Real Estate Investing in Fancy Gap, Virginia (24328)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 24328 (Fancy Gap, 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: 44.8% of homes vacant — above national norms.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Fancy Gap, VA (24328)?
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Market Analysis: 24328 Fancy Gap
ZIP 24328 in Fancy Gap, VA carries a notable set of headwinds. Home values near $239K and rents of $891/mo sit inside a market where underwriting has to be tight.
Rent of $891/mo on a $239K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 24328 sits below the stated 0.0% once reality is priced in.
Within VA, ZIP 24328 trails on several market indicators that neighboring Carroll County submarkets outperform. The gap is real and sturdy enough to shape underwriting.
A durable renter share of 5% in 24328 is not, on its own, a problem — but paired with below-average income and high mobility, it changes the operating playbook.
Distressed ZIPs reward experience. healthy returns are possible in 24328, but they flow to investors who already understand how to operate in soft markets.
Here's what matters if you're considering buying a home in Fancy Gap:
Market Trends
Home Value History (with trend line)
📊 How Does 24328 Compare?
| Metric | 24328 | Fancy Gap | Virginia |
|---|---|---|---|
| Home Value | $239,306 | $239,306 | $403,170 |
| 5-Year CAGR | 5.7% | 5.7% | 6.4% |
| Avg Rent | $891 | $891 | - |
| Cap Rate | 2.9% | 2.9% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 24328 (Fancy Gap, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $239,306 |
| Monthly Rent | $891 |
| Price-to-Rent | 22.4:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 4.5% |
| Cap Rate | 2.9% |
| 5-Year IRR | 8.7% |
📈 Home Appreciation
| 1-Year | +7.7% ▲ |
| 3-Year CAGR | +3.5% ▲ |
| 5-Year CAGR | +5.7% ▲ |
| 10-Year CAGR | +5.9% ▲ |
🏠 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 (2.9%). 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 24328
Population: 1,724
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 24328
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.
Frequently Asked Questions
What is the typical home price in Fancy Gap, VA?
Homes in Fancy Gap, VA typically sell near $239K. Prices have moved at a 0.0% 5-year CAGR, which consistent long-term demand.
Which investment style suits Fancy Gap, VA?
A careful cash-flow rentals with hands-on management strategy Fancy Gap, VA best. The market produces predictable results for that approach at the $239K price point.
Is real estate in Fancy Gap, VA a good investment right now?
Fancy Gap, VA rates 3.0/5 for investability. With median values at $239K and rents near $891/mo, the market offers reasonable fundamentals for rental investors.
How landlord-friendly is Fancy Gap, VA?
The landlord environment in Fancy Gap, VA is landlord-friendly. Statewide rules shape most day-to-day operations for rental owners.
Are renters plentiful in Fancy Gap, VA?
Working renters make up the core of the Fancy Gap, VA tenant base. The pool is reasonable for investors targeting long-term holds.
You know 24328 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 24328 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.
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