23832

ZIPSAFMR

Chesterfield County, VA

ZIP Investment Score

79Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,900	$1,620	4.4%
1 BR	$1,980	$1,650	4.8%
2 BR	$2,150	$1,980	3.7%
3 BR	$2,650	$2,170	2.4%
4 BR	$3,250	$2,660	2.5%
5 BR	$3,737	Not available	2.5%
6 BR	$4,298	Not available	2.5%
7 BR	$4,943	Not available	2.5%
8 BR	$5,684	Not available	2.5%

Purchase Price Calculator

Maximum purchase price

$232,311

Cost breakdown

+Likely effective rent$1,980

HUD FMR$2,150

Market rentUsed$1,980

Est. payment standard (95%)$2,040

-Principal and interest-$1,175

Loan amount$185,849

Down payment$46,462

Rate6.50%

Term30 years

-Operating costs-$605

Property taxes-$232

Insurance-$175

Utilities$0

HOA$0

Management-$198

=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

+$31,721(68.3% ROI)

Projected value

$250,173

Return breakdown

Property appreciation+$17,863

Loan principal paid down+$6,659

Rental cash flow+$7,200

5-year hold

+$54,401(117.1% ROI)

Projected value

$262,838

Return breakdown

Property appreciation+$30,528

Loan principal paid down+$11,874

Rental cash flow+$12,000

10-year hold

+$117,360(252.6% ROI)

Projected value

$297,377

Return breakdown

Property appreciation+$65,067

Loan principal paid down+$28,293

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.17ratio

FMR$1,900

Market$1,620

vs market+$280

FMR is above market; underwrite to market rent.

1.17

1 BR

1.20ratio

FMR$1,980

Market$1,650

vs market+$330

FMR is above market; underwrite to market rent.

1.20

2 BR

1.09ratio

FMR$2,150

Market$1,980

vs market+$170

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

1.09

3 BR

1.22ratio

FMR$2,650

Market$2,170

vs market+$480

FMR is above market; underwrite to market rent.

1.22

4 BR

1.22ratio

FMR$3,250

Market$2,660

vs market+$590

FMR is above market; underwrite to market rent.

1.22

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 23832 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23832 (Chesterfield, VA) is $2,150 a month. That is down 0.9% from $2,170 in FY 2026. Chesterfield 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, 23832 has the 2nd-highest two-bedroom rent (county range $1,490–$2,480). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23832 is 70% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23832
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,890	$1,900	+0.5%	$1,710–$2,090
1BR	$1,980	$1,980	0.0%	$1,782–$2,178
2BR	$2,170	$2,150	−0.9%	$1,935–$2,365
3BR	$2,720	$2,650	−2.6%	$2,385–$2,915
4BR	$3,350	$3,250	−3.0%	$2,925–$3,575

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23832
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,900	$1,980	$2,150	$2,650	$3,250
FY 2026	$1,890	$1,980	$2,170	$2,720	$3,350
FY 2025	$1,920	$2,000	$2,210	$2,800	$3,460
FY 2024	$1,670	$1,720	$1,930	$2,470	$3,020
FY 2023	$1,430	$1,460	$1,650	$2,130	$2,590

Two-bedroom rent in nearby Chesterfield County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 23832
23225	$1,630	−24.2%
23234	$1,520	−29.3%
23235	$1,900	−11.6%
23236	$2,020	−6.0%
23237	$1,550	−27.9%
23297	$1,810	−15.8%
23803	$1,490	−30.7%
23831	$1,840	−14.4%
23832Current	$2,150	—
23834	$1,490	−30.7%
23836	$1,920	−10.7%
23838	$1,730	−19.5%

Questions about ZIP 23832 rents

How much will Section 8 pay for a two-bedroom in ZIP 23832?

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 $2,150 it would be $1,935 to $2,365. 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 23832 in?

ZIP 23832 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 23832 for FY 2027?

The two-bedroom FMR fell 0.9%, from $2,170 in FY 2026 to $2,150 in FY 2027. Since FY 2023 it has risen 30.3%.

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