23607

ZIPSAFMR

Newport News City, VA

ZIP Investment Score

177High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,230	$1,160	6.8%
1 BR	$1,240	$1,190	6.4%
2 BR	$1,390	$1,360	5.0%
3 BR	$1,920	$1,770	4.6%
4 BR	$2,260	$1,960	3.5%
5 BR	$2,599	Not available	3.5%
6 BR	$2,989	Not available	3.5%
7 BR	$3,437	Not available	3.5%
8 BR	$3,953	Not available	3.5%

Purchase Price Calculator

Maximum purchase price

$140,179

Cost breakdown

+Likely effective rent$1,360

HUD FMR$1,390

Market rentUsed$1,360

Est. payment standard (99%)$1,370

-Principal and interest-$709

Loan amount$112,143

Down payment$28,036

Rate6.50%

Term30 years

-Operating costs-$451

Property taxes-$140

Insurance-$175

Utilities$0

HOA$0

Management-$136

=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

+$21,996(78.5% ROI)

Projected value

$150,957

Return breakdown

Property appreciation+$10,778

Loan principal paid down+$4,018

Rental cash flow+$7,200

5-year hold

+$37,586(134.1% ROI)

Projected value

$158,600

Return breakdown

Property appreciation+$18,421

Loan principal paid down+$7,165

Rental cash flow+$12,000

10-year hold

+$80,334(286.5% ROI)

Projected value

$179,441

Return breakdown

Property appreciation+$39,262

Loan principal paid down+$17,073

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.06ratio

FMR$1,230

Market$1,160

vs market+$70

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

1.06

1 BR

1.04ratio

FMR$1,240

Market$1,190

vs market+$50

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

1.04

2 BR

1.02ratio

FMR$1,390

Market$1,360

vs market+$30

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

1.02

3 BR

1.08ratio

FMR$1,920

Market$1,770

vs market+$150

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

1.08

4 BR

1.15ratio

FMR$2,260

Market$1,960

vs market+$300

FMR is above market; underwrite to market rent.

1.15

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 23607 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23607 (Newport News, VA) is $1,390 a month. That is down 0.7% from $1,400 in FY 2026. Newport News 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 12 ZIP codes in Newport News City, 23607 has the 10th-highest two-bedroom rent (county range $1,140–$2,100). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23607 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23607
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,220	$1,230	+0.8%	$1,107–$1,353
1BR	$1,240	$1,240	0.0%	$1,116–$1,364
2BR	$1,400	$1,390	−0.7%	$1,251–$1,529
3BR	$1,940	$1,920	−1.0%	$1,728–$2,112
4BR	$2,290	$2,260	−1.3%	$2,034–$2,486

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23607
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,230	$1,240	$1,390	$1,920	$2,260
FY 2026	$1,220	$1,240	$1,400	$1,940	$2,290
FY 2025	$1,170	$1,180	$1,350	$1,880	$2,280
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 Newport News City ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23607
23601	$1,450	+4.3%
23602	$1,780	+28.1%
23603	$1,610	+15.8%
23604	$2,100	+51.1%
23605	$1,380	−0.7%
23606	$1,690	+21.6%
23607Current	$1,390	—
23608	$1,520	+9.4%
23609	$1,500	+7.9%
23612	$1,500	+7.9%
23666	$1,840	+32.4%
23690	$1,140	−18.0%

Questions about ZIP 23607 rents

How much will Section 8 pay for a two-bedroom in ZIP 23607?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,390, that basic range is $1,251 to $1,529 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 23607 in?

ZIP 23607 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 23607 for FY 2027?

The two-bedroom FMR fell 0.7%, from $1,400 in FY 2026 to $1,390 in FY 2027. Since FY 2023 it has risen 28.7%.

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