Real Estate Investing in Covington, Virginia (24474)
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Should you buy in 24474 (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.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
- High vacancy: 22.9% of homes vacant — above national norms.
- Elevated poverty: 24.8% 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 (24474)?
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Market Analysis: 24474 Covington
The 24474 ZIP in Covington, VA is a local-operator market. Outside capital chasing a $124K entry has to pair deep knowledge with the discount.
From a cash-flow lens, the numbers look inviting — $124K purchase price, 0.0% nominal cap — the work to hit that pro forma in 24474 is substantial and deserves full respect.
Statewide comparisons place 24474 among VA's softer markets. That context does not make the ZIP uninvestable, but it does raise the bar for due diligence.
The 24474 ZIP's population of 333 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 24474 is an operator game, not a passive one. Put differently, entry prices of $124K are inviting, the management lift is real and non-optional.
Here's what matters if you're considering buying a home in Covington:
Market Trends
Home Value History (with trend line)
📊 How Does 24474 Compare?
| Metric | 24474 | Covington | Virginia |
|---|---|---|---|
| Home Value | $123,852 | $142,394 | $403,170 |
| 5-Year CAGR | 5.1% | 7.3% | 6.4% |
| Avg Rent | $828 | $858 | - |
| Cap Rate | 5.2% | 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 24474 (Covington, VA). Anonymous, moderated, never written by AI.
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📊 Market Snapshot
| Home Value | $123,852 |
| Monthly Rent | $828 |
| Price-to-Rent | 12.5:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 8.0% |
| Cap Rate | 5.2% |
| 5-Year IRR | 10.3% |
📈 Home Appreciation
| 1-Year | +16.0% ▲ |
| 3-Year CAGR | +8.0% ▲ |
| 5-Year CAGR | +5.1% ▲ |
| 10-Year CAGR | +5.5% ▲ |
🏠 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 (5.2%). 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 24474
Population: 333
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
Are eviction rules reasonable in Covington, VA?
Covington, VA falls under VA landlord-tenant law, which is landlord-friendly. That backdrop makes day-to-day property management reasonable.
How deep is the rental pool in Covington, VA?
Expect a solid tenant pool in Covington, VA. The rental market absorbs $828/mo rents without meaningful friction.
Does Covington, VA make sense for an investment property?
With a 3.0/5 investability score, Covington, VA ranks as a solid market for rental property investors. Median prices of $124K and rents of $828/mo drive the underlying numbers.
Does house hacking make sense in Covington, VA?
House hacking works a challenging in Covington, VA. Rents of $828/mo against $124K acquisition make the strategy solid for owner-occupants.
Is housing expensive in Covington, VA?
Covington, VA median home values land near $124K. That is reasonable territory for investors looking at $828/mo-per-month rentals.
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