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Norfolk City/Norfolk/23513

23513

ZIPSAFMR
Norfolk City, VA
Zillow

ZIP Investment Score

140High yield potential

095130300
BRFMR
Eff. Rent
0 BR$1,350$990
1 BR$1,370$1,080
2 BR$1,530$1,500
3 BR$2,110$2,010
4 BR$2,490$2,550
5 BR$2,864Not available
6 BR$3,293Not available
7 BR$3,787Not available
8 BR$4,355Not available

Purchase Price Calculator

Maximum purchase price
$160,983

Cost breakdown

+Likely effective rent$1,500
HUD FMR$1,530
Market rentUsed$1,500
Est. payment standard (99%)$1,510
-Principal and interest-$814
Loan amount$128,786
Down payment$32,197
Rate6.50%
Term30 years
-Operating costs-$486
Property taxes-$161
Insurance-$175
Utilities$0
HOA$0
Management-$150
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,192(75.1% ROI)
Projected value
$173,361
Return breakdown
Property appreciation+$12,378
Loan principal paid down+$4,614
Rental cash flow+$7,200
5-year hold
+$41,383(128.5% ROI)
Projected value
$182,137
Return breakdown
Property appreciation+$21,154
Loan principal paid down+$8,228
Rental cash flow+$12,000
10-year hold
+$88,695(275.5% ROI)
Projected value
$206,072
Return breakdown
Property appreciation+$45,089
Loan principal paid down+$19,606
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.36
1 BR
1.27
2 BR
1.02
3 BR
1.05
4 BR
0.97
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 23513 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23513 (Norfolk, VA) is $1,530 a month. That is down 3.8% from $1,590 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, 23513 is tied for the 12th-highest two-bedroom rent (county range $1,400–$2,360). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23513 is 21% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23513
BedroomsFY 2027Change90–110% range
Studio$1,350−2.9%$1,215–$1,485
1BR$1,370−2.1%$1,233–$1,507
2BR$1,530−3.8%$1,377–$1,683
3BR$2,110−4.5%$1,899–$2,321
4BR$2,490−4.2%$2,241–$2,739

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23513
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,350$1,370$1,530$2,110$2,490
FY 2026$1,390$1,400$1,590$2,210$2,600
FY 2025$1,340$1,350$1,540$2,140$2,550
FY 2024$1,160$1,170$1,360$1,890$2,310
FY 2023$1,020$1,040$1,220$1,700$2,080

Two-bedroom rent in nearby Norfolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23513
23504$1,410−7.8%
23505$1,600+4.6%
23507$1,660+8.5%
23508$1,640+7.2%
23509$1,560+2.0%
23510$1,870+22.2%
23511$2,360+54.2%
23513Current$1,530—
23514$1,510−1.3%
23515$1,510−1.3%
23517$1,620+5.9%
23518$1,630+6.5%

Questions about ZIP 23513 rents

How much will Section 8 pay for a two-bedroom in ZIP 23513?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,530, that basic range is $1,377 to $1,683 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 23513 in?

ZIP 23513 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 23513 for FY 2027?

The two-bedroom FMR fell 3.8%, from $1,590 in FY 2026 to $1,530 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 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