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Prince Edward County/Meherrin/23954

23954

ZIPSAFMR
Prince Edward County, VA
Zillow

ZIP Investment Score

81Below average

095130300
BRFMR
Eff. Rent
0 BR$830$830
1 BR$830$830
2 BR$990$990
3 BR$1,190$1,190
4 BR$1,310$1,310
5 BR$1,506Not available
6 BR$1,732Not available
7 BR$1,992Not available
8 BR$2,291Not available

Purchase Price Calculator

Maximum purchase price
$85,197

Cost breakdown

+Likely effective rent$990
HUD FMRUsed$990
Market rentN/A
Est. payment standardN/A
-Principal and interest-$431
Loan amount$68,158
Down payment$17,039
Rate6.50%
Term30 years
-Operating costs-$359
Property taxes-$85
Insurance-$175
Utilities$0
HOA$0
Management-$99
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$16,193(95.0% ROI)
Projected value
$91,748
Return breakdown
Property appreciation+$6,551
Loan principal paid down+$2,442
Rental cash flow+$7,200
5-year hold
+$27,550(161.7% ROI)
Projected value
$96,393
Return breakdown
Property appreciation+$11,196
Loan principal paid down+$4,355
Rental cash flow+$12,000
10-year hold
+$58,239(341.8% ROI)
Projected value
$109,059
Return breakdown
Property appreciation+$23,862
Loan principal paid down+$10,376
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 23954 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 23954 (Meherrin, VA) is $990 a month. That is up 7.6% from $920 in FY 2026. Meherrin is in the Prince Edward 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 $1,126. Among 12 ZIP codes in Prince Edward County, 23954 is tied for the 9th-highest two-bedroom rent (county range $990–$1,490). The median county two-bedroom FMR in Virginia is $1,262, so ZIP 23954 is 22% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 23954
BedroomsFY 2027Change90–110% range
Studio$830+9.2%$747–$913
1BR$830+7.8%$747–$913
2BR$990+7.6%$891–$1,089
3BR$1,190+7.2%$1,071–$1,309
4BR$1,310+5.6%$1,179–$1,441

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 23954
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$830$830$990$1,190$1,310
FY 2026$760$770$920$1,110$1,240
FY 2025$780$800$950$1,150$1,370
FY 2024area FMR$856$880$1,048$1,267$1,396
FY 2023area FMR$700$760$944$1,149$1,421

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

Two-bedroom rent in nearby Prince Edward County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 23954
23901$1,150+16.2%
23909$1,150+16.2%
23922$1,490+50.5%
23923$9900.0%
23934$1,130+14.1%
23942$9900.0%
23943$1,150+16.2%
23947$9900.0%
23954Current$990—
23958$1,300+31.3%
23960$1,070+8.1%
23966$1,490+50.5%

Questions about ZIP 23954 rents

How much will Section 8 pay for a two-bedroom in ZIP 23954?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,126, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,013 to $1,239 a month; under the ZIP-level Small Area FMR of $990 it would be $891 to $1,089. 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 23954 in?

ZIP 23954 is in the Prince Edward County, VA non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,126.

How much did fair market rent change in ZIP 23954 for FY 2027?

The two-bedroom FMR rose 7.6%, from $920 in FY 2026 to $990 in FY 2027. Since FY 2025 it has risen 4.2%.

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