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Suffolk City/Windsor/23487

23487

ZIPSAFMR
Suffolk City, VA
Zillow

ZIP Investment Score

96Above average

095130300
BRFMR
Eff. Rent
0 BR$1,260$1,260
1 BR$1,280$1,280
2 BR$1,430$1,430
3 BR$1,970$1,970
4 BR$2,320$2,320
5 BR$2,668Not available
6 BR$3,068Not available
7 BR$3,528Not available
8 BR$4,058Not available

Purchase Price Calculator

Maximum purchase price
$150,581

Cost breakdown

+Likely effective rent$1,430
HUD FMRUsed$1,430
Market rentN/A
Est. payment standardN/A
-Principal and interest-$761
Loan amount$120,465
Down payment$30,116
Rate6.50%
Term30 years
-Operating costs-$469
Property taxes-$151
Insurance-$175
Utilities$0
HOA$0
Management-$143
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$23,094(76.7% ROI)
Projected value
$162,159
Return breakdown
Property appreciation+$11,578
Loan principal paid down+$4,316
Rental cash flow+$7,200
5-year hold
+$39,484(131.1% ROI)
Projected value
$170,368
Return breakdown
Property appreciation+$19,788
Loan principal paid down+$7,697
Rental cash flow+$12,000
10-year hold
+$84,515(280.6% ROI)
Projected value
$192,756
Return breakdown
Property appreciation+$42,175
Loan principal paid down+$18,339
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 23487 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23487 (Windsor, VA) is $1,430 a month. That is up 2.1% from $1,400 in FY 2026. Windsor 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, 23487 has the 9th-highest two-bedroom rent (county range $1,290–$2,050). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23487 is 13% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23487
BedroomsFY 2027Change90–110% range
Studio$1,260+3.3%$1,134–$1,386
1BR$1,280+3.2%$1,152–$1,408
2BR$1,430+2.1%$1,287–$1,573
3BR$1,970+1.5%$1,773–$2,167
4BR$2,320+1.3%$2,088–$2,552

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23487
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,260$1,280$1,430$1,970$2,320
FY 2026$1,220$1,240$1,400$1,940$2,290
FY 2025$1,200$1,210$1,380$1,920$2,290
FY 2024$1,010$1,030$1,200$1,680$2,040
FY 2023$900$920$1,080$1,510$1,840

Two-bedroom rent in nearby Suffolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23487
23321$1,700+18.9%
23430$1,420−0.7%
23432$1,660+16.1%
23433$1,980+38.5%
23434$1,540+7.7%
23435$2,050+43.4%
23436$2,020+41.3%
23437$1,290−9.8%
23438$1,800+25.9%
23439$1,720+20.3%
23487Current$1,430—

Questions about ZIP 23487 rents

How much will Section 8 pay for a two-bedroom in ZIP 23487?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,430, that basic range is $1,287 to $1,573 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 23487 in?

ZIP 23487 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 23487 for FY 2027?

The two-bedroom FMR rose 2.1%, from $1,400 in FY 2026 to $1,430 in FY 2027. Since FY 2023 it has risen 32.4%.

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