Real Estate Investing in Covington, Virginia (24457)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 24457 (Covington, VA)? Our answer, based on the numbers below.
Solid choice — values are growing steadily and the market is stable enough to buy with confidence.
Rare combination of both appreciation and cash flow. These markets don't last long — worth serious consideration.
- High vacancy: 39.8% of homes vacant — above national norms.
- Elevated poverty: 23.4% poverty rate — can affect rent collection.
• Limited market data — this is a very small market; averages are built from few observations and can swing widely. • Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Covington, VA (24457)?
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Market Analysis: 24457 Covington
Investors eyeing 24457 need to respect the fundamentals at play. Home values of $134K come alongside slower price movement and elevated management overhead.
Rent of $819/mo on a $134K basis reads well until vacancy, delinquency, and capex enter the model. The honest cap rate in 24457 sits below the stated 0.0% once reality is priced in.
Statewide comparisons place 24457 among VA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
Demographically, 24457 is a market where tenant selection matters more than unit finishes. Operators who understand that tend to do fine; those who do not tend to learn why the ZIP trades at a discount.
Strategically, 24457 can be a high-return sleeve of a diversified portfolio — but it should not be the whole portfolio, and it should not be someone's first deal.
Here's what matters if you're considering buying a home in Covington:
Market Trends
Home Value History (with trend line)
📊 How Does 24457 Compare?
| Metric | 24457 | Covington | Virginia |
|---|---|---|---|
| Home Value | $134,253 | $142,394 | $403,170 |
| 5-Year CAGR | 8.8% | 7.3% | 6.4% |
| Avg Rent | $819 | $858 | - |
| Cap Rate | 4.8% | 4.8% | - |
Similar ZIPs Within 25 Miles
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Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 24457 (Covington, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $134,253 |
| Monthly Rent | $819 |
| Price-to-Rent | 13.7:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 7.3% |
| Cap Rate | 4.8% |
| 5-Year IRR | 13.5% |
📈 Home Appreciation
| 1-Year | +24.3% ▲ |
| 3-Year CAGR | +13.7% ▲ |
| 5-Year CAGR | +8.8% ▲ |
| 10-Year CAGR | +6.3% ▲ |
🏠 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 (4.8%). 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 24457
Population: 390
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
🎓 Nearby Colleges & Universities
Frequently Asked Questions
What is the median home value in Covington, VA?
Covington, VA home values average about $134K. That price point suits investors targeting rentals with $819/mo in monthly income.
What is the renter demographic in Covington, VA?
The renter base in Covington, VA is reasonable for the $819/mo price point. Screening well and pricing to market typically yields reliable tenants.
What investment strategy works best in Covington, VA?
Investors usually favor careful cash-flow rentals with hands-on management in Covington, VA. With home values at $134K and rents near $819/mo, other strategies can work but produce measured rather than outsized returns.
Is Covington, VA good for house hacking?
Covington, VA is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $134K price point reasonable to enter.
Is Covington, VA a good market for buy-and-hold investors?
Covington, VA scores 3.0/5 for investability. Home values sit at $134K and rents near $819/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
You know 24457 now. You don’t know where it ranks.
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