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Gloucester County/North/23128

23128

ZIPSAFMR
Gloucester County, VA
Zillow

ZIP Investment Score

80Below average

095130300
BRFMR
Eff. Rent
0 BR$1,160$1,160
1 BR$1,180$1,180
2 BR$1,320$1,320
3 BR$1,820$1,820
4 BR$2,140$2,140
5 BR$2,461Not available
6 BR$2,830Not available
7 BR$3,255Not available
8 BR$3,743Not available

Purchase Price Calculator

Maximum purchase price
$134,235

Cost breakdown

+Likely effective rent$1,320
HUD FMRUsed$1,320
Market rentN/A
Est. payment standardN/A
-Principal and interest-$679
Loan amount$107,388
Down payment$26,847
Rate6.50%
Term30 years
-Operating costs-$441
Property taxes-$134
Insurance-$175
Utilities$0
HOA$0
Management-$132
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,369(79.6% ROI)
Projected value
$144,556
Return breakdown
Property appreciation+$10,321
Loan principal paid down+$3,847
Rental cash flow+$7,200
5-year hold
+$36,501(136.0% ROI)
Projected value
$151,875
Return breakdown
Property appreciation+$17,640
Loan principal paid down+$6,861
Rental cash flow+$12,000
10-year hold
+$77,946(290.3% ROI)
Projected value
$171,832
Return breakdown
Property appreciation+$37,597
Loan principal paid down+$16,349
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 23128 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23128 (North, VA) is $1,320 a month. That is down 6.4% from $1,410 in FY 2026. North 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 16 ZIP codes in Gloucester County, 23128 is tied for the 3rd-highest two-bedroom rent (county range $1,170–$1,490). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23128 is 5% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23128
BedroomsFY 2027Change90–110% range
Studio$1,160−5.7%$1,044–$1,276
1BR$1,180−4.8%$1,062–$1,298
2BR$1,320−6.4%$1,188–$1,452
3BR$1,820−6.7%$1,638–$2,002
4BR$2,140−7.0%$1,926–$2,354

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23128
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,160$1,180$1,320$1,820$2,140
FY 2026$1,230$1,240$1,410$1,950$2,300
FY 2025$1,200$1,210$1,380$1,920$2,290
FY 2024$1,050$1,050$1,220$1,700$2,080
FY 2023$1,050$1,070$1,250$1,750$2,130

Two-bedroom rent in nearby Gloucester County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23128
23061$1,420+7.6%
23062$1,170−11.4%
23072$1,260−4.5%
23128Current$1,320—
23131$1,310−0.8%
23149$1,490+12.9%
23154$1,310−0.8%
23155$1,310−0.8%
23178$1,310−0.8%
23183$1,310−0.8%
23184$1,310−0.8%
23190$1,310−0.8%

Questions about ZIP 23128 rents

How much will Section 8 pay for a two-bedroom in ZIP 23128?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,320, that basic range is $1,188 to $1,452 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 23128 in?

ZIP 23128 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 23128 for FY 2027?

The two-bedroom FMR fell 6.4%, from $1,410 in FY 2026 to $1,320 in FY 2027. Since FY 2023 it has risen 5.6%.

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 rentNorth, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources