Insights · Markets
Hampton Roads real estate investing: what deals look like now.
By Danté M. Shackelford, Founder and Managing Principal of EMx Lending
Updated November 5, 2026
Short answer
Hampton Roads has the biggest flip spreads and the best rental cash flow of the markets we lend in, as long as you buy in the $150,000 to $200,000 range. Supply is tight, about two months, so resale buyers are still there.
These figures cover investor-heavy ZIP codes in Norfolk (23504, 23523), Portsmouth (23702, 23704), Newport News (23607) and Hampton (23661): about 1,579 recorded sales over the last year, roughly 59% to investors, and about 57 likely flips.
The numbers
| Measure | Typical | Range or note |
|---|---|---|
| Flip purchase price | $137,000 | $110,000 to $175,000 |
| Flip list price after rehab | $296,000 | $240,000 to $350,000 (asking) |
| Flip rehab budget | about $52,000 | Held about 6 months |
| Gross flip spread | about $150,000 | List minus purchase, before rehab and costs |
| 3-bedroom house rent | $1,800 | $1,650 to $2,300 |
| 2-bedroom duplex unit rent | $1,150 to $1,500 | Per unit |
| 2 to 4 unit price | about $203,000 | Investor median; retail buyers pay about $295,000 |
| Property taxes | 1.0% to 1.25% of value | Reassessed to market every year |
| Insurance | $1,330 to $2,200 a year | Wind and named-storm coverage required |
| Inventory | about 2 months | ZIP 23523, October 2026 |
City tax rates per $100 of value: Norfolk 1.25, Portsmouth 1.24, Newport News 1.18 and Hampton 1.16.
Which strategies work in Hampton Roads
| Strategy | Fit today | Why |
|---|---|---|
| Flip | Works, best spreads | About a $150,000 gross spread. Plan on roughly $36,000 to $46,000 cash in, and keep the hold under six months. |
| BRRR | Works | Works in the $150,000 to $200,000 value band, netting around $400 a month at a DSCR near 1.5. Above about $240,000 of value, a 3-bedroom at $1,800 rent stops clearing a 1.25 DSCR. |
| Core rental | Works | About $40,000 to $55,000 cash per door at $130,000 to $200,000 prices. |
| Core-Plus duplex | Works | Duplexes around $200,000 to $240,000 at $1,200 to $1,350 a door, about $76,000 cash in. |
| Ground-up construction | Careful | Tight supply helps, but a build that sells 12 to 18 months out means guessing at prices. Be conservative on the exit value. |
Price is the whole game for rentals
Retail homes here run around $272,000, above the range where rentals work. The deals that pencil are the $150,000 to $200,000 three-bedrooms. Find those and the DSCR math is comfortable. Pay $240,000 or more and most won't qualify, let alone cash flow.
How we'd buy here now
Flips still have room, but keep them short and discount your exit value. Rentals are worth chasing if you can find them under about $240,000. The full reasoning is in our Q4 2026 market update.
Planning figures as of October 2026, from about 12 months of recorded sales and current rent comps in the ZIP codes listed. Flip "after rehab" prices are asking prices, not closed sales, and deed records run two to three months behind. These are planning norms, not loan terms or appraisals. Every deal is underwritten on its own numbers.
This is general education, not investment, legal or tax advice. Loan terms are general guidelines, depend on credit, experience and the property, are subject to change and are not a commitment to lend. EMx Lending makes business-purpose loans on non-owner-occupied investment property in all states except Vermont, North Carolina, North Dakota, South Dakota, Idaho, California, Arizona and Nevada.
Investing in Hampton Roads?
Send us the deal. We'll tell you how it compares to the market and what we can lend on it.