Location: Roanoke, VA | Metro: Roanoke, VA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
The analysis of ZIP code 24001 within the Roanoke, VA HUD Metro FMR Area highlights several key points for landlords and small-portfolio investors.
The rent math does not work effectively due to the lack of available market rent data. The Fair Market Rent (FMR) for the area is set at $1040 for fiscal year 2024, but without comparative market rent figures, it's challenging to assess whether this aligns with what tenants are willing to pay. This gap makes it difficult to determine profitability solely based on rental income.
Regarding acquisition affordability, the absence of specific data on median home values, days on market (DOM), and the percentage of homes that have been price-cut, leaves a significant question mark. Without these details, it's impossible to gauge how competitive the market is for acquiring properties or how long it typically takes to sell a property. This lack of information hinders the ability to make informed decisions about investment costs and potential returns.
Tenant demand is also unclear. With no population figures or percentage of renters provided, it's hard to estimate the number of potential tenants in the area. Tenant demand is crucial for ensuring steady occupancy rates and maintaining a stable cash flow. However, the missing demographic data prevents a thorough assessment of this aspect.
Verdict: Investing in ZIP code 24001 presents challenges due to the incomplete data. While the FMR of $1040 provides a benchmark for rental pricing, the absence of market rent data, median home values, DOM statistics, and tenant demographics means that making a sound investment decision is difficult. Landlords and investors should seek additional local market insights before committing to acquisitions in this area.
Data Sources: FMR data from HUD (2027).
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.