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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,870 | $254,255 | 0.74% | D |
| 4BR | $2,300 | $271,621 | 0.85% | C |
U.S. Census Bureau data (2024)
The analysis of ZIP code 23824 reveals a balance between yield potential and market stability that is appealing to both landlords and small-portfolio investors. With a Fair Market Rent (FMR) of $1,210 for fiscal year 2024, compared to the market rent of $1,029, there is a significant opportunity to generate higher yields through Section 8 properties. This discrepancy suggests that landlords can potentially secure higher rental incomes relative to the typical market rates.
The median home value in ZIP 23824 is $197,654. Considering the FMR, an investor can expect a strong return on investment if they can acquire properties at or below this value. The difference between the FMR and market rent indicates a 17.6% premium for Section 8 tenants, which can be a substantial advantage in a competitive rental market.
On the stability axis, ZIP 23824 shows a mixed profile. Approximately 33.9% of residents are renters, indicating a moderate demand for rental housing. However, the absence of data on days on market (DOM) suggests that there is limited information available regarding the speed at which rental properties are filled, which could be a concern for some investors looking for quick turnover. The average household income in the area is $55,599, providing a reasonable economic base that supports the viability of rental housing.
Given these figures, ZIP 23824 leans towards being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The premium on Section 8 rents ensures a reliable income stream, while the moderate percentage of renters and average income levels suggest a stable tenant population. Investors should focus on securing properties that offer a solid balance between acquisition cost and rental income to maximize their returns while maintaining financial security.
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.