Norfolk City/Norfolk/23517

23517

ZIPSAFMR

Norfolk City, VA

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ZIP Investment Score

98Above average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,430	$1,300	5.2%
1 BR	$1,450	$1,340	5.4%
2 BR	$1,620	$1,560	4.0%
3 BR	$2,230	$2,260	3.5%
4 BR	$2,630	$2,550	2.5%
5 BR	$3,024	Not available	2.5%
6 BR	$3,478	Not available	2.5%
7 BR	$4,000	Not available	2.5%
8 BR	$4,600	Not available	2.5%

Purchase Price Calculator

Maximum purchase price

$169,899

Cost breakdown

+Likely effective rent$1,560

HUD FMR$1,620

Market rentUsed$1,560

Est. payment standard (98%)$1,580

-Principal and interest-$859

Loan amount$135,919

Down payment$33,980

Rate6.50%

Term30 years

-Operating costs-$501

Property taxes-$170

Insurance-$175

Utilities$0

HOA$0

Management-$156

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$25,133(74.0% ROI)

Projected value

$182,962

Return breakdown

Property appreciation+$13,064

Loan principal paid down+$4,870

Rental cash flow+$7,200

5-year hold

+$43,010(126.6% ROI)

Projected value

$192,225

Return breakdown

Property appreciation+$22,326

Loan principal paid down+$8,684

Rental cash flow+$12,000

10-year hold

+$92,278(271.6% ROI)

Projected value

$217,485

Return breakdown

Property appreciation+$47,586

Loan principal paid down+$20,692

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.10ratio

FMR$1,430

Market$1,300

vs market+$130

FMR is near market; voucher and private rents are aligned.

1.10

1 BR

1.08ratio

FMR$1,450

Market$1,340

vs market+$110

FMR is near market; voucher and private rents are aligned.

1.08

2 BR

1.04ratio

FMR$1,620

Market$1,560

vs market+$60

FMR is near market; voucher and private rents are aligned.

1.04

3 BR

0.98ratio

FMR$2,230

Market$2,270

vs market-$40

FMR is near market; voucher and private rents are aligned.

0.98

4 BR

1.03ratio

FMR$2,630

Market$2,550

vs market+$80

FMR is near market; voucher and private rents are aligned.

1.03

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 23517 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23517 (Norfolk, VA) is $1,620 a month. That is down 2.4% from $1,660 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, 23517 has the 8th-highest two-bedroom rent (county range $1,400–$2,360). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23517 is 28% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23517
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,450	$1,430	−1.4%	$1,287–$1,573
1BR	$1,470	$1,450	−1.4%	$1,305–$1,595
2BR	$1,660	$1,620	−2.4%	$1,458–$1,782
3BR	$2,300	$2,230	−3.0%	$2,007–$2,453
4BR	$2,710	$2,630	−3.0%	$2,367–$2,893

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23517
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,430	$1,450	$1,620	$2,230	$2,630
FY 2026	$1,450	$1,470	$1,660	$2,300	$2,710
FY 2025	$1,440	$1,450	$1,660	$2,310	$2,750
FY 2024	$1,230	$1,240	$1,440	$2,010	$2,440
FY 2023	$1,070	$1,090	$1,270	$1,770	$2,160

Two-bedroom rent in nearby Norfolk City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23517
23505	$1,600	−1.2%
23507	$1,660	+2.5%
23508	$1,640	+1.2%
23509	$1,560	−3.7%
23510	$1,870	+15.4%
23511	$2,360	+45.7%
23513	$1,530	−5.6%
23514	$1,510	−6.8%
23515	$1,510	−6.8%
23517Current	$1,620	—
23518	$1,630	+0.6%
23523	$1,400	−13.6%

Questions about ZIP 23517 rents

How much will Section 8 pay for a two-bedroom in ZIP 23517?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,620, that basic range is $1,458 to $1,782 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 23517 in?

ZIP 23517 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 23517 for FY 2027?

The two-bedroom FMR fell 2.4%, from $1,660 in FY 2026 to $1,620 in FY 2027. Since FY 2023 it has risen 27.6%.

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 rent Norfolk, VA fair market rent VA statewide rents What is SAFMR?Data sources