Real Estate Investing in Ferrum, Virginia (24088)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 24088 (Ferrum, 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: 15.2% of homes vacant — above national norms.
- Elevated poverty: 23.1% poverty rate — can affect rent collection.
- High price-to-rent: Price-to-rent ratio 26.4 — hard to cash-flow at these prices.
- Lower household income: $34,188 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 Ferrum, VA (24088)?
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Market Analysis: 24088 Ferrum
This part of Franklin County is not an easy win. The 24088 ZIP shows softness in key indicators, and the playbook that works in cleaner markets often stalls here.
Put differently, the numbers look inviting — $260K purchase price, 0.0% nominal cap — the work to hit that pro forma in 24088 is substantial and deserves full respect.
Statewide comparisons place 24088 among VA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 24088 ZIP's population of 4,999 has faced economic pressure over the last decade. That pressure shows up in rent delinquency patterns that clocks in at the need for careful underwriting.
Strategy in 24088 is an operator game, not a passive one. Meanwhile, entry prices of $260K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Ferrum:
Property Strategy for 24088
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 2BR | $181,424 | $910 | 3.6% | +7.6% | $90,712 |
| 3BR | $265,340 | $1,280 | 3.5% | +8.8% | $88,447 |
| 4BR | $330,331 | $1,540 | 3.4% | +7.6% | $82,583 |
Market Trends
Home Value History (with trend line)
📊 How Does 24088 Compare?
| Metric | 24088 | Ferrum | Roanoke, VA | Virginia |
|---|---|---|---|---|
| Home Value | $259,594 | $259,594 | N/A | $403,170 |
| 5-Year CAGR | 6.5% | 6.5% | N/A | 6.4% |
| Avg Rent | $819 | $819 | N/A | - |
| Cap Rate | 2.5% | 2.5% | - | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 24088 (Ferrum, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $259,594 |
| Monthly Rent | $819 |
| Price-to-Rent | 26.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 3.8% |
| Cap Rate | 2.5% |
| 5-Year IRR | 9.0% |
📈 Home Appreciation
| 1-Year | +6.1% ▲ |
| 3-Year CAGR | +6.8% ▲ |
| 5-Year CAGR | +6.5% ▲ |
| 10-Year CAGR | +7.3% ▲ |
🏠 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 (2.5%). 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 24088
Population: 4,999
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 24088
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 does Ferrum, VA rate as a rental market?
Ferrum, VA rates 3.0/5 for investability. With median values at $260K and rents near $819/mo, the market offers reasonable fundamentals for rental investors.
Is VA a landlord-friendly state?
The landlord environment in Ferrum, VA is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
What monthly rent should investors expect in Ferrum, VA?
Average rent in Ferrum, VA is approximately $819/mo per month. Against $260K home values that yields a reasonable rent-to-price ratio.
What is the best play in Ferrum, VA?
Ferrum, VA investors pursuing careful cash-flow rentals with hands-on management. The underlying economics ($260K prices, $819/mo rents) make it a reasonable choice.
What is the rental occupancy rate in Ferrum, VA?
Occupancy in Ferrum, VA runs steady with elevated vacancy. Well-priced units at $819/mo lease on reasonable timelines.
You know 24088 now. You don’t know where it ranks.
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How 24088 ranks in Roanoke, VA
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