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 investment landscape in ZIP 24003, located in an unspecified area of Virginia, presents several challenges for landlords and small-portfolio investors considering Section 8 housing. Tenant turnover is a significant concern, as the market rent stands at an unspecified figure compared to the $1040 Fair Market Rent (FMR) for fiscal year 2024. This discrepancy can lead to higher churn rates, as tenants might leave once their financial situation improves or they find a more suitable living arrangement.
Vacancy exposure is another critical issue. With an unspecified number of days on the market (DOM), there is uncertainty regarding how long it might take to fill vacancies. In markets where DOM is high, landlords face prolonged periods without rental income, which can significantly impact cash flow and profitability.
Deferred maintenance is a notable risk factor as well. The typical home value and median income in ZIP 24003 are both unspecified, making it difficult to assess the financial health of property owners and their ability to maintain homes adequately. This lack of information can lead to unforeseen repair costs and potential code violations that must be addressed before properties can qualify for Section 8 tenancy.
Despite these risks, the high renter density in ZIP 24003, indicated by an unspecified percentage of the population being renters, generally suggests a strong demand for rental properties. High renter density often translates into greater interest in Section 8 vouchers, providing a steady stream of qualified tenants. However, the exact percentage is needed to fully understand the potential demand and stability this brings to the investment.
Verdict: Moderate risk for a first-time Section 8 landlord due to unknowns about market rent, DOM, home values, and median income, despite likely high voucher demand.
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.