23127

ZIPSAFMR

James City, VA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,520	$1,290	4.6%
1 BR	$1,530	$1,430	4.5%
2 BR	$1,720	$1,800	3.5%
3 BR	$2,370	$2,290	3.1%
4 BR	$2,800	$2,670	2.1%
5 BR	$3,220	Not available	2.1%
6 BR	$3,703	Not available	2.1%
7 BR	$4,258	Not available	2.1%
8 BR	$4,897	Not available	2.1%

Purchase Price Calculator

Maximum purchase price

$205,563

Cost breakdown

+Likely effective rent$1,800

HUD FMR$1,720

Market rent$1,840

Est. payment standard (105%)Used$1,800

-Principal and interest-$1,039

Loan amount$164,450

Down payment$41,113

Rate6.50%

Term30 years

-Operating costs-$561

Property taxes-$206

Insurance-$175

Utilities$0

HOA$0

Management-$180

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$28,898(70.3% ROI)

Projected value

$221,369

Return breakdown

Property appreciation+$15,806

Loan principal paid down+$5,892

Rental cash flow+$7,200

5-year hold

+$49,519(120.4% ROI)

Projected value

$232,575

Return breakdown

Property appreciation+$27,013

Loan principal paid down+$10,507

Rental cash flow+$12,000

10-year hold

+$106,611(259.3% ROI)

Projected value

$263,138

Return breakdown

Property appreciation+$57,575

Loan principal paid down+$25,036

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.18ratio

FMR$1,520

Market$1,290

vs market+$230

FMR is above market; underwrite to market rent.

1.18

1 BR

1.07ratio

FMR$1,530

Market$1,430

vs market+$100

FMR is near market; voucher and private rents are aligned.

1.07

2 BR

0.93ratio

FMR$1,720

Market$1,840

vs market-$120

FMR is near market; voucher and private rents are aligned.

0.93

3 BR

1.03ratio

FMR$2,370

Market$2,290

vs market+$80

FMR is near market; voucher and private rents are aligned.

1.03

4 BR

1.05ratio

FMR$2,800

Market$2,670

vs market+$130

FMR is near market; voucher and private rents are aligned.

1.05

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 23127 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23127 (Norge, VA) is $1,720 a month. That is down 1.7% from $1,750 in FY 2026. Norge is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 6 ZIP codes in James City, 23127 is tied for the 3rd-highest two-bedroom rent (county range $1,690–$1,770). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23127 is 36% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23127
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,520	$1,520	0.0%	$1,368–$1,672
1BR	$1,550	$1,530	−1.3%	$1,377–$1,683
2BR	$1,750	$1,720	−1.7%	$1,548–$1,892
3BR	$2,430	$2,370	−2.5%	$2,133–$2,607
4BR	$2,860	$2,800	−2.1%	$2,520–$3,080

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23127
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,520	$1,530	$1,720	$2,370	$2,800
FY 2026	$1,520	$1,550	$1,750	$2,430	$2,860
FY 2025	$1,500	$1,510	$1,730	$2,410	$2,870
FY 2024	$1,330	$1,340	$1,550	$2,160	$2,630
FY 2023	$1,180	$1,200	$1,400	$1,960	$2,380

Two-bedroom rent in nearby James City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23127
23081	$1,720	0.0%
23089	$1,690	−1.7%
23127Current	$1,720	—
23168	$1,700	−1.2%
23185	$1,740	+1.2%
23188	$1,770	+2.9%

Questions about ZIP 23127 rents

How much will Section 8 pay for a two-bedroom in ZIP 23127?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,720, that basic range is $1,548 to $1,892 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 23127 in?

ZIP 23127 is in the Virginia Beach-Norfolk-Newport News, VA-NC HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 23127 for FY 2027?

The two-bedroom FMR fell 1.7%, from $1,750 in FY 2026 to $1,720 in FY 2027. Since FY 2023 it has risen 22.9%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rent Norge, VA fair market rent VA statewide rents What is SAFMR?Data sources