Location: Nottoway County, VA | Metro: Richmond, VA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,930 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $235,497 | 0.66% | D |
| 3BR | $1,930 | $336,368 | 0.57% | F |
| 4BR | $2,360 | $477,363 | 0.49% | F |
| 5BR | $2,738 | $536,275 | 0.51% | F |
U.S. Census Bureau data (2024)
Investing in Section 8 properties in ZIP code 23002 in Amelia Court House, VA, comes with several potential pitfalls that landlords must be aware of. First, tenant turnover poses a significant challenge. The market rent for the area is $1,194, while the Fair Market Rent (FMR) for FY 2024 stands at $1,390. This difference can lead to frequent turnover as tenants who qualify for Section 8 may struggle to afford the higher market rates when their vouchers do not cover the full FMR. High turnover not only disrupts the living environment but also incurs additional costs associated with screening new tenants, conducting background checks, and preparing the property for new occupants.
Vacancy exposure is another critical issue. With the days on market (DOM) being N/A, it's difficult to predict how long a unit might remain vacant. A prolonged vacancy can significantly impact cash flow, especially if the landlord is relying on steady rental income to meet mortgage payments and other expenses. Additionally, the typical home value in the area is $335,157, which is notably higher than the median income of $71,813. This disparity increases the likelihood that landlords will face deferred maintenance issues as tenants may have limited financial resources to address property upkeep. Landlords need to be prepared to handle these maintenance needs promptly to avoid further deterioration and legal liabilities.
However, these risks are somewhat mitigated by the high concentration of renters in the area. The renter share in ZIP 23002 is 18.0%, indicating a robust demand for rental housing. High renter density often translates into a strong interest in Section 8 vouchers, providing a stable pool of qualified tenants. Despite the challenges, the presence of numerous potential voucher holders can ensure a consistent stream of applications, reducing the time spent finding suitable tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.