Real Estate Investing in Boones Mill, Virginia (24065)
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Should you buy in 24065 (Boones Mill, 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 30.5 — 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 Boones Mill, VA (24065)?
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Market Analysis: 24065 Boones Mill
ZIP 24065 in Boones Mill, VA carries a sturdy set of headwinds. Home values near $339K and rents of $927/mo sit inside a market where underwriting has to be tight.
The investment case in 24065 is sturdy only for operators who understand what they are buying. A $339K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Nearby ZIPs in Boones Mill have seen price recovery that 24065 has not matched. Roanoke County data supports the view that the spread is structural rather than temporary.
A significant renter share of 15% in 24065 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
The right play in 24065 usually involves deep tenant screening, aggressive delinquency response, and a conservative capex buffer. Anything less, and the discount can turn into a trap.
Here's what matters if you're considering buying a home in Boones Mill:
Property Strategy for 24065
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $203,317 | $1,030 | 3.6% | +7.1% | $101,659 |
| 3BR | $324,983 | $1,440 | 3.2% | +8.1% | $108,328 |
| 4BR | $434,206 | $1,700 | 2.8% | +7.6% | $108,551 |
Market Trends
Home Value History (with trend line)
📊 How Does 24065 Compare?
| Metric | 24065 | Boones Mill | Roanoke, VA | Virginia |
|---|---|---|---|---|
| Home Value | $338,934 | $338,934 | N/A | $403,170 |
| 5-Year CAGR | 7.0% | 7.0% | N/A | 6.4% |
| Avg Rent | $927 | $927 | N/A | - |
| Cap Rate | 2.1% | 2.1% | - | - |
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 24065 (Boones Mill, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $338,934 |
| Monthly Rent | $927 |
| Price-to-Rent | 30.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.3% |
| Cap Rate | 2.1% |
| 5-Year IRR | 9.1% |
📈 Home Appreciation
| 1-Year | +8.4% ▲ |
| 3-Year CAGR | +6.9% ▲ |
| 5-Year CAGR | +7.0% ▲ |
| 10-Year CAGR | +7.1% ▲ |
🏠 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 24065
Population: 6,497
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 24065
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 709 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
Is real estate in Boones Mill, VA a good investment right now?
Our data puts Boones Mill, VA at 3.0/5 for investability. Home prices of $339K and rents around $927/mo create a solid backdrop for investor activity.
How high is vacancy risk in Boones Mill, VA?
Vacancy in Boones Mill, VA is elevated, which keeps landlord downtime on reasonable timelines. Most properties lease within the standard window at $927/mo.
Which investment style suits Boones Mill, VA?
In Boones Mill, VA the impressive play is typically careful cash-flow rentals with hands-on management. The combination of $339K prices and $927/mo rents suits that approach.
What is the renter demographic in Boones Mill, VA?
Tenant demand in Boones Mill, VA is solid. The local workforce $927/mo rents across most rental classes.
Is Boones Mill, VA landlord-friendly?
The landlord environment in Boones Mill, VA is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
You know 24065 now. You don’t know where it ranks.
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How 24065 ranks in Roanoke, VA
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