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 | $1,300 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $317,060 | 0.59% | F |
| 4BR | $2,300 | $399,253 | 0.58% | F |
U.S. Census Bureau data (2024)
ZIP 23083, located in Nottoway County, VA metro, serves as a cash-flow anchor within a Section 8 portfolio strategy. The Federal Market Rent (FMR) for the area in fiscal year 2024 is set at $1210, which is significantly higher than the average market rent of $743. This spread ensures that landlords receive above-market rents, providing a stable and predictable cash flow. The median home value in the area stands at $306,034, indicating a relatively affordable housing market where the FMR can offer substantial protection against rental price volatility.
The strong cash flow generated by this ZIP code is evident when comparing the FMR to the local market rates. Landlords who participate in the Section 8 program in ZIP 23083 can expect to see a positive difference in their monthly revenue, making it an ideal choice for those looking to secure a reliable income stream. This ZIP code does not present opportunities for significant appreciation or short days on market (DOM), as indicated by the N/A% price-cut share and N/A-day DOM figures. Therefore, it is best suited for investors seeking stability rather than rapid capital gains.
While the renter share in ZIP 23083 is 19.6%, suggesting a moderate presence of renters, and the median income is $82,096, which is reasonable but not exceptionally high, these factors do not outweigh the benefits of the cash flow provided by the FMR. The higher guaranteed rent through the Section 8 program compensates for the lack of appreciation potential and moderate renter share, making ZIP 23083 a solid choice for securing consistent returns within a diversified investment portfolio.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.