoke, VA is elevated. That supports consistent cash flow for typical rental holds.
Is Roanoke, VA landlord-friendly?
Roanoke, VA operates under VA law, which is landlord-friendly overall for landlords. Expect measured treatment in typical lease and eviction cases.
What type of investing works in Roanoke, VA?
Roanoke, VA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($170K prices, $1,124/mo rents) make it a reasonable choice.
Is house hacking profitable in Roanoke, VA?
The house hack math a challenging in Roanoke, VA. Owner-occupant buyers benefit from the $1,124/mo rents and $170K home values.
What is the median home value in Roanoke, VA?
The median home value in Roanoke, VA is roughly $170K. That puts it reasonable relative to the VA statewide average.
You know 24016 now. You don’t know where it ranks.
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How 24016 ranks in Roanoke, VA
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