Chesterfield County/Chester/23831

23831

ZIPSAFMR

Chesterfield County, VA

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ZIP Investment Score

81Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,620	$1,420	3.1%
1 BR	$1,690	$1,350	3.6%
2 BR	$1,840	$1,810	2.5%
3 BR	$2,270	$2,150	1.2%
4 BR	$2,790	$2,600	1.5%
5 BR	$3,208	Not available	1.5%
6 BR	$3,690	Not available	1.5%
7 BR	$4,243	Not available	1.5%
8 BR	$4,880	Not available	1.5%

Purchase Price Calculator

Maximum purchase price

$207,049

Cost breakdown

+Likely effective rent$1,810

HUD FMR$1,840

Market rentUsed$1,810

Est. payment standard (99%)$1,820

-Principal and interest-$1,047

Loan amount$165,639

Down payment$41,410

Rate6.50%

Term30 years

-Operating costs-$563

Property taxes-$207

Insurance-$175

Utilities$0

HOA$0

Management-$181

=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

+$29,055(70.2% ROI)

Projected value

$222,969

Return breakdown

Property appreciation+$15,920

Loan principal paid down+$5,934

Rental cash flow+$7,200

5-year hold

+$49,791(120.2% ROI)

Projected value

$234,257

Return breakdown

Property appreciation+$27,208

Loan principal paid down+$10,583

Rental cash flow+$12,000

10-year hold

+$107,208(258.9% ROI)

Projected value

$265,040

Return breakdown

Property appreciation+$57,991

Loan principal paid down+$25,217

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.14ratio

FMR$1,620

Market$1,420

vs market+$200

FMR is above market; underwrite to market rent.

1.14

1 BR

1.25ratio

FMR$1,690

Market$1,350

vs market+$340

FMR is above market; underwrite to market rent.

1.25

2 BR

1.02ratio

FMR$1,840

Market$1,810

vs market+$30

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

1.02

3 BR

1.06ratio

FMR$2,270

Market$2,150

vs market+$120

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

1.06

4 BR

1.07ratio

FMR$2,790

Market$2,600

vs market+$190

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

1.07

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 23831 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23831 (Chester, VA) is $1,840 a month. That is unchanged from FY 2026. Chester is in the Richmond, VA HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,651. Among 17 ZIP codes in Chesterfield County, 23831 has the 9th-highest two-bedroom rent (county range $1,490–$2,480). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23831 is 46% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23831
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,600	$1,620	+1.3%	$1,458–$1,782
1BR	$1,680	$1,690	+0.6%	$1,521–$1,859
2BR	$1,840	$1,840	0.0%	$1,656–$2,024
3BR	$2,300	$2,270	−1.3%	$2,043–$2,497
4BR	$2,840	$2,790	−1.8%	$2,511–$3,069

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23831
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,620	$1,690	$1,840	$2,270	$2,790
FY 2026	$1,600	$1,680	$1,840	$2,300	$2,840
FY 2025	$1,660	$1,730	$1,910	$2,420	$2,990
FY 2024	$1,480	$1,520	$1,710	$2,190	$2,670
FY 2023	$1,300	$1,330	$1,500	$1,940	$2,360

Two-bedroom rent in nearby Chesterfield County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23831
23225	$1,630	−11.4%
23234	$1,520	−17.4%
23235	$1,900	+3.3%
23236	$2,020	+9.8%
23237	$1,550	−15.8%
23297	$1,810	−1.6%
23803	$1,490	−19.0%
23831Current	$1,840	—
23832	$2,150	+16.8%
23834	$1,490	−19.0%
23836	$1,920	+4.3%
23838	$1,730	−6.0%

Questions about ZIP 23831 rents

How much will Section 8 pay for a two-bedroom in ZIP 23831?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,651, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,486 to $1,816 a month; under the ZIP-level Small Area FMR of $1,840 it would be $1,656 to $2,024. 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 23831 in?

ZIP 23831 is in the Richmond, VA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,651.

How much did fair market rent change in ZIP 23831 for FY 2027?

The two-bedroom FMR was unchanged at $1,840 in FY 2027. Since FY 2023 it has risen 22.7%.

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