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Norfolk City/Norfolk/23504

23504

ZIPSAFMR
Norfolk City, VA
Zillow

ZIP Investment Score

149High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,240$1,320
1 BR$1,260$1,390
2 BR$1,410$1,520
3 BR$1,940$2,040
4 BR$2,290$2,410
5 BR$2,634Not available
6 BR$3,029Not available
7 BR$3,483Not available
8 BR$4,005Not available

Purchase Price Calculator

Maximum purchase price
$163,955

Cost breakdown

+Likely effective rent$1,520
HUD FMR$1,410
Market rent$1,580
Est. payment standard (108%)Used$1,520
-Principal and interest-$829
Loan amount$131,164
Down payment$32,791
Rate6.50%
Term30 years
-Operating costs-$491
Property taxes-$164
Insurance-$175
Utilities$0
HOA$0
Management-$152
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,506(74.7% ROI)
Projected value
$176,561
Return breakdown
Property appreciation+$12,607
Loan principal paid down+$4,699
Rental cash flow+$7,200
5-year hold
+$41,925(127.9% ROI)
Projected value
$185,500
Return breakdown
Property appreciation+$21,545
Loan principal paid down+$8,380
Rental cash flow+$12,000
10-year hold
+$89,889(274.1% ROI)
Projected value
$209,876
Return breakdown
Property appreciation+$45,921
Loan principal paid down+$19,968
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.91
1 BR
0.86
2 BR
0.89
3 BR
0.93
4 BR
0.93
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23504 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23504 (Norfolk, VA) is $1,410 a month. That is down 2.8% from $1,450 in FY 2026. Norfolk 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 20 ZIP codes in Norfolk City, 23504 has the 19th-highest two-bedroom rent (county range $1,400–$2,360). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23504 is 12% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23504
BedroomsFY 2027Change90–110% range
Studio$1,240−1.6%$1,116–$1,364
1BR$1,260−1.6%$1,134–$1,386
2BR$1,410−2.8%$1,269–$1,551
3BR$1,940−3.5%$1,746–$2,134
4BR$2,290−3.4%$2,061–$2,519

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23504
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,240$1,260$1,410$1,940$2,290
FY 2026$1,260$1,280$1,450$2,010$2,370
FY 2025$1,220$1,220$1,400$1,950$2,320
FY 2024$1,040$1,050$1,220$1,700$2,070
FY 2023$920$930$1,090$1,520$1,860

Two-bedroom rent in nearby Norfolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23504
23501$1,510+7.1%
23502$1,550+9.9%
23503$1,530+8.5%
23504Current$1,410—
23505$1,600+13.5%
23507$1,660+17.7%
23508$1,640+16.3%
23509$1,560+10.6%
23510$1,870+32.6%
23511$2,360+67.4%
23513$1,530+8.5%
23514$1,510+7.1%

Questions about ZIP 23504 rents

How much will Section 8 pay for a two-bedroom in ZIP 23504?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,410, that basic range is $1,269 to $1,551 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 23504 in?

ZIP 23504 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 23504 for FY 2027?

The two-bedroom FMR fell 2.8%, from $1,450 in FY 2026 to $1,410 in FY 2027. Since FY 2023 it has risen 29.4%.

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