3378 Chiswick Ct Unit 52-3E · Leisure World, MD 20906

$92,900

1 bd · 1.0 ba · 800 sqft · Condo public records · 81 Days on market

Built 1967 $116/sqft · 22% below area Est $120k · 22% under $1014/mo HOA · 57% 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).

• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• Cash flow +5.1/30.0
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

BEST VALUE CO-OP IN MONTGOMERY MUTUAL! Move-in ready. Freshly painted. New carpeting. One special feature is the light-filled glass-closed Balcony. The Unit has 1 Bedroom with a Large Closet, 1 Full Bathroom, a Living Room, a Dining El, and a well-designed Kitchen, LEISURE WORLD is a gated 55+ active adult community. It offers two large clubhouses with dining options and activity rooms and fitness centers. The campus offers, among many features, indoor and outdoor swimming pools, tennis courts, a golf course, as well as various medical facilities for convenient appointments and care. There is a regular-circulating bus service around the campus that also stops at the adjoining public shopping center. Public bus service runs down Georgia Avenue to the Glenmont Metro and into the center of Washington, DC, as well as serving cross streets to Olney, Rockville, and other major communities.

Key facts

• Public bus service
• Tennis courts
• Two large clubhouses

Tags

• TWO LARGE CLUBHOUSES
• TENNIS COURTS
• GOLF COURSE
• VARIOUS MEDICAL FACILITIES
• PUBLIC BUS SERVICE

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $93k.

Deal economics

• At list price, monthly cash flow is $-213 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $55k (40.5% below list).
• Meets the 1% rule at list price ($2k rent vs $93k).
• Recommended offer: $55k (40.5% below list) — sets the bar for cash-flow.
• Cap rate 3.5% vs local median 2.4% 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-, amenities 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.
• Zoned schools: Flower Valley Elementary (math 28% / reading 38%, grade F, #169 of 860 statewide, top 20%, 540 students, 33% FRL); Earle B. Wood Middle (math 14% / reading 45%, grade F, #67 of 225 statewide, top 32%, 1,068 students, 50% FRL); Rockville High (math 47% / reading 72%, grade C+, #73 of 222 statewide, top 34%, 1,516 students, 50% FRL) — zoned schools average 44% FRL vs 26% district-wide (18 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 246 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 $642 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 81 days — a 6% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 28y 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 $26k; list at $93k implies a 251% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 57% of rent.

Recommended offer $55,300 (40.5% 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. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 40% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 1.92% ✓
• Cap rate: 3.54%
• Cash-on-cash: -9.82%
• DSCR: 0.56
• GRM: 4.3

CMA / ARV

• ARV (median comp): $119,648
• List price: $92,900
• Delta: -22.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -43.4%
• Equity multiple: -0.26×
• Total profit: $-32,799
• Equity at exit: $13,852

10-year hold

• IRR: —
• Equity multiple: -1.39×
• Total profit: $-62,168
• Equity at exit: $8,032

Cash invested: $26,012 (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: 246
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,782 high
• Mortgage (P&I): −$487
• Tax from tax record: −$81 /mo · $973/yr
• Insurance: −$39
• HOA: −$1,014
• Vacancy / Maint / Mgmt: −$374
• Net cashflow: $-213

Break-even live

Break-even rent $2,052

Max offer price $55,300

Occupancy floor —

Sensitivity live

Price	-10% $-160	-5% $-187	+0% $-213	+5% $-239	+10% $-265
Rent	-10% $-354	-5% $-283	+0% $-213	+5% $-142	+10% $-72
Rate	-1.0pp $-166	-0.5pp $-189	base $-213	+0.5pp $-237	+1.0pp $-261

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: $23,225
• Closing costs: $2,787
• 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	4d	1	0.44mi
3750 Bel Pre Rd Silver Spring, MD	1.0	1.0	722	$1,724	$2.39	20d	2	0.53mi
3004 Bel Pre Rd Aspen Hill, MD	1.0–2.0	1.0–2.0	945	$1,633	$1.73	4d	14	0.54mi
14120 Weeping Willow Dr Silver Spring, MD	1.0–3.0	1.0–2.0	1030	$1,450	$1.41	0d	151	0.55mi
14233 Grand Pre Rd Unit A1 Aspen Hill, MD	1.0	1.0	1000	$1,500	$1.50	7d	1	0.59mi
14229 Grand Pre Rd #304 Aspen Hill, MD	2.0	2.0	1000	$1,925	$1.93	26d	1	0.60mi
14225 Grand Pre Rd Unit A3 Aspen Hill, MD	2.0	2.0	1000	$1,700	$1.70	7d	1	0.60mi
14207 Grand Pre Rd #203 Silver Spring, MD	2.0	2.0	1000	$1,625	$1.62	7d	1	0.61mi
14207 Grand Pre Rd #201 Silver Spring, MD	2.0	2.0	1000	$1,800	$1.80	7d	1	0.61mi
14217 Grand Pre Rd #204 Aspen Hill, MD	1.0	1.0	745	$1,699	$2.28	26d	1	0.62mi
14207 Grand Pre Rd #102 Silver Spring, MD	2.0	2.0	1000	$1,750	$1.75	0d	1	0.65mi
14207 Grand Pre Rd Unit 101 Silver Spring, MD	1.0–2.0	1.0–2.0	872	$1,649	$1.89	14d	19	0.66mi
15100 Interlachen Dr Apt 815 Silver Spring, MD	2.0	2.0	1115	$2,300	$2.06	45d	1	0.68mi
15100 Interlachen Dr Unit 4-111 Silver Spring, MD	1.0	1.0	945	$2,150	$2.28	26d	1	0.68mi
14301 Georgia Ave Silver Spring, MD	1.0–3.0	1.0–2.5	935	$1,445	$1.55	1d	50	0.71mi
15310 Beaverbrook Ct Unit 89-1B Silver Spring, MD	1.0	1.0	867	$1,950	$2.25	17d	1	0.75mi
3310 N Leisure World Blvd #625 Silver Spring, MD	2.0	2.0	1115	$2,350	$2.11	6d	1	0.78mi
3310 N Leisure World Blvd Unit 6-629 Silver Spring, MD	1.0	1.0	850	$1,900	$2.24	45d	1	0.78mi
3210 N Leisure World Blvd #514 Silver Spring, MD	2.0	2.0	1090	$2,350	$2.16	26d	1	0.78mi
2921 N Leisure World Blvd Unit 1-303 Silver Spring, MD	1.0	1.5	803	$1,850	$2.30	20d	1	0.80mi
14120 Grand Pre Rd Aspen Hill, MD	1.0–2.0	1.0–2.0	905	$1,568	$1.73	0d	3	0.81mi
4101 Postgate Ter Silver Spring, MD	1.0–2.0	1.0–2.0	855	$1,648	$1.93	0d	10	0.84mi
2601 Camelback Ln #12 Silver Spring, MD	2.0	2.0	1057	$2,250	$2.13	6d	1	0.86mi
14201 Woolen Oak Ct Unit 10-32 Aspen Hill, MD	2.0	2.0	864	$1,950	$2.26	17d	1	0.96mi
14201 Woolen Oak Ct Unit 9-32 Aspen Hill, MD	2.0	2.0	968	$1,975	$2.04	45d	1	0.96mi
14203 Wolf Creek Pl Unit 4-23 Silver Spring, MD	2.0	2.0	935	$1,850	$1.98	20d	1	0.97mi
2800 Clear Shot Dr #5 Silver Spring, MD	2.0	2.0	939	$1,900	$2.02	18d	1	0.98mi
3850 Clara Downey Ave #24 Silver Spring, MD	2.0	2.0	1040	$2,850	$2.74	20d	1	1.11mi
3331 Hewitt Ave Unit 1 Silver Spring, MD	2.0–3.0	1.5–2.0	1175	$1,875	$1.60	18d	8	1.19mi
3214 Hewitt Ave Aspen Hill, MD	2.0–3.0	1.0–1.5	985	$1,710	$1.74	1d	1	1.25mi
3340 Hewitt Ave Unit 65 Aspen Hill, MD	2.0	1.5	982	$2,100	$2.14	45d	1	1.26mi
3364 Hewitt Ave Unit 301 Silver Spring, MD	1.0	1.0	728	$1,500	$2.06	12d	1	1.27mi
3364 Hewitt Ave Unit 301 Silver Spring, MD	1.0	1.0	728	$1,500	$2.06	19d	1	1.27mi
3364 Hewitt Ave Unit 301 Silver Spring, MD	1.0	1.0	728	$1,500	$2.06	26d	1	1.27mi
13515 Georgia Ave Silver Spring, MD	1.0–3.0	1.0–1.5	912	$1,559	$1.71	4d	20	1.29mi

HOA detail condo

• Monthly dues: $1,014 · $12,168/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $92,900 Active 81 DOM
2. 2026-06-18
   days on market $92,900 Active 78 DOM
3. 2026-06-17
   days on market $92,900 Active 77 DOM
4. 2026-06-16
   days on market $92,900 Active 76 DOM
5. 2026-06-15
   days on market $92,900 Active 75 DOM
6. 2026-06-13
   days on market $92,900 Active 73 DOM
7. 2026-06-09
   days on market $92,900 Active 69 DOM
8. 2026-06-08
   days on market $92,900 Active 68 DOM
9. 2026-06-07
   days on market $92,900 Active 67 DOM
10. 2026-06-03
    days on market $92,900 Active 63 DOM
11. 2026-06-02
    days on market $92,900 Active 62 DOM
12. 2026-06-01
    days on market $92,900 Active 61 DOM
13. 2026-05-31
    days on market $92,900 Active 60 DOM
14. 2026-04-01
    listed $92,900 Active 897-char remark

    Show marketing remark (897 chars)

    BEST VALUE CO-OP IN MONTGOMERY MUTUAL! Move-in ready. Freshly painted. New carpeting. One special feature is the light-filled glass-closed Balcony. The Unit has 1 Bedroom with a Large Closet, 1 Full Bathroom, a Living Room, a Dining El, and a well-designed Kitchen, LEISURE WORLD is a gated 55+ active adult community. It offers two large clubhouses with dining options and activity rooms and fitness centers. The campus offers, among many features, indoor and outdoor swimming pools, tennis courts, a golf course, as well as various medical facilities for convenient appointments and care. There is a regular-circulating bus service around the campus that also stops at the adjoining public shopping center. Public bus service runs down Georgia Avenue to the Glenmont Metro and into the center of Washington, DC, as well as serving cross streets to Olney, Rockville, and other major communities.

15. 1999-12-16
    soldstatus $26,500
16. 1999-11-11
    historical
17. 1998-11-12
    listed $27,000
18. 1998-05-05
    historical
19. 1998-02-21
    listed

ⓘ 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: $973 · $81/mo
• Projected year-2 tax: $993 · $83/mo
• Expected delta: +$20/yr (+$2/mo · 2.0%)

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

Taxation est. · year 1

• Rental income: $21,390
• − Mortgage interest: −$5,204
• − Property taxes: −$973
• − Insurance: −$464
• − Repairs & maintenance: −$1,711
• − Management: −$1,711
• − HOA: −$12,168
• − Depreciation: −$2,703
• Taxable loss: −$3,545
• Est. tax savings @ 24.0%: +$851
• After-tax cash flow: $-1,703/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

+244.1% since first listed

6 events — show timeline

• 2026-04-01 Listed $92,900 BRIGHT MLS
• 1999-12-16 Sold (MLS) $26,500 MRIS
• 1999-11-11 Delisted — MRIS
• 1998-11-12 Listed $27,000 MRIS
• 1998-05-05 Delisted — MRIS
• 1998-02-21 Listed — MRIS

Property tax history

+19.6%/yr

Latest (2025): $973 · +1.7% YoY. Source: county tax records.