3406 Chiswick Ct Unit 47-2A · Leisure World, MD 20906

$90,000

1 bd · 1.0 ba · 800 sqft · Condo public records · 20 Days on market

Built 1964 $948/mo HOA · 53% of rent

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• 1% rule +10.0/10.0
• Cash flow +8.9/30.0
• ARV discount +7.5/15.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• DSCR +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BUDGET WISE COOP/ALL UTILS AND TAXES INCLUDED IN FEE. NEW CARPET/PAINT/APPS. WALK-IN LEVEL WITH SLIDERS TO PATIO AND EASY WALK TO PARKING. COZY AND SPACIOUS WITH SEP DINING AREA AND ORGANIZED BR CLOSETS. MUST SEE TO BELIEVE! CLOSE TO SHOPPING AND COMMUTING ROUTES. MANY LW AMMENITIES TO ENJOY SO COME AND GET THIS ONE BEFORE IT IS GONE. CONTACT LA FOR MORE DETAILS.

Key facts

• Galley kitchen
• Co-op unit
• Customized closet

Tags

• CO-OP UNIT
• SPACIOUS LIVING ROOM
• SLIDING DOOR TO PATIO
• GALLEY KITCHEN
• CUSTOMIZED CLOSET
• UPDATED BATHROOM

Property features AI

Finance

• Other: Property manager present; Washer/dryer hook-up not in unit
• Financial info: Ownership interest: Cooperative; Ground rent paid annually; Front foot fee paid annually
• HOA & community: Monthly condo/coop fee: $948 (professional on-site management); HOA fee includes air conditioning, appliance maintenance, bus service, cable TV, common area maintenance, electricity, exterior building maintenance, heat, high-speed internet, laundry, lawn maintenance, management, parking fee, pool(s), recreation facility, sauna, security gate, sewer, taxes, trash and water; Community amenities include fitness center, club house, community center, dining rooms, art studio, bank on-site, bar/lounge, bike trail, billiard room, gated community, golf course access, hot tub, jog/walk path, library, meeting room, newspaper service, picnic area, outdoor and indoor pools, sauna, security, tennis courts, transportation service, and retirement community services; One-time other fee: $500

Exterior

• Parking: Assigned parking in parking lot (1 assigned space, 1 total garage/parking space)
• Security: Gated community (community-level security listed in association amenities)
• Utilities: Public water; Public sewer; Electric hot water
• Home design: Garden-style building (1–4 floors); Unit/flat; Entry on level 2; Brick exterior; Senior community (55+)
• Construction: Brick construction; Double-pane windows; No basement (below-grade area 0)
• Exterior features: Sidewalks; Patio(s); Community pool (indoor, in-ground, lap/exercise)

Interior

• Kitchen: Dishwasher; Disposal; Electric oven/range; Refrigerator
• Bedrooms: One bedroom on main level
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Central heating (electric); Central air (electric)
• Interior features: Tub/shower; Galley kitchen; Sliding glass door; Accessible switches and outlets; Entry-level bedroom
• Laundry & utility: Shared laundry; Water heater

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $90k.

Deal economics

• At list price, monthly cash flow is $-72 ($-860/yr) — negative.
• To cash-flow at today's rent, offer at most $77k (14.1% below list).
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $77k (14.1% below list) — sets the bar for cash-flow.
• Cap rate 5.3% vs local median 2.5% in Leisure World — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 71/100 on livability (#158 in MD) — a middle-class / working-renter tenant base. Strengths: housing A, employment B+, commute B; Watch: cost of living C-, health & safety C-, schools D+.
• Montgomery County Public Schools (suburban): math 27% / reading 45% proficiency, ranked #3 of 24 in MD (top 12%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents flat; 240 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 3,880 units permitted in Montgomery County in 2024 (2,054 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Montgomery County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $45k; list at $90k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 53% of rent.

Recommended offer $77,337 (14.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1964 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
9. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.98% ✓
• Cap rate: 5.34%
• Cash-on-cash: -3.41%
• DSCR: 0.85
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.24% rent growth · sell at horizon

5-year hold

• IRR: -29.6%
• Equity multiple: 0.07×
• Total profit: $-23,415
• Equity at exit: $13,419

10-year hold

• IRR: -91.4%
• Equity multiple: -0.70×
• Total profit: $-42,734
• Equity at exit: $7,782

Cash invested: $25,200 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 27 Tenant-Leaning
• State Maryland: 27 Tenant-Leaning · D+14
• County: — inherits STATE
• City: — inherits STATE

Failure-to-pay is dismissed if cured before judgment; Baltimore has just-cause; strict deposit rules.

Methodology + full state rankings →

ZIP-level market 20906

• Rents YoY: 0.2%
• Active inventory: 240
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,784 high
• Mortgage (P&I): −$472
• Tax from tax record: −$23 /mo · $281/yr
• Insurance: −$38
• HOA: −$948
• Vacancy / Maint / Mgmt: −$375
• Net cashflow: $-72

Break-even live

Break-even rent $1,875

Max offer price $77,337

Occupancy floor 99%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15101 Interlachen Dr Unit 1-820 Silver Spring, MD	2.0	2.0	980	$2,275	$2.32	2d	1	0.44mi
3750 Bel Pre Rd Silver Spring, MD	1.0	1.0	722	$1,724	$2.39	18d	2	0.49mi
14120 Weeping Willow Dr Silver Spring, MD	1.0–3.0	1.0–2.0	1030	$1,450	$1.41	1d	153	0.56mi
3004 Bel Pre Rd Aspen Hill, MD	1.0–2.0	1.0–2.0	945	$1,633	$1.73	2d	14	0.57mi
14233 Grand Pre Rd Unit A1 Aspen Hill, MD	1.0	1.0	1000	$1,500	$1.50	5d	1	0.57mi
14229 Grand Pre Rd #304 Aspen Hill, MD	2.0	2.0	1000	$1,925	$1.93	24d	1	0.57mi
14225 Grand Pre Rd Unit A3 Aspen Hill, MD	2.0	2.0	1000	$1,700	$1.70	5d	1	0.57mi
14207 Grand Pre Rd #201 Silver Spring, MD	2.0	2.0	1000	$1,800	$1.80	5d	1	0.58mi
14207 Grand Pre Rd #203 Silver Spring, MD	2.0	2.0	1000	$1,625	$1.62	5d	1	0.58mi
14217 Grand Pre Rd #204 Aspen Hill, MD	1.0	1.0	745	$1,699	$2.28	24d	1	0.59mi
14207 Grand Pre Rd Unit 101 Silver Spring, MD	1.0–2.0	1.0–2.0	872	$1,649	$1.89	12d	19	0.63mi
14301 Georgia Ave Silver Spring, MD	1.0–3.0	1.0–2.5	935	$1,445	$1.55	1d	51	0.66mi
15100 Interlachen Dr Unit 4-111 Silver Spring, MD	1.0	1.0	945	$2,150	$2.28	24d	1	0.67mi
15100 Interlachen Dr Apt 815 Silver Spring, MD	2.0	2.0	1115	$2,300	$2.06	43d	1	0.67mi
3310 N Leisure World Blvd Unit 6-629 Silver Spring, MD	1.0	1.0	850	$1,900	$2.24	43d	1	0.77mi
3310 N Leisure World Blvd #625 Silver Spring, MD	2.0	2.0	1115	$2,350	$2.11	3d	1	0.77mi
15310 Beaverbrook Ct Unit 89-1B Silver Spring, MD	1.0	1.0	867	$1,950	$2.25	14d	1	0.77mi
14120 Grand Pre Rd Aspen Hill, MD	1.0–2.0	1.0–2.0	905	$1,632	$1.80	1d	4	0.78mi
3210 N Leisure World Blvd #514 Silver Spring, MD	2.0	2.0	1090	$2,350	$2.16	24d	1	0.78mi
4101 Postgate Ter Silver Spring, MD	1.0–2.0	1.0–2.0	855	$1,581	$1.85	1d	12	0.81mi
2921 N Leisure World Blvd Unit 1-303 Silver Spring, MD	1.0	1.5	803	$1,850	$2.30	18d	1	0.83mi
2601 Camelback Ln #12 Silver Spring, MD	2.0	2.0	1057	$2,250	$2.13	4d	1	0.90mi
14201 Woolen Oak Ct Unit 9-32 Aspen Hill, MD	2.0	2.0	968	$1,975	$2.04	43d	1	0.99mi
14201 Woolen Oak Ct Unit 10-32 Aspen Hill, MD	2.0	2.0	864	$1,950	$2.26	14d	1	0.99mi
14203 Wolf Creek Pl Unit 4-23 Silver Spring, MD	2.0	2.0	935	$1,850	$1.98	18d	1	1.01mi
2800 Clear Shot Dr #5 Silver Spring, MD	2.0	2.0	939	$1,900	$2.02	16d	1	1.02mi
3850 Clara Downey Ave #24 Silver Spring, MD	2.0	2.0	1040	$2,850	$2.74	18d	1	1.10mi
3213 Hewitt Ave Aspen Hill, MD	1.0–3.0	1.0–2.0	1012	$1,696	$1.68	1d	3	1.18mi
3331 Hewitt Ave Unit 1 Silver Spring, MD	2.0–3.0	1.5–2.0	1175	$1,875	$1.60	16d	8	1.19mi
3214 Hewitt Ave Aspen Hill, MD	2.0	1.0–1.5	925	$1,975	$2.14	7d	1	1.26mi
3340 Hewitt Ave Unit 65 Aspen Hill, MD	2.0	1.5	982	$2,100	$2.14	43d	1	1.26mi
3364 Hewitt Ave Unit 301 Silver Spring, MD	1.0	1.0	728	$1,500	$2.06	17d	1	1.27mi
3364 Hewitt Ave Unit 301 Silver Spring, MD	1.0	1.0	728	$1,500	$2.06	10d	1	1.27mi
3364 Hewitt Ave Unit 301 Silver Spring, MD	1.0	1.0	728	$1,500	$2.06	24d	1	1.27mi
13515 Georgia Ave Silver Spring, MD	1.0–3.0	1.0–1.5	912	$1,559	$1.71	1d	20	1.28mi

HOA detail condo

• Monthly dues: $948 · $11,376/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $90,000 Active 20 DOM
2. 2026-06-17
   days on market $90,000 Active 19 DOM
3. 2026-06-16
   days on market $90,000 Active 18 DOM
4. 2026-06-15
   days on market $90,000 Active 17 DOM
5. 2026-06-13
   days on market $90,000 Active 15 DOM
6. 2026-06-09
   days on market $90,000 Active 11 DOM
7. 2026-06-08
   days on market $90,000 Active 10 DOM
8. 2026-06-07
   days on market $90,000 Active 9 DOM
9. 2026-06-04
   days on market $90,000 Active 6 DOM
10. 2026-06-03
    days on market $90,000 Active 5 DOM
11. 2026-06-02
    days on market $90,000 Active 4 DOM
12. 2026-06-01
    days on market $90,000 Active 3 DOM
13. 2026-05-31
    days on market $90,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast MD · Partial reset (capped growth)

• Current annual tax: $281 · $23/mo
• Projected year-2 tax: $631 · $53/mo
• Expected delta: +$350/yr (+$29/mo · 124.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $21,406
• − Mortgage interest: −$5,041
• − Property taxes: −$281
• − Insurance: −$450
• − Repairs & maintenance: −$1,712
• − Management: −$1,712
• − HOA: −$11,376
• − Depreciation: −$2,618
• Taxable loss: −$1,786
• Est. tax savings @ 24.0%: +$429
• After-tax cash flow: $-432/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Montgomery County Public Schools
• NCES district ID: 2400480
• Math proficiency: 27% ▼ -21.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $97,191
• Composite: 35.62/100
• National rank: #4889
• State rank: #3 of 24 in MD

Livability — Leisure World

• Score: 71/100
• State rank: #158
• US rank: #7075

Category grades

Amenities D- Commute B Cost of living C- Crime B- Employment B+ Housing A Health & safety C- User ratings D+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leisure World, MD
• County: Montgomery County · 961,106 people
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• Population (ZIP): 70,595
• Household income: $97,521
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 2967.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 1,173,231 people
• By 2030: 1,237,402 · +5.5%
• By 2040: 1,365,115 · +16.4%
• By 2050: 1,491,592 · +27.1%
• By 2075: 1,803,893 · +53.8%
• By 2100: 2,035,619 · +73.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: Hispanic / Latino 32% White 26% Black 25% Asian 11% Two or more races 10%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Estonian 2% Romanian 2% Scotch-Irish 1%
• Foreign-born: 42% · Canada, South Korea, Vietnam
• Languages at home: 46% English-only · Spanish 30% Other Indo-European 6% French/Haitian/Cajun 2%

Political lean MEDSL · Montgomery

• 2024 margin: Solid D (+53.3) · D 75.2% · R 21.9% · Other 2.9%
• 2008→2024 swing: +8.7pp toward D · 2008: 44.6pp · 2024: 53.3pp
• All cycles: 2024: D+53.3 2020: D+59.6 2016: D+55.5 2012: D+43.4 2008: D+44.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -366.58%
• Current HPI: 256.9059
• Rent YoY: ▲ 0.24%
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• State GDP YoY: ▲ 2.97%
• F500 in state: 12

Industry mix (Fortune 500 HQ in MD)

Industry	F500 HQs	Revenue
▸Aerospace / Defense	1	$71B
▸Utilities	1	$25B
▸Hotels	1	$24B
▸Consumer Goods	1	$7B
▸Real Estate	1	$6B
▸Chemicals	1	$2B

Price history

+84.0% since first listed

7 events — show timeline

• 2026-05-29 Listed $90,000 BRIGHT MLS
• 2010-05-14 Sold (MLS) $45,000 MRIS
• 2010-05-14 Sold (MLS) $45,000 BRIGHT MLS
• 2010-04-10 Pending — MRIS
• 2010-04-09 Listing Removed — BRIGHT MLS
• 2010-02-27 Listed $48,900 MRIS
• 2010-02-26 Listed $48,900 BRIGHT MLS

Property tax history

+10.1%/yr

Latest (2025): $281 · +6.0% YoY. Source: county tax records.