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Isle of Wight County/Rescue/23424

23424

ZIPFMR
Isle of Wight County, VA
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$1,470$1,620
1 BR$1,488$1,570
2 BR$1,667$1,830
3 BR$2,298$2,230
4 BR$2,710$2,800
5 BR$3,116Not available
6 BR$3,584Not available
7 BR$4,122Not available
8 BR$4,740Not available

Purchase Price Calculator

Maximum purchase price
$210,021

Cost breakdown

+Likely effective rent$1,830
HUD FMR$1,667
Market rent$1,980
Est. payment standard (110%)Used$1,830
-Principal and interest-$1,062
Loan amount$168,017
Down payment$42,004
Rate6.50%
Term30 years
-Operating costs-$568
Property taxes-$210
Insurance-$175
Utilities$0
HOA$0
Management-$183
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,368(69.9% ROI)
Projected value
$226,169
Return breakdown
Property appreciation+$16,149
Loan principal paid down+$6,020
Rental cash flow+$7,200
5-year hold
+$50,333(119.8% ROI)
Projected value
$237,619
Return breakdown
Property appreciation+$27,598
Loan principal paid down+$10,735
Rental cash flow+$12,000
10-year hold
+$108,402(258.1% ROI)
Projected value
$268,844
Return breakdown
Property appreciation+$58,824
Loan principal paid down+$25,579
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.75
1 BR
0.92
2 BR
0.84
3 BR
1.03
4 BR
0.95
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 23424 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 23424 (Rescue, VA) is $1,667 a month. That is down 2.7% from $1,713 in FY 2026. Rescue 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. The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23424 is 32% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23424
BedroomsFY 2027Change90–110% range
Studio$1,470−1.5%$1,323–$1,617
1BR$1,488−1.6%$1,339–$1,637
2BR$1,667−2.7%$1,500–$1,834
3BR$2,298−3.3%$2,068–$2,528
4BR$2,710−3.1%$2,439–$2,981

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23424
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,470$1,488$1,667$2,298$2,710
FY 2026$1,492$1,512$1,713$2,376$2,797
FY 2025$1,475$1,483$1,696$2,361$2,809
FY 2024$1,279$1,287$1,493$2,079$2,532
FY 2023$1,116$1,137$1,329$1,857$2,264

Questions about ZIP 23424 rents

How much will Section 8 pay for a two-bedroom in ZIP 23424?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,667, that basic range is $1,500 to $1,834 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 23424 in?

ZIP 23424 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 23424 for FY 2027?

The two-bedroom FMR fell 2.7%, from $1,713 in FY 2026 to $1,667 in FY 2027. Since FY 2023 it has risen 25.4%.

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 Fair Market Rents. 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 rentRescue, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources