Real Estate Investing in Patrick Springs, Virginia (24133)
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Should you buy in 24133 (Patrick Springs, 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: 11.4% vacancy may signal weakening demand.
- Lower household income: $39,375 median — tenant affordability is tighter.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Patrick Springs, VA (24133)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 24133 Patrick Springs
This part of Patrick County is not an easy win. The 24133 ZIP posts softness in key indicators, and the playbook that works in cleaner markets often stalls here.
The investment case in 24133 is healthy only for operators who understand what they are buying. A $172K median suggests accessibility, but management intensity, vacancy drift, and capex surprises are real.
Nearby ZIPs in Patrick Springs have seen price recovery that 24133 has not matched. Patrick County data supports the view that the spread is structural rather than temporary.
The demographic picture in 24133 includes headwinds that any investor should price in. Income distribution skews lower than Patrick Springs averages, and tenant stability requires active management.
The right play in 24133 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 Patrick Springs:
Market Trends
Home Value History (with trend line)
📊 How Does 24133 Compare?
| Metric | 24133 | Patrick Springs | Virginia |
|---|---|---|---|
| Home Value | $171,520 | $171,520 | $403,170 |
| 5-Year CAGR | 3.0% | 3.0% | 6.4% |
| Avg Rent | $819 | $819 | - |
| Cap Rate | 3.7% | 3.7% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 24133 (Patrick Springs, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $171,520 |
| Monthly Rent | $819 |
| Price-to-Rent | 17.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.7% |
| Cap Rate | 3.7% |
| 5-Year IRR | 6.8% |
📈 Home Appreciation
| 1-Year | +4.9% ▲ |
| 3-Year CAGR | +0.6% ▲ |
| 5-Year CAGR | +3.0% ▲ |
| 10-Year CAGR | +4.1% ▲ |
🏠 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 (3.7%). 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 24133
Population: 2,521
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 24133
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 viable is house hacking in Patrick Springs, VA?
House hacking in Patrick Springs, VA is a challenging. With home values around $172K and rents at $819/mo, owner-occupants can offset a meaningful share of PITI.
Is Patrick Springs, VA a good place for real estate investing?
Yes - Patrick Springs, VA a 3.0/5 investability score. With $172K home prices against $819/mo monthly rent, the market delivers a reasonable entry point for new investors.
What is the typical home price in Patrick Springs, VA?
In Patrick Springs, VA the median home value sits at $172K. Against the broader VA market, that reads as reasonable for most investors.
How do landlord-tenant laws work in Patrick Springs, VA?
VA law landlord-friendly for landlords, and Patrick Springs inherits those rules. Investors should still review local ordinances for rental licensing.
How much is rent in Patrick Springs, VA?
Rents in Patrick Springs, VA run near $819/mo. Compared with median home prices of $172K that produces solid gross yields for typical rentals.
You know 24133 now. You don’t know where it ranks.
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