102 Kendrick Pl · Gaithersburg, MD 20878

$479,900

3 bd · 3.0 ba · 1,668 sqft · MultiFamily · 27 Days on market

Built 1992

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Why this score? — see what drove the B- 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).

• Cash flow +29.5/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Schools +3.6/10.0
• Condition / age +2.5/5.0
• Rent growth +2.4/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Lovely Penthouse, 3rd floor condo, 3 bedroom, 3 bathrooms in the Kentlands, updated appliances and amazing amenities, Pools, gym, clubhouse, kids activities, and more. Walk to shopping and restaurants, bus to metro that takes you to Washington, D. C.

Key facts

• Updated appliances
• Clubhouse
• Gym

Tags

• UPDATED APPLIANCES
• POOLS
• GYM
• CLUBHOUSE
• WALK TO SHOPPING

Property features AI

Exterior

• Home design: Built in 1992
• Construction: Living area approximately 1668
• Exterior features: Located in the Kentlands neighborhood

What this means for you Summary

Snapshot

• This is a 3-bed/3.0-bath multifamily listed at $480k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $480k).
• Recommended offer: $473k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 3.0% in Gaithersburg — 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 79/100 on livability (#59 in MD, #2,228 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, housing A+; Watch: cost of living F.
• 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: Rachel Carson Elementary (math 41% / reading 49%, grade D-, #62 of 860 statewide, top 8%, 698 students, 27% FRL); Lakelands Park Middle (math 21% / reading 51%, grade F, #40 of 225 statewide, top 18%, 1,042 students, 34% FRL); Quince Orchard High (math 47% / reading 62%, grade C-, #91 of 222 statewide, top 42%, 2,154 students, 41% FRL).
• Market conditions: Rents soft (-0.3%/yr); 221 active listings in the ZIP; 26 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 3,880 units permitted in Montgomery County in 2024 (2,054 in 5+ unit buildings).
• At $6,375/mo this rent would consume 53% of the median local household income ($144k/yr) (locally 1384% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $14k 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 27 days — a 2% lower offer ($473k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 18y 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.

Risks & watch-outs

• Climate carrying-cost: extreme-heat days projected 7→16/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $472,701 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.33% ✓
• Cap rate: 10.59%
• Cash-on-cash: 15.36%
• DSCR: 1.68
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.0% rent growth · sell at horizon

5-year hold

• IRR: 2.6%
• Equity multiple: 1.10×
• Total profit: $13,182
• Equity at exit: $71,555

10-year hold

• IRR: 9.1%
• Equity multiple: 1.60×
• Total profit: $80,710
• Equity at exit: $41,493

Cash invested: $134,372 (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 20878

• Rents YoY: -0.3%
• Active inventory: 221
• Price-to-rent: 12.5×

Monthly cashflow live

• Estimated rent: $6,375 high
• Mortgage (P&I): −$2,517
• Tax est. 1.5%: −$600 /mo · $7,198/yr
• Insurance: −$200
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,339
• Net cashflow: $1,720

Break-even live

Break-even rent $4,198

Max offer price $479,900

Occupancy floor 68%

Sensitivity live

Price	-10% $2,051	-5% $1,886	+0% $1,720	+5% $1,554	+10% $1,388
Rent	-10% $1,216	-5% $1,468	+0% $1,720	+5% $1,972	+10% $2,223
Rate	-1.0pp $1,961	-0.5pp $1,842	base $1,720	+0.5pp $1,595	+1.0pp $1,469

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	3	3	$6,376
Total (2 units)			$6,375

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: $119,975
• Closing costs: $14,397
• Reserves months: —
• Total cash needed: —

Rent comps 26 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
916 Beacon Square Ct Gaithersburg, MD	1.0–2.0	1.0–2.0	886	$3,295	$3.72	0d	10	0.15mi
112 Longpoint Way Gaithersburg, MD	3.0	4.0	2116	$3,500	$1.65	7d	1	0.15mi
217 Booth St Gaithersburg, MD	2.0	2.0	1275	$3,857	$3.03	7d	1	0.33mi
26 Timber Rock Rd Gaithersburg, MD	3.0	3.5	1930	$2,950	$1.53	16d	1	0.46mi
501 Main St Gaithersburg, MD	1.0–3.0	1.0–2.0	1132	$3,959	$3.50	1d	12	0.56mi
313 Cross Green St Unit 313B Gaithersburg, MD	3.0	2.5	2248	$3,500	$1.56	46d	1	0.66mi
898 Bayridge Dr Gaithersburg, MD	3.0	3.5	1930	$2,600	$1.35	26d	1	0.67mi
12141 Suffolk Ter Gaithersburg, MD	3.0	2.0	1097	$3,200	$2.92	46d	1	0.70mi
13 Fenceline Dr Gaithersburg, MD	4.0	3.5	1540	$2,940	$1.91	46d	1	1.02mi
16 Mateus Way Gaithersburg, MD	3.0	2.5	1800	$2,600	$1.44	46d	1	1.06mi
35 Napa Valley Rd Gaithersburg, MD	3.0	2.5	1800	$3,000	$1.67	46d	1	1.09mi
12 Sebastiani Blvd Gaithersburg, MD	3.0	3.5	1320	$2,750	$2.08	46d	1	1.15mi
786 Quince Orchard Blvd #202 Gaithersburg, MD	2.0	2.0	1110	$2,200	$1.98	46d	1	1.32mi
12310 Quince Valley Dr North Potomac, MD	3.0	2.5	1800	$2,700	$1.50	24d	1	1.34mi
201 High Gables Dr #105 Gaithersburg, MD	2.0	2.0	1456	$2,995	$2.06	46d	1	1.34mi
734 Quince Orchard Blvd #201 Gaithersburg, MD	2.0	2.0	1126	$2,000	$1.78	46d	1	1.35mi
708 Suffield Dr Gaithersburg, MD	3.0	2.5	1720	$2,899	$1.69	26d	1	1.36mi
704 Suffield Dr Gaithersburg, MD	3.0	2.5	1720	$2,700	$1.57	26d	1	1.37mi
408 Fleece Flower Dr Gaithersburg, MD	3.0	2.5	1720	$2,500	$1.45	46d	1	1.38mi
722 Quince Orchard Blvd Apt 201 Gaithersburg, MD	2.0	2.0	1126	$1,895	$1.68	46d	1	1.41mi
310 Fleece Flower Dr Gaithersburg, MD	3.0	2.5	1320	$3,000	$2.27	20d	1	1.41mi
111 Timberbrook Ln #304 Gaithersburg, MD	3.0	2.5	1771	$2,700	$1.52	46d	1	1.42mi
724 Quince Orchard Blvd Apt 202 Gaithersburg, MD	2.0	2.0	1110	$2,200	$1.98	46d	1	1.43mi
109 Timberbrook Ln #301 Gaithersburg, MD	2.0	2.0	1771	$2,500	$1.41	26d	1	1.44mi
105 Timberbrook Ln #102 Gaithersburg, MD	2.0	2.0	1177	$2,250	$1.91	46d	1	1.46mi
12310 Sweetbough Ct #85 North Potomac, MD	3.0	1.5	1179	$2,500	$2.12	46d	1	1.50mi

Listing history 17 events

1. 2026-06-22
   days on market $479,900 Active 27 DOM
2. 2026-06-21
   days on market $479,900 Active 26 DOM
3. 2026-06-18
   days on market $479,900 Active 23 DOM
4. 2026-06-17
   days on market $479,900 Active 22 DOM
5. 2026-06-16
   days on market $479,900 Active 21 DOM
6. 2026-06-15
   days on market $479,900 Active 20 DOM
7. 2026-06-13
   days on market $479,900 Active 18 DOM
8. 2026-06-09
   days on market $479,900 Active 14 DOM
9. 2026-06-08
   days on market $479,900 Active 13 DOM
10. 2026-06-07
    days on market $479,900 Active 12 DOM
11. 2026-06-03
    days on market $479,900 Active 8 DOM
12. 2026-06-02
    days on market $479,900 Active 7 DOM
13. 2026-06-01
    days on market $479,900 Active 6 DOM
14. 2026-05-31
    days on market $479,900 Active 5 DOM
15. 2026-05-26
    listed $479,900 Active
16. 2008-10-09
    historical
17. 2008-09-13
    listed

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 3/10 Moderate
• 🌡 Heat 6/10 Major 7 d/yr ≥102°F today · 16 d/yr by 30 yrs out
• 💨 Wind 4/10 Moderate 11% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $76,500
• − Mortgage interest: −$26,882
• − Property taxes: −$7,198
• − Insurance: −$2,400
• − Repairs & maintenance: −$6,120
• − Management: −$6,120
• − Depreciation: −$13,961
• Taxable income: $13,819
• Est. tax owed @ 24.0%: −$3,317
• After-tax cash flow: $17,321/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 — Gaithersburg

• Score: 79/100
• State rank: #59
• US rank: #2228

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Gaithersburg, MD
• County: Montgomery County · 961,106 people
• City population: 129,925
• Metro: Washington-Arlington-Alexandria, DC-VA-MD-WV
• Population (ZIP): 66,115
• Household income: $144,313
• Rent vs Own: 30.8% rent · 69.2% own
• Severe rent burden: 1384.0

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 0.70)
• Race & ethnicity: White 45% Asian 26% Hispanic / Latino 14% Black 10% Two or more races 9%
• Common ancestry: Romanian 3% Scotch-Irish 3% Lithuanian 2%
• Foreign-born: 36% · Canada, China, South Korea
• Languages at home: 55% English-only · Spanish 11% Other Indo-European 10% Chinese 9%

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: ▼ -411.81%
• Current HPI: 263.4335
• Rent YoY: ▼ -0.26%
• 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

3 events — show timeline

• 2026-05-26 Listed $479,900 FSBO.com
• 2008-10-09 Delisted — MRIS
• 2008-09-13 Listed — MRIS