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Suffolk City/Suffolk/23435

23435

ZIPSAFMR
Suffolk City, VA
Zillow

ZIP Investment Score

115Above average

095130300
BRFMR
Eff. Rent
0 BR$1,810$1,730
1 BR$1,830$1,500
2 BR$2,050$2,040
3 BR$2,830$2,390
4 BR$3,330$2,710
5 BR$3,829Not available
6 BR$4,404Not available
7 BR$5,065Not available
8 BR$5,824Not available

Purchase Price Calculator

Maximum purchase price
$241,227

Cost breakdown

+Likely effective rent$2,040
HUD FMR$2,050
Market rentUsed$2,040
Est. payment standard (100%)$2,040
-Principal and interest-$1,220
Loan amount$192,981
Down payment$48,245
Rate6.50%
Term30 years
-Operating costs-$620
Property taxes-$241
Insurance-$175
Utilities$0
HOA$0
Management-$204
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,662(67.7% ROI)
Projected value
$259,775
Return breakdown
Property appreciation+$18,548
Loan principal paid down+$6,914
Rental cash flow+$7,200
5-year hold
+$56,029(116.1% ROI)
Projected value
$272,926
Return breakdown
Property appreciation+$31,699
Loan principal paid down+$12,330
Rental cash flow+$12,000
10-year hold
+$120,943(250.7% ROI)
Projected value
$308,791
Return breakdown
Property appreciation+$67,564
Loan principal paid down+$29,379
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.05
1 BR
1.22
2 BR
1.00
3 BR
1.18
4 BR
1.23
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23435 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23435 (Suffolk, VA) is $2,050 a month. That is down 5.5% from $2,170 in FY 2026. Suffolk 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 11 ZIP codes in Suffolk City, 23435 has the highest two-bedroom rent (county range $1,290–$2,050). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23435 is 62% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23435
BedroomsFY 2027Change90–110% range
Studio$1,810−4.2%$1,629–$1,991
1BR$1,830−4.7%$1,647–$2,013
2BR$2,050−5.5%$1,845–$2,255
3BR$2,830−6.0%$2,547–$3,113
4BR$3,330−5.9%$2,997–$3,663

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23435
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,810$1,830$2,050$2,830$3,330
FY 2026$1,890$1,920$2,170$3,010$3,540
FY 2025$1,900$1,910$2,180$3,030$3,610
FY 2024$1,630$1,640$1,900$2,650$3,220
FY 2023$1,400$1,430$1,670$2,330$2,840

Two-bedroom rent in nearby Suffolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23435
23321$1,700−17.1%
23430$1,420−30.7%
23432$1,660−19.0%
23433$1,980−3.4%
23434$1,540−24.9%
23435Current$2,050—
23436$2,020−1.5%
23437$1,290−37.1%
23438$1,800−12.2%
23439$1,720−16.1%
23487$1,430−30.2%

Questions about ZIP 23435 rents

How much will Section 8 pay for a two-bedroom in ZIP 23435?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,050, that basic range is $1,845 to $2,255 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 23435 in?

ZIP 23435 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 23435 for FY 2027?

The two-bedroom FMR fell 5.5%, from $2,170 in FY 2026 to $2,050 in FY 2027. Since FY 2023 it has risen 22.8%.

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