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Lunenburg County/Drakes Branch/23937

23937

ZIPSAFMR
Lunenburg County, VA
Zillow

ZIP Investment Score

129Above average

095130300
BRFMR
Eff. Rent
0 BR$1,010$1,010
1 BR$1,020$1,020
2 BR$1,320$1,320
3 BR$1,630$1,630
4 BR$2,180$2,180
5 BR$2,507Not available
6 BR$2,883Not available
7 BR$3,316Not available
8 BR$3,813Not available

Purchase Price Calculator

Maximum purchase price
$134,235

Cost breakdown

+Likely effective rent$1,320
HUD FMRUsed$1,320
Market rentN/A
Est. payment standardN/A
-Principal and interest-$679
Loan amount$107,388
Down payment$26,847
Rate6.50%
Term30 years
-Operating costs-$441
Property taxes-$134
Insurance-$175
Utilities$0
HOA$0
Management-$132
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$21,369(79.6% ROI)
Projected value
$144,556
Return breakdown
Property appreciation+$10,321
Loan principal paid down+$3,847
Rental cash flow+$7,200
5-year hold
+$36,501(136.0% ROI)
Projected value
$151,875
Return breakdown
Property appreciation+$17,640
Loan principal paid down+$6,861
Rental cash flow+$12,000
10-year hold
+$77,946(290.3% ROI)
Projected value
$171,832
Return breakdown
Property appreciation+$37,597
Loan principal paid down+$16,349
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 23937 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23937 (Drakes Branch, VA) is $1,320 a month. That is up 11.9% from $1,180 in FY 2026. Drakes Branch is in the Lunenburg County, VA non-metropolitan 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 county-wide two-bedroom FMR of $943. Among 13 ZIP codes in Lunenburg County, 23937 has the 2nd-highest two-bedroom rent (county range $940–$1,490). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23937 is 5% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23937
BedroomsFY 2027Change90–110% range
Studio$1,010+12.2%$909–$1,111
1BR$1,020+13.3%$918–$1,122
2BR$1,320+11.9%$1,188–$1,452
3BR$1,630+10.1%$1,467–$1,793
4BR$2,180+10.7%$1,962–$2,398

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23937
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,010$1,020$1,320$1,630$2,180
FY 2026$900$900$1,180$1,480$1,970
FY 2025$780$780$1,020$1,300$1,700
FY 2024area FMR$702$707$905$1,226$1,518
FY 2023area FMR$588$611$793$1,093$1,351

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Lunenburg County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23937
23920$1,120−15.2%
23923$990−25.0%
23924$940−28.8%
23937Current$1,320—
23938$1,010−23.5%
23942$990−25.0%
23944$1,000−24.2%
23947$990−25.0%
23952$960−27.3%
23954$990−25.0%
23970$1,130−14.4%
23974$940−28.8%

Questions about ZIP 23937 rents

How much will Section 8 pay for a two-bedroom in ZIP 23937?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $943, which applies unless the housing authority uses Small Area FMRs, that basic range is $849 to $1,037 a month; under the ZIP-level Small Area FMR of $1,320 it would be $1,188 to $1,452. 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 23937 in?

ZIP 23937 is in the Lunenburg County, VA non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $943.

How much did fair market rent change in ZIP 23937 for FY 2027?

The two-bedroom FMR rose 11.9%, from $1,180 in FY 2026 to $1,320 in FY 2027. Since FY 2025 it has risen 29.4%.

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 rentDrakes Branch, VA fair market rentVA statewide rentsWhat is SAFMR?Data sources