Real Estate Investing in Covington, Virginia (24426)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 24426 (Covington, 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: 19.6% 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 Covington, VA (24426)?
Click any question — our AI will research it live from the web and show you sources.
Market Analysis: 24426 Covington
Investors eyeing 24426 need to respect the fundamentals at play. Home values of $169K come alongside slower price movement and elevated management overhead.
Distressed does not mean uninvestable. It means the margin for error is thinner. ZIP 24426 rewards the prepared, punishes the overconfident, and leaves the math unchanged either way.
Regionally, 24426 sits on the difficult end of the VA spectrum. The a strong candidate for read — for disciplined operators — is that pricing reflects the difficulty.
The demographic picture in 24426 includes headwinds that any investor should price in. Income distribution skews lower than Covington averages, and tenant stability requires active management.
The right play in 24426 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 Covington:
Property Strategy for 24426
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 1BR | $76,223 | $860 | 8.1% | +9.5% | $76,223 |
| 2BR | $97,910 | $1,030 | 7.6% | +10.6% | $48,955 |
| 3BR | $172,966 | $1,440 | 6.0% | +8.4% | $57,655 |
| 4BR | $220,171 | $1,700 | 5.6% | +9.1% | $55,043 |
| 5BR | $248,548 | — | — | +9.4% | $49,710 |
Market Trends
Home Value History (with trend line)
📊 How Does 24426 Compare?
| Metric | 24426 | Covington | Virginia |
|---|---|---|---|
| Home Value | $169,078 | $142,394 | $403,170 |
| 5-Year CAGR | 8.0% | 7.3% | 6.4% |
| Avg Rent | $927 | $858 | - |
| Cap Rate | 4.3% | 4.8% | - |
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 24426 (Covington, VA). Anonymous, moderated, never written by AI.
Do you own or manage rentals in ZIP 24426 (Covington, VA)?
~25 seconds · no account needed · your report is anonymous
📊 Market Snapshot
| Home Value | $169,078 |
| Monthly Rent | $927 |
| Price-to-Rent | 15.2:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 6.6% |
| Cap Rate | 4.3% |
| 5-Year IRR | 12.2% |
📈 Home Appreciation
| 1-Year | +12.5% ▲ |
| 3-Year CAGR | +8.9% ▲ |
| 5-Year CAGR | +8.0% ▲ |
| 10-Year CAGR | +6.9% ▲ |
🏠 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 (4.3%). 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 24426
Population: 13,611
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 24426
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
What is the typical renter like in Covington, VA?
Covington, VA offers a reliable renter base at the $927/mo rent level. Tenant turnover is reasonable for well-managed properties.
What kind of market is Covington, VA for investors?
Our data puts Covington, VA at 3.0/5 for investability. Home prices of $169K and rents around $927/mo create a solid backdrop for investor activity.
What price range are homes in Covington, VA?
The median home value in Covington, VA is roughly $169K. That puts it reasonable relative to the VA statewide average.
Is Covington, VA suited for a house hack?
For house hackers, Covington, VA is a challenging. The $927/mo rent on a unit helps defray the mortgage on a $169K property.
How do landlord-tenant laws work in Covington, VA?
VA ranks as a landlord-friendly state for landlord-tenant law. Covington generally follows the statewide framework, so landlords face reasonable operating rules.
You know 24426 now. You don’t know where it ranks.
This page stays free — all of it. What one page can’t tell you is how 24426 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.
AI Market Advisor
Ask questions about investing in 24426 (Covington)
Community Ratings
What people who’ve spent time here actually say. Not paid reviews.
Be the first to rate 24426 (Covington, VA).
It takes 30 seconds. No signup. Your rating helps everyone who comes here after you.