Location: Prince Edward County, VA | Metro: Buckingham County, VA
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 | $960 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $185,784 | 0.62% | D |
| 3BR | $1,390 | $286,471 | 0.49% | F |
| 4BR | $1,600 | $371,412 | 0.43% | F |
U.S. Census Bureau data (2024)
ZIP code 23901 encompasses a portion of Farmville, Virginia, a small town known for its rural charm and strong community ties. With a population of 15,173, it's a modest-sized area where nearly 44% of residents are renters. The median household income here stands at $55,886, reflecting a middle-class community. Median home values in the area are set at $264,092, indicating a stable housing market that is accessible to many local families.
The economic landscape for landlords and small-portfolio investors in this ZIP code is favorable, particularly when considering the Federal Market Rent (FMR) and the actual market rent. The FMR for the metro area in fiscal year 2026 is pegged at $1,130, which is notably higher than the current market rent of $915 as reported by the Census ACS. This discrepancy presents an opportunity for investors to capitalize on the government's rental subsidy programs, such as Section 8, while maintaining a competitive edge over non-subsidized properties.
In deciding whether ZIP 23901 suits a hands-off voucher operator or a hands-on value-add buyer, the data suggests a mixed approach. For those looking to operate hands-off, the higher FMR compared to the market rent means that Section 8 vouchers can cover a substantial portion of the rental costs, ensuring steady cash flow without the need for active property management. On the other hand, for hands-on investors, there is potential to improve property values and rents through renovations and upgrades, given the gap between the FMR and current market rates. Such improvements could also attract tenants who do not rely on subsidies, further diversifying the investment portfolio.
Investors should consider the local demand for rental properties and the stability of the tenant base when making their decision. The significant percentage of renters and the moderate income levels suggest a solid foundation for Section 8 investments, but the potential for increasing rents above the current market rate opens up opportunities for both passive and active management strategies.
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.